GREAT_HALLINGBURY_INVESTO - Accounts

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Great Hallingbury Investors Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Suite 19 Station Point, 121 Sandycombe Road, Richmond, Surrey, United Kingdom, TW9 2AD.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Management has prepared the financial statement on going concern basis. Great Hallingbury Investors Limited, is a company, which was initially set up as a SPV platform in order to raise the funds to purchase and manage one of the cemetery which is currently held by Great Hallingbury Cemetery Limited within the UK Cemetery Investment PLC group, In return, the SPV would charge management fees and a return on the funds provided to Great Hallingbury Cemetery Limited once the cemetery is officially open to the public and the plots are ready for sale. Due to the ongoing current COVID-19 pandemic, there has been no further development in the cemetery business which has had a direct impact on the company, further loan amount is payable to these investors who had provided financial assistance to Great Hallingbury Cemetery Limited from the funds raised through the SPV, but the management has discussed the matter with them and requested extension of repayment by 24 months. Over 90% of investors have agreed to this extension at the time of filing these accounts.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average monthly number of persons (including directors) employed by the company during the year was:

In March 2020, the World Health Organisation (WHO) declared Coronavirus (COVID-19), a global pandemic. The rapid increase in infection among the general public in the UK forced the UK Government to introduce measures to slow down the spread of the virus. These measures introduced in late March have had the effect of reducing all activities of most of the businesses in the UK. Post the balance sheet date, the affect of this virus can still be seen as there have been partial lockdowns and hence forecasting the impact of COVID-19 is in a continuing process as the extent of the COVID 19 outbreak is uncertain, though at the present times (at the time of approving the financial statement) the UK has relaxed its lockdown measures but with certain restrictions. A definitive assessment on the extent of the impact on the company’s performance and liquidity is not possible at this point of time. The detail of the companies financial position is explained in the going concern note under accounting policy.

At the year end and amount of £1,246,936 (2019 :- £1,246,936) was payable to the investors/shareholders who provided loan to the company as its initial working capital and £3,500 to Essington Cemetery Limited, a company where Mr Graham Rowan was the director, Post balance sheet date, Mr Graham Rowan has resigned as a director of the company.

At the balance sheet date an amount of £800,415 (2019 :- £800,415) was recoverable form Great Hallingbury Cemetery Limited and £133,376 (2019 :- £133,376) from Respects Bereavement Services Limited, both the companies were connected by virtue of common directorship of Mr Graham Rowan. Post the balance sheet date, Mr Graham Rowan has resigned as director in the above two companies.

The ultimate controlling party are the shareholders along with Mr Graham Rowan, the director of the company who looks after the day to day running of the company.