| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| HAVEN HOUSING LIMITED |
| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| HAVEN HOUSING LIMITED |
| HAVEN HOUSING LIMITED (REGISTERED NUMBER: 00724904) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Income Statement | 3 |
| Balance Sheet | 4 |
| Statement of Changes in Equity | 6 |
| Notes to the Financial Statements | 7 |
| HAVEN HOUSING LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 1110 Elliott Court |
| Coventry Business Park |
| Herald Avenue |
| Coventry |
| West Midlands |
| CV5 6UB |
| HAVEN HOUSING LIMITED (REGISTERED NUMBER: 00724904) |
| REPORT OF THE DIRECTORS |
| for the year ended 31 December 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of the letting of houses and the management of properties and other investments. |
| DIVIDENDS |
| The directors recommend that final dividends of 1.7p per share in respect of Ordinary "A" shares and 34p per share in respect of Ordinary "B" shares be paid on the results for the year. This will result in a total dividend payment of £255,000. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| ON BEHALF OF THE BOARD: |
| HAVEN HOUSING LIMITED (REGISTERED NUMBER: 00724904) |
| INCOME STATEMENT |
| for the year ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| TURNOVER |
| Administrative expenses |
| OPERATING PROFIT |
| Income from fixed asset investments |
| Interest receivable and similar income |
| 143,224 | 139,149 |
| 419,258 | 340,402 |
| Gain/loss on revaluation of assets | 583,741 | 565,086 |
| PROFIT BEFORE TAXATION | 4 |
| Tax on profit | 5 |
| PROFIT FOR THE FINANCIAL YEAR |
| HAVEN HOUSING LIMITED (REGISTERED NUMBER: 00724904) |
| BALANCE SHEET |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investments | 6 |
| Investment property | 7 |
| CURRENT ASSETS |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Unrealised reserves |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| HAVEN HOUSING LIMITED (REGISTERED NUMBER: 00724904) |
| BALANCE SHEET - continued |
| 31 December 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| HAVEN HOUSING LIMITED (REGISTERED NUMBER: 00724904) |
| STATEMENT OF CHANGES IN EQUITY |
| for the year ended 31 December 2024 |
| Called up |
| share | Retained | Unrealised | Total |
| capital | earnings | reserves | equity |
| £ | £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Revaluation in year | - | (418,641 | ) | 418,641 | - |
| Realised gains in year | - | 263,477 | (263,477 | ) | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Revaluation in year | - | (440,858 | ) | 440,857 | (1 | ) |
| Realised gains in year | - | (41,467 | ) | 41,467 | - |
| Balance at 31 December 2024 |
| HAVEN HOUSING LIMITED (REGISTERED NUMBER: 00724904) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Haven Housing Limited is a |
| 2. | ACCOUNTING POLICIES |
| Accounting convention |
| The financial statements are prepared under the historic cost convention modified to include the revaluation of freehold land and buildings held as investment properties, and also the revaluation of fixed asset investments as described below. |
| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these accounts are stated to the nearest £. |
| 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 are set out below. |
| Turnover |
| Turnover represents rents receivable from investment properties and is recognised when it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Investment property |
| Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at it's fair value as at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. |
| 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. |
| 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. |
| HAVEN HOUSING LIMITED (REGISTERED NUMBER: 00724904) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS102 to all of it's 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. |
| Other financial assets |
| Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
| Impairment of financial assets |
| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment is recognised in profit or loss. |
| Derecognition of financial assets |
| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and subsequently all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
| 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| HAVEN HOUSING LIMITED (REGISTERED NUMBER: 00724904) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Other financial liabilities |
| Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivative are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
| Debt instruments that do not meet the conditions in FRS102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
| Equity instruments |
| Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| 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. |
| 4. | PROFIT BEFORE TAXATION |
| The profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Property expenses |
| Management expenses |
| HAVEN HOUSING LIMITED (REGISTERED NUMBER: 00724904) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 5. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Overseas taxation | 18 | 20 |
| Total current tax |
| Deferred tax |
| Tax on profit |
| Tax effects relating to effects of other comprehensive income |
| There were no tax effects for the year ended 31 December 2024. |
| 2023 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation of tangible fixed assets |
| 6. | FIXED ASSET INVESTMENTS |
| Summary of movements | British |
| Listed | Government | Unlisted | Total |
| £ | £ | £ | £ |
| Valuation at 1 January 2024 | 3,139,466 | 198,390 | 50,374 | 3,388,230 |
| Additions | 278,331 | - | 600 | 278,931 |
| Disposals | (221,321 | ) | (40,504 | ) | (261,825 | ) |
| Impairments | - | - | - |
| Valuation changes | 30,323 | (3,099 | ) | 27,224 |
| Valuation at 31 December 2024 | 3,226,799 | 154,787 | 50,974 | 3,432,560 |
| If fixed asset investments had not been revalued they would have been included at the following historical cost:- |
| Listed investments | £3,335,798 |
| British Government | £153,057 |
| Unlisted investments | £50,974 |
| Listed investments were valued on a mid-market valuation basis on 31st December 2024 by EFG Harris Allday. |
| HAVEN HOUSING LIMITED (REGISTERED NUMBER: 00724904) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 7. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 January 2024 |
| Additions |
| Revaluations | 556,517 |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Fair value at 31 December 2024 is represented by: |
| £ |
| Valuation in 2015 | 6,605,759 |
| Valuation in 2016 | 273,000 |
| Valuation in 2017 | 262,622 |
| Valuation in 2018 | 57,100 |
| Valuation in 2019 | 742,000 |
| Valuation in 2020 | 739,000 |
| Valuation in 2021 | 854,419 |
| Valuation in 2022 | 1,096,000 |
| Valuation in 2023 | 456,838 |
| Valuation in 2024 | 556,517 |
| Cost | 1,351,745 |
| 12,995,000 |
| Investment properties were valued for the board at 31 December 2024 on a "market value" basis as defined in accordance with the Royal Institute of Chartered Surveyors Valuation Standards, by Messrs Fraser Wood, Chartered Surveyors, as external valuers. |
| If the investment properties had not been revalued they would have been included at the following historical cost:- |
| £1,351,745 |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Accrued income |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Tax |
| Accrued expenses |
| HAVEN HOUSING LIMITED (REGISTERED NUMBER: 00724904) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary A | 5p | 37,500 | 37,500 |
| Ordinary B | £1 | 712,500 | 712,500 |
| 750,000 | 750,000 |
| 11. | ULTIMATE CONTROLLING PARTY |
| The company is under the control of the trustees of the Miriam Julia Collins Will Trust. |