REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st May 2024 |
for |
Holt Assets Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st May 2024 |
for |
Holt Assets Limited |
Holt Assets Limited (Registered number: 09588166) |
Contents of the Financial Statements |
for the Year Ended 31st May 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Holt Assets Limited (Registered number: 09588166) |
Balance Sheet |
31st May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Holt Assets Limited (Registered number: 09588166) |
Balance Sheet - continued |
31st May 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Holt Assets Limited (Registered number: 09588166) |
Notes to the Financial Statements |
for the Year Ended 31st May 2024 |
1. | COMPANY INFORMATION |
Holt Assets Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Holt Assets Limited (Registered number: 09588166) |
Notes to the Financial Statements - continued |
for the Year Ended 31st May 2024 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The company has net liabilities as at the balance sheet date but this relates primarily to a connected company loan account for which repayment will not be demanded beyond the ability of the company to repay. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and the company has the full support of the directors. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st June 2023 |
and 31st May 2024 |
NET BOOK VALUE |
At 31st May 2024 |
At 31st May 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st June 2023 |
and 31st May 2024 |
NET BOOK VALUE |
At 31st May 2024 |
At 31st May 2023 |
Holt Assets Limited (Registered number: 09588166) |
Notes to the Financial Statements - continued |
for the Year Ended 31st May 2024 |
5. | INVESTMENT PROPERTY - continued |
Investment property is comprised of residential property. During the year, investment property additions of £Nil (2023: £Nil) were recognised, which related to redevelopment work. The fair value of the investment property is deemed to be £855,000 (2023: £855,000) based upon the directors' opinion, which resulted in a fair value loss of £Nil (2023: £Nil) during the period. |
The directors made this judgement based upon the market value for comparable properties. A valuation was not carried out by independent professional holding recognised and relevant professional qualifications and experience. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Deferred tax asset |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans - 2-5 years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans |
Creditors falling due after one year includes £633,560 (2023: £633,560) secured by fixed charges against investment property held by OneSavings Bank Plc. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
value: | £ | £ |
Ordinary | 1 | 2 | 2 |
11. | RELATED PARTY DISCLOSURES |
During the year, the company operated a loan account with Holt Construction Limited; a related party by virtue of common control. At the balance sheet date, the company owed £433,380 (2023: £433,380) to Holt Construction Limited. This balance is included within other creditors and is unsecured, interest-free and repayable-on-demand. |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is the Directors. |