Company registration number 12121096 (England and Wales)
HAPPY GIRLS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
HAPPY GIRLS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
HAPPY GIRLS LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
3,735,155
3,576,870
Current assets
Debtors
5
39,681
25,902
Cash at bank and in hand
85,943
27,818
125,624
53,720
Creditors: amounts falling due within one year
6
(531,649)
(559,427)
Net current liabilities
(406,025)
(505,707)
Total assets less current liabilities
3,329,130
3,071,163
Creditors: amounts falling due after more than one year
7
(3,200,719)
(3,059,041)
Net assets
128,411
12,122
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
128,311
12,022
Total equity
128,411
12,122
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 14 January 2025
Mr C R Watts
Director
Company registration number 12121096 (England and Wales)
HAPPY GIRLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Happy Girls Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Maple House, Norton Green Lane, Norton Canes, Cannock, Staffordshire, WS11 9SS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 under the historical cost convention.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Rental income from operating leases is recognised on a straight line basis over the term of the lease.
1.3
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.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash at bank and in hand.
1.5
Financial instruments
With few exceptions, the company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as cash, trade and other accounts receivable and payable and loans from banks and other third parties, including related parties.
Basic financial instruments such as those above are recognised in the financial statements at amortised cost.
Any exception to the above are either immaterial or do not affect more than one accounting period.
1.6
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
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.
The companies in the Craig and Watts Group receive or surrender their losses within the group. Group members do not pay for losses surrendered or received.
HAPPY GIRLS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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.
1.7
All development costs relating to properties that are completed and are in use for the purposes of generating rental income are capitalised in the year in which the rental income commences.
1.8
Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.
2
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities as at the reporting date and the amounts reported for turnover and expenses during the period. The nature of estimating means that actual outcomes could differ from the original estimates.
The principal accounting policies and the judgements and estimates that have the most significant effect on amounts recognised in the financial statements are as stated above.
3
Employees
The average number of employees during the year was:
2024
2023
Number
Number
Total
4
Investment property
2024
£
Fair value
At 1 April 2023
3,576,870
Additions
158,285
At 31 March 2024
3,735,155
HAPPY GIRLS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
39,681
22,292
Other debtors
3,610
39,681
25,902
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
383,079
430,156
Corporation tax
85,445
45,212
Other taxation and social security
23,676
46,014
Other creditors
39,449
38,045
531,649
559,427
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
100,982
424,764
Other creditors
3,099,737
2,634,277
3,200,719
3,059,041
The company has received support from Craig and Watts Holdings Limited, it's parent company, for the development and construction of it's property. Due to the long term nature of the development the amounts owed to the group undertaking are disclosed as due after one year.
8
Secured debts
The following secured debts are included within creditors:
Loan: £3,099,737 (2023: £2,634,277)
Security is provided by way of a legal charge over the company's investment property.
The expiry date of the loan is the date of sale of the property on which it is secured. Interest is rolled over and is added on a quarterly basis to the outstanding loan balance.
9
Ultimate controlling party
The controlling party is Craig & Watts Holdings Limited.
The ultimate controlling party is C R Watts.