Company Registration No. 08849102 (England and Wales)
HILL HOLT HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
PAGES FOR FILING WITH REGISTRAR
HILL HOLT HOLDINGS LIMITED
COMPANY INFORMATION
Directors
H E Weldon
J J C Weldon
J C Weldon
J Zacharias
P S Drinkall
Secretary
J C Weldon
Company number
08849102
Registered office
The Beeches
Glebe Farm
Caunton Road
Norwell
Newark
NG23 6LB
Accountants
UHY Hacker Young
14 Park Row
Nottingham
NG1 6GR
Business address
The Beeches
Glebe Farm
Caunton Road
Norwell
Newark
NG23 6LB
HILL HOLT HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 9
HILL HOLT HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2017
30 June 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investments
3
233,886
233,886
Current assets
Debtors
5
102,310
13,310
Cash at bank and in hand
5,107
93,731
107,417
107,041
Creditors: amounts falling due within one year
6
(1,426)
(15,452)
Net current assets
105,991
91,589
Total assets less current liabilities
339,877
325,475
Creditors: amounts falling due after more than one year
7
-
(120,120)
Net assets
339,877
205,355
Capital and reserves
Called up share capital
8
3,048
2,347
Share premium account
430,283
283,774
Profit and loss reserves
(93,454)
(80,766)
Total equity
339,877
205,355
HILL HOLT HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2017
30 June 2017
- 2 -
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 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he 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.
The financial statements were approved by the board of directors and authorised for issue on 20 March 2018 and are signed on its behalf by:
J C Weldon
Director
Company Registration No. 08849102
HILL HOLT HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2017
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2015
1,350
104,821
(57,318)
48,853
Year ended 30 June 2016:
Loss and total comprehensive income for the year
-
-
(23,448)
(23,448)
Issue of share capital
8
997
178,953
-
179,950
Balance at 30 June 2016
2,347
283,774
(80,766)
205,355
Year ended 30 June 2017:
Loss and total comprehensive income for the year
-
-
(12,688)
(12,688)
Issue of share capital
8
701
146,509
-
147,210
Balance at 30 June 2017
3,048
430,283
(93,454)
339,877
HILL HOLT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
- 4 -
1
Accounting policies
Company information
Hill Holt Holdings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Beeches, Glebe Farm, Caunton Road, Norwell, Newark, NG23 6LB.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
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.
These financial statements for the year ended 30 June 2017
are the
first
financial statements of Hill Holt Holdings Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.3
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.
HILL HOLT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 5 -
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
HILL HOLT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 6 -
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.
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.
HILL HOLT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 7 -
2
Taxation
There is no corporation tax due in respect of 2017 or 2016.
3
Fixed asset investments
2017
2016
£
£
Investments
233,886
233,886
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2016 & 30 June 2017
233,886
Carrying amount
At 30 June 2017
233,886
At 30 June 2016
233,886
4
Subsidiaries
Details of the company's subsidiaries at 30 June 2017 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Weldon Contracts Ltd
England & Wales
Manufacture & fitting high quality floor coverings
Ordinary
100.00
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Amounts due from group undertakings
101,779
12,779
Other debtors
531
531
102,310
13,310
HILL HOLT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 8 -
6
Creditors: amounts falling due within one year
2017
2016
£
£
Other taxation and social security
-
20
Other creditors
1,426
15,432
1,426
15,452
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
-
120,120
Other creditors
brought forward
include
d
unsecured convertible loan notes instruments of £
120,120
, with
a 7% fixed rate of interest per annum.
During the year the noteholder
convert
ed
all the notes held into fully paid shares at the conversion price of £210 per
share.
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
2,347 Ordinary shares - of £1 each
-
2,347
304,800 Ordinary shares - of 1p each
3,048
-
3,048
2,347
During the year
701
ordinary shares of £1 each were issued
at £210 per share
.
On 31 March 2017 the 3,048 ordinary shares of £1 each were sub-divided into 304,800 ordinary shares of £0.01 each.
9
Directors' transactions
HILL HOLT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
9
Directors' transactions
(Continued)
- 9 -
Loans
have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Closing balance
£
£
J Weldon - Loan from company
-
266
266
J Zacharias - Loan from company
-
265
265
531
531
The balance owed by the directors is included within other debtors.
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