Hamberley Development Limited - Period Ending 2020-12-31

HAMBERLEY DEVELOPMENT LIMITED - Company Information

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Registration number: 09170494

Hamberley Development Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2020

Hamberley Development Limited

Contents

Company Information	1
Directors' Report	2 to 3
Statement of Directors' Responsibilities	4
Independent Auditor's Report	5 to 7
Consolidated Profit and Loss Account	8
Consolidated Balance Sheet	9
Balance Sheet	10
Consolidated Statement of Changes in Equity	11
Statement of Changes in Equity	12
Notes to the Financial Statements	13 to 22

Hamberley Development Limited

Company Information

Directors

D Kay

D J McAlear

T W Street

Registered office

1 Vine Street
London
W1J 0AH

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

Hamberley Development Limited

Directors' Report for the Year Ended 31 December 2020

The directors present their report and the for the year ended 31 December 2020.

Principal activity

The principal activity of the company is that of managing the development of various care homes located in the United Kingdom. The principal activity of the group is also that of managing the development of various care homes located in the United Kingsom.

Directors of the company

The directors who held office during the year were as follows:

D Kay

D J McAlear

T W Street

COVID-19
The COVID-19 pandemic has had a significant impact on the UK and world economy, with forecasts of how and when activity will return to normal being uncertain. The care home industry has continued to operate and although it has faced challenges such as increased cost of PPE, increased labour costs and having to operate with reduced resident numbers, the long term outlook still remains strong. Modern purpose built care homes, such as those operated by Hamberley Care Homes, are considered to be well placed in the market as they are better designed for infection control, something that will be a priority for families looking for a placement in the years to come.

Financial instruments

Price risk, credit risk, liquidity risk and cash flow risk

The group's operations expose it to a variety of financial risks that include credit risk and liquidity risk. The group has in place a risk management programme that seeks to limit the adverse effects of the financial performance of the group by monitoring levels of debt finance and the related finance costs.

Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk to a sub-committee of the board. The policies set down by the board of directors are implemented by the group's finance department.

Credit risk

The group monitors credit risk closely and considers that its current policies of credit checks meet its objectives of managing its exposure to credit risk.

The group has no significant concentrations of credit risk. Amounts shown in the statement of financial position best represent the maximum credit risk exposure in the event other parties fail to perform their obligations under financial instruments.

Liquidity risk

The group actively maintains short-term debt finance that is designed to ensure the group has sufficient available funds for operations and planned expansions.

Disclosure of information to the auditor

Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Hamberley Development Limited

Directors' Report for the Year Ended 31 December 2020

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 24 June 2021 and signed on its behalf by:

D J McAlear
Director

Hamberley Development Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the Directors' Report 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 apply them consistently;
•	make judgements and accounting estimates that are reasonable and prudent;
•	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Hamberley Development Limited

Independent Auditor's Report to the Members of Hamberley Development Limited

Opinion

We have audited the financial statements of Hamberley Development Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2020, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

•	give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2020 and of the group's loss for the year then ended;
•	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Hamberley Development Limited

Independent Auditor's Report to the Members of Hamberley Development Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

•	the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

•	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
•	the parent company financial statements are not in agreement with the accounting records and returns; or
•	certain disclosures of directors’ remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Hamberley Development Limited

Independent Auditor's Report to the Members of Hamberley Development Limited

Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISA's (UK).

In identifying and assessing risks of material mis-statement in respect of fraud, including irregularities and non-compliance with laws and regulations, our procedures included the following:
• We obtained an understanding of the legal and regulatory frameworks applicable to the company financial statements or that had a fundamental effect on the company's operations. We determined that the most significant laws and regulations included UK GAAP, UK Companies Act 2006 and taxation laws.
• We understood how the company is complying with those legal and regulatory frameworks by making inquiries of
management, those responsible for legal and compliance procedures.
• We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might
occur. Audit procedures performed by the engagement team included:
• Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process. Detailed analysis of journals posted through the accounting system during the year to 31 December 2020 has been undertaken;
• Understanding the controls in place to prevent and detect fraud. Reliance was not placed on controls for the entirety of the audit, instead taking a substantive testing approach, however controls were in place to prevent fraud, and they appeared to be working effectively;
• Challenging assumptions and judgements made by management in its significant accounting estimates.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Worsley (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

24 June 2021

Hamberley Development Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2020

	Note	2020 £	2019 £
Turnover		188,435	4,539,306
Cost of sales		(159,779)	(3,215,887)
Gross profit		28,656	1,323,419
Administrative expenses		(1,870,851)	(1,904,928)
Operating loss	3	(1,842,195)	(581,509)
Loss before tax		(1,842,195)	(581,509)
Taxation	7	-	900
Loss for the financial year		(1,842,195)	(580,609)
Profit/(loss) attributable to:
Owners of the company		(1,842,195)	(580,609)

The above results were derived from continuing operations.

