Registered number
14044816
HERFORD LIMITED
Filleted Accounts
30 April 2024
HERFORD LIMITED
Registered number: 14044816
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Investment Property 3 2,000,000 1,700,000
Current assets
Debtors 4 5,064 2,462
Cash at bank and in hand 506 11,316
5,570 13,778
Creditors: amounts falling due within one year 5 (492,310) (450,334)
Net current liabilities (486,740) (436,556)
Total assets less current liabilities 1,513,260 1,263,444
Creditors: amounts falling due after more than one year 6 (1,057,606) (1,057,103)
Provisions for liabilities (98,867) (39,554)
Net assets 356,787 166,787
Capital and reserves
Called up share capital 100 100
Other reserves 296,600 118,663
Profit and loss account 60,087 48,024
Shareholder's funds 356,787 166,787
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
F. S. Ahmed
Director
Approved by the board on 26 March 2025
HERFORD LIMITED
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added tax. Turnover includes revenue earned from property rental. Turnover from the rental is recognised by reference to the stage of completion of the tenancy.
Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Investment property
Investment property is included at fair value. Gains and losses are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the 1 1
company
Freehold
3 Investment property investment
property
£
Valuation
At 1 May 2023 1,700,000
Additions 62,750
Surplus on revaluation 237,250
At 30 April 2024 2,000,000
The property investment has been valued by the director for an amount £2,000,000 as at 30 April 2024 (2023: £1,700,000).
The historical cost of the property is £1,604,533 (2023: £1,541,783).
4 Debtors 2024 2023
£ £
Prepayments 1,512 1,512
Other debtors 3,552 950
5,064 2,462
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 24,000 24,000
Trade creditors 10,421 436
Accruals and deferred income 100,585 25,381
Corporation tax 4,021 11,988
Other taxes and social security costs 33,482 10,543
Other creditors 319,801 377,986
492,310 450,334
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,057,606 1,057,103
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 1,081,606 1,081,103
The loan from Allica Bank Ltd contains a fixed charge against the investment property.
8 Deferred taxation 2024 2023
£ £
Charged to profit or loss (59,313) (39,554)
At end of year (59,313) (39,554)
The deferred taxation balance is made up as follows:
2024 2023
£ £
Property revaluation 237,250 158,217
237,250 158,217
9 Reserves
Other reserves
The other reserve represents the movement in fair value of the investment property less any associated deferred tax.
The other reserve is a non distributable reserve.
Profit and loss account
The profit and loss reserve includes the cumulated profit and loss less the dividends distributed during the year.
10 Other information
HERFORD LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Linen Hall 162-168 Regent Street, Room 318
London
England
W1B 5TB
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