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Registration number: 03006527

JH Haslam (Preston) Limited

Annual Report and Unaudited Financial Statements

for the Period from 28 September 2022 to 25 September 2023

 

JH Haslam (Preston) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

JH Haslam (Preston) Limited

(Registration number: 03006527)
Balance Sheet as at 25 September 2023

Note

2023
£

2022
£

Fixed asset

 

Tangible assets

5

683,029

686,707

Investment property

6

1,550,000

1,550,000

Investments

7

184,091

184,091

Other financial assets

8

85,331

48,349

 

2,502,451

2,469,147

Current assets

 

Debtors

9

1,455,192

1,482,179

Cash at bank and in hand

 

90

2,454

 

1,455,282

1,484,633

Creditors: Amounts falling due within one year

10

(100,733)

(134,542)

Net current assets

 

1,354,549

1,350,091

Total assets less current liabilities

 

3,857,000

3,819,238

Provisions for liabilities

(193,336)

(190,467)

Net assets

 

3,663,664

3,628,771

Capital and reserves

 

Called up share capital

11

1,001

1,001

Revaluation reserve

250,000

250,000

Retained earnings

3,412,663

3,377,770

Shareholders' funds

 

3,663,664

3,628,771

 

JH Haslam (Preston) Limited

(Registration number: 03006527)
Balance Sheet as at 25 September 2023

For the financial period ending 25 September 2023 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 accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account and director's report have not been delivered in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised by the director on 10 March 2025
 

.........................................
Mr JD Haslam
Director

 

JH Haslam (Preston) Limited

Notes to the Unaudited Financial Statements for the Period from 28 September 2022 to 25 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10-12 Wellington Street
(St Johns)
Blackburn
Lancashire
BB1 8AG
England

The principal place of business is:
Unit 2
Caxton Road
Fulwood
Preston
Lancashire
PR2 9ZB
England

These financial statements were authorised for issue by the director on 10 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling which is the functional currency of the company and the accounts are rounded to the nearest pound.

Group accounts not prepared

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

Going concern

The financial statements have been prepared on a going concern basis.

 

JH Haslam (Preston) Limited

Notes to the Unaudited Financial Statements for the Period from 28 September 2022 to 25 September 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of contracted commercial property rentals and provision of associated recharges in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over the estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% - 50% straight line

Motor vehicles

20% - 40% straight line

Land and buildings

2% straight line on buildings

 

JH Haslam (Preston) Limited

Notes to the Unaudited Financial Statements for the Period from 28 September 2022 to 25 September 2023

Investment property

Investment propertes have been valued by the director and are based on current market values.

There has been no valuation of investment properties by an independent valuer.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

100% in year of acquisition

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

JH Haslam (Preston) Limited

Notes to the Unaudited Financial Statements for the Period from 28 September 2022 to 25 September 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2022 - 1).

 

JH Haslam (Preston) Limited

Notes to the Unaudited Financial Statements for the Period from 28 September 2022 to 25 September 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 28 September 2022

35,700

35,700

At 25 September 2023

35,700

35,700

Amortisation

At 28 September 2022

35,700

35,700

At 25 September 2023

35,700

35,700

Carrying amount

At 25 September 2023

-

-

5

Tangible assets

Land and buildings
£

Motor vehicles
£

Plant and machinery
£

Total
£

Cost or valuation

At 28 September 2022

689,420

55,584

207,658

952,662

At 25 September 2023

689,420

55,584

207,658

952,662

Depreciation

At 28 September 2022

8,040

53,591

204,324

265,955

Charge for the period

2,680

498

500

3,678

At 25 September 2023

10,720

54,089

204,824

269,633

Carrying amount

At 25 September 2023

678,700

1,495

2,834

683,029

At 27 September 2022

681,380

1,993

3,334

686,707

 

JH Haslam (Preston) Limited

Notes to the Unaudited Financial Statements for the Period from 28 September 2022 to 25 September 2023

6

Investment properties

2023
£

At 29 September 2022

1,550,000

At 27th September 2023

1,550,000

Investment properties have been valued by the director and are based on current market values.

There has been no valuation of investment properties by an independent valuer.

7

Investments

Subsidiaries

£

Cost or valuation

At 28 September 2022

184,091

Carrying amount

At 25 September 2023

184,091

At 27 September 2022

184,091

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

JH Haslam Limited

10-12 Wellington Street
(St Johns)
Blackburn
Lancashire
BB1 8AG

England

Ordinary shares

100%

100%

Subsidiary undertakings

JH Haslam Limited

The principal activity of JH Haslam Limited is wholesale fruit and vegetable merchants.

 

JH Haslam (Preston) Limited

Notes to the Unaudited Financial Statements for the Period from 28 September 2022 to 25 September 2023

8

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 28 September 2022

48,349

48,349

Fair value adjustments

16,840

16,840

Additions

20,142

20,142

At 25 September 2023

85,331

85,331

Carrying amount

At 25 September 2023

85,331

85,331

Financial assets at fair value through profit and loss are valued on a market value basis as per the portfolio valuation.
 

9

Debtors

Note

2023
£

2022
£

Other debtors

 

1,295,042

1,334,401

Income tax asset

160,150

147,778

 

1,455,192

1,482,179

10

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

14

23,863

45,176

Taxation and social security

 

31,430

19,766

Accruals and deferred income

 

45,440

69,600

 

100,733

134,542

Creditors include bank loans and overdrafts which are secured of £23,863 (2022 - £45,176).

 

JH Haslam (Preston) Limited

Notes to the Unaudited Financial Statements for the Period from 28 September 2022 to 25 September 2023

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,001

1,001

1,001

1,001

         

12

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior period were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

250,000

250,000

 

JH Haslam (Preston) Limited

Notes to the Unaudited Financial Statements for the Period from 28 September 2022 to 25 September 2023

13

Related party transactions

Loans to related parties

2023

Key management
£

At start of period

800,426

Advanced

105,886

Repaid

(76,034)

Interest transactions

18,296

At end of period

848,574

2022

Key management
£

At start of period

590,009

Advanced

294,624

Repaid

(105,500)

Interest transactions

21,293

At end of period

800,426

Terms of loans to related parties

Loans to Key management: This is a loan to the director
Interest is charged at statutory rates. There are no fixed repayment terms.

 

14

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

1,948

41,503

Bank overdrafts

21,915

3,673

23,863

45,176