ACCOUNTS - Final Accounts preparation

HUNTINGTON HOUSE LIMITED - Company Information

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Registered number: 01131244

HUNTINGTON HOUSE LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

HUNTINGTON HOUSE LIMITED

COMPANY INFORMATION

Directors	M F M Hoare
	G P Hoare
	C Hoare
	S Chapman


Company secretary	G P Hoare


Registered number	01131244


Registered office	The Old Rectory
	Church Street
	Weybridge
	Surrey
	KT13 8DE


Independent auditor	TWP Accounting LLP
	Chartered Accountants & Statutory Auditors
	The Old Rectory
	Church Street
	Weybridge
	Surrey
	KT13 8DE

HUNTINGTON HOUSE LIMITED

CONTENTS

	Page
Group Strategic Report	1
Directors' Report	2 - 3
Independent Auditor's Report	4 - 7
Consolidated Statement of Comprehensive Income	8
Consolidated Balance Sheet	9 - 10
Company Balance Sheet	11 - 12
Consolidated Statement of Changes in Equity	13
Company Statement of Changes in Equity	14
Consolidated Statement of Cash Flows	15 - 16
Consolidated Analysis of Net Debt	16
Notes to the Financial Statements	17 - 37

HUNTINGTON HOUSE LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2021

Huntington House Limited operates two Care Homes on one site in Hindhead, Surrey and is branded as The Huntington & Langham Estate. Huntington House Nursing Home was established in 1978, and Langham Court Dementia Home in 2013. Langham Court was extended during the year to a capacity of 40 beds if five households. Huntington House & Langham Court are both currently rated Good by the Care Quality Commission (CQC). Langham Court is also rated Level 2 by Meaningful Care Matters (MCM) in the Butterfly Household Model. Huntington House has been rated Level 1.
Wheelchair & Estate Buggy paths have been laid throughout the grounds for the benefit of residents and their families to improve access to the entire estate, including to an entertaining Pavilion beside the enlarged lake. New care homes tend to be built on small, enclosed sites with very little outdoor space, so these improvements set the Huntington & Langham Estate apart from the competition.
Although Brexit has undoubtedly disadvantaged care homes and other businesses with fewer European staff wishing to work in the UK, thereby reducing the potential recruitment pool, Huntington House Limited has been unaffected. No staff have left as a result of Brexit, and the local population continue to provide us with the majority of our recruits.
Having refinanced the business from Lloyds Bank to Triodos & Unity Trust banks in January 2020, a nine-month capital repayment holiday was granted through to October 2020 to assist with coping with the effects of the pandemic on occupancy. The company has also benefitted from a series of Government grants to assist with the cost of testing staff and visitors, PPE, Furlough, and Sick Pay.
The 11-bed extension to Langham Court work completed in May 2021, with the first residents moving in during the second half of June 2021. It is anticipated that the home will fill up early in 2022.
We have appointed a consultant from The Marketing Centre to help with all aspects of promoting both homes. Although progress has been slow due to the pandemic, we are now seeing a steady flow of enquiries initially leading to multiple respite stays, but with the prospect of long stays to follow.
The improvements within Huntington House have continued with several more ensuite wetroom conversions being undertaken.
The General Manager, appointed in May 2020, has now left and his responsibilities are being shared between the Managing Director and the two Registered Managers.

This report was approved by the board on 25 April 2022 and signed on its behalf.

................................................

G P Hoare

Director

Page 1

HUNTINGTON HOUSE LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 JULY 2021

The directors present their report and the financial statements for the year ended 31 July 2021.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the group was the provision of rental accommodation and care for people with ongoing personal nursing care needs.

Results and dividends

The profit for the year, after taxation, amounted to £551,138 (2020 - £401,475).

The total distribution of dividends to the parent company for the year will be £455,000 (2020 - £556,931).

Directors

The directors who served during the year were:

M F M Hoare

G P Hoare

C Hoare

S Chapman

Principal risks and uncertainties

The company’s future trading success remains dependent upon the overall state of the economy. At the date of signing the report, the worldwide economy faces much uncertainty with the outbreak of the Coronavirus (COVID-19), which the World Health Organisation has described as a pandemic. The final outcome of the pandemic is unknown, and its future financial implications on the worldwide trading situation cannot be determined at the balance sheet date. The company has adequate resources to continue and adopt the going concern basis in preparing the annual report and financial statements.

