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Registered number: 03028765
HEATHS PROPERTIES LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
HEDLEY DUNK LIMITED
Chartered Accountants
Trinity House
3 Bullace Lane
Dartford
Kent
DA1 1BB
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HEATHS PROPERTIES LIMITED
REGISTERED NUMBER: 03028765
ABBREVIATED BALANCE SHEET
AS AT 31 DECEMBER 2015
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS: amounts falling due after more than one year
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Page 1
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HEATHS PROPERTIES LIMITED
ABBREVIATED BALANCE SHEET (continued)
AS AT 31 DECEMBER 2015
The director considers that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2015 and of its loss for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have 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, were approved and authorised for issue by the board and were signed on its behalf by:
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T M Heath
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The notes on pages 3 to 4 form part of these financial statements.
Page 2
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HEATHS PROPERTIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention as modified by the revaluation of freehold property and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Revaluation of tangible fixed assets
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As permitted by the transitional provisions of the Financial Reporting Standard for Smaller Entities (effective January 2015) the company has elected not to adopt a policy of revaluation of tangible fixed assets. The company will retain the book value of land and buildings, previously revalued at 31 December 2009 and will not update that valuation.
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The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
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2.TANGIBLE FIXED ASSETS
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At 1 January 2015 and 31 December 2015
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3.CREDITORS:
Amounts falling due after more than one year
Page 3
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HEATHS PROPERTIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
Creditors include amounts not wholly repayable within 5 years as follows:
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Repayable other than by instalments
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Included within creditors: amounts falling due after more than one year is an amount of £165,000 loaned to the company by the director T M Heath and his wife, the company secretary, M J Heath. This was an initial loan of £110,000 and an additional loan of £55,000 made on 9 October 2015.
The loan of £110,000 was secured until 27 Novemeber 2015 by legal mortgage over the property known as 2 Kingsley Court, Lower High Street, Wadhurst, East Sussex TN15 6AU. Interest was payable on the outstanding amount at a rate of 5% above Barclays Bank plc base rate.
Both loans totalling £165,000 are now secured by legal mortgage over the property known as 3 Summer Mews, St Andrews Road, Littlestone, New Romney TN28 8AD. Interest is payable on the outstanding amount at a rate of 4% above Barclays Bank plc base rate.
4.SHARE CAPITAL
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Allotted, called up and fully paid
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100 Ordinary shares of £1 each
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5.ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY
The company is a wholly owned subsidiary of Heaths Properties Holdings Limited, a company incorporated in England.
The company was under the ultimate control of the director, T M Heath, throughout the period and the immediately preceding period by reason of his majority shareholding in Heaths Properties Holdings Limited.
Page 4
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