REGISTERED NUMBER: 09817523 (England and Wales)

Hemsley Morgan Limited

Unaudited Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K D Burns

S L Burns

REGISTERED OFFICE:

Hordle Lane House

Hordle Lane

Hordle

Lymington

SO41 0HT

REGISTERED NUMBER:

09817523 (England and Wales)

Fixed assets

Tangible assets

4

29,109

38,812

Investment properties

5

1,670,000

1,670,000

1,699,109

1,708,812

Current assets

Debtors

6

464

(246

)

Cash at bank

11,149

7,889

11,613

7,643

Creditors

Amounts falling due within one year

7

(1,358,587

)

(1,403,264

)

Net current liabilities

(1,346,974

)

(1,395,621

)

Total assets less current liabilities

352,135

313,191

Creditors

Amounts falling due after more than one year

8

(22,730

)

(26,672

)

Provisions for liabilities

(16,171

)

(16,171

)

Net assets

313,234

270,348

Capital and reserves

Called up share capital

600

600

Retained earnings

9

312,634

269,748

313,234

270,348

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2025 and were signed on its behalf by:

K D Burns - Director

S L Burns - Director

1.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

2.	ACCOUNTING POLICIES

BASIS OF PREPARATION

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentational currency is pound sterling and is rounded to the nearest pound.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND KEY ACCOUNTING ESTIMATES

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

GOING CONCERN

The financial statements have been prepared on a going concern basis.

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.

INVESTMENT PROPERTIES

In accordance with the Financial Reporting Standards 102 Section 1A, investment properties for which fair value can be measured reliably without undue cost and effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

TRADE DEBTORS

Trade debtors are amounts due from customers for services provided in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtor is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

SHARE CAPITAL

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

68,999

DEPRECIATION

At 1 January 2024

30,187

Charge for year

9,703

At 31 December 2024

39,890

NET BOOK VALUE

At 31 December 2024

29,109

At 31 December 2023

38,812

5.	INVESTMENT PROPERTIES

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

1,670,000

NET BOOK VALUE

At 31 December 2024

1,670,000

At 31 December 2023

1,670,000

The investment properties class of fixed assets was revalued on 31 December 20224by Mrs S Bennett who is internal to the company. The basis of this valuation was open market value.

This class of assets has a current value of £1,670,000 [2023: £1,670,000] and a carrying amount at historical cost of £1,584,890 [2023: £1,584,890]. The depreciation on this historical cost is £nil [2023: £nil].

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Sales ledger control account

464

(246

)

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts

6,100

6,100

Corporation tax liability

12,290

7,812

Directors' current accounts

1,337,281

1,386,628

Accruals and deferred income

2,916

2,724

1,358,587

1,403,264

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts

22,730

26,672

Amounts falling due in more than five years:

Repayable by instalments

Hire purchase

22,730

26,672

9.

RESERVES

2024

2023

£

£

Revaluation reserve

68,940

68,940

Revaluation reserve- transfer of unrealised profits to P&L

-

-

Profit & Loss - brought forward

200,808

174,249

P&L- transfer of unrealised profit

-

-

Dividend

(4,000

)

(4000

)

Profit during the year

49,980

30,559

315,728

269,748