HFH Developments Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10337447 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2020

for

HFH Developments Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs S Ottley

E J Ottley

REGISTERED OFFICE:

Eldo House

Kempson Way

Bury St Edmunds

Suffolk

IP32 7AR

REGISTERED NUMBER:

10337447 (England and Wales)

ACCOUNTANTS:

Knights Lowe Chartered Accountants

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

FIXED ASSETS

Investment property

4

200,000

101,391

CREDITORS

Amounts falling due within one year

5

111,368

103,231

NET CURRENT LIABILITIES

(111,368

)

(103,231

)

TOTAL ASSETS LESS CURRENT LIABILITIES

88,632

(1,840

)

PROVISIONS FOR LIABILITIES

6

17,690

-

NET ASSETS/(LIABILITIES)

70,942

(1,840

)

CAPITAL AND RESERVES

Called up share capital

7

200

200

Non-distributable reserve

8

75,413

-

Retained earnings

(4,671

)

(2,040

)

SHAREHOLDERS' FUNDS

70,942

(1,840

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 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 and authorised for issue on 28 May 2021 and were signed on its behalf by:

E J Ottley - Director

Mrs S Ottley - Director

1.	STATUTORY INFORMATION

HFH Developments Ltd 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 presentation currency of the financial statements is the Pound Sterling (£).

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.

Investment property

Investment property is shown at fair value. Any aggregate surplus of deficit arising from changes in fair value are recognised in the profit or loss and transferred to an un-distributable reserve.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable, and loans from banks or other related parties.

Debt instruments, such as loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

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.

Impairment

At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in the income statement.

Going concern

Having discussed the projected results and cash flows of the company, the directors plan that the company will continue to generate cash in the year ended 30 September 2021 and beyond. The company currently has the support of its directors who will continue to provide in order that the cash demands can be met. Whilst there is always considerable uncertainty in predicting cash flows more than a few months into the future, the directors are confident that the cash demands of the company will be satisfied, and it is therefore appropriate to prepare the financial statements on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2019

101,391

Additions

5,506

Revaluations

93,103

At 30 September 2020

200,000

NET BOOK VALUE

At 30 September 2020

200,000

At 30 September 2019

101,391

Fair value at 30 September 2020 is represented by:

£

Valuation in 2020

93,103

Cost

106,897

200,000

If the investment property had not been revalued it would have been included at the following historical cost:

2020

2019

£

£

Cost

106,897

106,897

Investment property was valued on a review basis on 30 September 2020 by the directors .

In line with the provisions of FRS 102 Section 16 relating to investment properties, investment property is shown at market value as estimated by the directors. Revaluations are shown through the income statement and deferred tax is calculated on these as appropriate. Any unrealised gains/losses on the revaluation of property is shown as a non-distributable reserve on the balance sheet.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Amounts owed to associates

110,468

36,749

Other creditors

900

66,482

111,368

103,231

Other creditors includes amounts owed to the directors of the company.

6.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

Revaluation adjustment

17,690

-

Deferred

tax

£

Provided during year

17,690

Balance at 30 September 2020

17,690

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary A

£1

100

100

100

Ordinary B

£1

100

100

200

200

8.

RESERVES

Non-distributable

reserve

£

Revaluation reserve

75,413

At 30 September 2020

75,413