H L Smith (Holdings) Ltd - Period Ending 2019-01-31

H L Smith (Holdings) Ltd

Annual Report and Unaudited Financial Statements
Year Ended 31 January 2019

Registration number: 01635728

H L Smith (Holdings) Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 10

H L Smith (Holdings) Ltd

Company Information

Directors

R J Morse E Morse E J Morse B Morse T Commins

Registered office

Lowin House Tregolls Road Truro TR1 2NA

Accountants

Francis Clark LLP Lowin House Tregolls Road Truro TR1 2NA

Page 1

H L Smith (Holdings) Ltd

Balance Sheet

31 January 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	305	610
Investment property	5	1,201,178	1,201,178
Investments	6	140	140
		1,201,623	1,201,928
Current assets
Debtors	7	23,998	17,174
Cash at bank and in hand		73,268	24,057
		97,266	41,231
Creditors: Amounts falling due within one year	8	(345,400)	(352,685)
Net current liabilities		(248,134)	(311,454)
Total assets less current liabilities		953,489	890,474
Creditors: Amounts falling due after more than one year	8	(94,350)	(122,854)
Net assets		859,139	767,620
Capital and reserves
Called up share capital		102	102
Profit and loss account		859,037	767,518
Total equity		859,139	767,620

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 2

H L Smith (Holdings) Ltd

Balance Sheet

31 January 2019

For the financial year ending 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 October 2019 and signed on its behalf by:
 

......................................... R J Morse Director

Company Registration Number: 01635728

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 3

H L Smith (Holdings) Ltd

Notes to the Financial Statements

Year Ended 31 January 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lowin House
Tregolls Road
Truro
TR1 2NA

The principal place of business is:
1 Upper Castle Road
St Mawes
TR2 5BZ

These financial statements were authorised for issue by the Board on 28 October 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received from film and television production work in the UK and Europe. Revenue is recognised on a monthly basis once services have been carried out. In addition turnover also includes rents receivable from residential and commercial property.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Page 4

H L Smith (Holdings) Ltd

Notes to the Financial Statements

Year Ended 31 January 2019

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer equipment	25% Straight line

Page 5

H L Smith (Holdings) Ltd

Notes to the Financial Statements

Year Ended 31 January 2019

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.



 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2018 - 4).

Page 6

H L Smith (Holdings) Ltd

Notes to the Financial Statements

Year Ended 31 January 2019

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 February 2018	5,508	5,508
At 31 January 2019	5,508	5,508
Depreciation
At 1 February 2018	4,898	4,898
Charge for the year	305	305
At 31 January 2019	5,203	5,203
Carrying amount
At 31 January 2019	305	305
At 31 January 2018	610	610

5	Investment properties

	2019 £
At 1 February	1,201,178

There has been no valuation of investment property by an independent valuer.

6	Investments

	2019 £	2018 £
Investments in subsidiaries	100	100
Investments in associates	40	40
	140	140

Subsidiaries	£
Cost or valuation
At 1 February 2018 and 31 January 2017	100
Carrying amount
At 31 January 2019	100
At 31 January 2018	100

Page 7

H L Smith (Holdings) Ltd

Notes to the Financial Statements

Year Ended 31 January 2019

Associates	£
Cost
At 1 February 2018	40
Carrying amount
At 31 January 2019	40
At 31 January 2018	40

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2019	2018
Subsidiary undertakings
Berkshire Property Development Limited	Lowin House, Tregolls Road, Truro, TR1 2NA	Ordinary shares	100%	100%
	England

Associates
H L Smith Securities Limited	57 London Rd, High Wycombe, Buckinghamshire, HP11 1BS	Ordinary shares	40%	40%
	England

The principal activity of Berkshire Property Development Limited is property development.

Page 8

H L Smith (Holdings) Ltd

Notes to the Financial Statements

Year Ended 31 January 2019

7

Debtors

	2019  £	2018  £
Trade debtors	13,724	3,724
Other debtors	7,496	10,063
Prepayments	2,778	3,387
	23,998	17,174

8

Creditors

Creditors: amounts falling due within one year

	Note	2019  £	2018  £
Due within one year
Loans and borrowings	9	28,504	27,146
Trade creditors		149	32
Amounts due to group undertakings	10	227,889	272,824
Corporation tax		8,827	7,216
Social security and other taxes		3,151	-
Other creditors		67,612	36,618
Accrued expenses		9,268	8,849
		345,400	352,685

Creditors: amounts falling due after more than one year

	Note	2019 £	2018 £
Due after one year
Loans and borrowings	9	94,350	122,854

Page 9

H L Smith (Holdings) Ltd

Notes to the Financial Statements

Year Ended 31 January 2019

9	Loans and borrowings

	2019 £	2018 £
Loans and borrowings due after one year
Bank borrowings	94,350	122,854

	2019 £	2018 £
Current loans and borrowings
Bank borrowings	28,504	27,146

10	Related party transactions

Advances to directors

2019	At 1 February 2018 £	Advances to director £	Repayments by director £	At 31 January 2019 £
E Morse
Interest fee loan, repayable on demand	(20)	755	-	735
E J Morse
Interest free loan, repayable on demand	(20)	55	-	35

2018	At 1 February 2017 £	Advances to director £	Repayments by director £	At 31 January 2018 £
E Morse
Interest fee loan, repayable on demand	(20)	-	-	(20)
E J Morse
Interest free loan, repayable on demand	(20)	-	-	(20)

Page 10