ACCOUNTS - Final Accounts

Share capital

Shares classified as equity

HOLDALE PROPERTIES LIMITED - Company Information

Caseware UK (AP4) 2014.0.91 2014.0.91 2016-08-312016-08-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueproperty developmentfalse2015-09-01 03778704 2015-09-01 2016-08-31 03778704 2016-08-31 03778704 2015-08-31 03778704 c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2015-08-31 03778704 c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2014-09-01 2015-08-31 03778704 d:Director1 2015-09-01 2016-08-31 03778704 d:Director4 2015-09-01 2016-08-31 03778704 d:RegisteredOffice 2015-09-01 2016-08-31 03778704 c:CurrentFinancialInstruments 2016-08-31 03778704 c:CurrentFinancialInstruments 2015-08-31 03778704 c:CurrentFinancialInstruments c:WithinOneYear 2016-08-31 03778704 c:CurrentFinancialInstruments c:WithinOneYear 2015-08-31 03778704 c:ShareCapital 2016-08-31 03778704 c:ShareCapital 2015-08-31 03778704 c:RetainedEarningsAccumulatedLosses 2016-08-31 03778704 c:RetainedEarningsAccumulatedLosses 2015-08-31 03778704 d:OrdinaryShareClass1 2015-09-01 2016-08-31 03778704 d:OrdinaryShareClass1 2016-08-31 03778704 d:FRS102 2015-09-01 2016-08-31 03778704 d:AuditExempt-NoAccountantsReport 2015-09-01 2016-08-31 03778704 d:FullAccounts 2015-09-01 2016-08-31 03778704 d:PrivateLimitedCompanyLtd 2015-09-01 2016-08-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03778704

HOLDALE PROPERTIES LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2016

HOLDALE PROPERTIES LTD

COMPANY INFORMATION

Directors	H Smith
	S C Stedman


Registered number	03778704


Registered office	First Floor Kirkdale House,Kirkdale Road
	Leytonstone
	London
	E11 1HP

HOLDALE PROPERTIES LTD

CONTENTS

	Page
Statement of financial position	1
Notes to the financial statements	2 - 6

HOLDALE PROPERTIES LTD

REGISTERED NUMBER: 03778704

STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2016

		2016		2015
Note		£		£


Current assets
Stocks	3	1,621,817		1,621,817
Debtors: amounts falling due within one year	4	925,486		877,797
Cash at bank and in hand	5	5,778		22,566
		2,553,081		2,522,180
Creditors: amounts falling due within one year	6	(2,471,988)		(2,443,321)
Net current assets			81,093		78,859
Total assets less current liabilities			81,093		78,859

Net assets			81,093		78,859

Capital and reserves
Called up share capital	7	100	100
Profit and loss account		80,993	78,759
		81,093	78,859

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 May 2017.

................................................

S C Stedman

Director

Page 1

HOLDALE PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2016

1.	General information

Holdale Properties Limited is a limited companiy domiciled and incorporated in England and Wales. The Registred office is First floor Kirkdale House, 7 Kirkdale Road, Leytonstone, London, E11 1HP

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
First time adoption of FRS 102
This is the first year that the Company has presented its financial statements under Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. The last financial statements under previous UK GAAP were for the year ended 31 August 2015 and the date of transition to FRS was therefore 1 September 2014.
The reported financial position and financial performance for the previous year are not affected by the transition to FRS 102.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company accounting policies.

The following principal accounting policies have been applied:

2.2

Revenue

Turnover comprises revenue recognised by the company in respect of rent receivable exclusive of VAT.
Turnover also comprises revenue recognised by the company in respect of properties sold during the year. Revenue is recognised when units have exchanged and at the point when the certificate of practical completion has been signed off by building control and the warranty povider.

2.3

Stocks

Stocks of development properties are valued at the lower of cost and net realisable value and include capitalised interest.

2.4

Cash and cash equivalents

Cash and cash equivalents 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.

Page 2

HOLDALE PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2016

2.Accounting policies (continued)

2.5

Financial instruments

Basic financial instruments are measured at cost. The Company has no financial instruments measured at fair value or classified as a financial instrument under FRS 102.

