Company Registration No. 04254039 (England and Wales)
HAVENRIGHT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
PAGES FOR FILING WITH REGISTRAR
HAVENRIGHT LIMITED
COMPANY INFORMATION
Directors
Mr M Powis
Mr B L Powis
Company number
04254039
Registered office
6 Newbury Street
Wantage
Oxfordshire
OX12 8BS
Accountants
Chapman Worth Limited
6 Newbury Street
Wantage
Oxfordshire
OX12 8BS
HAVENRIGHT LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
HAVENRIGHT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2016
30 June 2016
- 1 -
2016
2015
Notes
£
£
£
£
as restated
Fixed assets
Tangible assets
3
88
276
Investment properties
4
730,000
695,000
730,088
695,276
Current assets
Debtors
5
312,042
299,819
Creditors: amounts falling due within one year
6
(21,522)
(13,367)
Net current assets
290,520
286,452
Total assets less current liabilities
1,020,608
981,728
Creditors: amounts falling due after more than one year
7
(545,361)
(543,818)
Provisions for liabilities
(84,748)
(77,748)
Net assets
390,499
360,162
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
390,498
360,161
Total equity
390,499
360,162
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 June 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he directors acknowledge their responsibilities for complying with the requirements of the Act 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 .
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.
HAVENRIGHT LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 JUNE 2016
30 June 2016
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 March 2017 and are signed on its behalf by:
Mr M Powis
Director
Company Registration No. 04254039
HAVENRIGHT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2016
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2014
1
368,739
35,591
404,331
Effect of transition to FRS 102
12
-
(368,739)
294,991
(73,748)
As restated
1
-
330,582
330,583
Year ended 30 June 2015:
Profit and total comprehensive income for the year
-
-
29,579
29,579
Balance at 30 June 2015
1
-
360,161
360,162
Year ended 30 June 2016:
Profit and total comprehensive income for the year
-
-
30,337
30,337
Balance at 30 June 2016
1
-
390,498
390,499
HAVENRIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
- 4 -
1
Accounting policies
Company information
Havenright Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
6 Newbury Street, Wantage, Oxfordshire, OX12 8BS.
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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 June 2016
are the
first
financial statements of Havenright Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2014. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 12.
1.2
Turnover
Turnover represents rents receivable. Revenue from rental income is recognised in the period to which it relates in accordance with tenancy agreements.
Revenue from rental income is recognised in the period to which it relates in accordance with tenancy agreements.
1.3
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.
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, fittings & equipment
25% 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
.
1.4
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. The surplus or deficit on revaluation is recognised in the income statement. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the income statement.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
HAVENRIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
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.
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
HAVENRIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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 income statement 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.
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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 income statement, 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.
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 income statement, 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.
HAVENRIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
1
Accounting policies
(Continued)
- 7 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2015 - 1).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2015 and 30 June 2016
2,486
Depreciation and impairment
At 1 July 2015
2,210
Depreciation charged in the year
188
At 30 June 2016
2,398
Carrying amount
At 30 June 2016
88
At 30 June 2015
276
4
Investment property
2016
£
Fair value
At 1 July 2015
695,000
Revaluations
35,000
At 30 June 2016
730,000
Investment property comprises rental properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 June 2016 by Flax & Co, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
HAVENRIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 8 -
5
Debtors
2016
2015
Amounts falling due within one year:
£
£
Corporation tax recoverable
37,524
35,396
Other debtors
274,518
264,423
312,042
299,819
6
Creditors: amounts falling due within one year
2016
2015
£
£
Bank loans and overdrafts
1,188
1,675
Trade creditors
546
-
Corporation tax
7,086
4,137
Other creditors
12,702
7,555
21,522
13,367
7
Creditors: amounts falling due after more than one year
2016
2015
£
£
Bank loans and overdrafts
545,361
543,818
8
Provisions for liabilities
2016
2015
£
£
Deferred tax liabilities
84,748
77,748
84,748
77,748
9
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
10
Related party transactions
HAVENRIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
10
Related party transactions
(Continued)
- 9 -
Included within other debtors is a loan to the director's brother to develop a property in Greece. As at 30 June 2016 the amount outstanding was £124,906 (2015: £122,839). Interest has been charged at 2% per annum. The loan is to be repaid from the sale proceeds of the property when sold.
11
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Mr M Powis -
3.00
141,584
3,725
4,303
149,612
141,584
3,725
4,303
149,612
12
Reconciliations on adoption of FRS 102
Reconciliation of equity
At 1 July 2014
At 30 June 2015
Previous UK GAAP
Effect of
transition
FRS 102
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
£
£
£
Fixed assets
Tangible assets
463
-
463
276
-
276
Investment properties
675,000
-
675,000
695,000
-
695,000
675,463
-
675,463
695,276
-
695,276
Current assets
Debtors
287,355
-
287,355
299,819
-
299,819
Creditors due within one year
Loans and overdrafts
(706)
-
(706)
(1,675)
-
(1,675)
Taxation
(9,964)
-
(9,964)
(4,137)
-
(4,137)
Other creditors
(4,110)
-
(4,110)
(7,555)
-
(7,555)
(14,780)
-
(14,780)
(13,367)
-
(13,367)
Net current assets
272,575
-
272,575
286,452
-
286,452
Total assets less current liabilities
948,038
-
948,038
981,728
-
981,728
Creditors due after one year
Loans and overdrafts
(543,707)
-
(543,707)
(543,818)
-
(543,818)
HAVENRIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
12
Reconciliations on adoption of FRS 102
At 1 July 2014
At 30 June 2015
Previous UK GAAP
Effect of
transition
FRS 102
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
£
£
£
(Continued)
- 10 -
Provisions for liabilities
Deferred tax
-
(73,748)
(73,748)
-
(77,748)
(77,748)
Net assets
404,331
(73,748)
330,583
437,910
(77,748)
360,162
Capital and reserves
Share capital
1
-
1
1
-
1
Revaluation reserve
368,739
(368,739)
-
388,739
(388,739)
-
Profit and loss
35,591
294,991
330,582
49,170
310,991
360,161
Total equity
404,331
(73,748)
330,583
437,910
(77,748)
360,162
Reconciliation of profit for the financial period
Year ended 30 June 2015
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
Turnover
45,942
-
45,942
Cost of sales
(15,488)
-
(15,488)
Gross profit
30,454
-
30,454
Administrative expenses
(13,523)
-
(13,523)
Interest receivable and similar income
6,330
-
6,330
Interest payable and similar expenses
(9,682)
-
(9,682)
Fair value gain on investments
-
20,000
20,000
Profit before taxation
13,579
20,000
33,579
Taxation
-
(4,000)
(4,000)
Profit for the financial period
13,579
16,000
29,579
Notes to reconciliations on adoption of FRS 102
Investment Property
On implementing FRS102 changes in the fair value of the investment property are reflected in the profit and loss account where as previously the movement was recorded through the revaluation equity reserve.
HAVENRIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
12
Reconciliations on adoption of FRS 102
(Continued)
- 11 -
Deferred Taxation
As a consequence of the transition to FRS102 on investment property, it is now a requirement to include deferred taxation relating to the expected tax to be paid on the future sale of the property. The deferred tax value is included at the balance sheet date as a liability and the deferred tax charged is stated on the income statement. Deferred tax is reassessed each year including any changes in tax rates.
Profit and Loss
As at the 30 June 2016 the company had £52,171 (2015: £49,170) of reserves available for distribution.
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