Page 2

HUNTINGTON HOUSE LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the balance sheet date. with the exception of the COVID-19 pandemic described under the Principal risks and uncertainties note above.

Auditor

The auditor, TWP Accounting LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 25 April 2022 and signed on its behalf.

................................................

G P Hoare

Director

Page 3

HUNTINGTON HOUSE LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HUNTINGTON HOUSE LIMITED

Opinion

We have audited the financial statements of Huntington House Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2021, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 July 2021 and of the Group's profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 4

HUNTINGTON HOUSE LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HUNTINGTON HOUSE LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the parent Company financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 5

HUNTINGTON HOUSE LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HUNTINGTON HOUSE LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙Obtain an understanding of the policies and procedures management have in place to detect and prevent fraud and non-compliance with laws and regulations.

∙Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations.

∙Enquire of management and those charged with governance around actual and potential litigation and claims.

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

∙Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon.

∙Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified.

∙Perform cut off tests on a sample of transactions to ensure income has been accounted for in the correct period.

∙Review of after year end information to ensure expenditure have been accounted for in the correct period.

∙Perform analytical review procedures to identify any irregularities and investigation thereon.

∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Page 6

HUNTINGTON HOUSE LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HUNTINGTON HOUSE LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Philip Munk FCA FCCA (Senior Statutory Auditor)

for and on behalf of

TWP Accounting LLP

Chartered Accountants & Statutory Auditors

The Old Rectory

Church Street

Weybridge

Surrey

KT13 8DE

26 April 2022

Page 7

HUNTINGTON HOUSE LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 JULY 2021

	2021	2020
Note	£	£


Turnover	3	5,411,416	5,592,342
Cost of sales		(3,461,054)	(3,634,111)
Gross profit		1,950,362	1,958,231
Administrative expenses		(1,282,681)	(1,317,151)
Other operating income	4	197,284	112,176
Operating profit		864,965	753,256
Fair value movements		116,295	-
Interest receivable and similar income	8	575	4,178
Interest payable and similar expenses	9	(291,367)	(191,749)
Profit before taxation		690,468	565,685
Tax on profit	10	(139,330)	(164,210)
Profit for the financial year		551,138	401,475


Foreign exchange on translation	(23,721)	(31,171)
Unrealised surplus/(deficit) on revaluation of tangible fixed assets (net of deferred tax)	(288,930)	-
Other comprehensive income for the year	(312,651)	(31,171)

Total comprehensive income for the year	238,487	370,304

Profit for the year attributable to:
Owners of the parent Company	551,138	401,475
	551,138	401,475

There were no recognised gains and losses for 2021 or 2020 other than those included in the consolidated statement of comprehensive income.

The notes on pages 17 to 37 form part of these financial statements.

Page 8

HUNTINGTON HOUSE LIMITED

REGISTERED NUMBER: 01131244

CONSOLIDATED BALANCE SHEET

AS AT 31 JULY 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	13		14,216,174		12,743,763
Investments	14		23,000		37,000
Investment property	15		1,004,899		895,856
			15,244,073		13,676,619
Current assets
Stocks	16	21,167		19,167
Debtors: amounts falling due within one year	17	551,203		689,542
Cash at bank and in hand	18	351,510		574,378
		923,880		1,283,087
Creditors: amounts falling due within one year	19	(1,356,262)		(1,811,246)
Net current liabilities			(432,382)		(528,159)
Total assets less current liabilities			14,811,691		13,148,460
Creditors: amounts falling due after more than one year	20		(8,391,187)		(6,984,603)
Provisions for liabilities
Deferred taxation	22	(1,388,104)		(914,944)
			(1,388,104)		(914,944)
Net assets			5,032,400		5,248,913

Page 9

HUNTINGTON HOUSE LIMITED

REGISTERED NUMBER: 01131244

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 JULY 2021

		2021		2020
Note		£		£

Capital and reserves
Called up share capital	23	100	100
Revaluation reserve	24	4,770,448	5,059,378
Foreign exchange reserve	24	77,430	101,151
Profit and loss account	24	184,422	88,284
Equity attributable to owners of the parent Company		5,032,400	5,248,913
		5,032,400	5,248,913

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 April 2022.

