Holly Group Limited - Period Ending 2021-01-31
Holly Group Limited - Period Ending 2021-01-31
Registration number:
Holly Group Limited
for the Year Ended 31 January 2021
Holly Group Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Holly Group Limited
Company Information
Directors |
Mr B Walker Mrs C A Walker |
Registered office |
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Accountants |
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Holly Group Limited
(Registration number: 10586224)
Balance Sheet as at 31 January 2021
Note |
2021 |
2020 |
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Fixed assets |
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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 assets |
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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 assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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- |
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Profit and loss account |
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Shareholders' funds |
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For the financial year ending 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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.
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 Profit and Loss Account has been taken.
Approved and authorised by the
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Director
Holly Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
Anson House
Burdon Terrace
Jesmond
Newcastle upon Tyne
Tyne & Wear
NE2 3AE
England
These financial statements were authorised for issue by the
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 that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling (£) and rounded to the nearest £0.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
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.
Holly Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed 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 debtors 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Holly Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
Investments |
2021 |
2020 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 February 2020 |
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Revaluation |
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At 31 January 2021 |
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Provision |
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Carrying amount |
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At 31 January 2021 |
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At 31 January 2020 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2021 |
2020 |
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Subsidiary undertakings |
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27 North Bridge Street
Scotland |
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Subsidiary undertakings |
Cademuir Engineering Limited The principal activity of Cademuir Engineering Limited is |
Revaluation
Investment in subsidiary was revalued at £977,000 on 31 December 2020.
The name and qualification of the independent valuer are the directors have revalued the investment, and the basis of valuation is a percentage of net assets.
Holly Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
Debtors |
Note |
2021 |
2020 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Due within one year |
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Trade creditors |
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- |
Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Revaluation reserve |
Total |
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Surplus/(deficit) on revaluation of other assets |
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Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Redeemable preference shares |
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Holly Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
Related party transactions |
Summary of transactions with other related parties
During the year Holly Group Limited undertook transactions totalling £0 (2020: £27,236) on behalf of Cademuir Toolmaking Limited. At the year end £4,852 (2020: £4,852) was outstanding in debtors.