Hebron & Medlock Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00352913 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2018

for

HEBRON & MEDLOCK PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P J Medlock

D J Medlock

SECRETARY:

P Phipps

REGISTERED OFFICE:

St George's Lodge

33 Oldfield Road

Bath

Somerset

BA2 3NE

REGISTERED NUMBER:

00352913 (England and Wales)

ACCOUNTANTS:

Haines Watts

Bath House

6-8 Bath Street

Bristol

BS1 6HL

FIXED ASSETS

Investment property

4

1,600,000

1,600,000

CURRENT ASSETS

Debtors

5

157,020

6,667

Cash at bank

134,656

2,995

291,676

9,662

CREDITORS

Amounts falling due within one year

6

213,670

1,094,699

NET CURRENT ASSETS/(LIABILITIES)

78,006

(1,085,037

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,678,006

514,963

CREDITORS

Amounts falling due after more than one year

7

(1,000,000

)

-

PROVISIONS FOR LIABILITIES

9

(11,028

)

(43,784

)

NET ASSETS

666,978

471,179

CAPITAL AND RESERVES

Called up share capital

10

65,721

65,721

Capital redemption reserve

34,854

34,854

Fair value reserve

369,086

369,086

Retained earnings

197,317

1,518

SHAREHOLDERS' FUNDS

666,978

471,179

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors on 18 July 2019 and were signed on its behalf by:

D J Medlock - Director

1.	COMPANY INFORMATION

Hebron & Medlock Properties Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small

Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and

Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

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 on the historical cost convention. The principal accounting

policies adopted are set out below.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company

has adequate resources to continue in operational existence for the foreseeable future. Thus the directors

continue to adopt the going concern basis of accounting in preparing the financial statements.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes

in fair value is recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents 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.

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 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, which include trade and other debtors, amounts due from group undertakings and cash

and bank balances, are initially measured at transaction price including transaction costs and are subsequently

carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows

from the asset expire or are settled, or when the company transfers the financial asset and substantially all the

risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are

retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an

unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial

liabilities are derecognised when, and only when, the company's contractual obligations are discharged,

cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 3 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2017

and 31 October 2018

1,600,000

NET BOOK VALUE

At 31 October 2018

1,600,000

At 31 October 2017

1,600,000

Fair value at 31 October 2018 is represented by:

£

Valuation in 2016

619,086

Valuation in 2017

(250,000

)

Cost

1,230,914

1,600,000

If investment property had not been revalued it would have been included at the following historical cost:

2018

2017

£

£

Cost

1,230,914

1,230,914

In the opinion of the directors, the fair value of investment property at 31 October 2018 was £1,600,000.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

125,000

6,667

Prepayments and accrued income

32,020

-

157,020

6,667

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

6,425

-

Amounts owed to group undertakings

-

991,334

Tax

43,517

65

VAT

465

12,448

Other creditors

91,087

79,185

Accruals and deferred income

72,176

11,667

213,670

1,094,699

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Other creditors

1,000,000

-

The loan of £1,000,000 is repayable in whole after more than 5 years.

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Other creditors

1,003,185

-

Included in other creditors is a loan in the sum of £1,003,185 with Chatleigh Limited. The loan is secured by a

charge over the company's investment property.

9.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

11,028

43,784

Deferred

tax

£

Balance at 1 November 2017

43,784

Credit to Income Statement during year

(32,756

)

Balance at 31 October 2018

11,028

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

261,682

Ordinary shares

£ 0.2

5

65,421

65,421

1

Deferred shares

£ 300

300

300

65,721

65,721

11.	CONTINGENT LIABILITIES

The company is party to an Omnibus Guarantee and Set-Off Agreement dated 20 November 2012 in favour of

the company's bankers covering all companies in the group headed by Hebron & Medlock Limited. At 31

October 2018 the potential liability was £nil (2017: £nil).

12.	RELATED PARTY DISCLOSURES

The company's directors are also directors of Hebron & Medlock Limited. During the year the company repaid

the loan of £991,334 to Hebron & Medlock Limited and advanced a loan to Hebron & Medlock Limited of

£125,000. At the year end Hebron & Medlock Limited owed the company £125,000 (2017: CR £991,334). The

loan is interest free and has no set date of repayment.