Registration number:
Eighty Seven Holdings Limited
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Eighty Seven Holdings Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Eighty Seven Holdings Limited
Company Information
Director |
J F Crehan |
Registered office |
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Accountants |
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Eighty Seven Holdings Limited
Statement of Financial Position as at 31 March 2022
Note |
2022 |
2021 |
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Fixed assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current liabilities |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
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Net (liabilities)/assets |
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Capital and reserves |
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Called up share capital |
290 |
290 |
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Retained earnings |
(1,622,979) |
483,600 |
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Shareholders' (deficit)/funds |
(1,622,689) |
483,890 |
For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Eighty Seven Holdings Limited
Statement of Financial Position as at 31 March 2022
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
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J F Crehan
Director
Company registration number: 11146538
Eighty Seven Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of an investment holding company.
Accounting policies |
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.
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.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Group accounts not prepared
Going concern
The company made a loss for the year ended 31 March 2022 and had net liabilities amounting to £1,622,689 at that date. At 31 March 2022 the company had net current liabilities of £2,206,821.
The company is dependent on the continued support of the directors. At 31 March 2022 an amount of £2,274,594 was owed to the directors who have confirmed they will not call for repayment until such a time that the company has sufficient working capital.
The directors have considered the potential effect of the ongoing COVID-19 crisis and the directors' view is that any potential impact will be manageable. The company has continued to receive management fees from its subsidiary undertakings and the company's overheads are controllable. The directors have produced cash flow forecasts for a period exceeding 12 months from the date of approval of these financial statements which show that for various scenarios the company has sufficient working capital.
Having made sufficient enquiries, and based upon the above, the directors have a reasonable expectation that the company has adequate resources to continue operating in the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Eighty Seven Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of management services and the provision of rental property, in the ordinary course of the company's activities. Turnover is shown net of Value Added Tax, rebates and discounts.
Turnover from management services is recognised evenly over the period in which the services are provided.
The company recognises rental income evenly over the period of the leases or licenses.
Investment property
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
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 income statement 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.
Eighty Seven Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company during the year, was
Investment properties |
2022 |
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Fair Value |
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At 1 April 2021 |
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At 31 March 2022 |
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The investment property is reflected at fair value as estimated by the directors at an amount of £1,466,575 based upon professional advice.
Investments |
2022 |
2021 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2021 and 31 March 2022 |
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Provision |
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At 1 April 2021 |
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Impairment |
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At 31 March 2022 |
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Carrying amount |
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At 31 March 2022 |
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At 31 March 2021 |
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Eighty Seven Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Debtors |
2022 |
2021 |
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Trade debtors |
- |
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Amounts owed by group undertakings |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
- |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Loans and borrowings |
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Loans and borrowings |
2022 |
2021 |
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Current loans and borrowings |
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Bank loans |
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2022 |
2021 |
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Non-current loans and borrowings |
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Bank loans |
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The bank loans are secured by a fixed charge over the investment property in note 4 and a fixed and floating charge over the other assets and undertakings of the company.
Eighty Seven Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Related party transactions |
Exemption is taken under FRS 102 paragraph 1AC.35 not to disclose transactions or amounts due with companies wholly owned within the group.
Transactions with Directors |
At 31 March 2022 an amount of £Nil (2021: £8,198) was due to the company from the directors. During the year there were repayments of £8,198. No interest was charged during the year.