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REGISTERED NUMBER: 07790749 (England and Wales)

















Hearn Group Limited

Financial Statements

for the Year Ended 30 September 2024






Hearn Group Limited (Registered number: 07790749)

Contents of the Financial Statements
for the year ended 30 September 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Hearn Group Limited

Company Information
for the year ended 30 September 2024







DIRECTORS: S A Hearn
Mrs S A Hearn



REGISTERED OFFICE: 24 Cornwall Road
Dorchester
Dorset
DT1 1RX



REGISTERED NUMBER: 07790749 (England and Wales)



ACCOUNTANTS: Read Woodruff
Chartered Accountants
24 Cornwall Road
Dorchester
Dorset
DT1 1RX



BANKERS: HSBC Bank plc
15 Cornhill
Dorchester
Dorset
DT1 1BJ

Hearn Group Limited (Registered number: 07790749)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 356,194 249,992
Investments 5 131 110
Investment property 6 900,000 400,000
1,256,325 650,102

CURRENT ASSETS
Debtors 7 385,350 280,425
Investments 8 81,183 81,183
Cash at bank 3,898 203,155
470,431 564,763
CREDITORS
Amounts falling due within one year 9 839,324 462,234
NET CURRENT (LIABILITIES)/ASSETS (368,893 ) 102,529
TOTAL ASSETS LESS CURRENT
LIABILITIES

887,432

752,631

CREDITORS
Amounts falling due after more than one
year

10

(75,419

)

(75,006

)

PROVISIONS FOR LIABILITIES 12 (114,042 ) (90,941 )
NET ASSETS 697,971 586,684

CAPITAL AND RESERVES
Called up share capital 200 200
Undistributable reserves 13 74,980 85,330
Retained earnings 622,791 501,154
SHAREHOLDERS' FUNDS 697,971 586,684

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2025 and were signed on its behalf by:




S A Hearn - Director


Hearn Group Limited (Registered number: 07790749)

Notes to the Financial Statements
for the year ended 30 September 2024


1. STATUTORY INFORMATION

Hearn Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Office equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Undistributable reserves
Whilst fair value gains on investment property are taken to the profit and loss account, they are not distributable as dividend to shareholders because the gain is unrealised. The company therefore adopts the policy of transferring the fair value adjustment net/inclusive of the deferred tax charge/credit to a separate account, 'undistributable reserves'.

Hearn Group Limited (Registered number: 07790749)

Notes to the Financial Statements - continued
for the year ended 30 September 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and Office Motor
machinery equipment vehicles Totals
£    £    £    £   
COST
At 1 October 2023 63,598 14,288 330,369 408,255
Additions 64,272 1,265 111,165 176,702
At 30 September 2024 127,870 15,553 441,534 584,957
DEPRECIATION
At 1 October 2023 34,681 3,581 120,001 158,263
Charge for year 8,286 1,796 60,418 70,500
At 30 September 2024 42,967 5,377 180,419 228,763
NET BOOK VALUE
At 30 September 2024 84,903 10,176 261,115 356,194
At 30 September 2023 28,917 10,707 210,368 249,992

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 October 2023 - 144,500 144,500
Additions 45,600 59,632 105,232
Transfer to ownership - (16,500 ) (16,500 )
At 30 September 2024 45,600 187,632 233,232
DEPRECIATION
At 1 October 2023 - 18,063 18,063
Charge for year 1,710 28,000 29,710
Transfer to ownership - (2,063 ) (2,063 )
At 30 September 2024 1,710 44,000 45,710
NET BOOK VALUE
At 30 September 2024 43,890 143,632 187,522
At 30 September 2023 - 126,437 126,437

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 October 2023 110
Additions 46
Disposals (25 )
At 30 September 2024 131
NET BOOK VALUE
At 30 September 2024 131
At 30 September 2023 110

Hearn Group Limited (Registered number: 07790749)

Notes to the Financial Statements - continued
for the year ended 30 September 2024


6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023 400,000
Additions 513,801
Revaluation in year (13,801 )
At 30 September 2024 900,000
NET BOOK VALUE
At 30 September 2024 900,000
At 30 September 2023 400,000

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2022 63,773
Valuation in 2023 50,000
Valuation in 2024 (13,800 )
Cost 800,027
900,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 800,027 286,227

Investment property was valued on a fair value basis on 30 September 2024 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 316,104 257,354
Other debtors 69,246 23,071
385,350 280,425

8. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Unlisted investments 81,183 81,183

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 28,444
Hire purchase contracts 68,233 37,984
Trade creditors 434,485 122,885
Taxation and social security 232,277 186,232
Other creditors 94,329 86,689
839,324 462,234

Hearn Group Limited (Registered number: 07790749)

Notes to the Financial Statements - continued
for the year ended 30 September 2024


10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 7,500 17,500
Hire purchase contracts 67,919 57,506
75,419 75,006

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 136,152 95,490
Bank loans - 18,445
136,152 113,935

HSBC bank loan and overdraft facilities are secured by a debenture created 27 March 2020 comprising fixed and floating charges over all assets.

Hire purchase liabilities are secured on the assets concerned.

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 89,049 62,498
Capital gains on investment property 24,993 28,443
114,042 90,941

Deferred
tax
£   
Balance at 1 October 2023 90,941
Charge to Income Statement during year 23,101
Balance at 30 September 2024 114,042

13. RESERVES
Undistributable
reserves
£   
At 1 October 2023 85,330
Transfer unrealised gain/loss on investment
property to undistributable reserves

(10,350

)


At 30 September 2024 74,980

Undistributable reserves represent the unrealised gains on carrying investment property at fair value less the deferred tax provision thereon; being unrealised, such amounts are not available to be distributed as dividend to shareholders.

14. OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments totalling £12,500.