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HAINES AND POWELL INVESTMENTS LIMITED

Registered Number
13354520
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

HAINES AND POWELL INVESTMENTS LIMITED
Company Information
for the year from 1 May 2023 to 30 April 2024

Directors

HAINES, Gregg
POWELL, Liam Alfred

Registered Address

58 Cornerswell Road
Penarth
CF64 2WA

Registered Number

13354520 (England and Wales)
HAINES AND POWELL INVESTMENTS LIMITED
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Investment property3120,872120,872
120,872120,872
Current assets
Debtors46,0022
Cash at bank and on hand11,51613,819
17,51813,821
Creditors amounts falling due within one year5(69,124)(68,708)
Net current assets (liabilities)(51,606)(54,887)
Total assets less current liabilities69,26665,985
Creditors amounts falling due after one year6(88,025)(88,025)
Net assets(18,759)(22,040)
Capital and reserves
Called up share capital22
Profit and loss account(18,761)(22,042)
Shareholders' funds(18,759)(22,040)
The financial statements were approved and authorised for issue by the Board of Directors on 29 January 2025, and are signed on its behalf by:
POWELL, Liam Alfred
Director
Registered Company No. 13354520
HAINES AND POWELL INVESTMENTS LIMITED
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Finance costs
Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20242023
Average number of employees during the year00
3.Investment property

£
Fair value at 01 May 23120,872
At 30 April 24120,872
4.Debtors: amounts due within one year

2024

2023

££
Other debtors6,0022
Total6,0022
5.Creditors: amounts due within one year

2024

2023

££
Taxation and social security770-
Other creditors67,92267,148
Accrued liabilities and deferred income4321,560
Total69,12468,708
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts88,02588,025
Total88,02588,025
7.Related party transactions
The directors' deem there to be no ultimate controlling party in the Company. Included within other creditors at the year end was a balance totalling £18,237 (2023: £17,850) owed to Mr L Powell. The balance is interest free, unsecured and has no set repayment terms. Included within other creditors at the year end was a balance totalling £40,185 (2023: £39,798) owed to Mr L Powell. The balance is interest free, unsecured and has no set repayment terms. Included in other creditors at the year end was a balance totalling £9,000 (2023: £9,000) due to Ask 4 Leasing Ltd. The balance is interest free, unsecured and has no set repayment terms, by virtue of common directors. Included in other debtors at the year end was a balance totalling £6,000 (2023: nil) due to Ask 4 Leasing Ltd. The balance is interest free, unsecured and has no set repayment terms, by virtue of common directors.