REGISTERED NUMBER:
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Lower Hope Investments Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 December 2020 |
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REGISTERED NUMBER:
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Lower Hope Investments Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 December 2020 |
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Lower Hope Investments Limited (Registered number: 10843676) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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Lower Hope Investments Limited |
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Company Information |
for the Year Ended 31 December 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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trading as The Hutchinson Partnership |
Chartered Accountants |
The Bull Pen |
Grove Farm |
Portway, Burghill |
Hereford |
HR4 8NF |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Lower Hope Investments Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lower Hope Investments Limited for the year ended 31 December 2020 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Lower Hope Investments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lower Hope Investments Limited and state those matters that we have agreed to state to the Board of Directors of Lower Hope Investments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lower Hope Investments Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Lower Hope Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lower Hope Investments Limited. You consider that Lower Hope Investments Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Lower Hope Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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trading as The Hutchinson Partnership |
Chartered Accountants |
The Bull Pen |
Grove Farm |
Portway, Burghill |
Hereford |
HR4 8NF |
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Lower Hope Investments Limited (Registered number: 10843676) |
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Balance Sheet |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Allotted, issued and fully |
paid share capital |
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Non-distributable reserves | 10 |
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Retained earnings | 10 |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Lower Hope Investments Limited (Registered number: 10843676) |
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Balance Sheet - continued |
31 December 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Lower Hope Investments Limited (Registered number: 10843676) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Lower Hope Investments Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The main assets of the company are its investments. Whilst in the short-term, the value of the investment portfolio held had fallen, the longer-term view is that markets will recover. Cash reserves are sufficient to cover operating expenses for the foreseeable future and the directors confirm the company's ability to continue as a going concern. The situation will be kept under review by the directors as part of the risk management process. |
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Preparation of consolidated financial statements |
The financial statements contain information about Lower Hope Investments Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Intangible assets |
The Irish Rugby Football Union debenture is amortised over its remaining life which ends on 31 December 2023 on a straight line basis. |
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The MCC debenture and net present value of the 73 year loan are amortised over the period when tickets can be acquired being 6 years from 1 January 2021. |
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Tangible fixed assets |
The company's tangible fixed assets were disposed of in the year having been written down to a £nil net book value in the previous year. |
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Investments in subsidiaries |
Investments in subsidiaries are held at valuation. As each of the companies' only asset or liability is a balance due to Lower Hope Investments Limited this balance is used as the valuation. |
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Fixed asset investments |
Listed investments are valued at market value. |
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Unlisted investments are valued by the directors based on estimated market value or realisable value. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Lower Hope Investments Limited (Registered number: 10843676) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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3. | EMPLOYEES |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 January 2020 |
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Additions |
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At 31 December 2020 |
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AMORTISATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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Lower Hope Investments Limited (Registered number: 10843676) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2020 |
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Disposals | ( |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Eliminated on disposal | ( |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group | Listed | Unlisted |
undertakings | investments | investments | Totals |
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COST OR VALUATION |
At 1 January 2020 |
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6,087,345 |
Additions |
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1,937,209 |
Disposals |
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Revaluations |
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At 31 December 2020 |
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6,897,921 |
NET BOOK VALUE |
At 31 December 2020 |
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6,897,921 |
At 31 December 2019 |
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6,087,345 |
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Listed investments originally cost £4,529,453. |
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Unlisted investments originally cost £778,346. |
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The above cost figures are the costs for tax purposes. |
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Shares in group undertakings originally cost £717,110. |
Lower Hope Investments Limited (Registered number: 10843676) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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7. | DEBTORS |
2020 | 2019 |
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Amounts falling due within one year: |
Trade debtors |
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Amounts owed by participating interests | 675,000 | 675,000 |
S455 tax | 16,949 | 12,479 |
Corporation tax | - | 6 |
Directors' current accounts | - | 164,229 |
Deferred tax asset |
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Prepayments |
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Amounts falling due after more than one year: |
S455 tax | - | 16,949 |
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Aggregate amounts |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to participating interests | 170,006 | 170,006 |
Directors' current accounts | 1,568 | - |
Accruals and deferred income |
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9. | PROVISIONS FOR LIABILITIES |
2020 |
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Deferred tax |
Trading losses and management |
expenses | (93,667 | ) |
Chargeable losses | (97,373 | ) |
Investment valuations | 259,332 |
68,292 |
Lower Hope Investments Limited (Registered number: 10843676) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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9. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1 January 2020 | ( |
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Investment valuation | 242,813 |
Chargeable losses | (74,088 | ) |
Trading losses | 4,069 |
Management expenses | (25,223 | ) |
Balance at 31 December 2020 |
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10. | RESERVES |
Retained | Non-distributable |
earnings | reserves | Totals |
£ | £ | £ |
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At 1 January 2020 |
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6,906,850 |
Profit for the year |
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Transfers | (1,150,374 | ) | 1,150,374 | - |
At 31 December 2020 |
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7,579,009 |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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At the year end £1,568 was due to the directors (2019: £164,229 due from directors) including interest charged at 2.5% of £564 (2019: £1,858) in the period in which the loan was overdrawn. |
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12. | RELATED PARTY DISCLOSURES |
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During the year ended 31 December 2018 a reorganisation of companies under common control was carried out with the companies becoming subsidiaries following a share for share exchange. The assets and liabilities of the subsidiary companies was transferred into Lower Hope Investments Limited by way of loans from subsidiaries. At 31 December 2018 £7,813,783 was due to the subsidiaries. Dividends of £7,643,777 were paid by the subsidiaries in the year ended 31 December 2019 which were used to repay the loans leaving loans of £170,006 due to the subsidiaries. |
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As part of the reorganisation loans to other entities controlled by the directors became due to Lower Hope Investments Limited in the year ended 31 December 2018. One loan for £675,000 is still outstanding. This is interest free and repayable on demand. |
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13. | POST BALANCE SHEET EVENTS - COVID-19 IMPACT |
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On 16 April 2021, WSC Richards CBE OBE KSG DL, one of the directors and shareholders of the company, died. The remaining directors and executors of his estate have already put in place procedures to ensure the continued effective management of the company and its activities. |