Company Registration No. 04438290 (England and Wales)
Haysbell Properties Limited
Unaudited financial statements
For the year ended 31 December 2021
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 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
3
2,900,000
2,900,000
Investments
4
1
1
2,900,001
2,900,001
Current assets
Debtors
5
511,613
522,606
Cash at bank and in hand
189,679
106,737
701,292
629,343
Creditors: amounts falling due within one year
6
(1,788,516)
(132,527)
Net current (liabilities)/assets
(1,087,224)
496,816
Total assets less current liabilities
1,812,777
3,396,817
Creditors: amounts falling due after more than one year
7
(1,679,000)
Provisions for liabilities
(29,930)
(26,544)
Net assets
1,782,847
1,691,273
Capital and reserves
Called up share capital
9
20
20
Profit and loss reserves
10
1,782,827
1,691,253
Total equity
1,782,847
1,691,273
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 2021
31 December 2021
- 2 -
For the financial year ended 31 December 2021 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 14 July 2022 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 2021
- 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.
Changes in fair value are recognised in profit or loss.
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 2021
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
3
Investment property
2021
£
Fair value
At 1 January 2021 and 31 December 2021
2,900,000
The valuation of the investment properties were made at 31 December 2021 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 date at an original cost of £1,968,120 (2020: £
1
,
96
8,
1
2
0
).
HAYSBELL PROPERTIES LIMITED
Haysbell Properties Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
4
Fixed asset investments
2021
2020
£
£
Investments
1
1
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2021 & 31 December 2021
1
Carrying amount
At 31 December 2021
1
At 31 December 2020
1
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
45,405
60,209
Amounts owed by group undertakings
433,522
447,879
Other debtors
32,686
14,518
511,613
522,606
HAYSBELL PROPERTIES LIMITED
Haysbell Properties Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
1,679,000
52,000
Trade creditors
2,587
3,811
Corporation tax
36,900
21,067
Other taxation and social security
6,853
6,821
Accruals and deferred income
63,176
48,827
1,788,516
132,526
Subsequent to the balance sheet date, in June 2022, the bank loan was re-financed for a period of five years.
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans
1,679,000
The aggregate amount of creditors for which security has been given amounted to £1,679,000 (2020: £1,731,
000
)
8
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
29,930
26,544
9
Called up share capital
2021
2020
£
£
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 2021
- 7 -
10
Profit and loss reserves
2021
2020
£
£
At beginning of year
1,691,253
1,596,983
Profit/(loss) for the year
166,980
94,270
Dividends
(60,000)
-
At the end of the year
1,798,233
1,691,253
Distributable reserves
819,265
712,285
Non distributable reserves
978,968
978,968
1,798,233
1,691,253
11
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.