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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 October 2017 |
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for |
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HEBRON & MEDLOCK PROPERTIES LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 October 2017 |
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for |
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HEBRON & MEDLOCK PROPERTIES LIMITED |
HEBRON & MEDLOCK PROPERTIES LIMITED (REGISTERED NUMBER: 00352913) |
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Contents of the Financial Statements |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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HEBRON & MEDLOCK PROPERTIES LIMITED |
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Company Information |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Bath House |
6-8 Bath Street |
Bristol |
BS1 6HL |
HEBRON & MEDLOCK PROPERTIES LIMITED (REGISTERED NUMBER: 00352913) |
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Balance Sheet |
31 OCTOBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Capital redemption reserve | 9 |
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Retained earnings | 9 |
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SHAREHOLDERS' FUNDS |
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HEBRON & MEDLOCK PROPERTIES LIMITED (REGISTERED NUMBER: 00352913) |
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Balance Sheet - continued |
31 OCTOBER 2017 |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
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HEBRON & MEDLOCK PROPERTIES LIMITED (REGISTERED NUMBER: 00352913) |
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Notes to the Financial Statements |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
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1. | STATUTORY INFORMATION |
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Hebron & Medlock Properties Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The accounts are presented in sterling which is the functional currency of the company and rounded to the |
nearest £1. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes |
in fair value is recognised in profit or loss. |
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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. |
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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. |
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Debt instruments are subsequently measured at amortised cost. |
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Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment |
at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised |
in profit or loss immediately. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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HEBRON & MEDLOCK PROPERTIES LIMITED (REGISTERED NUMBER: 00352913) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and |
laws that have been enacted or substantively enacted by the year end and that are expected to apply to the |
reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 November 2016 |
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Additions |
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Disposals | ( |
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Revaluations | (250,000 | ) |
At 31 October 2017 |
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NET BOOK VALUE |
At 31 October 2017 |
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At 31 October 2016 |
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Fair value at 31 October 2017 is represented by: |
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£ |
Valuation in 2016 | 619,086 |
Valuation in 2017 | (250,000 | ) |
Cost | 1,230,914 |
1,600,000 |
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If investment property had not been revalued it would have been included at the following historical cost: |
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2017 | 2016 |
£ | £ |
Cost | 1,230,914 | 1,389,489 |
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In the opinion of the directors, the fair value of investment property at 31 October 2017 was £1,600,000. |
HEBRON & MEDLOCK PROPERTIES LIMITED (REGISTERED NUMBER: 00352913) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
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Prepayments and accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Amounts owed to group undertakings |
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Tax |
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VAT | 12,448 | 4,061 |
Other creditors |
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Accruals and deferred income |
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7. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 43,784 | 118,445 |
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Deferred |
tax |
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Balance at 1 November 2016 |
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Credit to Income Statement during year | ( |
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Balance at 31 October 2017 |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary shares | £ 0.2 | 5 | 65,421 | 65,421 |
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Deferred shares | £ 300 | 300 | 300 |
65,721 | 65,721 |
HEBRON & MEDLOCK PROPERTIES LIMITED (REGISTERED NUMBER: 00352913) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
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9. | RESERVES |
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The profit and loss account represents cumulative profits and losses net of dividends and other adjustments. As |
at 31 October 2017 total non-distributive reserves amounted to £369,086 (2016: £1,066,738), this is due to |
revaluation of investment property. |
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10. | CONTINGENT LIABILITIES |
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The company is party to an Omnibus Guarantee and Set-Off Agreement dated 20 November 2012 in favour of |
the company's bankers covering all companies in the group headed by Hebron & Medlock Limited. At 31 |
October 2017 the potential liability was £nil (2016: £nil). |
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11. | RELATED PARTY DISCLOSURES |
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Hebron & Medlock Limited is the parent company. During the year the company repaid £1,114,018 of the loan |
to Hebron & Medlock Limited. At the year end the company owed Hebron & Medlock Limited £991,334 |
(2016: £2,105,352). The loan is interest free and has no set date of repayment. |