................................................ G P Hoare	................................................ M F M Hoare
Director	Director

The notes on pages 17 to 37 form part of these financial statements.

Page 10

HUNTINGTON HOUSE LIMITED

REGISTERED NUMBER: 01131244

COMPANY BALANCE SHEET

AS AT 31 JULY 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	13		14,211,540		12,738,078
Investments	14		333,000		347,000
Investment property	15		550,000		515,000
			15,094,540		13,600,078
Current assets
Stocks	16	21,167		19,167
Debtors: amounts falling due within one year	17	633,480		760,943
Cash at bank and in hand	18	351,510		574,378
		1,006,157		1,354,488
Creditors: amounts falling due within one year	19	(1,356,233)		(1,811,246)
Net current liabilities			(350,076)		(456,758)
Total assets less current liabilities			14,744,464		13,143,320

Creditors: amounts falling due after more than one year	20		(8,391,187)		(6,984,603)
Provisions for liabilities
Deferred taxation	22	(1,388,104)		(914,944)
			(1,388,104)		(914,944)
Net assets			4,965,173		5,243,773

Page 11

HUNTINGTON HOUSE LIMITED

REGISTERED NUMBER: 01131244

COMPANY BALANCE SHEET (CONTINUED)

AS AT 31 JULY 2021

	2021	2020
Note	£	£

Capital and reserves
Called up share capital	23		100		100
Revaluation reserve	24		4,770,448		5,059,378
Profit and loss account brought forward		184,295		376,185
Profit for the year		465,330		365,041
Other changes in the profit and loss account		(455,000)		(556,931)
Profit and loss account carried forward			194,625		184,295
			4,965,173		5,243,773

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 April 2022.

................................................ G P Hoare	................................................ M F M Hoare
Director	Director

The notes on pages 17 to 37 form part of these financial statements.

Page 12

HUNTINGTON HOUSE LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2021

	Called up share capital	Revaluation reserve	Foreign exchange reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 August 2019	100	5,059,378	132,322	243,740	5,435,540

Profit for the year	-	-	-	401,475	401,475
Forex on translation	-	-	(31,171)	-	(31,171)
Dividends: Equity capital	-	-	-	(556,931)	(556,931)

At 1 August 2020	100	5,059,378	101,151	88,284	5,248,913

Profit for the year	-	-	-	551,138	551,138
Forex on translation	-	-	(23,721)	-	(23,721)
Deferred tax on revaluation of freehold properties	-	(288,930)	-	-	(288,930)
Dividends: Equity capital	-	-	-	(455,000)	(455,000)
At 31 July 2021	100	4,770,448	77,430	184,422	5,032,400

The notes on pages 17 to 37 form part of these financial statements.

Page 13

HUNTINGTON HOUSE LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2021

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 August 2019	100	5,059,378	376,185	5,435,663

Profit for the year	-	-	365,041	365,041
Dividends: Equity capital	-	-	(556,931)	(556,931)

At 1 August 2020	100	5,059,378	184,295	5,243,773

Profit for the year	-	-	465,330	465,330
Deferred tax on revaluation of freehold properties	-	(288,930)	-	(288,930)
Dividends: Equity capital	-	-	(455,000)	(455,000)
At 31 July 2021	100	4,770,448	194,625	4,965,173

The notes on pages 17 to 37 form part of these financial statements.

Page 14

HUNTINGTON HOUSE LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2021

			2021	2020
			£	£

Cash flows from operating activities
Profit for the financial year	551,138	401,475
Adjustments for:
Depreciation of tangible assets	345,726	339,729
Impairment of investment properties	-	18,906
Loss on disposal of tangible assets	-	(15,750)
Interest paid	291,367	191,749
Interest received	(575)	(4,178)
Taxation charge	139,330	164,210
(Increase)/decrease in stocks	(2,000)	-
Decrease/(increase) in debtors	258,030	(197,623)
(Decrease)/increase in creditors	(336,331)	125,817
Net fair value (gains)/losses recognised in P&L	(116,295)	-
Corporation tax (payable)	(273,126)	(150,000)
Net cash generated from operating activities	857,264	874,335

