Hoselynn Limited - Filleted accounts

Hoselynn Limited - Filleted accounts

HOSELYNN LIMITED - Company Information

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Registered number
01389137
Hoselynn Limited
Report and Unaudited Accounts
(Information for Filing with The Registrar)
31 March 2017
Hoselynn Limited
Registered number: 01389137
Balance Sheet
as at 31 March 2017
Notes 2017 2016
£ £ £ £
Fixed assets
Tangible assets 3 3,180,563 3,180,751
Current assets
Debtors 4 135,703 121,820
Cash at bank and in hand 15,320 6,410
151,023 128,230
Creditors: amounts falling due within one year 5 (54,032) (45,832)
Net current assets 96,991 82,398
Total assets less current liabilities 3,277,554 3,263,149
Provisions for liabilities 6 (291,960) (351,688)
Net assets 2,985,594 2,911,461
Capital and reserves
Called up share capital 7 99 99
Fair value reserve 2,161,927 2,101,584
Profit and loss account 823,568 809,778
Shareholders' funds 2,985,594 2,911,461
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 relating to small subsidiary companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. As permitted by section 444(5A) of the Companies Act 2006 the directors have not delivered to the Registrar the company's profit and loss account and directors' report.
N J Memery
Director
Approved by the board on 28 July 2017
Hoselynn Limited
Notes to the Accounts
for the year ended 31 March 2017
1 Accounting policies
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Basis of preparation
The accounts have been prepared under the historical cost convention , modified to include the revaluation of certain assets, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). An explanation of how the transition to FRS 102 has affected the reported financial position and performance is given in note 11. There were no material departures from that Standard.
Consolidated accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its group undertakings comprise a small sized group as set out in section 383 of the Companies Act 2016 . The company has therefore taken advantage of the exemptions provided by Section 399 (2A) of the Companies Act 2006 not to prepare group accounts.
The Company has taken advantage of the exemptions under Section 33.1A of FRS 102 not to disclose transactions entered into between members of the group, as all the subsidiaries are wholly owned by the parent undertaking, Burkeman Investments Limited (see note 9).
Turnover
Turnover represents rent receivable for the year.
Tangible fixed assets
Tangible fixed assets other than investment properties are measured at cost less accumulative depreciation and any accumulative 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, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% straight line
Investment properties are included at fair value. Gains are recognised in the Statement of Changes in Equity. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Debtors and creditors receivable or payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1 Accounting policies (continued)
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event and, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Employee benefits
When employees have rendered services to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Investment properties Plant and machinery etc Total
£ £ £
Cost
At 1 April 2016 3,180,000 10,159 3,190,159
Disposals - (6,996) (6,996)
At 31 March 2017 3,180,000 3,163 3,183,163
Depreciation
At 1 April 2016 - 9,408 9,408
Charge for the year - 188 188
On disposals - (6,996) (6,996)
At 31 March 2017 - 2,600 2,600
3 Tangible fixed assets (continued)
Net book value
At 31 March 2017 3,180,000 563 3,180,563
At 31 March 2016 3,180,000 751 3,180,751
Freehold land and buildings: 2017 2016
£ £
Historical cost 726,728 726,728
In the opinion of the directors, the market value of the investment properties as at 31 March 2017 was £3,180,000.
4 Debtors 2017 2016
£ £
Trade debtors 38,238 23,810
Amounts owed by group undertakings 97,465 98,010
135,703 121,820
5 Creditors: amounts falling due within one year 2017 2016
£ £
Rent received in advance 30,765 28,196
Tenant's deposits 5,159 5,159
Corporation tax 6,160 2,329
Other taxes and social security costs 2,336 558
Other creditors 9,612 9,590
54,032 45,832
6 Deferred tax
Deferred tax included in the balance sheet is as follows:
2017 2016
£ £
Included in provisions for liabilities 291,960 351,688
2017 2016
£ £
Accelerated capital allowances 615 -
Revaluation of investment properties after indexation allowances 291,345 351,688
291,960 351,688
7 Share capital Nominal 2017 2017 2016
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 99 99 99
8 Related party transactions
During the year the Company paid remuneration of £50,000 (2016 £50,000) and private health insurance of £4,508 (2016 £4,266) to the directors.
9 Controlling party
The company is a wholly-owned subsidiary of Burkeman Investments Limited, a company incorporated in the Isle on Man. Its registered office is:
8 St George's Street
Douglas
Isle Of Man
IM1 1AH
10 Other information
Hoselynn Limited is a private company limited by shares and incorporated in England.
The address of the registered office and the Company's registered number are given in the Company Information on page 1 of these financial statements.
Hoselynn Limited
Notes to the Accounts
for the year ended 31 March 2017
11 First-time adoption of FRS 102
The Company has transitioned to FRS 102 from the previously extant UK GAAP as at 1 April 2016. The impact of the transition to FRS 102 is as follows:
Reconciliation of the Equity At 1 April 2015 At 31 March 2016
As previously stated Effect of transition FRS 102 (as restated) As previously stated Effect of transition FRS 102 (as restated)
Note £ £ £ £ £ £
Fixed assets 1,701,001 - 1,701,001 3,180,751 - 3,180,751
Current assets 136,022 - 136,022 128,230 - 128,230
Creditors: amounts falling due within one year (46,865) - (46,865) (45,832) - (45,832)
Net current assets/ (liabilities) 89,157 - 89,157 82,398 - 82,398
Total assets less current liabilities 1,790,158 - 1,790,158 3,263,149 - 3,263,149
Provisions for liabilities (i) - (120,929) (120,929) (120,929) (351,688)
(i) (230,759)
Net assets 1,790,158 (120,929) 1,669,229 3,263,149 (351,688) 2,911,461
Called up share capital 99 - 99 99 - 99
Revaluation reserve (ii) 973,272 (973,272) - 2,453,272 (973,272) -
(ii) (1,480,000)
Fair value reserve (ii) - 973,272 852,343 973,272 2,101,584
(i) (120,929) (120,929)
(ii) 1,480,000
(ii) (230,759)
Profit and loss account 816,787 - 816,787 809,778 - 809,778
Shareholder's funds 1,790,158 (120,929) 1,669,229 3,263,149 (351,688) 2,911,461
Reconciliation of profit or loss for the year
The transition to FRS 102 has no impact on distributable profit or loss for the year ended 31 March 2016. Please see notes (i) and (ii) for further details.
11 First-time adoption of FRS 102
(i) Deferred tax
Under old UK GAAP the Company was not required to provide deferred tax on unrealised gains of the investment properties when there was no binding agreement to sell the properties.
Under FRS 102 it is a requirement to provide deferred tax on all unrecognised gains. Deferred tax charges of £120,929 as at 1 April 2015 and £230,759 on 31 March 2016 are reflected in Statement of Changes in Equity/Fair Value Reserve.
(ii) Revaluation Reserves
Under old UK GAAP unrealised gains following the revaluation of the investments properties were recognised in the Statement of Gains and Losses and in the Revaluation Reserves.
Under FRS 102 unrealised gains are recognised in The Statement of Changes in Equity. As unrealised gains are undistributable profits the unrealised gains as at 1 April 2015 of £973,272 and the unrealised gain during the year ended 31 March 2016 of £1,480,000 have been transferred from the Revaluation Reserve to the Fair Value Reserves (instead of Profit and Loss Reserves).
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