Company registration number 12572300 (England and Wales)
HANSARD STEWART INVESTMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
PAGES FOR FILING WITH REGISTRAR
HANSARD STEWART INVESTMENTS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HANSARD STEWART INVESTMENTS LTD
BALANCE SHEET
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
2
447,305
1,177,008
Current assets
Debtors
3
1,588,263
1,264,898
Cash at bank and in hand
492,741
16,222
2,081,004
1,281,120
Creditors: amounts falling due within one year
4
(2,457,993)
(2,305,686)
Net current liabilities
(376,989)
(1,024,566)
Net assets
70,316
152,442
Capital and reserves
Called up share capital
5
1,000
1,000
Hedging reserve
85,761
Profit and loss reserves
69,316
65,681
Total equity
70,316
152,442
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
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 and signed by the director and authorised for issue on 27 July 2023
Mr S M Goddard
Director
Company Registration No. 12572300
HANSARD STEWART INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
- 2 -
1
Accounting policies
Company information
Hansard Stewart Investments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Old Vicarage, High Street, Sevenoaks, Kent, TN13 1JD.
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 amounts 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.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.3
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.
1.4
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.
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.
HANSARD STEWART INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 3 -
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 payments 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. Amounts 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.
1.5
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.
1.6
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.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
HANSARD STEWART INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 4 -
2
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
91
91
Other investments other than loans
447,214
1,176,917
447,305
1,177,008
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 August 2021
91
1,176,917
1,177,008
Additions
-
312,664
312,664
Valuation changes
-
(93,793)
(93,793)
Disposals
-
(948,574)
(948,574)
At 31 July 2022
91
447,214
447,305
Carrying amount
At 31 July 2022
91
447,214
447,305
At 31 July 2021
91
1,176,917
1,177,008
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Corporation tax recoverable
146,121
Amounts owed by group undertakings
53,049
16,638
Other debtors
693,235
294
892,405
16,932
2022
2021
Amounts falling due after more than one year:
£
£
Other debtors
695,858
1,247,966
Total debtors
1,588,263
1,264,898
HANSARD STEWART INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 5 -
4
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
2,625
Amounts owed to group undertakings
90
90
Corporation tax
146,437
9,416
Other creditors
2,308,841
2,296,180
2,457,993
2,305,686
5
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
6
Related party transactions
During the year, the following related party transactions took place:
Included in amounts owed by group undertakings is an amount of £53,049 (2021:£16,638) due from Pension Playpen Limited, a company in which the director has an interest.
Included in other debtors falling due after more than one year is an amount of £695,858 (2021:£1,247,966) due from HSI Birmingham Limited, a company in which the director has an interest.
Included in other creditors is an amount of £2,304,281 (2021:£2,294,860) due to Goddard Perry Holdings Ltd, a company in which the director has an interest.
7
Directors' transactions
Included in other debtors is an amount of £682,950 due to the company from the director.