REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST MARCH 2022 |
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HERTINGFORDBURY INVESTMENTS LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST MARCH 2022 |
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FOR |
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HERTINGFORDBURY INVESTMENTS LIMITED |
HERTINGFORDBURY INVESTMENTS LIMITED (REGISTERED NUMBER: 03120675) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2022 |
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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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HERTINGFORDBURY INVESTMENTS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2022 |
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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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19-21 Middle Row |
Stevenage |
Hertfordshire |
SG1 3AW |
HERTINGFORDBURY INVESTMENTS LIMITED (REGISTERED NUMBER: 03120675) |
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BALANCE SHEET |
31ST MARCH 2022 |
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2022 | 2021 |
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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CREDITORS |
Amounts falling due after more than one
year |
7 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve | 9 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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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. |
HERTINGFORDBURY INVESTMENTS LIMITED (REGISTERED NUMBER: 03120675) |
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BALANCE SHEET - continued |
31ST MARCH 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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HERTINGFORDBURY INVESTMENTS LIMITED (REGISTERED NUMBER: 03120675) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2022 |
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1. | STATUTORY INFORMATION |
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Hertingfordbury Investments Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The directors have assessed various factors and risks affecting the company and its ability in these difficult economic times to continue to trade as a going concern. The directors have not identified any material uncertainties or risks related to events or conditions that could affect the carrying values of the company's assets and liabilities as at the balance sheet date. Further, the directors continue to support the company by way of director funding and have not indicated that such support will be withdrawn in the foreseeable future. Therefore the financial statements for the year ended 31st March 2022 have been prepared using the going concern basis of accounting. |
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Significant judgements and estimates |
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
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The key sources of estimation and uncertainty that have a significant effect on the amounts recognised in the financial statements are described below: |
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1. Investment Property |
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Investment property is stated at fair value based upon the directors valuation at the balance sheet date |
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Revenue recognition |
Revenue is recognised and included in the accounts as turnover based upon rentals and other income receivable from the company's investment properties, excluding discounts, rebates, value added and other sales taxes. |
HERTINGFORDBURY INVESTMENTS LIMITED (REGISTERED NUMBER: 03120675) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Investment property |
The company's properties are held for investment purposes. Investment properties are shown at their most recent fair values. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement. Deferred taxation is provided on such gains at the tax rate expected to apply when properties are sold. |
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Under FRS 102 valuations as above are made under the fair value provisions of the Companies Act 2006 (CA 2006) and consequently the non-depreciation of investment properties is not a departure from the provisions of CA 2006. |
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The directors determine fair value by reference to rental yields and current market conditions as appropriate. Rents receivable from investment properties are credited to profit and loss account on a receivable basis. |
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Investment properties are first recognised in the financial statements once an irrevocable purchase contract has been entered into. A sale of an investment property is recorded once an irrevocable sales contract has been entered into, provided that the sale has been completed by the date the financial statements are approved by the Board. |
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Investment properties are treated as fixed asset investments until the date of sale. |
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Financial instruments |
The directors consider all financial instruments to be basic financial instruments in accordance with section 11 of FRS102. All basic financial instruments including debtors, cash and cash equivalents, and creditors, are initially recognised at transaction price and thereafter stated at amortised cost. |
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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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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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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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HERTINGFORDBURY INVESTMENTS LIMITED (REGISTERED NUMBER: 03120675) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2022 |
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1st April 2021 |
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Revaluations | 15,000 |
At 31st March 2022 |
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NET BOOK VALUE |
At 31st March 2022 |
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At 31st March 2021 |
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Fair value at 31st March 2022 is represented by: |
£ |
Valuation in 2010 | 155,116 |
Valuation in 2015 | 271,181 |
Valuation in 2016 | 107,000 |
Valuation in 2017 | 115,000 |
Valuation in 2018 | (25,000 | ) |
Valuation in 2019 | 170,000 |
Valuation in 2020 | (93,493 | ) |
Valuation in 2021 | 183,374 |
Valuation in 2022 | 15,000 |
Cost | 1,176,822 |
2,075,000 |
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Investment property was valued on an open market basis on 31st March 2022 by the directors . |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
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Other creditors |
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HERTINGFORDBURY INVESTMENTS LIMITED (REGISTERED NUMBER: 03120675) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2022 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2022 | 2021 |
£ | £ |
Bank loans |
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The bank loans and overdrafts are secured on the company's investment properties. |
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9. | RESERVES |
Fair |
value |
reserve |
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At 1st April 2021 |
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(Loss)/gain in fair value of |
investment properties | 15,000 |
Deferred tax credit/(charge) |
on fair value change | (2,850 | ) |
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At 31st March 2022 |
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10. | RELATED PARTY DISCLOSURES |
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In accordance with FRS102 1A material transactions with related parties which the company has entered into which have not been concluded under normal market conditions must be disclosed within the financial statements. The directors consider that all transactions with related parties have been concluded under normal market conditions and therefore no disclosures are required. |