2.6

Taxation

The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

3.	Stocks
		2016	2015
		£	£

Development property	1,621,817	1,621,817
	1,621,817	1,621,817

Debtors

					2016	2015
					£	£


Trade debtors	688	-
Other debtors	924,798	877,797
	925,486	877,797

5.	Cash and cash equivalents
		2016	2015
		£	£

Cash at bank and in hand	5,778	22,566
	5,778	22,566

Page 3

HOLDALE PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2016

6.	Creditors: Amounts falling due within one year
		2016	2015
		£	£

Trade creditors	14,296	2,320
Corporation tax	559	7,793
Other taxation and social security	2,981	2,950
Other creditors	2,377,378	2,414,992
Accruals and deferred income	76,774	15,266
	2,471,988	2,443,321

The Company, along with Kalsern Limited, H Smith (Copper House) Limited, Ridley Villas (London) Limited, H&ML 1991 Smith Family Trust and Saliby Properties Limited entered into a cross guarantee for a loan facility of £16,187,000 to Aitch (Lloyds) Limited. The agregate loan facility outstanding by Aitch (Lloyds) Limited as at 31 August 2016 was £15,909,500 (2015: £14,560,000).
There is a fixed charge over the company's assets with regards to the loan facility from Lloyds Bank plc.

Authorised, allotted, called up and fully paid

100 Ordinary shares of £1 each	100	100

8.	Related party transactions
	At the year end, the company owed £2,371,707 (2015: £2,414,537) to Aitch (Lloyds) Limited, as part of the loan facility agreement, a company in which H T Smith is also a director. At the year end, the company was owed £875,087 (2015: £828,401) from Aitch Estates Limited, a company in which H T Smith is also a director.

9.	Controlling party

H T Smith is considered to be the ulitmate controlling party by virtue of indirect control through a trust.

Page 4


		HOLDALE PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2016

10.	First time adoption of FRS 102
	The Company transitioned to FRS 102 from previously extant UK GAAP as at 1 September 2014. The impact of the transition to FRS 102 is as follows:
		As previously stated 1 September 2014	Effect of transition 1 September 2014	FRS 102 (as restated) 1 September 2014	As previously stated 31 August 2015	Effect of transition 31 August 2015	FRS 102 (as restated) 31 August 2015
	Note	£	£	£	£	£	£

Current assets	1	2,125,813	-	2,125,813	2,474,330	47,850	2,522,180
Creditors: amounts falling due within one year		(2,125,012)	-	(2,125,012)	(2,443,321)	-	(2,443,321)
Net current assets		801	-	801	31,009	47,850	78,859
Total assets less current liabilities		801	-	801	31,009	47,850	78,859
Net assets		801	-	801	31,009	47,850	78,859

Capital and reserves

801

31,009

47,850

78,859

Page 5

HOLDALE PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2016

10.First time adoption of FRS 102 (continued)

			As previously stated 31 August 2015	Effect of transition 31 August 2015	FRS 102 (as restated) 31 August 2015
		Note	£	£	£

Turnover		235,351	-	235,351
Cost of sales		(30,583)	-	(30,583)
		204,768	-	204,768
Operating profit		204,768	-	204,768
Interest payable and similar charges	1	(166,869)	47,850	(119,019)
Taxation		(7,691)	-	(7,691)
Profit on ordinary activities after taxation and for the financial year		30,208	47,850	78,058

This is the first year that the Company has presented its financial statements under Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. The following disclosures are required in the year of transition. The last financial statements under previous UK GAAP were for the year ended 31 August 2015 and the date of transition to FRS was therefore 1 September 2014. As a consequence of adapting FRS 102, the following accounting policies have been changed to comply with that standard.
Explanation of changes to previously reported profit and equity:
1. Bank loan arrangement fees - under previous UK GAAP the Company was not required to capitalise these costs, instead expensing them through profit and loss account. Under FRS 102, the Company must capitalise all arrangement fees and release them over the term of the loan.

Page 6