HHF_(EA)_LIMITED - Accounts
HHF_(EA)_LIMITED - Accounts
HHF (EA) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Hydra, Orion Court, Addison Way, Great Blakenham, Ipswich, Suffolk, UK, IP6 0LW.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
At the statement of financial position date, the company had net current liabilities. However, in the opinion of the directors, the company will have sufficient funds to meet all liabilities as the fall due. Therefore, these accounts have been prepared under a going concern basis.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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.
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, 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 payments 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. Amounts 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.
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.
Amounts disclosed as owed to connected companies are fully repayable on demand.
Other creditors relate to a loan for the purchase of land, held at Hill House Farm, with prevailing commercial interest rates being applied. Such loan is secured by way of mortgage charge over the land at House Lane dated 25 October 2017 as held by HHF (EA) Limited.
36 Ordinary £1 shares were issued on the incorporation of the company.
The company was under the control of the directors throughout the current period.
At the statement of financial position date, the company owed Mr M Walton £279,693, Mr J Bolton £279,692 and Mr D Bates £279,692.