Company registration number 01879913 (England and Wales)
HARTS OF HONITON LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
HARTS OF HONITON LTD
COMPANY INFORMATION
Directors
Mr R N Hooper
Mr K A Hoskin
Mr N Robinson
(Appointed 23 January 2024)
Secretary
Mr R N Hooper
Company number
01879913
Registered office
Northcote Hill
Honiton
Devon
United Kingdom
EX14 9UP
Accountants
Streets Bush Limited
2 Barnfield Crescent
Exeter
EX1 1QT
HARTS OF HONITON LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
HARTS OF HONITON LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
49,393
95,286
Investment properties
5
355,000
49,393
450,286
Current assets
Stocks
479,959
1,028,112
Debtors
6
35,697
115,356
Cash at bank and in hand
754,169
135,242
1,269,825
1,278,710
Creditors: amounts falling due within one year
7
(99,549)
(202,244)
Net current assets
1,170,276
1,076,466
Total assets less current liabilities
1,219,669
1,526,752
Provisions for liabilities
(9,996)
(19,617)
Net assets
1,209,673
1,507,135
Capital and reserves
Called up share capital
80,000
80,000
Retained earnings
1,129,673
1,427,135
Total equity
1,209,673
1,507,135
HARTS OF HONITON LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
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 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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 2 May 2025 and are signed on its behalf by:
Mr R N Hooper
Mr K A Hoskin
Director
Director
Company Registration No. 01879913
HARTS OF HONITON LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Harts of Honiton Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Northcote Hill, Honiton, Devon, United Kingdom, EX14 9UP.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net invoiced sales of motor vehicles and vehicle repairs, excluding value added tax.
1.3
Intangible fixed assets - goodwill
Goodwill recognised represents the excess of the fair value and directly attributable costs to the purchase consideration over the fair value of the identifiable net assets, liabilities and contingent liabilities.
Goodwill is amortised over its expected useful life and has now been fully amortised.
1.4
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:
Leasehold land and buildings
10% on cost
Plant and equipment
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
25% on cost and 15% reducing balance
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.
HARTS OF HONITON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties
Investment property is measured at fair value as valued by the Directors. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account.
1.6
Stocks
Used vehicle stock is valued at trade value at the balance sheet date.
All other stock is valued at the lower of cost and net realisable value.
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.
1.8
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 income statement 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.
HARTS OF HONITON LTD
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 income statement, 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.
1.9
Employee 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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
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.
HARTS OF HONITON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
20
30
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024
260,000
Disposals
(180,000)
At 31 December 2024
80,000
Amortisation and impairment
At 1 January 2024
260,000
Disposals
(180,000)
At 31 December 2024
80,000
Carrying amount
At 31 December 2024
At 31 December 2023
HARTS OF HONITON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
322,681
383,935
706,616
Additions
2,835
2,835
Disposals
(255,353)
(211,148)
(466,501)
At 31 December 2024
67,328
175,622
242,950
Depreciation and impairment
At 1 January 2024
303,612
307,718
611,330
Depreciation charged in the year
1,194
8,343
9,537
Eliminated in respect of disposals
(245,604)
(181,706)
(427,310)
At 31 December 2024
59,202
134,355
193,557
Carrying amount
At 31 December 2024
8,126
41,267
49,393
At 31 December 2023
19,069
76,217
95,286
5
Investment property
2024
£
Fair value
At 1 January 2024
355,000
Disposals
(355,000)
At 31 December 2024
HARTS OF HONITON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,914
71,410
Other debtors
25,783
43,946
35,697
115,356
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
36,239
45,896
Taxation and social security
47,898
123,278
Other creditors
15,412
33,070
99,549
202,244
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
40,000
80,000
9
Related party transactions
During the year the company leased a property from the directors. No rent was charged during the year.