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

REGISTERED NUMBER: 01263613 (England and Wales)

Hodson Properties Limited

Financial Statements

for the Year Ended 31 May 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R P Hodson

Mrs S A Hodson

Mr R C Hodson

Mr W G Hodson

Mr S B Benev

SECRETARY:

Mr R P Hodson

REGISTERED OFFICE:

33 George Street

Wakefield

West Yorkshire

WF1 1LX

REGISTERED NUMBER:

01263613 (England and Wales)

ACCOUNTANTS:

Jolliffe Cork LLP

Chartered Accountants

33 George Street

Wakefield

West Yorkshire

WF1 1LX

FIXED ASSETS

Tangible assets

4

13,172

17,081

Investment property

5

2,195,000

2,595,000

2,208,172

2,612,081

CURRENT ASSETS

Stocks

60,934

655,506

Debtors

6

64,000

154,507

Cash at bank

65,336

22,534

190,270

832,547

CREDITORS

Amounts falling due within one year

7

81,909

823,896

NET CURRENT ASSETS

108,361

8,651

TOTAL ASSETS LESS CURRENT LIABILITIES

2,316,533

2,620,732

CREDITORS

Amounts falling due after more than one year

8

(300,000

)

(300,000

)

PROVISIONS FOR LIABILITIES

(15,869

)

(31,741

)

NET ASSETS

2,000,664

2,288,991

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

2,000,564

2,288,891

SHAREHOLDERS' FUNDS

2,000,664

2,288,991

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 12 November 2019 and were signed on its behalf by:

Mr R P Hodson - Director

1.	STATUTORY INFORMATION

Hodson 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.

The functional and presentation currency for the company is the pound sterling (£). All financial information presented has

been rounded to the nearest (£), unless otherwise stated.

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 in respect of rents receivable is recognised on an accruals basis.

Turnover in respect of property development is recognised once the sale has legally completed.

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 reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on cost

Fixed assets are initially recorded at 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.

Fair value has been determined by the directors having taken the appropriate professional advice and based on similar

properties in the local area.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are

charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - 1 ).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 June 2018

76,279

4,800

532

81,611

Additions

481

-

-

481

At 31 May 2019

76,760

4,800

532

82,092

DEPRECIATION

At 1 June 2018

62,723

1,275

532

64,530

Charge for year

3,509

881

-

4,390

At 31 May 2019

66,232

2,156

532

68,920

NET BOOK VALUE

At 31 May 2019

10,528

2,644

-

13,172

At 31 May 2018

13,556

3,525

-

17,081

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2018

2,595,000

Revaluations

(400,000

)

At 31 May 2019

2,195,000

NET BOOK VALUE

At 31 May 2019

2,195,000

At 31 May 2018

2,595,000

The investment property has been stated at its fair value as determined by the directors.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

64,000

6,000

Other debtors

-

140,000

VAT

-

8,507

64,000

154,507

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

-

472,023

Trade creditors

1,950

20,035

Tax

47,587

4,174

Social security and other taxes

1,294

-

VAT

473

-

Other creditors

-

11,772

Directors' current accounts

28,153

314,142

Accruals and deferred income

2,452

1,750

81,909

823,896

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans due after more than one year

300,000

300,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdraft

-

472,023

Bank loans

300,000

300,000

300,000

772,023

The bank borrowings are secured by way of a fixed and floating charge over the company and all property and assets,

present and future.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Included within retained earnings is £762,700 which is non-distributable as it is in respect of the cumulative fair value gains

on the investment properties of the company.

12.	RELATED PARTY DISCLOSURES