G. Holmes White (Properties) Limited
Unaudited Financial Statements
For the year ended 31 March 2023
For Filing with Registrar
Company Registration No. 00374696 (England and Wales)
G. Holmes White (Properties) Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
G. Holmes White (Properties) Limited
Balance Sheet
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
256,647
259,896
Investments
5
8,453,983
4,028,192
8,710,630
4,288,088
Current assets
Stock
4,041,135
3,238,141
Debtors
6
1,006,718
480,761
Cash at bank and in hand
290,202
1,490,880
5,338,055
5,209,782
Creditors: amounts falling due within one year
7
(10,094,109)
(6,516,325)
Net current liabilities
(4,756,054)
(1,306,543)
Total assets less current liabilities
3,954,576
2,981,545
Creditors: amounts falling due after more than one year
8
(241,348)
(275,703)
Net assets
3,713,228
2,705,842
Capital and reserves
Called up share capital
9
1,465
1,465
Share premium account
101,769
101,769
Capital redemption reserve
364,535
364,535
Profit and loss reserves
3,245,459
2,238,073
Total equity
3,713,228
2,705,842
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
G. Holmes White (Properties) Limited
Balance Sheet (Continued)
As at 31 March 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 17 August 2023 and are signed on its behalf by:
R.G. Baldwin
R.N. Albrow
Director
Director
Company Registration No. 00374696
G. Holmes White (Properties) Limited
Notes to the Financial Statements
For the year ended 31 March 2023
Page 3
1
Accounting policies
Company information
G. Holmes White (Properties) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Victoria Square, St Albans, Hertfordshire, AL1 3TF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have assessed whether the use of going concern is appropriate and have considered financial information for the current year to date, projections or conditions that might cast significant doubt on the ability of the company to continue as a going concern and concluded that going concern is an appropriate basis on which to draw up the accounts.true
1.3
Turnover
Turnover represents the gross proceeds from property sales arising in the year.
Rental income from properties held in stock is included in other operating income. Turnover from property sales is recognised at the date of completion. Rental income is recognised on the accruals basis.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings freehold
Land - nil, buildings 2% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investments
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
Fixed assets investments are stated at cost less provsion for dimunition in value.
G. Holmes White (Properties) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 4
1.6
Stock
Stock comprises properties held for re-sale.
Stocks are stated at the lower of cost, which includes the cost of improvements, and net realisable value.
Net realisable value is based on estimated selling price less further costs expected to be incurred on disposal.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
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.
1.8
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments at fair value.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
G. Holmes White (Properties) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 5
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
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.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2022: 4).
G. Holmes White (Properties) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 6
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2022 and 31 March 2023
324,874
Depreciation and impairment
At 1 April 2022
64,978
Depreciation charged in the year
3,249
At 31 March 2023
68,227
Carrying amount
At 31 March 2023
256,647
At 31 March 2022
259,896
At 31 March 2023 the directors believed that the market value of the land and buildings was £650,000 (2022: £650,000).
5
Fixed asset investments
2023
2022
£
£
Investments
8,453,983
4,028,192
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2022
4,028,192
Movement in capital invested
4,455,791
At 31 March 2023
8,483,983
Carrying amount
At 31 March 2023
8,483,983
At 31 March 2022
4,028,192
Error! Does not agree to TB:
8,453,983
Difference
30,000
G. Holmes White (Properties) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 7
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,541
(200,282)
Other debtors
1,005,177
681,043
1,006,718
480,761
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
45,000
53,432
Trade creditors
8,805
8,345
Corporation tax
221,429
33,392
Other taxation and social security
2,411
6,969
Other creditors
9,816,464
6,414,187
10,094,109
6,516,325
Bank loans are secured against various properties held within stock.
Included within bank loans and overdrafts is an amount of £45,000 (2022: £53,432) that is secured against company assets.
Included within other creditors are various amounts due to related entities and investors. The details of these balances are included in note 11.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
241,348
275,703
The loan is secured on the property. There is also a charge over certain debts.
9
Called up share capital
2023
2022
£
£
Alloted, called up and fully paid
1,465 Ordinary shares of £1 each
1,465
1,465
10
Control
In the opinion of the directors the Company has no one controlling party.
G. Holmes White (Properties) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 8
11
Related party transactions
2023
2022
Debtors
Creditors
Debtors
Creditors
£
£
£
£
Amounts due to and from directors of the company:
R.G. Baldwin
-
437,636
-
498,090
-
437,636
-
498,090
2023
2022
Debtors
Creditors
Debtors
Creditors
£
£
£
£
Amounts due to and from shareholders of the company (where not included above):
G. Turner
1,325
-
1,325
-
1,325
-
1,325
2023
2022
Debtors
Creditors
Debtors
Creditors
£
£
£
£
Amounts due to and from close family members of directors and shareholders:
C. Dutton
-
-
37,972
-
-
-
37,972
-
G. Holmes White (Properties) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
11
Related party transactions
(Continued)
Page 9
2022
2021
Debtors
Creditors
Debtors
Creditors
£
£
£
£
Amounts due to and from companies and partnerships affiliated by virtue of common control:
Albrow Partnership
-
450,586
6,750
-
Bordcrest Properties Limited
-
611,958
-
561,958
Chestram Property Co.Limited
-
1,106,000
-
250,000
Greystones Property Investments
11,452
-
86,300
-
E.E. & A. Tee Limited
-
5,387,157
-
4,306,647
Kim & Co
-
852,028
-
-
RARB Properties Limited
120,000
-
229,814
-
131,452
8,407,729
322,864
5,118,605
Management charges of £80,000 (2022: £80,000) were accrued between the company and RARB Properties Limited. Overheads of £200,000 (2022: £nil) were reallocated between G.Holmes White (Properties) Limited and E E & A Tee Limited.
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