Abbreviated Company Accounts - HESTIA PROPERTY LIMITED

HESTIA PROPERTY LIMITED - Company Information

06944259 HESTIA PROPERTY LIMITED 2014-12-31 false 2014-01-01 2014-12-31 true 06944259 2014-01-01 2014-12-31 06944259 2014-12-31 06944259 2013-12-31 06944259 uk-gaap-cd-bus:Director1 2014-01-01 2014-12-31 06944259 uk-gaap-cd-bus:Director2 2014-01-01 2014-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-01-01 2014-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-12-31 iso4217:EUR shares

Registered Number 06944259

HESTIA PROPERTY LIMITED

Abbreviated Accounts

31 December 2014

HESTIA PROPERTY LIMITED Registered Number 06944259

Abbreviated Balance Sheet as at 31 December 2014

	Notes	2014	2013
		€	€
Fixed assets
Tangible assets	2	5,773,000	5,773,000
		5,773,000	5,773,000
Current assets
Debtors		16,957	15,890
Cash at bank and in hand		3,349	2,946
		20,306	18,836
Creditors: amounts falling due within one year		(15,456)	(32,896)
Net current assets (liabilities)		4,850	(14,060)
Total assets less current liabilities		5,777,850	5,758,940
Creditors: amounts falling due after more than one year		(6,836,319)	(6,736,712)
Total net assets (liabilities)		(1,058,469)	(977,772)
Capital and reserves
Called up share capital	3	120	120
Revaluation reserve		749,203	749,203
Profit and loss account		(1,807,792)	(1,727,095)
Shareholders' funds		(1,058,469)	(977,772)

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 28 September 2015

And signed on their behalf by:
Saffery Limited, Director
Champness Limited, Director

HESTIA PROPERTY LIMITED Registered Number 06944259

Notes to the Abbreviated Accounts for the period ended 31 December 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Tangible assets depreciation policy
In accordance with the FRSSE the freehold investment property is revalued annually by the directors and the surplus or deficit is transferred to the revaluation reserve. No depreciation is provided in respect of the freehold investment property. The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRSSE. The directors consider that, because the property is not held for consumption, but for its investment potential, to depreciate it would not give a true and fair view and that it is necessary to adopt FRSSE in order to give a true and fair view.

If this departure from the Act had not been made, the profit for the financial year would have been reduced by depreciation. However, the amount of depreciation cannot reasonably be quantified, because depreciation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Other accounting policies
Foreign currency translation
The company has chosen to present its financial statements in its local currency, the Euro. Assets, liabilities, revenues and costs expressed in foreign currencies are translated into Euro at rates of exchange ruling on the date on which transactions occur, except for:
(i) monetary assets and liabilities which are translated at the rate ruling at the balance sheet date (other than those in (ii) below); and
(ii) transactions to be settled at a contracted rate and trading transactions covered by a related or matching forward contract which are translated at those contracted rates.
Differences arising on the translation of such items are dealt with in the profit and loss account.

Going concern
The directors have prepared the financial statements on a going concern basis. The directors consider this to be appropriate as they have received assurance from the company's shareholder, that they will continue to make funds available to the company for the foreseeable future and will continue to meet the company's obligations to other creditors as and when they fall due.

2Tangible fixed assets

	€
Cost
At 1 January 2014	5,773,000
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 31 December 2014	5,773,000
Depreciation
At 1 January 2014	-
Charge for the year	-
On disposals	-
At 31 December 2014	-
Net book values
At 31 December 2014	5,773,000
At 31 December 2013	5,773,000

Freehold investment property is stated at valuation.

3Called Up Share Capital
Allotted, called up and fully paid:

	2014 €	2013 €
100 Ordinary shares of €1.20 each	120	120

The shares are Ordinary shares of £1.00 each.
The parent company is Hestia Asset Holdings Limited, a company incorporated in Guernsey.