Holetch Holdings Limited Filleted accounts for Companies House (small and micro)
Holetch Holdings Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
00252269
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Financial statements |
year ended 5th April 2022
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Contents |
Pages |
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Balance sheet |
1 |
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Notes to the financial statements |
2 to 7 |
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Balance sheet |
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2022 |
2021 |
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Note |
£ |
£ |
£ |
Fixed assets
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Investments |
6 |
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Current assets
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Debtors |
7 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
8 |
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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 |
9 |
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Provisions
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Deferred tax |
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Net assets |
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Capital and reserves
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Called up share capital |
10 |
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Fair value reserve |
11 |
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Profit and loss account |
11 |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
27 September 2022
, and are signed on behalf of the board by:
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Director |
Company registration number:
00252269
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Notes to the financial statements |
year ended 5th April 2022
1.
General information
The principal activity of the company is that of the holding of investments in quoted securities. The company is a private limited company, which is incorporated in England and Wales (company no.
00252269
). The address of the registered office is Gresham House, 5-7 St Pauls Street, Leeds, LS1 2JG.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date of the statement of financial position and amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in accounting policies.
Income from fixed asset investments
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.
Foreign currencies
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2021:
4
).
5.
Tax on profit
Major components of tax expense
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2022 |
2021 |
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£ |
£ |
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Current tax:
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UK current tax expense |
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Adjustments in respect of prior periods |
(
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(
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Total current tax |
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Deferred tax:
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Origination and reversal of timing differences |
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Tax on profit |
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Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2021: lower than) the
standard rate of corporation tax in the UK
of
19
% (2021:
19
%).
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2022 |
2021 |
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£ |
£ |
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Profit on ordinary activities before taxation |
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Profit on ordinary activities by rate of tax |
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Adjustment to tax charge in respect of prior periods |
(
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Effect of expenses not deductible for tax purposes |
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Effect of revenue exempt from tax |
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Rounding on tax charge |
31 |
229 |
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Chargeable gains |
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Transfers from reserves |
(169,049)
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(537,803)
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Deferred tax |
354,328
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478,327
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Tax on profit |
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6.
Investments
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Listed in GB |
Other loans |
Total |
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£ |
£ |
£ |
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Cost |
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At 6th April 2021 |
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– |
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Additions |
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Disposals |
(
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– |
(
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Revaluations |
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– |
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At 5th April 2022 |
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Impairment |
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At 6th April 2021 and 5th April 2022 |
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– |
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Carrying amount |
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At 5th April 2022 |
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At 5th April 2021 |
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– |
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The loan of £324,875 is due from one of the beneficiaries of the E R Gunner No 1 Settlement and E R Gunner No 2 Settlement, it is repayable by 26th November 2024 and interest of 1.5% per annum is payable thereon.
Historic cost of Listed Investments.
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2022 |
2021 |
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£ |
£ |
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Historic cost brought forward |
7,640,908 |
7,683,832 |
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Historic cost of additions |
1,362,614 |
370,173 |
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Historic cost of disposals |
(1,284,432) |
(413,097) |
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Historic cost carried forward |
7,719,090 |
7,640,908 |
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7.
Debtors
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2022 |
2021 |
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£ |
£ |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest comprises:
| 2022 | 2021 | ||
| £ | £ | ||
| Owing from parent undertaking | 155,019 | 194,600 | |
| Owing from Ernest Gunner Holdings Limited | 135,513 | 174,427 | |
| Loans | 96,413 | 96,413 | |
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| 386,945 | 465,440 | ||
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8.
Creditors:
amounts falling due within one year
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2022 |
2021 |
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£ |
£ |
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Accruals and deferred income |
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Corporation tax |
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Social security and other taxes |
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– |
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------- |
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9.
Creditors:
amounts falling due after more than one year
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2022 |
2021 |
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£ |
£ |
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Shares classed as financial liabilities |
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10.
Called up share capital
Issued, called up and fully paid
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2022 |
2021 |
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No. |
£ |
No. |
£ |
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Amounts presented in equity:
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90,300 |
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90,300 |
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Amounts presented in liabilities:
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6,000 |
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6,000 |
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i) Ordinary Shares The ordinary shares carry no right to dividends other than those which may be recommended by the directors of the company. The ordinary shares carry no redemption rights. On a winding up the ordinary shares carry an unlimited right to share in the surplus after all liabilities and participation rights of the cumulative preference shares have been satisfied. Each holder of ordinary shares carries one vote on a show of hands and six votes per share on a poll. ii) 6% (formerly 4.2%) Cumulative Preference Shares The preference shares, which are not redeemable other than on a winding up, carry a dividend at a net rate of 6% p.a. payable half yearly on 30th June and 31st December. The preference shares have a right in preference to the ordinary shares, to receive on a winding up the amount of £1 per share together with arrears of dividend, including that accrued to the date of the return of capital. Each holder of preference shares carries one vote on a show of hands and one vote per share on a poll.
11.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Fair Value Reserve - This reserve includes the cumulative annual fair value adjustments to listed investments of £5,643,969 (2021 - £5,289,873) together with related deferred tax of £1,170,000 (2021 - £816,000).
12.
Summary audit opinion
The auditor's report for the year dated
27 September 2022
was
unqualified
.
The senior statutory auditor was
Lesley A Kendrew BSc FCA
, for and on behalf of
BHP LLP
.
13.
Related party transactions
Control The Trustees of E.R. Gunner No.1 Settlement, who own the whole of the issued share capital of Davern Holdings Limited have control of the company. Transactions During the year the company had the following transactions with related parties. Trustees of E.R. Gunner No 1 Settlement (the trustees who are directors and have control of the company)
| Amount 2022 | Balance at Year end 2022 | Amount 2021 | Balance at year end 2021 | ||
| £ | £ | £ | £ | ||
| Loan | – | 57,212 | – | 57,212 | |
Trustees of E.R. Gunner No 2 Settlement (the trustees, who are directors, own the whole of the issued share capital of Ernest Gunner Holdings Limited who have a substantial shareholding in the company)
| Amount 2022 | Balance at Year end 2022 | Amount 2021 | Balance at year end 2021 | ||
| £ | £ | £ | £ | ||
| Loan | – | 39,201 | – | 39,201 | |
Davern Holdings Limited (the parent company)
| Amount 2022 | Balance at Year end 2022 | Amount 2021 | Balance at year end 2021 | ||
| £ | £ | £ | £ | ||
| Loan | (39,581) | 155,019 | – | 194,600 | |
Ernest Gunner Holdings Limited (an associated undertaking)
| Amount 2022 | Balance at Year end 2022 | Amount 2021 | Balance at year end 2021 | ||
| £ | £ | £ | £ | ||
| Loan | (38,914) | 135,513 | – | 174,427 | |
14.
Controlling party
The ultimate parent company is Davern Holdings Limited which is registered in England and Wales.