Hodson Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01263613 (England and Wales)

Hodson Properties Limited

Financial Statements

for the Year Ended 31 May 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R P Hodson

Mrs S A Hodson

Mr R C Hodson

Mr W G Hodson

Mr S B Benev

SECRETARY:

Mr R P Hodson

REGISTERED OFFICE:

33 George Street

Wakefield

West Yorkshire

WF1 1LX

REGISTERED NUMBER:

01263613 (England and Wales)

ACCOUNTANTS:

SMH Jolliffe Cork Ltd

Chartered Accountants

33 George Street

Wakefield

West Yorkshire

WF1 1LX

FIXED ASSETS

Tangible assets

4

15,600

9,879

Investment property

5

1,650,000

1,745,000

1,665,600

1,754,879

CURRENT ASSETS

Stocks

-

500,000

Debtors

6

62,598

95,186

Cash at bank

5,480

7,117

68,078

602,303

CREDITORS

Amounts falling due within one year

7

293,508

598,777

NET CURRENT (LIABILITIES)/ASSETS

(225,430

)

3,526

TOTAL ASSETS LESS CURRENT LIABILITIES

1,440,170

1,758,405

CREDITORS

Amounts falling due after more than one year

8

(625,000

)

(300,000

)

PROVISIONS FOR LIABILITIES

(2,107

)

(1,747

)

NET ASSETS

813,063

1,456,658

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

812,963

1,456,558

SHAREHOLDERS' FUNDS

813,063

1,456,658

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 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 30 November 2021 and were signed on its behalf by:

Mr R P Hodson - Director

1.	STATUTORY INFORMATION

Hodson Properties 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.

The company's business address is Manor Farm House, 75 George Lane, Notton, Wakefield WF4 2NQ.

The functional and presentation currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated.

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.

Turnover

Turnover in respect of rents receivable is recognised on an accruals basis.

Turnover in respect of property development is recognised once the sale has legally completed.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on cost

Fixed assets are initially recorded at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Fair value has been determined by the directors having taken the appropriate professional advice and based on similar properties in the local area.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

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 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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 June 2020

76,760

4,800

532

82,092

Additions

10,995

-

-

10,995

Disposals

-

(4,800

)

-

(4,800

)

At 31 May 2021

87,755

-

532

88,287

DEPRECIATION

At 1 June 2020

68,864

2,817

532

72,213

Charge for year

3,291

-

-

3,291

Eliminated on disposal

-

(2,817

)

-

(2,817

)

At 31 May 2021

72,155

-

532

72,687

NET BOOK VALUE

At 31 May 2021

15,600

-

-

15,600

At 31 May 2020

7,896

1,983

-

9,879

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2020

1,745,000

Additions

43,650

Disposals

(85,000

)

Revaluations

(553,650

)

Reclassification/transfer

500,000

At 31 May 2021

1,650,000

NET BOOK VALUE

At 31 May 2021

1,650,000

At 31 May 2020

1,745,000

The investment property has been stated at its fair value as determined by the directors.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

62,000

62,339

Tax

-

32,847

VAT

598

-

62,598

95,186

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

34,041

483,045

Trade creditors

8,611

8,214

Social security and other taxes

906

1,541

VAT

-

459

Other creditors

2,766

980

Directors' current accounts

244,285

101,640

Accruals and deferred income

2,899

2,898

293,508

598,777

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans due after more than one year

625,000

300,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank overdrafts

34,041

483,045

Bank loans

625,000

300,000

659,041

783,045

The bank borrowings are secured by way of a fixed and floating charge over the company and all property and assets, present and future.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Included within retained earnings is £NIL (2020: £279,621) which is non-distributable as it is in respect of the cumulative fair value gains on the investment properties of the company.