The group has no other comprehensive income for the year.

Hamberley Development Limited

(Registration number: 09170494)
Consolidated Balance Sheet as at 31 December 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	8	11,041	9,862
Current assets
Stock	10	191,719	102,108
Debtors	11	918,206	2,841,548
Cash at bank and in hand		1,206,899	759,598
		2,316,824	3,703,254
Creditors: Amounts falling due within one year	12	(1,689,897)	(1,232,953)
Net current assets		626,927	2,470,301
Net assets		637,968	2,480,163
Capital and reserves
Called up share capital	14	100	100
Shareholder loans		2,897,171	2,897,171
Profit and loss account		(2,259,303)	(417,108)
Equity attributable to owners of the company		637,968	2,480,163
Total equity		637,968	2,480,163

Approved and authorised by the Board on 24 June 2021 and signed on its behalf by:

D J McAlear
Director

Hamberley Development Limited

(Registration number: 09170494)
Balance Sheet as at 31 December 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	8	11,041	9,862
Investments	9	401	401
		11,442	10,263
Current assets
Inventories	10	191,719	102,108
Debtors	11	599,748	2,989,926
Cash at bank and in hand		1,206,840	759,567
		1,998,307	3,851,601
Creditors: Amounts falling due within one year	12	(1,065,845)	(1,144,378)
Net current assets		932,462	2,707,223
Net assets		943,904	2,717,486
Capital and reserves
Called up share capital	14	100	100
Shareholder loans		2,897,171	2,897,171
Profit and loss account		(1,953,367)	(179,785)
Total equity		943,904	2,717,486

The company made a loss after tax for the financial year of £1,773,582 (2019 - £1,182,807).

Approved and authorised by the Board on 24 June 2021 and signed on its behalf by:

D J McAlear
Director

Hamberley Development Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2020
Equity attributable to the parent company

	Share capital £	Shareholder loans £	Profit and loss account £	Total £
At 1 January 2020	100	2,897,171	(417,108)	2,480,163
Loss for the year	-	-	(1,842,195)	(1,842,195)
At 31 December 2020	100	2,897,171	(2,259,303)	637,968

	Share capital £	Shareholder loans £	Profit and loss account £	Total £
At 1 January 2019	100	-	163,501	163,601
Loss for the year	-	-	(580,609)	(580,609)
Shareholder loans	-	2,897,171	-	2,897,171
At 31 December 2019	100	2,897,171	(417,108)	2,480,163

Hamberley Development Limited

Statement of Changes in Equity for the Year Ended 31 December 2020

	Share capital £	Shareholder loans £	Profit and loss account £	Total £
At 1 January 2020	100	2,897,171	(179,785)	2,717,486
Loss for the year	-	-	(1,773,582)	(1,773,582)
At 31 December 2020	100	2,897,171	(1,953,367)	943,904

	Share capital £	Shareholder loans £	Profit and loss account £	Total £
At 1 January 2019	100	-	1,003,022	1,003,122
Loss for the year	-	-	(1,182,807)	(1,182,807)
Shareholder loans issued in the period	-	2,897,171	-	2,897,171
At 31 December 2019	100	2,897,171	(179,785)	2,717,486

Hamberley Development Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Vine Street
London
W1J 0AH

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Cashflow exemption

The group has not presented a cash flow statement on the grounds that is exempt due to being a small group.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2020.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Hamberley Development Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the group's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	Straight line over 3 years

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Hamberley Development Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.

