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Registered number: 00620908
HUNTING GATE GROUP LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
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HUNTING GATE GROUP LIMITED
Company Information
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H J H Bandet - (President)
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HUNTING GATE GROUP LIMITED
Registered number: 00620908
Consolidated balance sheet
As at 31 December 2018
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Equity attributable to owners of the parent Company
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
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.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The Company has opted not to file the consolidated profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 March 2019.
The notes on pages 3 to 7 form part of these financial statements.
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HUNTING GATE GROUP LIMITED
Registered number: 00620908
Company balance sheet
As at 31 December 2018
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
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.
The Company's financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the consolidated profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 March 2019.
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HUNTING GATE GROUP LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
Hunting Gate Group Limited is a private limited company, incorporated in the United Kingdom and registered in England and Wales. The Company's registered office is 3rd Floor, 12 Gough Square, London, EC4A 3DW.
The principal activities of the group are property development, investment and management which are regarded by the directors as a single class of business.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of Hunting Gate Group Limited and all of its subsidiary undertakings ('subsidiaries') as if they form a single entity. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over five years from the year of acquisition. The results of companies acquired or disposed off are included in the profit and loss account after or up to the date the control passes respectively.
Turnover comprises the total proceeds of building and development on which profit has been taken, and amounts are invoiced for other activities.
Investment property is initially recognised on acquisition at cost, including related acquisition costs, and is revalued annually by a professionally qualified director to reflect fair value. Fair value is derived from current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and loss account.
Investments in subsidiaries are measured at cost less accumulated impairment.
Land and work in progress are stated at the lower of cost and net realisable value. Cost includes attributable overheads and interest, where applicable.
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HUNTING GATE GROUP LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
2.Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. .
The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated profit and loss account.
Basic financial instruments, including trade and other creditors are recognised at transaction price, less any impairment.
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Both current and deferred tax is determined using tax rates and laws that have been enacted or substantially enacted by the balance sheet date.
The average monthly number of employees, including directors, during the year was 2 (2017: 2).
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HUNTING GATE GROUP LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
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All investment properties have been revalued in accordance with a valuation carried out on the 31 December 2018 by Mr J P Walters, a chartered surveyor and a director of the company. The basis of the valuation was open market valuation.
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HUNTING GATE GROUP LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
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The following were subsidiary undertakings of the Company:
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Hunting Gate Developments Limited
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Hunting Gate Investments Limited
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Investments in subsidiary companies
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HUNTING GATE GROUP LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Profit & loss account
Included in the consolidated profit and loss account are non-distributable reserves of £1,800,791 (2017: £1,800,791).
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