Hunt's (UK) Properties Limited Filleted accounts for Companies House (small and micro)

HUNT'S (UK) PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03161215

Hunt's (UK) Properties Limited

Filleted Unaudited Financial Statements

30 June 2019

Hunt's (UK) Properties Limited

Financial Statements

Year ended 30 June 2019

Contents	Pages

Balance sheet	1 to 2

Notes to the financial statements	3 to 8

Hunt's (UK) Properties Limited

Balance Sheet

30 June 2019

	2019		2018
Note	£	£	£

Fixed assets

Intangible assets	4	–	4,000
Tangible assets	5	24,514,000	24,865,272
Investments	6	1,044,642	1,044,642
		-------------	-------------
		25,558,642	25,913,914

Current assets

Debtors	7	1,224,990	1,622,585
Cash at bank and in hand		147,198	38,445
		------------	------------
		1,372,188	1,661,030

Creditors: amounts falling due within one year	8	4,660,517		5,197,518
		------------		------------
Net current liabilities			3,288,329	3,536,488
			-------------	-------------
Total assets less current liabilities			22,270,313	22,377,426

Creditors: amounts falling due after more than one year	9		2,383,667	2,517,159

Provisions

Deferred tax	2,641,881	2,814,058
	-------------	-------------
Net assets	17,244,765	17,046,209
	-------------	-------------

Hunt's (UK) Properties Limited

Balance Sheet (continued)

30 June 2019

	2019		2018
Note	£	£	£

Capital and reserves

Called up share capital	10,000	10,000
Profit and loss account	17,234,765	17,036,209
	-------------	-------------
Shareholders funds	17,244,765	17,046,209
	-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 24 June 2020 , and are signed on behalf of the board by:

Mr. David Charles Hunt
Director

Company registration number: 03161215

Hunt's (UK) Properties Limited

Notes to the Financial Statements

Year ended 30 June 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 22 West Green Road, London, N15 5NN, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% reducing balance

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Intangible assets

	Goodwill
	£
Cost
At 1 July 2018 and 30 June 2019	50,000
	--------
Amortisation
At 1 July 2018	46,000
Charge for the year	4,000
	--------
At 30 June 2019	50,000
	--------
Carrying amount
At 30 June 2019	–
	--------
At 30 June 2018	4,000
	--------

5. Tangible assets

	Investment properties
	£
Cost or valuation
At 1 July 2018	24,865,272
Additions	554,925
Revaluations	( 906,197)
	-------------
At 30 June 2019	24,514,000
	-------------
Depreciation
At 1 July 2018 and 30 June 2019	–
	-------------
Carrying amount
At 30 June 2019	24,514,000
	-------------
At 30 June 2018	24,865,272
	-------------

The Company's investment properties were valued by Savills (UK) Limited ('Savills'), a firm of Chartered Surveyors. The valuation was carried out as at 24 April 2020. Savills has principally valued the properties using the comparable and investment methods having regard to local transactional evidence and current market sentiment The historical cost of the property is £ 13,392,893

6. Investments

	Shares in group undertakings	Other investments other than loans	Total
	£	£	£
Cost
At 1 July 2018 and 30 June 2019	110,000	934,642	1,044,642
	---------	---------	------------
Impairment
At 1 July 2018 and 30 June 2019	–	–	–
	---------	---------	------------

Carrying amount
At 30 June 2019	110,000	934,642	1,044,642
	---------	---------	------------
At 30 June 2018	110,000	934,642	1,044,642
	---------	---------	------------

The director is of the opinion that investments does not require any revaluation as they currently reflect the market value.

7. Debtors

	2019	2018
	£	£
Trade debtors	2,000	86,500
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	103,420
Other debtors	1,222,990	1,432,665
	------------	------------
	1,224,990	1,622,585
	------------	------------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	133,492	125,720
Trade creditors	469,504	769,505
Amounts owed to group undertakings and undertakings in which the company has a participating interest	2,824,827	2,751,161
Corporation tax	237,204	309,044
Social security and other taxes	7,472	–
Other creditors	988,018	1,242,088
	------------	------------
	4,660,517	5,197,518
	------------	------------

9. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	1,383,667	1,517,159
Other creditors	1,000,000	1,000,000
	------------	------------
	2,383,667	2,517,159
	------------	------------

10. Related party transactions

The company's transactions with related party is summarised below: HUNT'S HOLDINGS LIMITED Hunt's Holdings Limited is the parent company of Hunt's (UK) Properties Limited . Loan repayments made to Hunt's Holdings Limited amounted to £809,284 (2018-£899,991) and advances received from Hunt's Holdings Limited amounted to £370,000 (2018-£443,902). Expenses paid on behalf of Hunt's Holdings Limited amounted to £15,880(2018-£9,500). Interest payable for the year amounted to £68,880 (2018-£80,131). Dividends paid for the year amounted to £70,000 (2018-£70,000). At the year end, amount owed to Hunt's Holdings Limited was £2,364,877 (2018-£2,751,161).

11. Controlling party

The company is wholly owned by Hunt's Holdings Limited, a company registered in England and Wales. The parent company is not required to prepare group accounts under Section 398 of the Companies Act 2006. Copies of the accounts of the companies within the group can be obtained at 22 West Green Road, London, N15 5NN.