REGISTERED NUMBER: |
L HEALY LIMITED |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
REGISTERED NUMBER: |
L HEALY LIMITED |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
L HEALY LIMITED (REGISTERED NUMBER: 01719445) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 June 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
L HEALY LIMITED |
COMPANY INFORMATION |
for the year ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
Statutory Auditors |
Brook House |
47 High Street |
Henley in Arden |
Warwickshire |
B95 5AA |
L HEALY LIMITED (REGISTERED NUMBER: 01719445) |
STRATEGIC REPORT |
for the year ended 30 June 2024 |
The directors present their strategic report for the year ended 30 June 2024. |
L Healy Limited is a Midlands based company providing civil engineering to a significant number of developers within the marketplace in which it continues to enjoy a commanding position. |
REVIEW OF BUSINESS |
As reported within the directors 2023 Strategic Report, the first half of the 2023/2024 financial year, was somewhat of a challenging period for the housebuilding industry as a whole. The fall in house prices culminated in an air of caution from developers resulting in a reduction in demand for groundwork as the major housebuilders reassessed the industry. The second half of the financial year saw a return of confidence in the market and a flurry of activity from developers who were keen to complete projects that had been delayed during the earlier part of the year. Whilst the continued commitment to the business from its directors and their dedicated team, enabled the company to service this increased demand within the latter part of the 2024 financial year, the delays in releasing sites and the ensuing lower volume output for the first half year was too significant for the company to maintain its growth in market share that had been enjoyed for the past few years. |
As widely reported within the national press, 2024 has been a challenging year for the industry with many companies suffering from financial distress. Regrettably, L Healy Limited has not been immune from the fallout and has itself suffered its first significant bad debt in the history of its trading. This has been reported as an exceptional item within the company's financial statements and the directors have implemented new protocols to minimise future exposure in this regard. |
The business has continued to invest in its workforce, rewarding their talent and providing continued development in their training, health and wellbeing. The directors consider that their team are instrumental in maintaining the company's excellent reputation within the industry enabling it to continue to engage with the most prestigious house builders across the midlands and wider areas. |
Key performance indicators |
The directors monitor the company's performance during regular financial meetings using turnover and gross profit as key metrics. |
Despite the challenging economic conditions for the first half year, the directors are pleased to report that although there was a significant reduction in market activity during the first six months of the financial year, the dedication and focus of the team to facilitate the demands of its key contractors in the second half of the year, has enabled the company to maintain a similar level of throughput to that achieved in 2022. Whilst the current year's results represent an 11% reduction in income compared with the company's 2023 market share, given the economic outlook for the industry at the commencement of the financial year, the directors are pleased with the company's overall performance when its throughput and margins are considered collectively. |
With regards to the company's gross margins, whilst delays in the release of projects ordinarily has the potential to create operational inefficiencies, the directors are pleased to report that their proactive approach to foresee and adapt to these delays has enabled the company to increase its margins from 9.2% to 11.3% during the financial year. |
Future developments |
The directors continually consider risks and uncertainties relating to the UK economy putting the company in a position of strength to proactively adapt to foreseeable market changes. |
With the new government's ambitious housing targets that it aims to deliver during the lifetime of this parliament remaining a top priority and a key driver of economic growth, the outlook for the housing industry remains buoyant. |
The first half year of 2024/2025 has resulted in an expansion of the company's market share and the outlook for the coming year remains positive. |
The company has an exceptionally strong order book and continues to deliver projects with outstanding standards of quality facilitating its continued success with new tenders for projects and the forming of new customer relationships. |
Health and safety continues to remain a key focus of the directors and a bedrock of the company's strategic planning. |
L HEALY LIMITED (REGISTERED NUMBER: 01719445) |
STRATEGIC REPORT |
for the year ended 30 June 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company's trading operations could be affected by a number of external factors that may pose a risk to its financial performance in the short, medium and long term which are: - |
1. A significant downturn within the construction industry from external factors that are beyond the control of the company. |
2. Uncapped price rises of general building materials resulting from supply and demand issues in particular as a result of a potential global tariff war and armed conflict. |
