REGISTERED NUMBER: |
SHARPHOUSE HOLDINGS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
REGISTERED NUMBER: |
SHARPHOUSE HOLDINGS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
SHARPHOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 00140071) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
Page |
Balance Sheet | 1 | to | 2 |
Notes to the Financial Statements | 3 | to | 7 |
SHARPHOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 00140071) |
BALANCE SHEET |
30TH JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Investments | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve | 11 |
Non - distributable reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
SHARPHOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 00140071) |
BALANCE SHEET - continued |
30TH JUNE 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
SHARPHOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 00140071) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
1. | STATUTORY INFORMATION |
Sharphouse Holdings Limited is a |
Registered number: |
Registered office: |
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 presented in sterling which is the functional currency of the company and rounded to the nearest £. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
At the time of signing these accounts, having considered the economic climate, the directors expectations and intentions for the next 12 months, and the availability of working capital, the directors are of the opinion that the company will remain viable for the foreseeable future and accordingly these financial statements have been prepared on the going concern basis. |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
Plant and machinery | 25% reducing balance |
Motor vehicles | 25% reducing balance |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. |
SHARPHOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 00140071) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into transactions in 'basic' financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties. These are recognised in the company's balance sheet when it becomes party to the contractual provisions of the instrument. |
Basic financial assets (other than those classified as payable within one year) are initially measured at cost and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. Basic financial assets classed as receivable within one year are not amortised. |
Basic financial liabilities (other than those classified as payable within one year) are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Basic financial liabilities classed as payable within one year are not amortised. |
Financial assets and liabilities are offset, with the net amount reported 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. |
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. |
Investments |
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss. |
Securities quoted in the UK are valued at the mid-point of the quotations in the Stock Exchange Daily Official List as at the accounting reference date. |
Investments held in unit trusts and managed funds are valued at the average of the unit bid and offer prices as at the accounting reference date. |
Investment income comprises dividends and interest and is accounted for on a receivable basis. |
Profits or losses arising from disposals of listed investments are treated as part of the result from ordinary activities. |
SHARPHOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 00140071) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Provisions for liabilities |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1st July 2023 |
and 30th June 2024 |
DEPRECIATION |
At 1st July 2023 |
Charge for year |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1st July 2023 | 2,464,789 |
Additions | 61,966 |
Disposals | ( |
) | (100,920 | ) |
Revaluations | 326,868 |
At 30th June 2024 | 2,752,703 |
NET BOOK VALUE |
At 30th June 2024 | 2,752,703 |
At 30th June 2023 | 2,464,789 |
SHARPHOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 00140071) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
5. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 30th June 2024 is represented by: |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
Valuation in 2024 | - | 2,742,703 | 2,742,703 |
Cost | 10,000 | - | 10,000 |
10,000 | 2,742,703 | 2,752,703 |
The historical cost of the investments, all listed on their Stock Exchanges, was £907,398 (2023: £935,282) |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st July 2023 |
and 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
Fair value at 30th June 2024 is represented by: |
£ |
Valuation in 2024 | 665,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 162,155 | 162,155 |
The directors believe that the valuation of investment properties at the reporting date correctly reflects their fair value. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Related party debtors |
Other debtors |
SHARPHOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 00140071) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
8. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Short term deposits | 36,741 | 91,548 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 70,000 | 70,000 |
7% Employee preference shares | £1 | 1,900 | 1,900 |
4.9% Preferred Ordinary shares | £1 | 15,000 | 15,000 |
86,900 | 86,900 |
The 7% employee preference shares carry no voting rights and rank in priority to all other shares for repayment in the event of the company being wound up. The 4.9% preferred ordinary shares rank in priority to the ordinary shares in the event of winding up. |
11. | RESERVES |
Revaluation |
reserve |
£ |
At 1st July 2023 |
Revaluations | 326,868 |
At 30th June 2024 |
12. | RELATED PARTY DISCLOSURES |
An investment property owned by the company is occupied rent free by the directors. |
Included in Other creditors are amounts owed to directors of £17 (2023: £111). There are no conditions regarding this loan. |
Included in Related party debtors is an amount owed from a company under common control by the directors of £170,435 (2023: £126,385). No interest is charged on the loan and there is no fixed date for repayment. |