Company Registration No. 00795197 (England and Wales)
DONALD HANSON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
PAGES FOR FILING WITH REGISTRAR
Weavers
22 Ensign Business Centre
Westwood Way
Westwood Business Park
Coventry
CV4 8JA
DONALD HANSON LIMITED
COMPANY INFORMATION
Directors
Mr Donald Edward Hanson
Mr Edward Andrew Hanson
Ms Elizabeth Mary Hanson
Dr Helen Margaret Hanson
Company number
00795197
Registered office
Manor Farm
Holywell
Shrewley
Warwick
Warwickshire
United Kingdom
CV35 7BH
Accountants
Weavers
22 Ensign Business Centre
Westwood Way
Westwood Business Park
Coventry
United Kingdom
CV4 8JA
DONALD HANSON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DONALD HANSON LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2021
28 February 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
321
357
Investment properties
5
430,000
400,000
430,321
400,357
Current assets
Debtors
6
5,317
3,340
Cash at bank and in hand
32,701
29,005
38,018
32,345
Creditors: amounts falling due within one year
7
(6,457)
(8,641)
Net current assets
31,561
23,704
Total assets less current liabilities
461,882
424,061
Provisions for liabilities
(30,201)
(24,501)
Net assets
431,681
399,560
Capital and reserves
Called up share capital
9
10,000
10,000
Other reserves
10
269,766
239,766
Profit and loss reserves
151,915
149,794
Total equity
431,681
399,560
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 28 February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
DONALD HANSON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2021
28 February 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 July 2021 and are signed on its behalf by:
Mr Donald Edward Hanson
Director
Company Registration No. 00795197
DONALD HANSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 3 -
1
Accounting policies
Company information
Donald Hanson Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Manor Farm, Holywell, Shrewley, Warwick, Warwickshire, United Kingdom, CV35 7BH.
1.1
Accounting convention
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 a
mounts
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.
1.2
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
10% on reducing balance
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
.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.4
Impairment of fixed assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
DONALD HANSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
1
Accounting policies
(Continued)
- 4 -
Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred tax assets and liabilities are not discounted.
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
.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
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 balance sheet date and that are expected to apply to the reversal of the timing difference.
1.6
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
3
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
1,865
3,987
Deferred tax
Origination and reversal of timing differences
5,700
Total tax charge
7,565
3,987
DONALD HANSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2020 and 28 February 2021
11,820
Depreciation and impairment
At 1 March 2020
11,463
Depreciation charged in the year
36
At 28 February 2021
11,499
Carrying amount
At 28 February 2021
321
At 29 February 2020
357
5
Investment property
2021
£
Fair value
At 1 March 2020
400,000
Revaluations
30,000
At 28 February 2021
430,000
The investment property was valued on an open market basis on 1st October, 2009 by Peter Clarke and Company, Chartered Surveyors.
It was valued on this date at £325,000. The property has been split so it now comprises a shop unit and a flat with a separate entrance and additional work was performed during the year to 28th February, 2013.
The property was revalued to £400,000 in 2017. The property has now been put on the market as the company is looking to sell and an offer was received for £440,000 in May 2021. Estimated selling costs are £10,000 so the value in the accounts has been increased to £430,000.
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
5,317
3,340
DONALD HANSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 6 -
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
95
Corporation tax
1,865
3,997
Other taxation and social security
31
Other creditors
1,672
Accruals and deferred income
4,592
2,846
6,457
8,641
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
On investment property revaluation
30,201
24,501
2021
Movements in the year:
£
Liability at 1 March 2020
24,501
Charge to profit or loss
5,700
Liability at 28 February 2021
30,201
9
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
5000 Ordinary £1 shares of £1 each
5,000
5,000
5000 A Ordinary £1 shares of £1 each
5,000
5,000
10,000
10,000
10
Other reserves
Other reserves represents the revaluation reserve in respect of the company's investment property.
DONALD HANSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 7 -
11
Directors' transactions
One of the directors has a current account with the company that was overdrawn at the Balance Sheet date.
The account was overdrawn at the beginning of the year by £3,340.
The company paid personal expenses on the director's behalf during the year amounting to £2,242.
Amounts credited to the current account amounted to £265 and this was in respect of expenses paid personally by the director.
The balance due to the company at the year-end was £5,317.