Company Registration No. 09649581 (England and Wales)
HART FAMILY PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
PAGES FOR FILING WITH REGISTRAR
HART FAMILY PROPERTIES LIMITED
COMPANY INFORMATION
Directors
Mr J Hart
Mrs S Hart
Company number
09649581
Registered office
Little Rudding
Ross Mill Lane
Hale Barns
Cheshire
WA15 0AH
Accountants
Bennett Verby Limited
7 St Petersgate
Stockport
Cheshire
SK1 1EB
HART FAMILY PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
HART FAMILY PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2017
30 June 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
2
1,442,564
1,201,213
Current assets
Debtors
3
73,493
91,587
Cash at bank and in hand
45,232
101,148
118,725
192,735
Creditors: amounts falling due within one year
4
(954,732)
(780,497)
Net current liabilities
(836,007)
(587,762)
Total assets less current liabilities
606,557
613,451
Creditors: amounts falling due after more than one year
5
(597,447)
(613,062)
Net assets
9,110
389
Capital and reserves
Called up share capital
6
6
6
Profit and loss reserves
9,104
383
Total equity
9,110
389
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 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
HART FAMILY PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2017
30 June 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 January 2018 and are signed on its behalf by:
Mr J Hart
Director
Company Registration No. 09649581
HART FAMILY PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2017
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 20 June 2015
-
-
-
Period ended 30 June 2016:
Profit and total comprehensive income for the period
-
383
383
Issue of share capital
6
6
-
6
Balance at 30 June 2016
6
383
389
Period ended 30 June 2017:
Profit and total comprehensive income for the period
-
28,721
28,721
Dividends
-
(20,000)
(20,000)
Balance at 30 June 2017
6
9,104
9,110
HART FAMILY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
- 4 -
1
Accounting policies
Company information
Hart Family Properties Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Little Rudding, Ross Mill Lane, Hale Barns, Cheshire, WA15 0AH.
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 at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 June 2017
are the
first
financial statements of Hart Family Properties 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 20 June 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Reporting period
These financial statements are for the year ended 30 June 2017. The comparative information is for the period from the date of incorporation of the company on 20 June 2015 to 30 June 2016,
1.3
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 are recoverable.
1.4
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.
HART FAMILY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 5 -
1.5
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.
1.6
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.
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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
HART FAMILY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 6 -
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
Investment property
2017
£
Fair value
At 1 July 2016
1,201,213
Additions
241,351
At 30 June 2017
1,442,564
The valuations of investment properties were made as at 30 June 2017 by Mr J Hart, director, on an open market basis.
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
4,432
356
Other debtors
69,061
91,231
73,493
91,587
HART FAMILY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 7 -
4
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
26,218
25,773
Trade creditors
1,799
966
Corporation tax
7,069
201
Other creditors
919,646
753,557
954,732
780,497
Bank loans of £26,218 (2016 £25,773) are secured.
5
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
597,447
613,062
Bank loans of £597,447 (2016 £613,062) are secured.
Amounts included above which fall due after five years are as follows:
Payable by instalments
492,576
509,973
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
6 Ordinary A,B,C,D,E & F of £1 each
6
6
6
6
7
Related party transactions
Included in creditors is a loan of £910,000 (2016 £750,000) from Mr J Hart and Mrs S Hart, directors.