Company Registration No. 04438290 (England and Wales)
Haysbell Properties Limited
Annual report and unaudited financial statements
For the year ended 31 December 2018
Pages for filing with registrar
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 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Investment properties
2
2,900,000
2,900,000
Investments
3
1
1
2,900,001
2,900,001
Current assets
Debtors
4
556,974
561,755
Cash at bank and in hand
53,328
98,225
610,302
659,980
Creditors: amounts falling due within one year
5
(168,434)
(256,891)
Net current assets
441,868
403,089
Total assets less current liabilities
3,341,869
3,303,090
Creditors: amounts falling due after more than one year
6
(1,783,000)
(1,835,000)
Provisions for liabilities
(9,010)
(9,010)
Net assets
1,549,859
1,459,080
Capital and reserves
Called up share capital
8
20
20
Profit and loss reserves
10
1,549,839
1,459,060
Total equity
1,549,859
1,459,080
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 2018
31 December 2018
- 2 -
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 13 September 2019 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 2018
- 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 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 profit or loss.
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
Cash and cash equivalents
Cash at bank and in hand
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.
1.6
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.
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.
HAYSBELL PROPERTIES LIMITED
Haysbell Properties Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.7
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.
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.
1.8
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
2018
£
Fair value
At 1 January 2018 and 31 December 2018
2,900,000
The valuation of the investment properties were made at 31 December 201
8
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 £1,968,120 (201
7
: £
1
,
96
8,
1
2
0
).
HAYSBELL PROPERTIES LIMITED
Haysbell Properties Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 5 -
3
Fixed asset investments
2018
2017
£
£
Investments
1
1
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2018 & 31 December 2018
1
Carrying amount
At 31 December 2018
1
At 31 December 2017
1
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
39,750
3,668
Amounts owed by group undertakings
479,873
479,650
Other debtors
37,351
78,437
556,974
561,755
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans
52,000
52,000
Trade creditors
7,076
-
Other taxation and social security
7,584
9,655
Other creditors
2,163
2,163
Accruals and deferred income
99,461
193,073
168,434
256,891
HAYSBELL PROPERTIES LIMITED
Haysbell Properties Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 6 -
6
Creditors: amounts falling due after more than one year
2018
2017
Notes
£
£
Bank loans
1,783,000
1,835,000
Analysis of loans
Wholly repayable within five years
1,835,000
1,887,000
Included in current liabilities
(52,000)
(52,000)
1,783,000
1,835,000
Loan maturity analysis
In more than one year but not more than two years
52,000
52,000
In more than two years but not more than five years
1,731,000
1,783,000
The aggregate amount of creditors for which security has been given amounted to £1,8
35
,000 (201
7
: £1,
887
,
000
)
7
Provisions for liabilities
2018
2017
£
£
Deferred tax liabilities
9,010
9,010
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
20 Ordinary shares of £1 each
20
20
HAYSBELL PROPERTIES LIMITED
Haysbell Properties Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 7 -
9
Profit and loss reserves
2018
2017
£
£
At beginning of year
1,459,060
472,846
Profit/(loss) for the year
90,835
986,214
At the end of the year
1,549,839
1,459,060
Distributable reserves
617,959
527,180
Non distributable reserves
931,880
931,880
1,549,839
1,459,060
10
Related party transactions
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
.