HUXLEY_GROUP_LIMITED - Accounts
HUXLEY_GROUP_LIMITED - Accounts
Huxley Group Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 2 Lisleen Road East, Comber, Newtownards, BT23 5QB.
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 £.
As at 31 March 2018, the company had a deficiency of assets of £1,252,045.
The company meets its day to day working capital requirements through the support of its directors. They have indicated that this support will continue for at least 12 months from the date of signature of the financial statements. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the support indicated.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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.
The average monthly number of persons (including directors) employed by the company during the year was 3 (2017 - 4).
AM Property Management (NI) Limited
Mr John Carrigan is a director in Huxley Group Limited and AM Property Management (NI) Limited. During the year ended 31 March 2018, AM Property Management (NI) Limited charged Huxley Group Limited £2,282 (2017: £7,715), VAT inclusive, on an arms length basis, in respect of services provided. This balance was fully paid during the year. In addition, Huxley Group Limited received £70,126 (2017: £64,623) from AM Property Management (NI) Limited in respect of rent. As at 31 March 2018 Huxley Group Limited owed £7,444 from AM Property Management (NI) Limited and this balance was included within debtors (2017: £7,150).
David Millar
Mr David Millar is a director in Huxley Group Limited. As at 31 March 2018 Huxley Group Limited owes £295,903 to David Millar(2017: £295,903). This amount is included within accruals.
Reaching Star Wealth Management Limited
Mr John Carrigan is a director in Huxley Group Limited and Reaching Star Wealth Management Limited. During the year ended 31 March 2018, Reaching Star Wealth Management Limited charged Huxley Group a management charge of £85,000 (2017: £95,624). As at 31 March 2018 the amount owed to Reaching Star Wealth Management Limited by Huxley Group Limited was £nil and this amount is included in accruals (2017: £39,456). As at 31 March 2018, Reaching Star Wealth Management Limited owed Huxley Group Limited a total of £90 and this is included within debtors (2017: £90).