A H Field (Developers) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00521322 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2018

for

A H Field (Developers) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

10

DIRECTORS:

M S Hirschfield

J A Hirschfield

N P Roberts

D McNutt

SECRETARY:

J A Hirschfield

REGISTERED OFFICE:

Pinnacle House

8 Harborne Road

Edgbaston

Birmingham

West Midlands

B15 3AA

REGISTERED NUMBER:

00521322 (England and Wales)

ACCOUNTANTS:

Tomkinson Teal Limited

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

FIXED ASSETS

Tangible assets

3

561,970

549,638

Investments

4

1,609,454

1,699,463

Investment property

5

4,890,317

4,849,817

7,061,741

7,098,918

CURRENT ASSETS

Debtors

6

1,188,812

904,747

Cash at bank

7

226,021

223,104

1,414,833

1,127,851

CREDITORS

Amounts falling due within one year

8

(350,469

)

(359,810

)

NET CURRENT ASSETS

1,064,364

768,041

TOTAL ASSETS LESS CURRENT LIABILITIES

8,126,105

7,866,959

PROVISIONS FOR LIABILITIES

10

(175,300

)

(186,700

)

NET ASSETS

7,950,805

7,680,259

CAPITAL AND RESERVES

Called up share capital

11

150

150

Retained earnings

12

7,950,655

7,680,109

SHAREHOLDERS' FUNDS

7,950,805

7,680,259

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 by the Board of Directors on 26 June 2019 and were signed on its behalf by:

N P Roberts - Director

M S Hirschfield - Director

1.	STATUTORY INFORMATION

A H Field (Developers) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

There were no material departures from that standard.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% on cost

Investment property

Certain of the company's properties are held for long term investment at their carrying value, assessed for

impairment or revaluation annually by the directors according to their knowledge and experience of the

properties, their location and general economic and commercial factors.

Investment properties are accounted for in accordance with FRS 102 section 1A, as follows:

(i) No depreciation is provided in respect of investment properties and they are revalued annually. The

surplus or deficit on revaluation is recognised in the profit and loss account for the year. Any surplus on

revaluation is treated as undistributable reserves until such time as the surplus is realised, and

(ii) No depreciation is provided in respect of leasehold investment properties where the lease has over 20

years to run.

The treatment as regards to the company's investment properties may be a departure form the requirements of the

Companies Act concerning the depreciation of fixed assets. However, these properties are not held for

consumption but for investment and the directors consider that systematic annual depreciation would be

inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true

and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the

amount which might otherwise have been shown cannot be separately identified or quantified.

Fixed asset investments

Fixed asset investments are carried at market value. Where the market value is not readily available, the board

estimates market value. All revaluations of investments are reported in the Profit and loss account. Any surplus

on revaluation is treated as undistributable reserves until such time as the surplus is realised.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

3.	TANGIBLE FIXED ASSETS

Long

Fixtures

leasehold

and

Motor

improvements

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2018

509,505

153,903

171,660

835,068

Additions

-

9,880

44,672

54,552

Disposals

-

(19,570

)

(20,513

)

(40,083

)

At 31 December 2018

509,505

144,213

195,819

849,537

DEPRECIATION

At 1 January 2018

14,893

132,409

138,128

285,430

Charge for year

3,442

11,359

24,328

39,129

Eliminated on disposal

-

(19,570

)

(17,422

)

(36,992

)

At 31 December 2018

18,335

124,198

145,034

287,567

NET BOOK VALUE

At 31 December 2018

491,170

20,015

50,785

561,970

At 31 December 2017

494,612

21,494

33,532

549,638

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2018

18,841

Transfer to ownership

(18,841

)

At 31 December 2018

-

DEPRECIATION

At 1 January 2018

15,072

Transfer to ownership

(15,072

)

At 31 December 2018

-

NET BOOK VALUE

At 31 December 2018

-

At 31 December 2017

3,769

4.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST OR VALUATION

At 1 January 2018

1,699,463

Disposals

(25,599

)

Revaluations

(64,410

)

At 31 December 2018

1,609,454

NET BOOK VALUE

At 31 December 2018

1,609,454

At 31 December 2017

1,699,463

If the investments had not been included at valuation they would have been included under the historical cost

convention as follows:

2018

2017

£

£

Cost

660,032

668,902

The fixed asset investments were valued at the year end on an open market value by the directors.

Unlisted investments consist of freehold interests in ground rents.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2018

4,849,817

Revaluations

40,500

At 31 December 2018

4,890,317

NET BOOK VALUE

At 31 December 2018

4,890,317

At 31 December 2017

4,849,817

If the investment properties had not been included at valuation they would have been included under the

historical cost convention as follows:

2018

2017

£

£

Cost

3,501,530

3,501,530

The investment property portfolio was valued at the year end on an open market value by the directors.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

10,701

11,569

Amounts owed by group undertakings

1,154,100

871,372

Other debtors

8,419

1,675

Prepayments

15,592

20,131

1,188,812

904,747

7.	CASH AT BANK

At the year end, cash at bank included £223,543 (2017 - £221,152) of restricted funds which relate to tenant

deposits and sinking funds as required under the Tenant Deposit Scheme.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

-

3,780

Payments on account

125,537

94,570

Trade creditors

26,601

30,099

Corporation tax

27,119

46,656

VAT

2,593

2,831

Other creditors

30,610

42,017

Accruals and deferred income

138,009

139,857

350,469

359,810

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

-

3,780

10.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

175,300

186,700

Deferred

tax

£

Balance at 1 January 2018

186,700

Utilised during year

(11,400

)

Balance at 31 December 2018

175,300

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

150

Ordinary

£1

150

150

12.

RESERVES

Retained

earnings

£

At 1 January 2018

7,680,109

Profit for the year

270,546

At 31 December 2018

7,950,655

Included within retained earnings are unrealised undistribuable revaluations on investment amounting to

£2,338,208 (2017 - £2,378,847).

13.	CONTINGENT LIABILITIES

At the balance sheet date the company was party to cross guarantees between A. H. Field (Holdings) Limited and

A. H. Field (Overseas Investments) Limited in respect of bank borrowings of these companies. The amount

guaranteed in this way at 31 December 2018 was £39,597,550 (2017 - £37,655,150).

14.	RELATED PARTY DISCLOSURES

Rent of £29,150 (2017 - £29,150) was paid to A. H. Field Group Executive Pension Scheme. There was no

outstanding balance due to or from A. H. Field Group Executive Pension Scheme at either the beginning or end

of the financial year.

During the year, payments of £1,345,026 and receipts of £1,062,299 were transacted on behalf of A. H. Field

(Holdings) Limited, a fellow subsidiary. The balance due from A. H. Field (Holdings) Limited at the year end

was £1,154,100 (2017 - £871,372).

15.	ULTIMATE CONTROLLING PARTY

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.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of A H Field (Developers) Limited for the year ended 31 December 2018 which comprise the Profit

and loss account, Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

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.

This report is made solely to the Board of Directors of A H Field (Developers) 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 A H Field (Developers) Limited and state those matters that we have agreed to state to the Board of Directors of A H Field (Developers) 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 A H Field (Developers) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that A H Field (Developers) 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 A H Field (Developers) Limited. You consider that A H Field (Developers) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of A H Field (Developers) 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.

Tomkinson Teal Limited

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

26 June 2019