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Company No: 08047261 (England and Wales)

HAWKINS SECURITIES LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

HAWKINS SECURITIES LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

HAWKINS SECURITIES LIMITED

BALANCE SHEET

As at 30 April 2024
HAWKINS SECURITIES LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,940 3,594
Investment property 4 1,571,541 1,571,541
1,573,481 1,575,135
Current assets
Stocks 907,585 907,585
Debtors 5 4,420 34,986
Cash at bank and in hand 25,341 19,805
937,346 962,376
Creditors: amounts falling due within one year 6 ( 1,336,259) ( 1,359,203)
Net current liabilities (398,913) (396,827)
Total assets less current liabilities 1,174,568 1,178,308
Creditors: amounts falling due after more than one year 7 ( 895,178) ( 920,981)
Provision for liabilities ( 7,600) ( 8,306)
Net assets 271,790 249,021
Capital and reserves
Called-up share capital 100 100
Fair value reserve 109,782 109,782
Profit and loss account 161,908 139,139
Total shareholders' funds 271,790 249,021

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Hawkins Securities Limited (registered number: 08047261) were approved and authorised for issue by the Director on 30 January 2025. They were signed on its behalf by:

J P Hawkins
Director
HAWKINS SECURITIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
HAWKINS SECURITIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hawkins Securities Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Fixtures and fittings 4 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 May 2023 1,259 39,827 1,079 42,165
At 30 April 2024 1,259 39,827 1,079 42,165
Accumulated depreciation
At 01 May 2023 1,259 36,233 1,079 38,571
Charge for the financial year 0 1,654 0 1,654
At 30 April 2024 1,259 37,887 1,079 40,225
Net book value
At 30 April 2024 0 1,940 0 1,940
At 30 April 2023 0 3,594 0 3,594

4. Investment property

Investment property
£
Valuation
As at 01 May 2023 1,571,541
As at 30 April 2024 1,571,541

The investment properties class of fixed assets was valued on 30 April 2024 at fair value by the directors who are internal to the company. The basis of this valuation was open market value.

This class of assets has a current value of £1,571,541 (2023 - £1,571,541) and a carrying amount at historical cost of £1,455,986 (2023 - £1,455,986 ). The depreciation on the historical cost is £nil.

Deferred tax is accounted for on amounts within the fair value reserve as detailed in the tax accounting policy.

There has been no valuation of investment property by an independent valuer.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

5. Debtors

2024 2023
£ £
Trade debtors 4,420 3,973
Other debtors 0 31,013
4,420 34,986

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 26,795 26,795
Amounts owed to Group undertakings 1,216 5,947
Taxation and social security 13,193 9,948
Other creditors 1,295,055 1,316,513
1,336,259 1,359,203

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 895,178 920,981

There are no amounts included above in respect of which any security has been given by the small entity.