Herczel & Freeds Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03222796 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

HERCZEL & FREEDS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

E Herczl

SECRETARY:

E Herczl

REGISTERED OFFICE:

115 Craven Park Road

South Tottenham

London

N15 6BL

REGISTERED NUMBER:

03222796 (England and Wales)

ACCOUNTANTS:

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

South Tottenham

London

N15 6BL

FIXED ASSETS

Tangible assets

4

1,606

1,889

Investment property

5

2,540,000

2,500,000

2,541,606

2,501,889

CURRENT ASSETS

Debtors

6

2,467,018

2,331,601

Cash at bank

148,916

258,256

2,615,934

2,589,857

CREDITORS

Amounts falling due within one year

7

(78,107

)

(75,254

)

NET CURRENT ASSETS

2,537,827

2,514,603

TOTAL ASSETS LESS CURRENT LIABILITIES

5,079,433

5,016,492

CREDITORS

Amounts falling due after more than one year

8

(650,000

)

(650,000

)

PROVISIONS FOR LIABILITIES

(672,509

)

-

NET ASSETS

3,756,924

4,366,492

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Revaluation reserve

10

3,539,521

3,539,521

Retained earnings

10

216,403

825,971

SHAREHOLDERS' FUNDS

3,756,924

4,366,492

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 31 December 2021 and were signed by:

E Herczl - Director

1.	STATUTORY INFORMATION

Herczel & Freeds 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 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention except for the assets and liabilities which are required by FRS 102 to be stated at fair value.

Turnover

Turnover represents net rent receivable, excluding value added tax.

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

-

15% on reducing balance

Investment property

Investment properties are properties held to earn rental income or for capital appreciation or for both.

Investment properties are recognised initially at cost.

Subsequent to initial recognition:

a. Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from change in fair value are recognised in profit or loss in the period that they arise; and

b. no depreciation is provided in respect of investment properties applying the fair value model.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2020

and 31 December 2020

39,624

DEPRECIATION

At 1 January 2020

37,735

Charge for year

283

At 31 December 2020

38,018

NET BOOK VALUE

At 31 December 2020

1,606

At 31 December 2019

1,889

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2020

2,500,000

Additions

40,000

At 31 December 2020

2,540,000

NET BOOK VALUE

At 31 December 2020

2,540,000

At 31 December 2019

2,500,000

Fair value at 31 December 2020 is represented by:

£

Valuation in 1998

317,500

Valuation in 2017

1,472,021

Valuation in 2019

710,479

Valuation in 2020

40,000

2,540,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

56,951

66,034

Other debtors

2,410,067

2,265,567

2,467,018

2,331,601

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade creditors

3,416

3,438

Taxation and social security

28,972

29,919

Other creditors

45,719

41,897

78,107

75,254

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans

650,000

650,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

650,000

650,000

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.20

31.12.19

value:

£

£

1,000

Ordinary

£1

1,000

1,000

10.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 January 2020

825,971

3,539,521

4,365,492

Deficit for the year

(609,568

)

(609,568

)

At 31 December 2020

216,403

3,539,521

3,755,924