Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investment property | 3 |
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| Investments | 4 |
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| 2,383,026 | 2,438,026 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 25,673 | 11,512 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current liabilities | (42,082) | (67,805) | ||
| Total assets less current liabilities | 2,340,944 | 2,370,221 | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Provision for liabilities | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Other reserves |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Hearn Land Limited (registered number:
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Mr A P Hearn
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Hearn Land Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Osprey House, Malpas Road, Truro, TR1 1UT, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The company recognises rental income in accordance with the terms of the underlying letting agreements.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Investment property | |
| £ | |
| Valuation | |
| As at 01 January 2024 |
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| Fair value movement | (55,000) |
| As at 31 December 2024 |
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Investment property is included at the directors' estimate of fair value supported by information received from professional advisors.
| Other investments | Total | ||
| £ | £ | ||
| Cost or valuation before impairment | |||
| At 01 January 2024 |
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| At 31 December 2024 |
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| Carrying value at 31 December 2024 |
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| Carrying value at 31 December 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Other loans |
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| Accruals and deferred income |
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| Corporation tax |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Amounts owed to directors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 910,000 | 910,000 |
Other reserves comprises cumulative fair value movements on investment property, net of provision for associated deferred tax where applicable. This reserve is unrealised and not distributable.
Transactions with the entity's directors
| 2024 | 2023 | ||
| £ | £ | ||
| Mr A P Hearn | 738,848 | 759,219 | |
| Mrs M Hearn | 223,801 | 238,801 |
Mr A P Hearn (Director)
Mr A P Hearn and his immediate family have advanced loans to the company. At 31 December 2024 an amount of £738,848 (2023 - £759,219) had been advanced by Mr A P Hearn and an amount of £223,801 (2023 - £238,801) had been advanced by Mrs M Hearn. No interest has been charged by Mr A P Hearn on his loan in the current year (2023 - £22,007). No interest has been charged by Mrs M Hearn (2023 - £nil). These loans are unsecured.