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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JULY 2017 |
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HENCAN (SOUTHERN) LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JULY 2017 |
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FOR |
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HENCAN (SOUTHERN) LIMITED |
HENCAN (SOUTHERN) LIMITED (REGISTERED NUMBER: 03605592) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 July 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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HENCAN (SOUTHERN) LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 July 2017 |
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DIRECTOR: |
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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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Herschel House |
58 Herschel Street |
Slough |
Berkshire |
SL1 1PG |
HENCAN (SOUTHERN) LIMITED (REGISTERED NUMBER: 03605592) |
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BALANCE SHEET |
31 July 2017 |
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31.7.17 | 31.7.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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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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( |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his 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 Income Statement has not been delivered. |
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The financial statements were approved by the director on
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HENCAN (SOUTHERN) LIMITED (REGISTERED NUMBER: 03605592) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 July 2017 |
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1. | STATUTORY INFORMATION |
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Hencan (Southern) Limited is a
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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 market for luxury homes has experienced a severe downturn resulting in a fall in the property values. In the case |
that a property is sold, no return is expected to be available to the company as Law of Property Act receivers have |
been appointed since the year end over the company stock. |
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The financial statements continue to be prepared on a going concern basis as the Director is confident of identifying |
future profitable opportunities in the housing market. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value |
added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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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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Financial instruments |
Basic Financial Instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company |
does not have any Other Financial Instruments, as covered by Section 12 of FRS 102. |
HENCAN (SOUTHERN) LIMITED (REGISTERED NUMBER: 03605592) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2017 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL. |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 August 2016 |
and 31 July 2017 |
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DEPRECIATION |
At 1 August 2016 |
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Charge for year |
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At 31 July 2017 |
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NET BOOK VALUE |
At 31 July 2017 |
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At 31 July 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.17 | 31.7.16 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.17 | 31.7.16 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors & accruals |
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7. | SECURED DEBTS |
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Within other creditors are secured loans totaling £7,278,301 (2016: £15,142,596) |
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8. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 31.7.17 | 31.7.16 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
HENCAN (SOUTHERN) LIMITED (REGISTERED NUMBER: 03605592) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2017 |
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9. | CONTINGENT ASSETS |
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The company has been involved in a joint venture being undertaken in the nominee company Trenac Country Homes |
Limited. The company has been dissolved since the year end date and therefore Hencan (Southern) Limited has taken |
over all liabilities. The total liabilities recognised amount to £952,772. |
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A claim is to made against the joint venture partner in due course to recover their contribution of the loss. |
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10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The director has provided funding to the company to meet its working capital requirements. The loan is interest free, |
has no fixed repayment date and no repayment schedule. At the balance sheet date the amount due to the director was |
£1,170,870 (2016: £998,978). |
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11. | RELATED PARTY DISCLOSURES |
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Hencan Wentworth Limited |
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A company under common control |
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Funding was provided between the two companies throughout the year. The loan is interest free, has no repayment |
schedule and has no fixed repayment date. |
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The balance due from the related party is deemed irrecoverable. A further provision has been provided against the |
balance owing from the related party of £37,363. |
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The balance due from the related party at the year end date is £nil (2016: £nil) |
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Hencan Moonraker Limited |
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A company under common control |
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Funding was provided between the two companies throughout the year. The loan is interest free, has no repayment |
schedule and has no fixed repayment date. |
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31.7.17 | 31.7.16 |
£ | £ |
Amount due from/(to) related party at the balance sheet date | 37,018 | (33,075 | ) |
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12. | FIRST YEAR ADOPTION |
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The company adopted FRS 102 for the accounting year ended 31 July 2017. There were no adjustments arising at the |
transition date or at the end of the comparative period, therefore there is no difference between equity under the |
previous financial reporting framework and equity under FRS 102. |