Cash flows from investing activities
Purchase of tangible fixed assets	(1,820,889)	(1,550,552)
Sale of tangible fixed assets	-	15,750
Purchase of investment properties and additions	-	(3,624)
Interest received	575	4,178
Net cash from investing activities	(1,820,314)	(1,534,248)

Page 15

HUNTINGTON HOUSE LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

		2021	2020
		£	£


Cash flows from financing activities
New secured loans	2,011,903	2,216,984
Repayment of loans	(516,381)	(317,669)
Repayment (of)/new finance leases	(8,973)	(19,792)
Dividends paid	(455,000)	(556,931)
Interest paid	(291,367)	(191,749)
Net cash used in financing activities	740,182	1,130,843
Net (decrease)/increase in cash and cash equivalents	(222,868)	470,930
Cash and cash equivalents at beginning of year	574,378	103,448
Cash and cash equivalents at the end of year	351,510	574,378

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	351,510	574,378
	351,510	574,378

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 JULY 2021


At 1 August 2020	Cash flows	At 31 July 2021
£	£	£

Cash at bank and in hand	574,378	(222,868)	351,510
Debt due after 1 year	(6,984,603)	(1,406,584)	(8,391,187)
Debt due within 1 year	(236,331)	(88,938)	(325,269)
Finance leases	(9,860)	8,973	(887)
	(6,656,416)	(1,709,417)	(8,365,833)

The notes on pages 17 to 37 form part of these financial statements.

Page 16

HUNTINGTON HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

1.	General information

Huntington House Limited is incorporated in England and Wales and limited by shares. The principal activity of the group was the provision of rental accommodation and care for people with ongoing personal nursing care needs.
The address of the registered office is given in the company information of these financial statements.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 August 2015.

2.3

Going concern

The current COVID-19 pandemic has created uncertainty over the future financial implications to the worldwide economy. The directors are confident that the Group and Company has adequate resources to continue in operational existence for the foreseeable future and meet its financial obligations. Therefore they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 17

HUNTINGTON HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

2.Accounting policies (continued)

2.4

Turnover

Turnover comprises revenue recognised by the company in respect of nursing and residential care services during the year, exclusive of Value Added Tax and trade discounts.
Income is recognised based on occupancy and adjustment is made for any amounts received in advance or arrears.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	2%	Straight Line
Plant and machinery	-	25%	Straight Line
Motor vehicles	-	25%	Straight Line
Fixtures and fittings	-	15%	Straight Line
Office equipment	-	25%	Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

The freehold properties are recognised in the group as tangible fixed assets and any associated gains and losses and deferred taxation thereon are recognised in the revaluation reserve.

Page 18

HUNTINGTON HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

2.Accounting policies (continued)

2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 19

HUNTINGTON HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

2.Accounting policies (continued)

2.12

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.

2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.14

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

2.15

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

2.16

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 20

HUNTINGTON HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

2.Accounting policies (continued)

2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.18

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.19

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

2.20

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

2.21

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 21

HUNTINGTON HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

2.Accounting policies (continued)

2.22

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Turnover

The whole of the turnover is attributable to the provision of residential care services and rental services.
The directors are of the view that the disclosures of segmental classes of turnover would be seriously prejudicial to the interests of the group and is therefore not shown.

Analysis of turnover by country of destination:

					2021	2020
					£	£

United Kingdom	5,381,791	5,573,577
Rest of the world	29,625	18,765
	5,411,416	5,592,342

Page 22

HUNTINGTON HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

4.	Other operating income
		2021	2020
		£	£

Government grants receivable	197,284	112,176
	197,284	112,176

The government grants are related to COVID-19 Job Retention Scheme and other COVID-19 government supporting grants.

5.	Auditor's remuneration
		2021	2020
		£	£

Auditor's remuneration

18,150

17,310

Fees payable to the Group's auditor and its associates in respect of:
All other services	12,722	10,891
	12,722	10,891

6.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2021	2020	2021	2020
£	£	£	£


Wages and salaries	2,783,932	2,857,452	2,783,932	2,857,452
Social security costs	217,915	207,814	217,915	207,814
Cost of defined contribution scheme	46,888	42,782	46,888	42,782
	3,048,735	3,108,048	3,048,735	3,108,048

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2021	2020	2021	2020
	No.	No.	No.	No.

