Company Registration No. 08745143 (England and Wales)
HAZLEWELL (RICHMOND) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
PAGES FOR FILING WITH REGISTRAR
HAZLEWELL (RICHMOND) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
HAZLEWELL (RICHMOND) LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2017
31 October 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investments
2
-
983,777
Current assets
Debtors
3
205,088
744,795
Cash at bank and in hand
575,372
809
780,460
745,604
Creditors: amounts falling due within one year
4
(16,670)
(995,279)
Net current assets/(liabilities)
763,790
(249,675)
Total assets less current liabilities
763,790
734,102
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
763,789
734,101
Total equity
763,790
734,102
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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
.
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 15 July 2018 and are signed on its behalf by:
Mr A R Gibbons
Director
Company Registration No. 08745143
HAZLEWELL (RICHMOND) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2017
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2015
1
134,451
134,452
Year ended 31 October 2016:
Profit and total comprehensive income for the year
-
599,650
599,650
Balance at 31 October 2016
1
734,101
734,102
Year ended 31 October 2017:
Profit and total comprehensive income for the year
-
29,688
29,688
Balance at 31 October 2017
1
763,789
763,790
HAZLEWELL (RICHMOND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
- 3 -
1
Accounting policies
Company information
Hazlewell (Richmond) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
66 Prescot Street, London, E1 8NN.
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.
These financial statements for the year ended 31 October 2017
are the
first
financial statements of Hazlewell (Richmond) 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 November 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover represents an allocation of profits from a trading LLP.
1.3
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include deposits held at call with banks
.
1.4
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 balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors 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.
HAZLEWELL (RICHMOND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
1
Accounting policies
(Continued)
- 4 -
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
Basic financial liabilities
Basic financial liabilities, including creditors,
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.6
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.
HAZLEWELL (RICHMOND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The
re is no necessity to provide for deferred tax in these financial statements.
2
Fixed asset investments
2017
2016
£
£
Investments
-
983,777
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 November 2016
983,777
Disposals
(983,777)
At 31 October 2017
-
Carrying amount
At 31 October 2017
-
At 31 October 2016
983,777
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
205,088
744,795
4
Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
7,152
149,912
Other creditors
9,518
845,367
16,670
995,279
HAZLEWELL (RICHMOND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
- 6 -
5
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1
1
1
6
Directors' transactions
At the balance sheet date the the directors were owed £7,238 (2016: £843,087) by the company.