Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 4 |
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125,000 | 125,000 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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15,133 | 15,588 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (54,081) | (53,555) | ||
Total assets less current liabilities | 70,919 | 71,445 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Henburn Property Limited (registered number:
Mr James Robert Hendrie
Director |
Dr Caroline Woodburn
Director |
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.
Henburn Property Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Purroch Farm Mauchline Road, Hurlford, Kilmarnock, KA1 5JJ, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified 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 £.
Rental income and management charges are recognised in the period to which they relate.
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.
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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. 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.
The fair value is determined annually by the directors, on an open market value for existing use basis.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investment property | |
£ | |
Valuation | |
As at 01 July 2023 |
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As at 30 June 2024 |
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Valuation
Investment property comprises of two residential properties. The fair value of the investment properties has been arrived at on the basis of the purchase price and a valuation carried out on 30 June 2024 by James Hendrie, one of the company's directors. The properties were bought on an open market and are therefore deemed at fair value, having regard to transactions of similar properties in the area.
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Other creditors |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
2024 | 2023 | ||
£ | £ | ||
Other creditors (secured) |
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Transactions with the entity's directors
Included in other creditors is a balance of £56,009 (2023 - £56,009) due to one of the directors. This loan is repayable on demand and bears no interest.