Company Registration No. 04438290 (England and Wales)
Haysbell Properties Limited
Annual report and unaudited financial statements
For the year ended 31 December 2017
Pages for filing with registrar
HAYSBELL PROPERTIES LIMITED
Haysbell Properties Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
HAYSBELL PROPERTIES LIMITED
Haysbell Properties Limited
BALANCE SHEET
AS AT 31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
2
2,900,000
3,744,270
Investments
3
1
1
2,900,001
3,744,271
Current assets
Debtors
5
561,755
61,233
Cash at bank and in hand
98,225
11,121
659,980
72,354
Creditors: amounts falling due within one year
6
(256,891)
(3,000,148)
Net current assets/(liabilities)
403,089
(2,927,794)
Total assets less current liabilities
3,303,090
816,477
Creditors: amounts falling due after more than one year
7
(1,835,000)
(315,000)
Provisions for liabilities
(9,010)
(28,611)
Net assets
1,459,080
472,866
Capital and reserves
Called up share capital
9
20
20
Profit and loss reserves
10
1,459,060
472,846
Total equity
1,459,080
472,866
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 2017
31 December 2017
- 2 -
For the financial year ended 31 December 2017 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.
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 17 July 2018 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 2017
- 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.
1.4
Fixed asset investments
Fixed assets investments are stated at cost less diminution in value.
1.5
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.
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 2017
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
2017
£
Fair value
At 1 January 2017
3,744,270
Disposals
(1,513,740)
Revaluation
669,470
At 31 December 2017
2,900,000
The valuation of the investment properties were made at 31 December 2017 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 (2016: £3,308,246).
HAYSBELL PROPERTIES LIMITED
Haysbell Properties Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 5 -
3
Fixed asset investments
2017
2016
£
£
Investments
1
1
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2017 & 31 December 2017
1
Carrying amount
At 31 December 2017
1
At 31 December 2016
1
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2017 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
226,959
26,261
HAYSBELL PROPERTIES LIMITED
Haysbell Properties Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
3,668
35,799
Amounts due from group undertakings
479,650
-
Other debtors
78,437
25,434
561,755
61,233
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
52,000
1,719,661
Trade creditors
-
18,676
Amounts due to group undertakings
-
54,341
Amounts due to related undertaking
-
225,000
Corporation tax
-
20,811
Other taxation and social security
9,655
10,652
Other creditors
2,163
561,131
Accruals and deferred income
193,073
389,876
256,891
3,000,148
HAYSBELL PROPERTIES LIMITED
Haysbell Properties Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 7 -
7
Creditors: amounts falling due after more than one year
2017
2016
Notes
£
£
Bank loans and overdrafts
1,835,000
-
Other borrowings
-
315,000
1,835,000
315,000
Analysis of loans
Wholly repayable within five years
1,887,000
1,719,661
Included in current liabilities
(52,000)
(1,719,661)
1,835,000
-
Loan maturity analysis
In more than one year but not more than two years
52,000
-
In more than two years but not more than five years
1,783,000
-
Preference shares classified as financial liabilities
In more than five years
-
315,000
The aggregate amount of creditors for which security has been given amounted to £1,887,000 (2016: £1,719,661)
8
Provisions for liabilities
2017
2016
£
£
Deferred tax liabilities
9,010
28,611
9,010
28,611
9
Called up share capital
2017
2016
£
£
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 2017
- 8 -
10
Profit and loss reserves
2017
2016
£
£
At beginning of year
472,846
479,778
Profit/(loss) for the year
986,214
(6,932)
At the end of the year
1,459,060
472,846
Distributable reserves
527,180
36,822
Non distributable reserves
931,880
436,024
1,459,060
472,846
HAYSBELL PROPERTIES LIMITED
Haysbell Properties Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 9 -
11
Related party transactions
Included in other creditors due within one year is a loan of £Nil (2016: £279,490) due to director J H L Weston, a loan of £Nil (2016: £158,978) due to The James Andrew Badger Pension Scheme and a loan of £Nil (2016: £120,500) due to director, H M Soning.
Interest on the loans has been accrued at Coutts and Co bank base rate + 3%.
Included in other creditors is accrued interest of £52,255 (2016: 127,750) due to J H L Weston, £36,218 (2016: £88,656) due to The James Andrew Badger Pension Scheme and £16,080 (2016: £39,138) due to H M Soning.
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 year end, £Nil (2016: £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 £34,882 (2016: £72,908) is included in other creditors.
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