The Housing Enterprise Fund Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 05363029 (England and Wales)

The Housing Enterprise Fund Limited

Financial Statements

for the Year Ended 31 December 2016

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R S Drummond-Hay

Mr R M Gamble

Mr D A Young BSC HONS AMICE

REGISTERED OFFICE:

Sandal Business Centre

Asdale Road

Wakefield

West Yorkshire

WF2 7JE

REGISTERED NUMBER:

05363029 (England and Wales)

ACCOUNTANTS:

Jolliffe Cork LLP

Chartered Accountants

33 George Street

Wakefield

West Yorkshire

WF1 1LX

BANKERS:

Lloyds TSB Bank Plc

8th Floor

6/7 Park Row

Leeds

LS1 1NX

FIXED ASSETS

Investment property

3

395,000

395,000

CURRENT ASSETS

Debtors

4

2,144

2,144

Cash at bank and in hand

18,547

40,627

20,691

42,771

CREDITORS

Amounts falling due within one year

5

16,339

17,517

NET CURRENT ASSETS

4,352

25,254

TOTAL ASSETS LESS CURRENT LIABILITIES

399,352

420,254

CREDITORS

Amounts falling due after more than one year

6

326,633

349,411

NET ASSETS

72,719

70,843

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

72,619

70,743

SHAREHOLDERS' FUNDS

72,719

70,843

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 25 September 2017 and were signed on its behalf by:

Mr D A Young BSC HONS AMICE - Director

1.	STATUTORY INFORMATION

The Housing Enterprise Fund Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

This is the first year that the company has presented its results under FRS 102. The last financial statements

prepared and submitted to Companies House under the previous UKGAAP were for the year ended 31

December 2015. The date of transition to FRS 102 was 1 January 2015 and the adjustments arising as a result of

the transition from the previous UKGAAP to FRS 102 can be found in note 11 to the accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2016

and 31 December 2016

395,000

NET BOOK VALUE

At 31 December 2016

395,000

At 31 December 2015

395,000

The investment properties have been valued by the directors at their open market fair value as at the balance

sheet date.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

2,144

2,144

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Corporation tax

469

1,190

Directors' current accounts

9,600

9,600

Accruals and deferred income

6,270

6,727

16,339

17,517

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Bank loans

326,633

349,411

7.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank loans

326,633

349,411

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Retained

earnings

£

At 1 January 2016

70,743

Profit for the year

1,876

At 31 December 2016

72,619

Included within retained earnings is an amount of £40,310 which relates to the cumulative fair value gains on the

investment properties, net of any deferred tax. This amount is non-distributable.

10.	RELATED PARTY DISCLOSURES

11.	FIRST YEAR ADOPTION

FRS 102 requires that for investment properties all revaluations to fair value during the accounting period are to

be taken to the Income Statement, previously these revaluation adjustments would have gone to a separate

reserve. The value of this reserve at the date of transition was £40,310.