Hayes Holdings (Sheffield) Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 06420631

Hayes Holdings (Sheffield) Limited

Filleted Unaudited Financial Statements

31 December 2024

Hayes Holdings (Sheffield) Limited

Financial Statements

Year ended 31 December 2024

Contents	Pages

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 7

Hayes Holdings (Sheffield) Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Hayes Holdings (Sheffield) Limited

Year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hayes Holdings (Sheffield) Limited for the year ended 31 December 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Hayes Holdings (Sheffield) Limited in accordance with the terms of our engagement letter dated 12 August 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Hayes Holdings (Sheffield) Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hayes Holdings (Sheffield) Limited and its director for our work or for this report.

It is your duty to ensure that Hayes Holdings (Sheffield) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hayes Holdings (Sheffield) Limited. You consider that Hayes Holdings (Sheffield) Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Hayes Holdings (Sheffield) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

HEBBLETHWAITES Chartered Accountants

2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ

31 December 2025

Hayes Holdings (Sheffield) Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	4	651,840	651,840
Investments	5	100	100
		---------	---------
		651,940	651,940

Current assets

Debtors	6	82,142	52,000
Cash at bank and in hand		230	6,004
		--------	--------
		82,372	58,004

Creditors: amounts falling due within one year	7	75,140	36,194
		--------	--------
Net current assets		7,232	21,810
		---------	---------
Total assets less current liabilities		659,172	673,750

Creditors: amounts falling due after more than one year	8	199,453	226,529
		---------	---------
Net assets		459,719	447,221
		---------	---------

Hayes Holdings (Sheffield) Limited

Statement of Financial Position (continued)

31 December 2024

	2024	2023
Note	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	459,619	447,121
	---------	---------
Shareholders funds	459,719	447,221
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the 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.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 31 December 2025 , and are signed on behalf of the board by:

Mr F Hayes
Director

Company registration number: 06420631

Hayes Holdings (Sheffield) Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sheffield Road, Sheepbridge, Unstone, Chesterfield, S41 9EH, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, being in the form of rental income, and stated net of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible assets

	Land and buildings
	£
Cost
At 1 January 2024 and 31 December 2024	651,840
	---------
Depreciation
At 1 January 2024 and 31 December 2024	–
	---------
Carrying amount
At 31 December 2024	651,840
	---------
At 31 December 2023	651,840
	---------

The director is of the opinion that the open market value of the company property approximates to the above carrying value of £651,840. Whilst the true open market value may be in excess of this figure, the director prefers to adopt a prudent view of potential value given the current market conditions. In addition, a recent professional valuation undertaken supports the value as carried at the year end date, this, again, being on a prudent basis given market conditions.

5. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	100
	----
Impairment
At 1 January 2024 and 31 December 2024	–
	----

Carrying amount
At 31 December 2024	100
	----
At 31 December 2023	100
	----

The company owns 100% of the issued share capital of Sheffield Motorcycle Centre Limited, a company incorporated in England and trading in the sale, maintenance and repair of motorcycles, along with the sale of all ancillary parts and accessories.

At 31 December 2024, the aggregate capital and reserves of Sheffield Motorcycle Centre Limited were an adverse total of £124,216 (2023 positive £238,843) and the post tax loss for the year then ended amounted to £363,059 (2023 loss of £110,754).

6. Debtors

	2024	2023
	£	£
Trade debtors	12,300	–
Amounts owed by group undertakings and undertakings in which the company has a participating interest	69,842	52,000
	--------	--------
	82,142	52,000
	--------	--------

The above "other debtor" of £69,842 (2003: £52,000) is an inter-company loan balance as between this company and its' subsidiary, Sheffield Motorcycle Centre Ltd. There are no formal repayment terms attaching to the loan and interest is not being charged.

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	24,332	19,417
Corporation tax	–	1,670
Other creditors	50,808	15,107
	--------	--------
	75,140	36,194
	--------	--------

The above bank liability is secured on the company property.

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

	2024	2023
	£	£
Bank loans and overdrafts	199,453	226,529
	---------	---------

The above bank liability is secured on the company property.

Included within creditors: amounts falling due after more than one year is an amount of £79,579 (2023: £112,719) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loan is subject to monthly repayments of capital and interest of £3,325, with interest charged at the average rate of 6.10% per annum.

9. Contingencies

The company property provides security not only for the company bank loan, but also as against the bank facilities provided to the subsidiary company, Sheffield Motorcycle Centre Ltd. At 31 December 2024, Sheffield Motorcycle Centre Ltd had outstanding bank liabilities subject to this security arrangement in the sum of £277,358 (2023 £254,705).

10. Director's advances, credits and guarantees

A loan account exists as between the company and its' director. At the start of the year, on 1 January 2024, the company was indebted to the director, in this regard, in the sum of £13,732.The closing balance of monies owing to the director, by the company, amounts to £49,639 with the movement being as a result of net funds introduction by the director, during the year, of £35,907. The loan is interest free and has no formal repayment terms.