Care home and admin staff	127	129	127	129

Page 23

HUNTINGTON HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

7.	Directors' remuneration
		2021	2020
		£	£

Directors' emoluments	140,208	259,311
Group contributions to defined contribution pension schemes	1,316	2,191
	141,524	261,502

During the year retirement benefits were accruing to 1 director (2020 - 1) in respect of defined contribution pension schemes.

8.	Interest receivable
		2021	2020
		£	£

	Other interest receivable	575	4,178
		575	4,178

9.	Interest payable and similar expenses
		2021	2020
		£	£

Bank interest payable	290,793	189,438
Interest payable under hire purchase	659	2,131
Other interest payable	(85)	180
	291,367	191,749

Page 24

HUNTINGTON HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

10.	Taxation

		2021	2020
		£	£

Corporation tax
Current tax on profits for the year	-	164,210
Adjustments in respect of previous periods	(44,900)	-
	(44,900)	164,210

Total current tax	(44,900)	164,210

Deferred tax
Origination and reversal of timing differences	180,207	-
Deferred tax on investment property revaluation gain	4,023	-
Total deferred tax	184,230	-


	Taxation on profit on ordinary activities	139,330	164,210

Factors affecting tax charge for the year
The tax assessed for the year is higher than (2020 - higher than) the standard rate of corporation tax in the UK of 19% (2020 - 19%). The differences are explained below:
	2021	2020
	£	£

Profit on ordinary activities before tax

690,468

565,685

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)	131,189	107,480
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	(8,500)	25,027
Capital allowances for year in excess of depreciation	(144,865)	27,114
Adjustments to tax charge in respect of prior periods	(2,431)	112
Short-term timing difference leading to an increase (decrease) in taxation	180,207	-
Other timing differences leading to an increase (decrease) in taxation	4,023	-
Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment	(22,096)	-
Double taxation relief	1,803	4,477
Total tax charge for the year	139,330	164,210

Page 25

HUNTINGTON HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

10.Taxation (continued)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

11.	Dividends
		2021	2020
		£	£

	Dividends to parent	455,000	556,931
		455,000	556,931

12.	Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £465,330 (2020 - £365,041).

Page 26

HUNTINGTON HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

13.	Tangible fixed assets
	Group

	Freehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£	£
Cost
At 1 August 2020	13,462,807	191,866	90,364	416,995	90,807	14,252,839
Additions	1,759,228	28,532	-	26,840	6,289	1,820,889
Disposals	-	(15,272)	-	(79,720)	(8,873)	(103,865)
At 31 July 2021	15,222,035	205,126	90,364	364,115	88,223	15,969,863
Depreciation
At 1 August 2020	969,311	143,759	61,777	265,327	68,902	1,509,076
Charge for the year on owned assets	242,454	23,437	12,092	50,235	11,511	339,729
Charge for the year on financed assets	-	-	8,749	-	-	8,749
Disposals	-	(15,272)	-	(79,720)	(8,873)	(103,865)
At 31 July 2021	1,211,765	151,924	82,618	235,842	71,540	1,753,689
Net book value
At 31 July 2021	14,010,270	53,202	7,746	128,273	16,683	14,216,174
At 31 July 2020	12,493,496	48,107	28,587	151,668	21,905	12,743,763

The net book value of land and buildings may be further analysed as follows:
	2021	2020
	£	£

Freehold	14,010,270	12,493,496
	14,010,270	12,493,496

Page 27

HUNTINGTON HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

13.Tangible fixed assets (continued)

	Company

	Freehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£	£
Cost
At 1 August 2020	13,462,807	191,866	90,364	400,352	90,807	14,236,196
Additions	1,759,228	28,532	-	25,139	6,289	1,819,188
Disposals	-	(15,272)	-	(79,720)	(8,873)	(103,865)
At 31 July 2021	15,222,035	205,126	90,364	345,771	88,223	15,951,519
Depreciation
At 1 August 2020	969,311	143,759	61,777	254,369	68,902	1,498,118
Charge for the year on owned assets	242,454	23,437	12,092	47,483	11,511	336,977
Charge for the year on financed assets	-	-	8,749	-	-	8,749
Disposals	-	(15,272)	-	(79,720)	(8,873)	(103,865)
At 31 July 2021	1,211,765	151,924	82,618	222,132	71,540	1,739,979
Net book value
At 31 July 2021	14,010,270	53,202	7,746	123,639	16,683	14,211,540
At 31 July 2020	12,493,496	48,107	28,587	145,983	21,905	12,738,078

