Company No: 12096864 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	26,984		22,557
Investment property	4	1,200,000		1,200,000
		1,226,984		1,222,557
Current assets
Stocks	5	8,700		0
Debtors	6	3,518		895
Cash at bank and in hand		12,216		36,763
		24,434		37,658
Creditors: amounts falling due within one year	7	( 40,604)		( 41,544)
Net current liabilities		(16,170)		(3,886)
Total assets less current liabilities		1,210,814		1,218,671
Creditors: amounts falling due after more than one year	8	( 692,481)		( 715,527)
Provision for liabilities		( 131,150)		( 130,498)
Net assets		387,183		372,646
Capital and reserves
Called-up share capital	9	2		2
Revaluation reserve		391,494		391,494
Profit and loss account		( 4,313 )		( 18,850 )
Total shareholders' funds		387,183		372,646

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Head Outdoors Ltd (registered number: 12096864) were approved and authorised for issue by the Board of Directors on 09 September 2025. They were signed on its behalf by:

H M Jones Director

1. Accounting policies

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.

General information and basis of accounting

Head Outdoors Ltd (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 Geufron Farm, Bryncrug, Tywyn, LL36 9RW, Wales, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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

Rental income is recognised on an accruals basis.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery	5 years straight line
Vehicles	4 years straight line
Fixtures and fittings	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

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.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	1		1

3. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 January 2024	14,433		7,000		29,528		50,961
Additions	1,758		0		13,879		15,637
At 31 December 2024	16,191		7,000		43,407		66,598
Accumulated depreciation
At 01 January 2024	6,316		1,750		20,338		28,404
Charge for the financial year	3,092		1,313		6,805		11,210
At 31 December 2024	9,408		3,063		27,143		39,614
Net book value
At 31 December 2024	6,783		3,937		16,264		26,984
At 31 December 2023	8,117		5,250		9,190		22,557

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	1,200,000
As at 31 December 2024	1,200,000

Valuation

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

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2024		2023
	£		£
Historic cost	808,506		808,506

5. Stocks

	2024		2023
	£		£
Stocks	8,700		0

6. Debtors

	2024		2023
	£		£
Prepayments	3,518		895

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	18,938		16,000
Trade creditors	2,071		6,706
Other taxation and social security	2,342		489
Obligations under finance leases and hire purchase contracts	0		439
Other creditors	17,253		17,910
	40,604		41,544

The bank loans are secured on the company's investment property.

Hire purchase and finance lease liabilities are secured against the assets to which they relate.

8. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans (secured)	405,213		404,373
Amounts owed to directors	287,268		311,154
	692,481		715,527

The bank loans are secured on the company's investment property.

9. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each	2		2

10. Related party transactions

Transactions with the entity's directors

The Directors have made loans to the company. At 31 December 2024 the balance on these loans were £287,268 (2023 - £311,154).