Halas Industrial Company Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 00053657 (England and Wales)

Halas Industrial Company Limited

Unaudited Financial Statements

for the Year Ended

31 March 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R P Allen

Mr M Allen

REGISTERED OFFICE:

Forge Lane

Halesowen

West Midlands

B62 8EB

REGISTERED NUMBER:

00053657 (England and Wales)

ACCOUNTANTS:

Nicklin Accountancy Services Limited

Church Court

Stourbridge Road

Halesowen

West Midlands

B63 3TT

FIXED ASSETS

Tangible assets

4

26,422

43,759

Investment property

5

541,258

567,680

585,017

CURRENT ASSETS

Debtors

6

701,866

562,051

Cash at bank and in hand

35,261

27,872

737,127

589,923

CREDITORS

Amounts falling due within one year

7

639,132

532,982

NET CURRENT ASSETS

97,995

56,941

TOTAL ASSETS LESS CURRENT
LIABILITIES

665,675

641,958

PROVISIONS FOR LIABILITIES

23,500

NET ASSETS

642,175

618,458

CAPITAL AND RESERVES

Called up share capital

61,092

Capital redemption reserve

3,655

Fair value reserve

378,473

Retained earnings

198,955

175,238

SHAREHOLDERS' FUNDS

642,175

618,458

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 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.

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 16 January 2025 and were signed on its behalf by:

Mr M Allen - Director

1.	STATUTORY INFORMATION

Halas Industrial Company 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 as modified by the revaluation of certain assets.

Turnover

Turnover reprsents rental income, and expenses recharged to tennants, receivable for the year stated net of value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on cost

Fixtures and fittings

-

7 years

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

COST

At 1 April 2023

237,858

72,522

310,380

Additions

-

6,477

At 31 March 2024

237,858

78,999

316,857

DEPRECIATION

At 1 April 2023

197,158

69,463

266,621

Charge for year

20,350

3,464

23,814

At 31 March 2024

217,508

72,927

290,435

NET BOOK VALUE

At 31 March 2024

20,350

6,072

26,422

At 31 March 2023

40,700

3,059

43,759

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2023

and 31 March 2024

541,258

NET BOOK VALUE

At 31 March 2024

541,258

At 31 March 2023

541,258

On the 20th January 1989 the company had it's investment property revalued. The directors have used this valuation in the year end accounts on the basis that they believe that the market value of the property at the year end date will not be significantly different to the valuation.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

29,168

16,010

Amounts owed by group undertakings

-

1,743

Amounts owed by participating interests

485,819

362,074

Other debtors

186,879

182,224

701,866

562,051

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade creditors

147,148

120,713

Amounts owed to group undertakings

8,940

-

Amounts owed to participating interests

281,992

150,924

Taxation and social security

31,852

42,846

Other creditors

169,200

218,499

639,132

532,982

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024

2023

£

Mr E J Allen (Deceased)

Balance outstanding at start of year

-

Amounts advanced

13,758

-

Amounts repaid

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

13,758

-

9.	RELATED PARTY DISCLOSURES

The amount owed to the director at the end of the year was £nil (2023: £11,242).

10.	CAPITAL REDEMPTION RESERVE

Capital redemption reserve fund represents the redemption of 4.2% £1 cumulative preference shares redeemed at par in earlier years.