The net book value of land and buildings may be further analysed as follows:
	2021	2020
	£	£

Freehold	14,010,270	12,493,496
	14,010,270	12,493,496

Paragraph 35.10(d) of FRS 102 provides an optional exemption from restating the value of the property based on its original cost. The group and company has decided not to continue its policy of revaluation as permitted by FRS 102. The revalued amount from the date of transition to FRS 102 is now used as its deemed cost. In order to comply with company law the revaluation reserve would be retained and the excess depreciation would continue to be offset against it.

Page 28

HUNTINGTON HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

13.Tangible fixed assets (continued)

Finance leases

The net book value of assets held under finance leases or hire purchase contracts, included above is £6,561 (2020 - £15,308).

14.	Fixed asset investments
	Group

		Polo Ponies
		£
	Valuation
	At 1 August 2020	37,000
	Revaluations	(14,000)
	At 31 July 2021	23,000

	Net book value
	At 31 July 2021	23,000
	At 31 July 2020	37,000

	Company

	Investments in subsidiary companies	Polo Ponies	Total
	£	£	£
Cost or valuation
At 1 August 2020	310,000	37,000	347,000
Revaluations	-	(14,000)	(14,000)
At 31 July 2021	310,000	23,000	333,000

Net book value
At 31 July 2021	310,000	23,000	333,000
At 31 July 2020	310,000	37,000	347,000

Page 29

HUNTINGTON HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Principal activity	Class of shares	Holding

Hoare Property Limited

Rental accommodation

Ordinary

100%

The above subsidiary has been consolidated within the group financial statements.

Page 30

HUNTINGTON HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

15.	Investment property
	Group

		Freehold investment property
		£
	Valuation
	At 1 August 2020	895,856
	Surplus on revaluation	130,295
	Foreign exchange movement	(21,252)
	At 31 July 2021	1,004,899

The 2021 valuations were made by Brain Puckerin Beng MRICS of Property Consultancy Services Inc and Ben Moore of Home Estate Agents, on an open market value for existing use basis.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2021	2020
	£	£

	Historic cost	1,098,247	1,098,247
	Accumulated revaluations and foreign exchange differences	(93,348)	(202,391)

Page 31

HUNTINGTON HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

15.Investment property (continued)

	Company

		Freehold investment property
		£
	Valuation
	At 1 August 2020	515,000
	Surplus on revaluation	35,000
	At 31 July 2021	550,000

The 2021 valuations were made by Ben Moore of Home Estate Agents, on an open market value for existing use basis.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2021	2020
	£	£

Revaluation reserves
At 1 August 2020	533,906	533,906
Accumulated revaluations	16,094	(18,906)
At 31 July 2021	550,000	515,000

16.	Stocks
		Group	Group	Company	Company
		2021	2020	2021	2020
		£	£	£	£

Stock	21,167	19,167	21,167	19,167
	21,167	19,167	21,167	19,167

Page 32

HUNTINGTON HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

17.

Debtors

Group	Group	Company	Company
2021	2020	2021	2020
£	£	£	£


Trade debtors	42,961	30,477	42,961	30,477
Amounts owed by group undertakings	-	-	118,237	112,329
Other debtors	252,320	380,103	216,360	339,175
Prepayments and accrued income	255,922	278,962	255,922	278,962
	551,203	689,542	633,480	760,943

18.	Cash and cash equivalents
		Group	Group	Company	Company
		2021	2020	2021	2020
		£	£	£	£

Cash at bank and in hand	351,510	574,378	351,510	574,378
	351,510	574,378	351,510	574,378

19.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2021	2020	2021	2020
		£	£	£	£

Bank loans	325,269	236,331	325,269	236,331
Trade creditors	204,191	417,726	204,191	417,726
Corporation tax	-	198,335	-	198,335
Other taxation and social security	75,783	55,716	75,783	55,716
Obligations under finance lease and hire purchase contracts	887	9,860	887	9,860
Other creditors	575,002	677,601	574,973	677,601
Accruals and deferred income	175,130	215,677	175,130	215,677
	1,356,262	1,811,246	1,356,233	1,811,246

Included within creditors falling due within one year are bank borrowings of £325,269 (2020 - £236,331) that are secured by a fixed charge over the freehold property held by the company and by a fixed and floating charge over all the assets of the company.

