Company Registration No. 04438290 (England and Wales)
Haysbell Properties Limited
Annual report and unaudited financial statements
For the year ended 31 December 2016
Pages for filing with registrar
HAYSBELL PROPERTIES LIMITED
Haysbell Properties Limited
COMPANY INFORMATION
Directors
H M Soning
J H L Weston
Company number
04438290
Registered office
55 Loudoun Road
St John's Wood
London
NW8 0DL
Accountants
MGR Weston Kay LLP
55 Loudoun Road
St John's Wood
London
NW8 0DL
Business address
72/75 Marylebone High Street
London
W1U 5JW
Bankers
Coutts & Co
St. Martin's Office
440 Strand
London
WC2R 0QS
Solicitors
Kingsley Napley LLP
Knights Quarter
14 St. John's Lane
London
EC1M 4AJ
Brecher LLP
4th Floor, 64 North Row
London
W1K 7DA
HAYSBELL PROPERTIES LIMITED
Haysbell Properties Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
HAYSBELL PROPERTIES LIMITED
Haysbell Properties Limited
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Investment properties
2
3,744,270
3,650,000
Investments
3
1
1
3,744,271
3,650,001
Current assets
Debtors
5
61,233
85,850
Cash at bank and in hand
11,121
79,510
72,354
165,360
Creditors: amounts falling due within one year
6
(3,000,148)
(2,991,952)
Net current liabilities
(2,927,794)
(2,826,592)
Total assets less current liabilities
816,477
823,409
Creditors: amounts falling due after more than one year
7
(315,000)
(315,000)
Provisions for liabilities
(28,611)
(28,611)
Net assets
472,866
479,798
Capital and reserves
Called up share capital
9
20
20
Profit and loss reserves
10
472,846
479,778
Total equity
472,866
479,798
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
HAYSBELL PROPERTIES LIMITED
Haysbell Properties Limited
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2016
31 December 2016
- 2 -
For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
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 14 September 2017 and are signed on its behalf by:
H M Soning
Director
Company Registration No. 04438290
HAYSBELL PROPERTIES LIMITED
Haysbell Properties Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 3 -
1
Accounting policies
Company information
Haysbell Properties Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
55 Loudoun Road, St John's Wood, London, NW8 0DL.
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for rent.
1.3
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 profit and loss account. 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 profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
Fixed asset investments
Fixed assets investments are stated at cost less diminution in value.
1.5
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.
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 probably 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 differences 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.
HAYSBELL PROPERTIES LIMITED
Haysbell Properties Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 4 -
1.6
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertakings comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
2
Investment property
2016
£
Fair value
At 1 January 2016
3,650,000
Additions
94,270
At 31 December 2016
3,744,270
The valuation of the investment properties were made at 31 December 2016 by the directors of the company, on an open market basis. No depreciation is provided in respect of this property.
On a historical basis the property would have been included on the Balance Sheet at an original cost of £3,308,246 (2015: £3,213,976).
3
Fixed asset investments
2016
2015
£
£
Investments
1
1
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2016 & 31 December 2016
1
Carrying amount
At 31 December 2016
1
At 31 December 2015
1
HAYSBELL PROPERTIES LIMITED
Haysbell Properties Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 5 -
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2016 are as follows:
Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Haysbell Properties (No.2) Limited
England and Wales
Property investment
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Haysbell Properties (No.2) Limited
2,008
(200,698)
5
Debtors
2016
2015
Amounts falling due within one year:
£
£
Trade debtors
35,799
58,300
Other debtors
25,434
27,550
61,233
85,850
6
Creditors: amounts falling due within one year
2016
2015
£
£
Bank loans and overdrafts
1,719,661
1,775,000
Trade creditors
18,676
2,611
Amounts due to group undertakings
54,341
33,608
Amounts due to related undertaking
225,000
225,000
Corporation tax
20,811
13,601
Other taxation and social security
10,652
6,038
Other creditors
561,131
561,131
Accruals and deferred income
389,876
374,963
3,000,148
2,991,952
The aggregate amount of creditors for which security has been given amounted to £1,719,661 (2015: £1,775,000).
HAYSBELL PROPERTIES LIMITED
Haysbell Properties Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 6 -
7
Creditors: amounts falling due after more than one year
2016
2015
Notes
£
£
Other borrowings
315,000
315,000
Preference shares classified as financial liabilities
In more than five years
315,000
315,000
8
Provisions for liabilities
2016
2015
£
£
Deferred tax liabilities
28,611
28,611
28,611
28,611
9
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
20 Ordinary shares of £1 each
20
20
10
Profit and loss reserves
2016
2015
£
£
At beginning of year
479,778
222,259
(Loss)/profit for the year
(6,932)
257,519
At the end of the year
472,846
479,778
Distributable reserves
36,822
43,754
Non distributable reserves
436,024
436,024
472,846
479,778
HAYSBELL PROPERTIES LIMITED
Haysbell Properties Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 7 -
11
Related party transactions
Included in other creditors due within one year is a loan of £279,490 (2015: £279,490) due to director J H L Weston, a loan of £158,978 (2015: £158,978) due to The James Andrew Badger Pension Scheme and a loan of £120,500 (2015: £120,500) due to director, H M Soning.
Interest on the loans is accruing at Coutts and Co bank base rate + 3%.
Included in other creditors is accrued interest of £127,750 (2015: 118,254) due to J H L Weston, £88,656 (2015: £83,254) due to The James Andrew Badger Pension Scheme and £39,138 (2015: £35,043) due to H M Soning.
Included in creditors falling due after more than one year are £315,000 6.5% Cumulative Redeemable Preference Shares of £1 each issued to the James Andrew Badger Pension Scheme.
During the year, a preference dividend £20,475 (2015: £20,475) was payable to the James Andrew Badger Pension Scheme.
The company has taken advantage of the exemption available in accordance with FRS 102 Section 33 'Related party disclosures' not to disclose transactions entered into two or more members of a group, as the company and the other subsidiaries are wholly owned subsidiary undertakings of the group to which they are party to the transactions.
Director H M Soning has an interest in the James Andrew Badger Pension Scheme.
H M Soning and J H L Weston have a material interest in Haysbell Properties Limited and Haysbell Properties (No 2) Limited.
At the period end, £225,000 (2015: £225,000) was due to Redington Estates Limited, a company in which H M Soning has a material interest. Interest on the loan is provided at Coutts and Co bank base rate +6% and accrued interest of £72,908 (2015: £58,513) is included in other creditors.