Haysbell_Properties_(No.2 - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

T he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

Haysbell Properties (No.2) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Loudoun Road, St John's Wood, London, NW8 0DL.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

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 financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 December 2016 are the first financial statements of Haysbell Properties (No.2) Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 12 December 2014. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 9.

The company has net liabilities of £200,698 (2015: £202,705) at the year end as a result of the temporary diminution in value of its investment property. The company has the financial support of its parent company and the Directors have received reassurances from the related company creditor that the funds owed will not be called for repayment without first ensuring that the company is able to meets its day to day commitments. In the opinion of the Directors, the going concern basis is therefore appropriate.

Turnover represents amounts receivable for rent.rent.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure . Subsequently it is measured at fair value a t the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

The valuation of the investment properties were made at 31 December 2016 by the directors of the company, on an open market basis. No depreciation is provided in respect of this property.

On a historical basis the property would have been included on the Balance Sheet at an original cost of £905,060 (2015: £893,060).

The ultimate parent undertaking of the company is Haysbell Properties Limited, a company registered in England and Wales.

The company has taken advantage of the exemption available in accordance with FRS 102 Section 33 'Related Party disclosures' not to disclose transactions entered into two or more members of a group, as the company and the other subsidiaries are wholly owned subsidiary undertakings of the group to which they are party to the transactions.

During the period, interest payable of £39,239 (2015: £33,754) was charged by Redington Estates Limited.

Included in other creditor is accrued interest of £72,993 (2015: £33,754) payable to Redington Estates Limited.

At the year end, £892,212 (2015: £892,212) was due to Redington Estates Limited, a company in which H M Soning has a material interest.

Revaluation of investment properties has been recognised under FRS102 in the profit and loss account.