3. A change in Government policies necessitated by lower economic growth than forecast and further changes to Stamp Duty Relief for first time buyers which has already been reduced by this parliament and could prove to be counterproductive to their new housing targets. |
The directors continue to monitor the market conditions and meet regularly to discuss any foreseeable circumstances that may necessitate a change to the company's strategy in order to mitigate the business exposure to changes within the working environment. |
ON BEHALF OF THE BOARD: |
L HEALY LIMITED (REGISTERED NUMBER: 01719445) |
REPORT OF THE DIRECTORS |
for the year ended 30 June 2024 |
The directors present their report with the financial statements of the company for the year ended 30 June 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of civil engineering. |
DIVIDENDS |
No dividends were paid during the year (2023- nil). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
L HEALY LIMITED |
Opinion |
We have audited the financial statements of L Healy Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
L HEALY LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management it's own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal control established to mitigate risks related to fraud or non compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management. |
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the company that were contrary to these laws and regulations including fraud. |
We focussed on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to Health and Safety regulations, UK tax legislation and equivalent local laws and regulations. |
We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example minutes of meetings and representations of the board of Directors. |
Our tests included agreeing the financial statements disclosure to underlying supporting documentation and enquiries with management. |
We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits we also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of key staff manipulation that represented a risk of material misstatement due to fraud. |
Our audit procedures were designed to respond to the risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery , misrepresentions or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected within the financial statements, the less likely we are to become aware of it. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
L HEALY LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants |
Statutory Auditors |
Brook House |
47 High Street |
Henley in Arden |
Warwickshire |
B95 5AA |
L HEALY LIMITED (REGISTERED NUMBER: 01719445) |
INCOME STATEMENT |
for the year ended 30 June 2024 |
30/6/24 | 30/6/23 |
Notes | £ | £ | £ | £ |
TURNOVER | 4 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(64,440 | ) | 375,150 |
Other operating income |
OPERATING PROFIT | 6 |
Income from fixed asset investments |
Interest receivable and similar income |
114 | 434 |
233,272 | 716,872 |
Interest payable and similar expenses | 8 |
PROFIT BEFORE TAXATION |
Tax on profit | 9 |
PROFIT FOR THE FINANCIAL YEAR |
L HEALY LIMITED (REGISTERED NUMBER: 01719445) |
OTHER COMPREHENSIVE INCOME |
for the year ended 30 June 2024 |
30/6/24 | 30/6/23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
L HEALY LIMITED (REGISTERED NUMBER: 01719445) |
BALANCE SHEET |
30 June 2024 |
30/6/24 | 30/6/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Investments | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
L HEALY LIMITED (REGISTERED NUMBER: 01719445) |
STATEMENT OF CHANGES IN EQUITY |
for the year ended 30 June 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2024 |
L HEALY LIMITED (REGISTERED NUMBER: 01719445) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 June 2024 |
1. | STATUTORY INFORMATION |
L Healy Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
• | the requirement of paragraph 33.7. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: |
Construction contracts |
When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to quantity surveyors reports. |
When the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable. |
When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision. |
Interest and dividends receivable |
Interest income is recognised using the effective method and dividend income is recognised as the company's right to receive payment is established. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery | - 25% reducing balance |
Fixtures and fittings | - 15% reducing balance |
Motor vehicles | - 25% reducing balance |
Stock |
Stock is valued at the lower of cost and net realisable value. |
L HEALY LIMITED (REGISTERED NUMBER: 01719445) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2024 |
3. | ACCOUNTING POLICIES - continued |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and are depreciated over their estimated useful lives. |
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the profit and loss account as incurred. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Retentions |
It is the company's policy to absorb the cost of remedial work arising on contracts in the year in which they are incurred. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Investments |
Investments are recognised initially at fair value which is normally the transaction price excluding transaction cost. Subsequently, they are measured at fair value through the profit and loss if the shares are publicly traded or their value can otherwise be measured reliably. Other investments are measured at cost less impairment. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
