Company Registration No. 09217096 (England and Wales)
STANLEY HATTERSLEY PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
PAGES FOR FILING WITH REGISTRAR
STANLEY HATTERSLEY PROPERTY LIMITED
CONTENTS
Page
Statement of comprehensive income
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
STANLEY HATTERSLEY PROPERTY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 1 -
2018
2017
£
£
Profit for the year
5,542
4,919
Other comprehensive income
Revaluation of tangible fixed assets
35,000
40,000
Total comprehensive income for the year
40,542
44,919
STANLEY HATTERSLEY PROPERTY LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2018
30 September 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Investment properties
3
660,000
625,000
Current assets
Debtors
4
44
-
Cash at bank and in hand
22,726
16,397
22,770
16,397
Creditors: amounts falling due within one year
5
(199,641)
(198,810)
Net current liabilities
(176,871)
(182,413)
Total assets less current liabilities
483,129
442,587
Creditors: amounts falling due after more than one year
6
(310,256)
(310,256)
Net assets
172,873
132,331
Capital and reserves
Called up share capital
8
100
100
Revaluation reserve
165,122
130,122
Profit and loss reserves
7,651
2,109
Total equity
172,873
132,331
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 30 September 2018 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.
STANLEY HATTERSLEY PROPERTY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2018
30 September 2018
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 24 June 2019 and are signed on its behalf by:
Mr J Nutley
Director
Company Registration No. 09217096
STANLEY HATTERSLEY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 4 -
1
Accounting policies
Company information
Stanley Hattersley Property Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Old Fox, 9 The Green, Mentmore, Leighton Buzzard, Beds, LU7 0QF.
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.
This company is a qualifying entity for the purposes of FRS 102
. T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares
;
-
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash
f
low and related notes and disclosures
;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements
;
-
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel
.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
STANLEY HATTERSLEY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 5 -
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
Cash at bank and in hand
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.
1.5
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.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
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, 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.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
STANLEY HATTERSLEY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 6 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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 probable 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 difference 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).
3
Investment property
2018
£
Fair value
At 1 October 2017
625,000
Revaluations
35,000
At 30 September 2018
660,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors.The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
STANLEY HATTERSLEY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
3
Investment property
(Continued)
- 7 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2018
2017
£
£
Cost
494,878
494,878
Accumulated depreciation
-
-
Carrying amount
494,878
494,878
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
44
-
5
Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
1,300
498
Other creditors
196,541
196,541
Accruals and deferred income
1,800
1,771
199,641
198,810
STANLEY HATTERSLEY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 8 -
6
Creditors: amounts falling due after more than one year
2018
2017
Notes
£
£
Other borrowings
7
310,256
310,256
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
310,256
310,256
7
Loans and overdrafts
2018
2017
£
£
Other loans
310,256
310,256
Payable after one year
310,256
310,256
The long-term loans are secured by fixed charges over company's investment properties.
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100