Helvellyn Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02328290 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

Helvellyn Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J D Aitchison

Mrs R Aitchison

SECRETARY:

J D Aitchison

REGISTERED OFFICE:

The Old Rectory

Duncton

Petworth

West Sussex

GU28 0JZ

REGISTERED NUMBER:

02328290 (England and Wales)

ACCOUNTANTS:

Maximus Accountancy Services Limited

47 Kensington Road

Chichester

West Sussex

PO19 7XS

FIXED ASSETS

Tangible assets

4

693

1,110

Investment property

5

2,020,000

2,215,000

2,020,693

2,216,110

CURRENT ASSETS

Debtors

6

32,213

167,000

Cash at bank

1,928,519

1,982,478

1,960,732

2,149,478

CREDITORS

Amounts falling due within one year

7

80,613

222,813

NET CURRENT ASSETS

1,880,119

1,926,665

TOTAL ASSETS LESS CURRENT LIABILITIES

3,900,812

4,142,775

CREDITORS

Amounts falling due after more than one year

8

(274,459

)

(308,342

)

PROVISIONS FOR LIABILITIES

(32,000

)

(22,000

)

NET ASSETS

3,594,353

3,812,433

CAPITAL AND RESERVES

Called up share capital

10

20,668

20,668

Share premium

1,028,835

1,028,835

Fair value reserve

11

202,551

407,551

Retained earnings

2,342,299

2,355,379

SHAREHOLDERS' FUNDS

3,594,353

3,812,433

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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30 September 2019 and were signed on its behalf by:

J D Aitchison - Director

1.	STATUTORY INFORMATION

Helvellyn 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 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.

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.

Fixtures and fittings

-

25% on cost

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.

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.

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 4 (2017 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2018

21,969

Additions

364

At 31 December 2018

22,333

DEPRECIATION

At 1 January 2018

20,859

Charge for year

781

At 31 December 2018

21,640

NET BOOK VALUE

At 31 December 2018

693

At 31 December 2017

1,110

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2018

2,215,000

Revaluations

(195,000

)

At 31 December 2018

2,020,000

NET BOOK VALUE

At 31 December 2018

2,020,000

At 31 December 2017

2,215,000

Fair value at 31 December 2018 is represented by:

£

Valuation in 2018

2,020,000

The valuations were made by qualified members of the Royal Institute of Chartered Surveyors, who are

unconnected with the company, on an open market value for existing use basis. The historical cost of the

investment properties was £1,807,449 (2017: £1,807,449). All of the assets included in investment property are

held for letting to tenants under operating leases.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

7,748

16,105

Other debtors

24,465

150,895

32,213

167,000

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

33,996

32,833

Trade creditors

15,833

1,956

Taxation and social security

2,934

155,417

Other creditors

27,850

32,607

80,613

222,813

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

274,459

308,342

Amounts falling due in more than five years:

Repayable by instalments

Bank loans payable over more than five years by instalments

274,459

308,342

Bank loans include instalments not wholly repayable within five years amounting to £125,944 (2017 £164,911).

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

308,455

341,175

The bank loan is secured by a fixed charge over the company's investment properties.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

20,668

Ordinary

£1

20,668

20,668

11.

RESERVES

Fair

value

reserve

£

At 1 January 2018

407,551

Transfer between fair value reserve and retained earnings

(205,000

)

At 31 December 2018

202,551

The transfer from the fair value reserve to retained earnings is the change in fair values in the year together with

the attributable movement in the deferred tax provision.

12.	RELATED PARTY DISCLOSURES

At the year Helvellyn Properties Limited was owed £10,657 (2017: £119,407) by Parlison Properties Limited, a

company under common control.

13.	ULTIMATE CONTROLLING PARTY

At the balance sheet date the company was jointly controlled by J D Aitchison and A J McParland.