Company Registration No. 02849761 (England and Wales)
58-59 HYDE PARK GATE FREEHOLD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 MARCH 2020
58-59 HYDE PARK GATE FREEHOLD LIMITED
COMPANY INFORMATION
Directors
L Chadwick
J A F Purchas
S A Seymour
G R Pooley
Secretary
L Chadwick
Company number
02849761
Registered office
Capital House
272 Manchester Road
Droylsden
Manchester
M43 6PW
Accountants
Chadwick & Company
Chartered Accountants
Capital House
272 Manchester Road
Droylsden
Manchester
M43 6PW
Business address
58-59 Hyde Park Gate
London
SW7 5ED
58-59 HYDE PARK GATE FREEHOLD LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
58-59 HYDE PARK GATE FREEHOLD LIMITED
BALANCE SHEET
AS AT 24 MARCH 2020
24 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,950
13,610
Current assets
Debtors
4
107,068
126,346
Creditors: amounts falling due within one year
5
(46,316)
(65,836)
Net current assets
60,752
60,510
Total assets less current liabilities
73,702
74,120
Capital and reserves
Called up share capital
6
15
15
Share premium account
18,597
18,597
Profit and loss reserves
55,090
55,508
Total equity
73,702
74,120
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 24 March 2020 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.
The financial statements were approved by the board of directors and authorised for issue on 8 February 2021 and are signed on its behalf by:
L Chadwick
J A F Purchas
Director
Director
Company Registration No. 02849761
58-59 HYDE PARK GATE FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 MARCH 2020
- 2 -
1
Accounting policies
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. The principal accounting policies adopted are set out below.
1.2
Going concern
At the latter end of the period, Covid-19 was designated a pandemic by the World Health Organisation (WHO). The directors continue to review the impact on the business, ensuring provisions are put in place to mitigate any risk to the company’s ability to trade as a going concern. At the date of signing the financial statements, in the opinion of the directors, Covid-19 will not impact on the company’s ability to trade as a going concern. Consequently, the company continues to adopt the going concern basis in preparing the financial statements.
true
1.3
Turnover
Turnover represents amounts receivable for the rental of a freehold property.
1.4
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:
Freehold land and buildings
2% straight line
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
.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
58-59 HYDE PARK GATE FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2020
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Loans from shareholders
In accordance with Financial Reporting Standard 4 the loans from shareholders are stated at net proceeds, after deducting costs associated with the raising of the loans.
1.8
VAT
The company is not treated as a business for the purpose of VAT and accordingly costs are shown VAT inclusive.
1.9
Company information
58-59 Hyde Park Gate Freehold Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Capital House, 272 Manchester Road, Droylsden, Manchester, M43 6PW.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4
(2019 - 3).
No remuneration was paid to the directors throughout the year (2019 - £nil).
58-59 HYDE PARK GATE FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2020
- 4 -
3
Tangible fixed assets
Freehold land and buildings
£
Cost
At 25 March 2019 and 24 March 2020
32,870
Depreciation and impairment
At 25 March 2019
19,260
Depreciation charged in the year
660
At 24 March 2020
19,920
Carrying amount
At 24 March 2020
12,950
At 24 March 2019
13,610
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
1,009
2,625
Other debtors
106,059
123,721
107,068
126,346
5
Creditors: amounts falling due within one year
2020
2019
£
£
Other taxation and social security
16,624
16,226
Other creditors
29,692
49,610
46,316
65,836
Included in other creditors are amounts loaned by shareholders amounting to £28,078 (2019 - £48,009). These loans are interest free and repayable only out of future operating surpluses. The loans have been included in creditors: amounts falling due within one year, as it is the intention of the directors that these loans will be repaid within twelve months after the year end assuming sufficient funds are available, which the directors presently anticipate.
58-59 HYDE PARK GATE FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2020
- 5 -
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
12 Ordinary 'A' shares of £1 each
12
12
3 Ordinary 'B' shares of £1 each
3
3
15
15