Stock

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Certain loans from group undertakings are presented as shareholder loans within equity on the basis that lender has no recourse to demand repayment of, or a fixed rate of return on the loans, which rank pari passu with the ordinary shares of the company.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Hamberley Development Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Hamberley Development Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Hamberley Development Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

Operating profit

Arrived at after charging

	2020 £	2019 £
Depreciation expense	5,707	2,847

Staff costs

Group
The aggregate payroll costs (including directors' remuneration) were as follows:

	2020 £	2019 £
Wages and salaries	1,178,696	1,042,820
Social security costs	152,948	129,752
Pension costs, defined contribution scheme	17,192	12,718
	1,348,836	1,185,290

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

	2020 No.	2019 No.
Average number of employees	11	11

Company
The aggregate payroll costs (including directors' remuneration) were as follows:

	2020 £	2019 £
Wages and salaries	1,178,696	1,042,820
Social security costs	152,948	129,752
Pension costs, defined contribution scheme	17,192	12,718
	1,348,836	1,185,290

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

	2020 No.	2019 No.
Administration and support	11	11

Hamberley Development Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

Directors' remuneration

The directors' remuneration for the year was as follows:

	2020 £	2019 £
Remuneration	383,874	423,067
Contributions paid to money purchase schemes	6,217	5,878
	390,091	428,945

During the year the number of directors who were receiving benefits and share incentives was as follows:

	2020 No.	2019 No.
Accruing benefits under money purchase pension scheme	3	3

In respect of the highest paid director:

	2020 £	2019 £
Remuneration	245,294	218,375
Company contributions to money purchase pension schemes	1,312	1,157

Auditors' remuneration

	2020 £	2019 £
Audit of these financial statements	12,400	10,200

Taxation

Tax charged/(credited) in the profit and loss account

	2020 £	2019 £
Current taxation
UK corporation tax adjustment to prior periods	-	(900)

Hamberley Development Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

Tangible assets

Group

	Furniture, fittings and equipment £
Cost
At 1 January 2020	15,467
Additions	6,886
At 31 December 2020	22,353
Depreciation
At 1 January 2020	5,605
Charge for the year	5,707
At 31 December 2020	11,312
Carrying amount
At 31 December 2020	11,041
At 31 December 2019	9,862

Company

	Furniture, fittings and equipment £
Cost
At 1 January 2020	15,467
Additions	6,886
At 31 December 2020	22,353
Depreciation
At 1 January 2020	5,605
Charge for the year	5,707
At 31 December 2020	11,312
Carrying amount
At 31 December 2020	11,041
At 31 December 2019	9,862

Hamberley Development Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

Investments

Company

	2020 £	2019 £
Investments in subsidiaries	401	401

Subsidiaries	£
Cost and carrying amount
At 1 January 2020 and at 31 December 2020	401

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2020	2019

Subsidiary undertakings
Hamberley (Yosemite Ampthill) Limited		Ordinary	100%	100%
	England and Wales
Noosa Development (Newbury) Limited		Ordinary	100%	100%
	England and Wales
Noosa Development (Sale) Limited		Ordinary	100%	100%
	England and Wales
Hamberley Yosemite (Hailsham) Limited		Ordinary	100%	100%
	England and Wales
Hamberley Development (Wells) Limited		Ordinary	100%	100%
	England and Wales

The principal activity of Hamberley Yosemite (Ampthill) Limited and Hamberley Yosemite (Hailsham) Limited is that of property development. All other companies are dormant.

Stock

	Group		Company
	2020 £	2019 £	2020 £	2019 £
Work in progress	191,719	102,108	191,719	102,108

Debtors

	Group		Company
	2020 £	2019 £	2020 £	2019 £
Trade debtors	244,405	253,116	-	-
Amounts owed by group undertakings	147,365	2,137,140	568,653	2,563,162
Other debtors	470,813	449,476	-	424,948
Prepayments	55,623	1,816	31,095	1,816
	918,206	2,841,548	599,748	2,989,926

Amounts owed by group undertakings are owed to other group companies outside of this corporate group.

Hamberley Development Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

Creditors

	Group		Company
	2020 £	2019 £	2020 £	2019 £
Due within one year
Trade creditors	114,519	22,960	114,519	22,960
Amounts due to group undertakings	642,104	27,550	472,730	27,550
Social security and other taxes	24,517	70,499	(131,765)	214,656
Other creditors	38,141	4,798	4,800	4,800
Accrued expenses	870,616	1,107,146	605,561	874,412
	1,689,897	1,232,953	1,065,845	1,144,378

Amounts due to group undertakings are due to other group companies outside of this corporate group.

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £17,192 (2019 - £12,718).

Contributions totalling £2,156 (2019 - £2,356) were payable to the scheme at the end of the year and are included in creditors.

Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

Parent and ultimate parent undertaking

The company's immediate parent is Patron Healthcare 2 L.P, incorporated in Gibraltar.

The ultimate parent is Patron Capital Advisers L.P. IV, incorporated in Gibraltar.

Hamberley Development Limited is the smallest and largest group into which these financial statements are consolidated.