Page 33

HUNTINGTON HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

20.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2021	2020	2021	2020
		£	£	£	£

Bank loans	8,391,187	6,984,603	8,391,187	6,984,603
	8,391,187	6,984,603	8,391,187	6,984,603

Included within creditors falling due after one year are bank borrowings of £8,391,187 (2020 - £6,984,603) that are secured by a fixed charge over the freehold property held by the company and by a fixed and floating charge over all the assets of the company.

21.	Loans

		Group	Group	Company	Company
		2021	2020	2021	2020
		£	£	£	£

Amounts falling due within one year
Bank loans	325,269	236,331	325,269	236,331
Amounts falling due 1-2 years
Bank loans	363,889	970,870	363,889	970,870
Amounts falling due 2-5 years
Bank loans	1,162,663	1,051,547	1,162,663	1,051,547
Amounts falling due after more than 5 years
Bank loans	6,864,635	4,962,186	6,864,635	4,962,186
	8,716,456	7,220,934	8,716,456	7,220,934

Bank loan terms of repayment are £157,869 per quarter which include an interest of 3.25% on the principal amount. The remaining capital is payable in January 2030.

Page 34

HUNTINGTON HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

22.	Deferred taxation
	Group

	2021	2020
	£	£

At beginning of year	(914,944)	(914,944)
Charged in the year	(473,160)	-
At end of year	(1,388,104)	(914,944)

Company

	2021	2020
	£	£

At beginning of year	(914,944)	(914,944)
Charged in the year	(473,160)	-
At end of year	(1,388,104)	(914,944)

The deferred tax balance is made up as follows:
	Group	Group	Company	Company
	2021	2020	2021	2020
	£	£	£	£

Deferred tax on revaluation gains	(1,207,897)	(914,944)	(1,207,897)	(914,944)
Accelerated capital allowances	(180,207)	-	(180,207)	-
	(1,388,104)	(914,944)	(1,388,104)	(914,944)

Comprising:
Liability	(1,388,104)	(914,944)	(1,388,104)	(914,944)
	(1,388,104)	(914,944)	(1,388,104)	(914,944)

Page 35

HUNTINGTON HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

23.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

95 (2020 - 95) Ordinary A shares of £1.00 each	95	95
5 (2020 - 5) Ordinary B shares of £1.00 each	5	5

	100	100

24.

Reserves

Revaluation reserve

The revaluation reserve represents the cumulate effect of revaluations of tangible fixed assets where a policy of revaluation has been adopted.

Foreign exchange reserve

The foreign exchange reserve represents cumulative gains and losses on translation of the foreign subsidiaries.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of adjustments and dividends.

25.	Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £46,888 (2020 - £42,782). Contributions totalling £704 (2020 - £13,498) were payable to the fund at the balance sheet date and are included in creditors.

26.	Commitments under operating leases
	At 31 July 2021 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group	Company	Company
		2021	2020	2021	2020
		£	£	£	£

Not later than 1 year	3,432	3,432	3,432	3,432
Later than 1 year and not later than 5 years	-	3,432	-	3,432
	3,432	6,864	3,432	6,864

Page 36

HUNTINGTON HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

27.	Transactions with directors

At the beginning of the year the company owed £310,879 to M F M Hoare & G P Hoare, the directors. During the year advances totalling £3,840 were made to the directors and total repayments of £255,008 were received from the directors. Interest at 2.25% has been charged on the outstanding loan and amounted to £571. At the end of the year the balance due from the directors was £60,282 and is included within other debtors within the group and company.

28.	Related party transactions
	The company is a wholly owned subsidiary and accordingly has taken the exemptions provided within paragraph 33.1A of FRS102 and therefore transactions with group companies have not been disclosed.

29.	Controlling party

The company is a wholly owned subsidiary of Huntington House (Hldgs) Limited, a company incorporated in England and Wales, which is under the control of M F M Hoare who is the director of the company.

Page 37