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REGISTERED NUMBER: 06194296 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 March 2024

for

HONEYFIELD PROPERTY SERVICES LIMITED

HONEYFIELD PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 06194296)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HONEYFIELD PROPERTY SERVICES LIMITED

Company Information
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: J Patch





SECRETARY: S Patch





REGISTERED OFFICE: Unit 9 -10
Honeyfield Business Park
Hartcliffe Way
Bedminster
Bristol
BS3 5RN





REGISTERED NUMBER: 06194296 (England and Wales)





ACCOUNTANTS: Gravita
Chartered Accountants
6-8 Bath Street
Bristol
BS1 6HL

HONEYFIELD PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 06194296)

Balance Sheet
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 528,266 276,913

CURRENT ASSETS
Debtors 5 1,220,585 1,597,602
Cash at bank and in hand 228,152 231,242
1,448,737 1,828,844
CREDITORS
Amounts falling due within one year 6 (931,142 ) (1,387,014 )
NET CURRENT ASSETS 517,595 441,830
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,045,861

718,743

CREDITORS
Amounts falling due after more than one
year

7

(336,031

)

(84,646

)

PROVISIONS FOR LIABILITIES (89,659 ) (10,819 )
NET ASSETS 620,171 623,278

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 620,071 623,178
SHAREHOLDERS' FUNDS 620,171 623,278

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

HONEYFIELD PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 06194296)

Balance Sheet - continued
31 MARCH 2024


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 Profit and loss account has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 7 March 2025 and were signed by:





J Patch - Director


HONEYFIELD PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 06194296)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024


1. COMPANY INFORMATION

Honeyfield Property Services 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.

The company's principal activities and nature of its operations are disclosed in the Directors' Report.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

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 on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
The financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that as a whole, the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reviewed relevant information and has considered possible measures that could be undertaken to mitigate the current adverse conditions. Based on this assessment and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

HONEYFIELD PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 06194296)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Freehold property is held for the companies use and is expected to be used for more than 12 months. Freehold property includes land which is held at cost and is not depreciated.

Depreciation is provided at the following annual rates in order to write off each asset over it's estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Leasehold improvements- 10 years straight line
Office equipment- 33% on cost
Tools and equipment- 50% on cost
Fixtures and fittings- 20% on cost
Motor vehicles- 25% on reducing balance
Computer equipment and software- 50% on cost / 5 years straight line

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2023 - 43 ) .

HONEYFIELD PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 06194296)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Leasehold Office Tools and
improvements equipment equipment
£    £    £   
COST
At 1 April 2023 47,547 19,716 78,607
Additions - - 24,100
Disposals - - -
At 31 March 2024 47,547 19,716 102,707
DEPRECIATION
At 1 April 2023 28,528 19,714 76,202
Charge for year 4,755 2 14,458
Eliminated on disposal - - -
At 31 March 2024 33,283 19,716 90,660
NET BOOK VALUE
At 31 March 2024 14,264 - 12,047
At 31 March 2023 19,019 2 2,405

Fixtures Computer
and Motor equipment
fittings vehicles & software Totals
£    £    £    £   
COST
At 1 April 2023 19,439 355,608 108,689 629,606
Additions 1,680 417,494 4,336 447,610
Disposals - (42,182 ) - (42,182 )
At 31 March 2024 21,119 730,920 113,025 1,035,034
DEPRECIATION
At 1 April 2023 18,625 106,068 103,556 352,693
Charge for year 743 155,994 7,353 183,305
Eliminated on disposal - (29,230 ) - (29,230 )
At 31 March 2024 19,368 232,832 110,909 506,768
NET BOOK VALUE
At 31 March 2024 1,751 498,088 2,116 528,266
At 31 March 2023 814 249,540 5,133 276,913

Included within the net book value of tangible fixed assets is £360,072 (2023 - £92,724) relating to assets held under hire purchase agreements.

HONEYFIELD PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 06194296)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,191,492 1,573,057
Amounts owed by associates 1,000 1,647
Other debtors 6,868 2,850
Prepayments and accrued income 21,225 20,048
1,220,585 1,597,602

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 21,366
Hire purchase contracts 95,482 25,926
Trade creditors 537,544 709,133
Amounts owed to associates 48,885 -
Corporation tax 9,263 48,013
Social security and other taxes 35,360 41,735
VAT 156,497 320,759
Other creditors 24,669 9,640
Director's current account 593 549
Accruals & deferred Income 22,849 209,893
931,142 1,387,014

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 336,031 84,646

Hire purchase liabilities totalling £431,513 (2023 - £110,571 are secured against the assets to which they relate.

8. FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £156,490 (2023 - £50,464).