Hertingfordbury Investments Ltd
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Registered number: 03120675 |
Balance Sheet |
As at 31 March 2020
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Notes |
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2020 |
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2019 |
£ |
£ |
Fixed assets |
Investment properties |
4 |
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1,815,000 |
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1,870,000 |
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Current assets |
Debtors |
5 |
|
|
450 |
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|
525 |
Cash at bank |
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1,655 |
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|
- |
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|
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2,105 |
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|
525 |
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Creditors: amounts falling due within one year |
6 |
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|
(50,346) |
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(294,982) |
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Net current liabilities |
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(48,241) |
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(294,457) |
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Total assets less current liabilities |
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1,766,759 |
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1,575,543 |
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Creditors: amounts falling due after one year |
7 |
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(1,334,069) |
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(1,020,120) |
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Provision for deferred tax liabilities |
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(51,412) |
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(69,175) |
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Net assets |
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381,278 |
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486,248 |
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Capital and reserves |
Share capital |
9 |
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|
100 |
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|
100 |
Fair value reserve |
10 |
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|
648,392 |
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|
724,122 |
Accumulated losses |
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(267,214) |
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(237,974) |
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Shareholders' funds |
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381,278 |
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486,248 |
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The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
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The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The company has taken the option not to deliver a profit and loss account to the Registrar of Companies.
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Malcolm J G King |
Director |
Approved by the board on 25 November 2020
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Hertingfordbury Investments Ltd
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Notes to the Accounts |
For the year ended 31 March 2020
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1 |
Company information |
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The company is a private company limited by shares, incorporated in England and registered at Marquis House, 68 Great North Road, Hatfield, Hertfordshire, AL9 5ER. |
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2 |
Accounting policies |
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2.1 Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the Standard).
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2.2 Functional and presentation currency |
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The company's functional and presentation currency is Pound sterling ("£"). |
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2.3 Property income |
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Property income is measured at the fair value of the rents and other property income receivable, recognised over the period to which it relates.
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2.4 Investment properties |
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Investment properties are measured at fair value at each reporting date with any changes in fair value recognised in the fair value reserve. Fair value is ascertained by an open market valuation on freehold basis, conducted annually by the directors.
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2.5 Debtors |
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Short term debtors are measured at transaction price less any impairment losses for bad and doubtful debts. Longer term loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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2.6 Creditors |
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Short term creditors are measured at transaction price. Longer term loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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2.7 Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the accounts and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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3 |
Employees |
2020 |
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2019 |
Number |
Number |
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Average number of persons employed, including directors |
3 |
|
3 |
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4 |
Investment properties |
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£ |
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Fair value |
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At 1 April 2019 |
1,870,000 |
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Additions |
38,493 |
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Loss in fair value |
(93,493) |
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At 31 March 2020 |
1,815,000 |
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5 |
Debtors |
2020 |
|
2019 |
£ |
£ |
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Other debtors |
450 |
|
525 |
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6 |
Creditors: amounts falling due within one year |
2020 |
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2019 |
£ |
£ |
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Bank loans and overdrafts |
7,175 |
|
264,075 |
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Trade creditors |
12,381 |
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2,008 |
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Other creditors |
30,790 |
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28,899 |
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50,346 |
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294,982 |
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7 |
Creditors: amounts falling due after one year |
2020 |
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2019 |
£ |
£ |
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Bank loans |
240,066 |
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- |
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Other creditors |
1,094,003 |
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1,020,120 |
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1,334,069 |
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1,020,120 |
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8 |
Secured liabilities |
2020 |
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2019 |
£ |
£ |
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Creditors due within and after one year include: |
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Secured bank loans and overdrafts |
247,241 |
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264,075 |
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The bank loans and overdrafts are secured on the company's investment properties.
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9 |
Share capital |
2020 |
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2019 |
£ |
£ |
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Allotted, called up and fully paid: |
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100 Ordinary shares of £1 each |
100 |
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100 |
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10 |
Fair value reserve |
2020 |
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2019 |
£ |
£ |
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At 1 April 2019 |
724,122 |
|
586,422 |
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(Loss)/gain in fair value of investment properties |
(93,493) |
|
170,000 |
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Deferred tax credit/(charge) on fair value change |
17,763 |
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(32,300) |
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At 31 March 2020 |
648,392 |
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724,122 |
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