Hawkstead Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08068441 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2022

FOR

Hawkstead Limited

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

Directors:

Mr D M Gribble

Mrs C Gribble

Registered office:

Stowford House

Down Park Drive

Tavistock

Devon

PL19 9AH

Registered number:

08068441 (England and Wales)

Accountants:

Nigel Webster & Co

129 North Hill

Plymouth

Devon

PL4 8JY

Fixed assets

Tangible assets

4

609

1,201

Investment property

5

463,500

463,500

464,109

464,701

Current assets

Debtors

6

7,920

1,995

Cash at bank

28,643

47,697

36,563

49,692

Creditors

Amounts falling due within one year

7

5,097

20,193

Net current assets

31,466

29,499

Total assets less current liabilities

495,575

494,200

Creditors

Amounts falling due after more than one year

8

352,854

352,839

Net assets

142,721

141,361

Capital and reserves

Called up share capital

10

100

100

Fair value reserve

11

163,500

163,500

Retained earnings

(20,879

)

(22,239

)

Shareholders' funds

142,721

141,361

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2022 and were signed on its behalf by:

Mr D M Gribble - Director

1.	STATUTORY INFORMATION

Hawkstead 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 fixed assets.

These financial statements have been prepared on a going concern basis. The company is dependant on the support of the directors. The directors overdrawn loan of £5,486 was repaid shortly after the year end.

Turnover

Turnover represents rents receivable inclusive of any amounts in arrears or advance at the balance sheet date.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% on cost

Investment property

Investment property is carried at fair value, and shown at it's most recent valuation. Any changes in fair value are recognised in the profit and loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

Cost

At 1 June 2021

and 31 May 2022

1,793

Depreciation

At 1 June 2021

592

Charge for year

592

At 31 May 2022

1,184

Net book value

At 31 May 2022

609

At 31 May 2021

1,201

5.	INVESTMENT PROPERTY

Total

£

Fair value

At 1 June 2021

and 31 May 2022

463,500

Net book value

At 31 May 2022

463,500

At 31 May 2021

463,500

The investment property was valued on 16th December 2019 by Commercial lenders as part of remortgage.

Fair value at 31 May 2022 is represented by:

£

Valuation in 2019

463,500

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

7,920

1,995

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other creditors

5,097

20,193

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Mortgage

352,854

352,839

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Mortgage

352,854

352,839

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary Shares

£1

100

100

11.

RESERVES

Fair

value

reserve

£

At 1 June 2021

and 31 May 2022

163,500

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2022 and 31 May 2021:

2022

2021

£

£

Mr D M Gribble and Mrs C Gribble

Balance outstanding at start of year

-

-

Amounts advanced

6,522

-

Amounts repaid

(1,036

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

5,486

-

This loan was interest free and repayable on demand. The loan was repaid shortly after the year end by the directors.

13.	ULTIMATE CONTROLLING PARTY

The company was controlled by its directors throughout the period.