30/6/24 | 30/6/23 |
£ | £ |
L HEALY LIMITED (REGISTERED NUMBER: 01719445) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2024 |
5. | EMPLOYEES AND DIRECTORS |
30/6/24 | 30/6/23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30/6/24 | 30/6/23 |
Production staff | 33 | 31 |
Office and management | 14 | 14 |
30/6/24 | 30/6/23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
30/6/24 | 30/6/23 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30/6/24 | 30/6/23 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
7. | EXCEPTIONAL ITEMS |
30/6/24 | 30/6/23 |
£ | £ |
Exceptional items | (571,866 | ) | - |
Exceptional items included in administrative expenses, relates to one bad debt and has been separately disclosed due to it's size. |
L HEALY LIMITED (REGISTERED NUMBER: 01719445) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2024 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30/6/24 | 30/6/23 |
£ | £ |
Bank loan interest |
Other interest |
Hire purchase interest |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30/6/24 | 30/6/23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred taxation |
Tax on profit |
10. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
L HEALY LIMITED (REGISTERED NUMBER: 01719445) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Transfer to ownership | - | (202,005 | ) | (202,005 | ) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Transfer to ownership | - | (153,966 | ) | (153,966 | ) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
11. | STOCKS |
30/6/24 | 30/6/23 |
£ | £ |
Stocks |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/24 | 30/6/23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Deferred tax asset |
Prepayments and accrued income |
Deferred tax asset |
30/6/24 | 30/6/23 |
£ | £ |
Capital allowances in excess of depreciation | - | (81,509 | ) |
Deferred tax assets | 127,301 | 228,555 |
13. | CURRENT ASSET INVESTMENTS |
30/6/24 | 30/6/23 |
£ | £ |
Listed investments | 206 | 206 |
Market value of listed investments at 30 June 2024 - £ 1,824 (2023 - £ 1,249 ). |
L HEALY LIMITED (REGISTERED NUMBER: 01719445) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/24 | 30/6/23 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Hire purchase contracts (see note 17) |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to associates | 90,000 | 90,000 |
Corporation tax payable | ( |
) |
Social security & other taxes |
Other creditors |
Wages control | 2,960 | - |
Directors' loan accounts | 286,143 | 314,050 |
Accrued expenses |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30/6/24 | 30/6/23 |
£ | £ |
Bank loans (see note 16) |
Hire purchase contracts (see note 17) |
16. | LOANS |
An analysis of the maturity of loans is given below: |
30/6/24 | 30/6/23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
L HEALY LIMITED (REGISTERED NUMBER: 01719445) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2024 |
17. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
30/6/24 | 30/6/23 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
30/6/24 | 30/6/23 |
£ | £ |
Bank overdraft |
Bank loans |
Hire purchase contracts | 104,840 | 197,415 |
Security is offered by way of a debenture over the assets of the group. |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/6/24 | 30/6/23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
The £1 ordinary shares rank pari passu and have the right to vote at general meetings, the right to receive a dividend if declared and the right to participate in the assets of the company in a winding up. |
20. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2023 |
Profit for the year |
At 30 June 2024 |
L HEALY LIMITED (REGISTERED NUMBER: 01719445) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2024 |
21. | ULTIMATE PARENT COMPANY |
The company is a wholly owned subsidiary of L Healy Holdings Limited. |
The company recognises Healy Group Limited as its ultimate parent company. |
22. | OTHER FINANCIAL COMMITMENTS |
There is an unlimited inter-company guarantee in place between Waylaid Limited, L Healy Limited, L Healy Holdings Limited and Healy Group Limited. |
The total financial commitments, guarantees and contingencies undertaken on behalf of Waylaid Limited which are subject to inter-company guarantee and not included in the balance sheet of L Healy Limited amount to £1,396,142 (2023 £1,670,445). |
23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023: |
30/6/24 | 30/6/23 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced | ( |
) | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
G Tongue |
Balance outstanding at start of year | - | 2,315 |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | (2,315 | ) |
Balance outstanding at end of year | - | - |
Balance outstanding at start of year | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Where Directors have received advances during the year, these are repayable on demand and have been subjected to HMRC's official rate of interest in use at that time. |
With regards to Mr G Tongue, the £2,315 remains due to the company and has been transferred to other debtors as he is no longer a director of the company. |
24. | ULTIMATE HOLDING COMPANY |
The ultimate holding company is Healy Group Limited. The registered office and place of business of Healy Group Limited is 8 Merse Road, Redditch, West Midlands, B98 9HL. . |