1 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 02105432 2023-06-01 2024-05-31 02105432 2024-05-31 02105432 2023-05-31 02105432 2022-06-01 2023-05-31 02105432 2023-05-31 02105432 2022-05-31 02105432 core:FurnitureFittings 2023-06-01 2024-05-31 02105432 bus:Director2 2023-06-01 2024-05-31 02105432 bus:Director1 2023-06-01 2024-05-31 02105432 core:FurnitureFittings 2023-05-31 02105432 core:LandBuildings 2024-05-31 02105432 core:FurnitureFittings 2024-05-31 02105432 core:ShareCapital 2024-05-31 02105432 core:ShareCapital 2023-05-31 02105432 core:RevaluationReserve 2024-05-31 02105432 core:RevaluationReserve 2023-05-31 02105432 core:RetainedEarningsAccumulatedLosses 2024-05-31 02105432 core:RetainedEarningsAccumulatedLosses 2023-05-31 02105432 core:LandBuildings 2023-05-31 02105432 core:FurnitureFittings 2023-05-31 02105432 bus:Director1 2023-05-31 02105432 bus:Director1 2024-05-31 02105432 bus:Director1 2022-05-31 02105432 bus:Director1 2023-05-31 02105432 bus:Director1 2022-06-01 2023-05-31 02105432 bus:SmallEntities 2023-06-01 2024-05-31 02105432 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 02105432 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 02105432 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 02105432 bus:FullAccounts 2023-06-01 2024-05-31
COMPANY REGISTRATION NUMBER: 02105432
Halesource Limited
Unaudited financial statements
31 May 2024
Halesource Limited
Statement of financial position
31 May 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
135,389
135,458
Current assets
Debtors
6
137,796
151,173
Investments
7
110,312
82,733
Cash at bank and in hand
2,151
3,023
---------
---------
250,259
236,929
---------
---------
Net current assets
250,259
236,929
---------
---------
Total assets less current liabilities
385,648
372,387
Provisions
Taxation including deferred tax
36,214
36,201
Accruals and deferred income
( 2,490)
( 2,340)
---------
---------
Net assets
419,372
406,248
---------
---------
Capital and reserves
Called up share capital
45,002
45,002
Revaluation reserve
65,392
65,392
Profit and loss account
308,978
295,854
---------
---------
Shareholders funds
419,372
406,248
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 24 February 2025 , and are signed on behalf of the board by:
A N Doyle
Director
Company registration number: 02105432
Halesource Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 43a Chamberlin Road, Norwich, NR3 3LY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively . Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference .
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
4. Employee numbers
The average number of employees during the year was 1 (2023: 1 ).
5. Tangible assets
Investment Properties
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 June 2023 and 31 May 2024
135,000
2,456
137,456
---------
------
---------
Depreciation
At 1 June 2023
1,998
1,998
Charge for the year
69
69
---------
------
---------
At 31 May 2024
2,067
2,067
---------
------
---------
Carrying amount
At 31 May 2024
135,000
389
135,389
---------
------
---------
At 31 May 2023
135,000
458
135,458
---------
------
---------
The investment properties have been included at their fair value, based on open market value as at 31 May 2024. These valuations were ascertained by A N Doyle , the director of the company.
6. Debtors
2024
2023
£
£
Prepayments and accrued income
359
497
Director's loan account
2,765
2,673
Other debtors
134,672
148,003
---------
---------
137,796
151,173
---------
---------
7. Investments
2024
2023
£
£
Listed investments
110,312
82,733
---------
-------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
The Director
2,673
92
2,765
------
----
----
------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
The Director
3,303
( 630)
2,673
------
----
----
------
The above directors loan and advances were subject to HMRC's standard rate of interest in the current and prior year.