Company Registration No. 03227005 (England and Wales)
HABENDUM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
HABENDUM LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
HABENDUM LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
5
4,496
4,938
Investment property
6
30,267,500
29,715,000
30,271,996
29,719,938
Current assets
Debtors
7
745,116
994,591
Cash at bank and in hand
1,840,709
679,959
2,585,825
1,674,550
Creditors: amounts falling due within one year
8
(2,370,727)
(2,578,343)
Net current assets/(liabilities)
215,098
(903,793)
Total assets less current liabilities
30,487,094
28,816,145
Creditors: amounts falling due after more than one year
9
(200,000)
(450,000)
Net assets
30,287,094
28,366,145
Capital and reserves
Called up share capital
10
1,500,000
1,500,000
Profit and loss reserves
28,787,094
26,866,145
Total equity
30,287,094
28,366,145
HABENDUM LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
For the financial year ended 31 December 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 directors acknowledge their 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 directors of the company have elected not to include a copy of the profit and loss account trueor the directors' report within the financial statements.
The financial statements were approved by the board of directors and authorised for issue on 8 May 2025 and are signed on its behalf by:
Mrs JM Hancock
Director
Company registration number 03227005 (England and Wales)
HABENDUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Habendum Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, County House, 100 New London Road, Chelmsford, Essex, CM2 0RG.
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 have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rental income net of VAT and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
HABENDUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
HABENDUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
HABENDUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 6 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Revaluation of investment properties to fair value
Investment properties are revalued each year at each reporting date to fair value. The directors engage a qualified external valuer with experience in the area and sector to value the properties to ensure that the carrying value of investment property is reasonable and accurate.
Deferred taxation arising on property revaluation
The impact on the deferred tax provision carried within the financial statements from any change in the valuation of properties and tax rates are considered at each reporting date. A calculation is made which factors in the rate of corporation tax that is substantively enacted at the balance sheet date, revaluation of the properties and any indexation that may be available should a property be sold and the deferred tax provision adjusted within the financial statements accordingly.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
4
Fair value gains / (losses) on investment properties
2024
2023
£
£
Fair value gains/(losses)
Fair value gains/(losses) on investment properties
712,400
(2,112,549)
HABENDUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
10,985
Additions
2,374
At 31 December 2024
13,359
Depreciation and impairment
At 1 January 2024
6,047
Depreciation charged in the year
2,816
At 31 December 2024
8,863
Carrying amount
At 31 December 2024
4,496
At 31 December 2023
4,938
6
Investment property
2024
£
Fair value
At 1 January 2024
29,715,000
Additions
80,100
Disposals
(240,000)
Revaluations
712,400
At 31 December 2024
30,267,500
The investment properties were valued as at 31 December 2024 by Nicholas Percival, Chartered Surveyors on an open market basis. The properties were valued at £30,267,500 (2023: £29,715,000). No depreciation has been provided in respect of these properties.
The historical cost of the properties is £27,931,392 (2023: £27,927,602).
In accordance with FRS102 a provision has been made for deferred taxation which would arise in respect of the revaluation surplus/deficit.
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
247,662
343,427
Other debtors
491,454
497,164
739,116
840,591
HABENDUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Debtors
(Continued)
- 8 -
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
6,000
154,000
Total debtors
745,116
994,591
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
250,000
250,000
Trade creditors
36,902
53,821
Corporation tax
286,641
197,293
Other taxation and social security
62,476
94,686
Other creditors
1,734,708
1,982,543
2,370,727
2,578,343
Bank loans are secured by a fixed and floating charge over the freehold and leasehold properties of the company.
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
200,000
450,000
Bank loans are secured by a fixed and floating charge over the freehold and leasehold properties of the company.
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1,500,000 Ordinary of £1 each
1,500,000
1,500,000
11
Profit and loss reserves
The non-distributable element of the profit and loss reserve, relating to investment property revaluations at the year end net of associated deferred tax was £2,216,911 (2023: £1,525,769).
HABENDUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
12
Related party transactions
At the balance sheet the company owed the directors £958,139 (2023: £1,168,139).
13
Prior period adjustment
Reconciliation of changes in equity
1 January
31 December
2023
2023
£
£
Adjustments to prior year
Deferred tax
-
523,000
Equity as previously reported
28,772,366
27,843,145
Equity as adjusted
28,772,366
28,366,145
Analysis of the effect upon equity
Profit and loss reserves
-
523,000
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Deferred tax
523,000
Loss as previously reported
(929,221)
Loss as adjusted
(406,221)
Notes to reconciliation
Adjustment made to recognise deferred tax asset on capital losses.
2024-12-312024-01-01falsefalsefalse08 May 2025CCH SoftwareCCH Accounts Production 2024.301No description of principal activityMrs JM HancockMiss EL HancockH Hancock032270052024-01-012024-12-31032270052024-12-31032270052023-12-3103227005core:OtherPropertyPlantEquipment2024-12-3103227005core:OtherPropertyPlantEquipment2023-12-3103227005core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3103227005core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3103227005core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-3103227005core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3103227005core:CurrentFinancialInstruments2024-12-3103227005core:CurrentFinancialInstruments2023-12-3103227005core:ShareCapital2024-12-3103227005core:ShareCapital2023-12-3103227005core:RetainedEarningsAccumulatedLosses2024-12-3103227005core:RetainedEarningsAccumulatedLosses2023-12-3103227005bus:Director12024-01-012024-12-3103227005core:FurnitureFittings2024-01-012024-12-31032270052023-01-012023-12-3103227005core:OtherPropertyPlantEquipment2023-12-3103227005core:OtherPropertyPlantEquipment2024-01-012024-12-31032270052023-12-3103227005core:WithinOneYear2024-12-3103227005core:WithinOneYear2023-12-3103227005core:AfterOneYear2024-12-3103227005core:AfterOneYear2023-12-3103227005core:Non-currentFinancialInstruments2024-12-3103227005core:Non-currentFinancialInstruments2023-12-3103227005bus:PrivateLimitedCompanyLtd2024-01-012024-12-3103227005bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-3103227005bus:FRS1022024-01-012024-12-3103227005bus:AuditExemptWithAccountantsReport2024-01-012024-12-3103227005bus:Director22024-01-012024-12-3103227005bus:Director32024-01-012024-12-3103227005bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP