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REGISTERED NUMBER: 03842005 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

HORNETT HOLDINGS LIMITED

HORNETT HOLDINGS LIMITED (REGISTERED NUMBER: 03842005)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


HORNETT HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: M D Hornett
J R Hornett
K P Hornett





SECRETARIES: Mrs L M Hornett
Ms K A Hornett





REGISTERED OFFICE: 73 Ferry Lane South
Rainham
Essex
RM13 9YH





REGISTERED NUMBER: 03842005 (England and Wales)





AUDITORS: Sargeant Partnership LLP
Chartered Accountants
and Statutory Auditors
5 White Oak Square
London Road
Swanley
Kent
BR8 7AG

HORNETT HOLDINGS LIMITED (REGISTERED NUMBER: 03842005)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 30,000 30,000
Tangible assets 5 518,393 583,192
Investments 6 148,109 148,109
696,502 761,301

CURRENT ASSETS
Debtors 7 106,460 457,358
Cash at bank 1,006,179 629,072
1,112,639 1,086,430
CREDITORS
Amounts falling due within one year 8 18,589 13,976
NET CURRENT ASSETS 1,094,050 1,072,454
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,790,552

1,833,755

PROVISIONS FOR LIABILITIES 9 9,579 12,686
NET ASSETS 1,780,973 1,821,069

CAPITAL AND RESERVES
Called up share capital 10 1,949 1,949
Retained earnings 11 1,779,024 1,819,120
SHAREHOLDERS' FUNDS 1,780,973 1,821,069

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2025 and were signed on its behalf by:





J R Hornett - Director


HORNETT HOLDINGS LIMITED (REGISTERED NUMBER: 03842005)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Hornett Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities in these accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Intangible fixed assets
Patents and licences have an indefinite useful economic life and amortisation is not deemed necessary.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% per annum on cost
Plant and machinery - 25% per annum on reducing balance
Motor vehicles - 25% per annum on reducing balance


HORNETT HOLDINGS LIMITED (REGISTERED NUMBER: 03842005)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short-term deposits with an original maturity date of three months or less.

Investment in subsidiaries
Investments in subsidiaries are shown at cost less impairment, Investments are reviewed annually for indicators of impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 June 2023
and 31 May 2024 30,000
NET BOOK VALUE
At 31 May 2024 30,000
At 31 May 2023 30,000

HORNETT HOLDINGS LIMITED (REGISTERED NUMBER: 03842005)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 June 2023
and 31 May 2024 675,000 25,932 243,345 944,277
DEPRECIATION
At 1 June 2023 297,000 25,570 38,515 361,085
Charge for year 13,500 91 51,208 64,799
At 31 May 2024 310,500 25,661 89,723 425,884
NET BOOK VALUE
At 31 May 2024 364,500 271 153,622 518,393
At 31 May 2023 378,000 362 204,830 583,192

6. FIXED ASSET INVESTMENTS
Other
investment
£   
COST
At 1 June 2023
and 31 May 2024 148,109
NET BOOK VALUE
At 31 May 2024 148,109
At 31 May 2023 148,109

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,575 4,525
Amounts owed by group undertakings 100,000 450,000
Other debtors 885 2,833
106,460 457,358

HORNETT HOLDINGS LIMITED (REGISTERED NUMBER: 03842005)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,152 219
Amounts owed to group undertakings 1,000 1,000
Taxation and social security 4,162 882
Other creditors 12,275 11,875
18,589 13,976

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 9,579 12,686

Deferred
tax
£   
Balance at 1 June 2023 12,686
Accelerated capital allowances (3,107 )
Balance at 31 May 2024 9,579

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,949 Ordinary £1 1,949 1,949

11. RESERVES
Retained
earnings
£   

At 1 June 2023 1,819,120
Deficit for the year (40,096 )
At 31 May 2024 1,779,024

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Joanne Brown (Senior Statutory Auditor)
for and on behalf of Sargeant Partnership LLP

HORNETT HOLDINGS LIMITED (REGISTERED NUMBER: 03842005)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

14. ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by MD Hornett and JR Hornett by virtue of their shareholding.