Company No: 05123956 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	3,868		2,881
Investment property	4	796,844		757,500
		800,712		760,381
Current assets
Debtors	5	3,064		3,119
Cash at bank and in hand		1,265		22,568
		4,329		25,687
Creditors: amounts falling due within one year	6	( 51,702)		( 52,250)
Net current liabilities		(47,373)		(26,563)
Total assets less current liabilities		753,339		733,818
Creditors: amounts falling due after more than one year	7	( 331,033)		( 317,025)
Provision for liabilities		( 6,727)		( 6,539)
Net assets		415,579		410,254
Capital and reserves
Called-up share capital	8	160		160
Other reserves		112,105		131,898
Profit and loss account		303,314		278,196
Total shareholders' funds		415,579		410,254

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Hemyock 21 Properties Limited (registered number: 05123956) were approved and authorised for issue by the Board of Directors on 30 April 2024. They were signed on its behalf by:

Alun John Lewis Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hemyock 21 Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor Stratus House Emperor Way, Exeter Business Park, Exeter, EX1 3QS, United Kingdom. The principal place of business is 1 East Budleigh Road, Budleigh Salterton, Devon, EX9 6HE. The registered number of the company is 05123956.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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 fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings

5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Fixtures and fittings		Total
	£		£
Cost
At 01 November 2022	4,456		4,456
Additions	1,999		1,999
At 31 October 2023	6,455		6,455
Accumulated depreciation
At 01 November 2022	1,575		1,575
Charge for the financial year	1,012		1,012
At 31 October 2023	2,587		2,587
Net book value
At 31 October 2023	3,868		3,868
At 31 October 2022	2,881		2,881

4. Investment property

	Investment property
	£
Valuation
As at 01 November 2022	757,500
Additions	39,344
As at 31 October 2023	796,844

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2023		2022
	£		£
Historic cost	647,371		608,027

The property is a freehold investment property.

5. Debtors

	2023		2022
	£		£
Prepayments and accrued income	3,064		2,968
Other debtors	0		151
	3,064		3,119

6. Creditors: amounts falling due within one year

	2023		2022
	£		£
Accruals and deferred income	6,662		5,488
Taxation and social security	5,040		6,762
Other creditors	40,000		40,000
	51,702		52,250

7. Creditors: amounts falling due after more than one year

	2023		2022
	£		£
Amounts owed to directors	331,033		317,025

8. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
40 Ordinary shares of £ 1.00 each	40		40
120 Ordinary A shares of £ 1.00 each	120		120
	160		160

9. Related party transactions

Transactions with owners holding a participating interest in the entity

	2023		2022
	£		£
Amounts owed to shareholders	40,000		40,000

Transactions with the entity's directors

	2023		2022
	£		£
Amounts owed to directors	331,033		317,025

10. Profit and loss account

Included in other reserves are non-distributable reserves of £112,105 (2022: £131,898) representing the cumulative fair value movements of the investment property, net of deferred tax.

The amount in the Profit and Loss account is distributable.