Hadstow Properties Limited - Limited company accounts 20.1

REGISTERED NUMBER: 00787861 (England and Wales)

Report of the Directors and

Unaudited Financial Statements

for the Period 1 October 2018 to 31 December 2019

for

Hadstow Properties Limited

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTORS:

Mr G H Temple

Mrs M E Temple

REGISTERED OFFICE:

15a Hill Avenue

Amersham

Bucks

HP6 5BD

REGISTERED NUMBER:

00787861 (England and Wales)

ACCOUNTANTS:

C D Nash Limited

First Floor

15a Hill Avenue

Amersham

Buckinghamshire

HP6 5BD

The directors present their report with the financial statements of the company for the period 1 October 2018 to 31 December 2019.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of a property owning company.

REVIEW OF BUSINESS

During last year and part of this period the shop premises were empty whilst a new tenant was being found. This resulted

in Legal and professional fees, a reduced rent incentive for the new tenant, repairs and maintenance of the property and

rates payable by the company. Great care was taken in selecting a suitable tenant and a new lease was agreed with Tutor

Centre which necessitated a change of use of the property which contributed to the void period. The new tenant moved

in and successfully launched their business which is a good fit for the premises. The flats continued to have high

occupancy despite many more flats coming onto the market in the vicinity. The loan relating to the fit out of the flats and

refurbishment of the building was renewed during the year on similar terms for another 5 years and resulted in another

arrangement fee.

It is expected that the business should return to a small operating profit in the next financial year despite the impact of

COVID 19.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2018 to the date of this

report.

Mr G H Temple

Mrs M E Temple

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with

applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not

approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the

company and of the profit or loss of the company for that period. In preparing these financial statements, the directors

are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for

safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Mr G H Temple - Director

11 June 2020

TURNOVER

48,020

34,611

Administrative expenses

48,342

26,921

OPERATING (LOSS)/PROFIT

(322

)

7,690

Interest receivable and similar income

29

9

(293

)

7,699

Interest payable and similar expenses

6,751

5,625

(LOSS)/PROFIT BEFORE TAXATION

(7,044

)

2,074

Tax on (loss)/profit

4

-

394

(LOSS)/PROFIT FOR THE FINANCIAL PERIOD

(7,044

)

1,680

FIXED ASSETS

Investment property

5

480,265

480,265

CURRENT ASSETS

Cash at bank

10,687

16,318

CREDITORS

Amounts falling due within one year

6

16,593

9,282

NET CURRENT (LIABILITIES)/ASSETS

(5,906

)

7,036

TOTAL ASSETS LESS CURRENT LIABILITIES

474,359

487,301

CREDITORS

Amounts falling due after more than one year

7

131,950

137,848

NET ASSETS

342,409

349,453

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

342,309

349,353

SHAREHOLDERS' FUNDS

342,409

349,453

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 11 June 2020 and were signed on its behalf by:

Mr G H Temple - Director

1.	STATUTORY INFORMATION

Hadstow 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 represents rents and costs charged to tenants during the year.

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 period 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 period 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 period was 2 (2018 - 2 ) .

4.

TAXATION

Analysis of the tax charge

The tax charge on the loss for the period was as follows:

Period

1.10.18

to

Year Ended

31.12.19

30.9.18

£

£

Current tax:

UK corporation tax

-

394

Tax on (loss)/profit

-

394

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2018

and 31 December 2019

480,265

NET BOOK VALUE

At 31 December 2019

480,265

At 30 September 2018

480,265

Fair value at 31 December 2019 is represented by:

£

Valuation in 2000

179,808

Valuation in 2012

86,542

Cost

213,915

480,265

Freehold land and buildings were valued on an open market value basis on 31 December 2019 by the directors. .

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

30.9.18

£

£

Bank loans and overdrafts

6,500

6,500

Tax

20

394

Other creditors

7,200

-

Directors' loan accounts

287

287

Accruals and deferred income

2,586

2,101

16,593

9,282

The bank loan is secured.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

30.9.18

£

£

Bank loans (secured)

131,950

137,848

Amounts falling due in more than five years:

Repayable by instalments

Bank loans (secured)

131,950

137,848

The bank loan, the aggregate total of which amounts to £138,450 ( 2018 - £144,348), is repayable by monthly

instalments of £1,177.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

30.9.18

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Within retained earnings is an amount of £266,350 (2018 £266,350) which relates to the surplus on revaluation

of investment properties, net of deferred tax. This amount is undistributable.