2 2 Half Acre Limited 04367063 false 2024-04-01 2025-03-31 2025-03-31 The principal activity of the company is that of property investment. Digita Accounts Production Advanced 6.30.9574.0 true 04367063 2024-04-01 2025-03-31 04367063 2025-03-31 04367063 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 04367063 core:FurnitureFittings 2025-03-31 04367063 core:LandBuildings core:OwnedOrFreeholdAssets 2025-03-31 04367063 1 2025-03-31 04367063 bus:SmallEntities 2024-04-01 2025-03-31 04367063 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 04367063 bus:FilletedAccounts 2024-04-01 2025-03-31 04367063 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 04367063 bus:RegisteredOffice 2024-04-01 2025-03-31 04367063 bus:CompanySecretaryDirector2 2024-04-01 2025-03-31 04367063 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 04367063 core:Buildings 2024-04-01 2025-03-31 04367063 core:FurnitureFittings 2024-04-01 2025-03-31 04367063 core:FurnitureFittingsToolsEquipment 2024-04-01 2025-03-31 04367063 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 04367063 countries:EnglandWales 2024-04-01 2025-03-31 04367063 1 2024-04-01 2025-03-31 04367063 2024-03-31 04367063 core:FurnitureFittings 2024-03-31 04367063 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 04367063 1 2024-03-31 04367063 2023-04-01 2024-03-31 04367063 2024-03-31 04367063 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04367063 core:FurnitureFittings 2024-03-31 04367063 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 04367063 1 2024-03-31 04367063 1 2023-04-01 2024-03-31 04367063 1 2023-03-31 xbrli:pure iso4217:GBP

FINANCIAL PERIOD DATA REFRESH REQUIRED
Select the Refresh button on the Summary or Disclosure tab

Registration number: 04367063

Half Acre Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

Half Acre Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Half Acre Limited

(Registration number: 04367063)
Statement of Financial Position as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

-

220,030

Current assets

 

Cash at bank and in hand

 

214,069

74,751

Creditors: Amounts falling due within one year

5

(64,488)

(44,724)

Net current assets

 

149,581

30,027

Total assets less current liabilities

 

149,581

250,057

Provisions for liabilities

-

(7,078)

Net assets

 

149,581

242,979

Capital and reserves

 

Called up share capital

39,993

39,993

Profit and loss account

109,588

202,986

Shareholders' funds

 

149,581

242,979

 

Half Acre Limited

(Registration number: 04367063)
Statement of Financial Position as at 31 March 2025 (continued)

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 28 April 2025 and signed on its behalf by:
 


Mrs L M Audemard
Company secretary and director

 

Half Acre Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 March 2025

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:
Timberly
South Street
Axminster
Devon
EX13 5AD

Principal activity

The principal activity of the company is that of property investment.

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 prepared in sterling which is the functional currency of the entity.

 

Half Acre Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 March 2025 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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 statement of financial position 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 their estimated useful lives, as follows:

 

Half Acre Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 March 2025 (continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Freehold property

No depreciation charged

Fittings fixtures and equipment

25% reducing balance

 

Half Acre Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 March 2025 (continued)

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

 

Half Acre Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 March 2025 (continued)

4

Tangible assets

Freehold property
£

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 1 April 2024

220,000

3,883

223,883

Disposals

(220,000)

(3,883)

(223,883)

At 31 March 2025

-

-

-

Depreciation

At 1 April 2024

-

3,853

3,853

Eliminated on disposal

-

(3,853)

(3,853)

At 31 March 2025

-

-

-

Carrying amount

At 31 March 2025

-

-

-

At 31 March 2024

220,000

30

220,030



Investment property

The investment property was sold during the year. The market valuation of the investment property has previously been undertaken annually by the directors based on market conditions. In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are: freehold cost £0, aggregate depreciation £0, carrying amount £0 (prior year: Freehold cost £122,015, aggregate depreciation £0, carrying amount £122,015).

 

Half Acre Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 March 2025 (continued)

5

Creditors

Creditors: amounts falling due within one year

2025
£

2024
£

Due within one year

Taxation and social security

1,489

-

Accruals and deferred income

1,484

1,780

Other creditors

61,515

42,944

64,488

44,724

6

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

7

Related party transactions

Transactions with directors

2025

At 1 April 2024
£

Advances to director
£

Repayments by director
£

At 31 March 2025
£

Directors

(42,558)

67,410

(86,366)

(61,514)

         
       

 

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Directors

(29,815)

15,000

(27,743)

(42,558)