Higrove Estates Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 05767354 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

FOR

HIGROVE ESTATES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J J Devereux

Mr O Kehoe

Mrs L A Kane

SECRETARY:

Mr O Kehoe

REGISTERED OFFICE:

Solar House

282 Chase Road

London

N14 6NZ

REGISTERED NUMBER:

05767354 (England and Wales)

ACCOUNTANTS:

Freemans Partnership LLP

Chartered Certified Accountants

Solar House

282 Chase Road

London

N14 6NZ

FIXED ASSETS

Tangible assets

4

5,128

6,837

Investment property

5

4,000,000

4,000,000

4,005,128

4,006,837

CURRENT ASSETS

Debtors

6

91,003

118,000

Investments

7

12,128

-

Cash at bank

79,934

77,343

183,065

195,343

CREDITORS

Amounts falling due within one year

8

558,206

654,784

NET CURRENT LIABILITIES

(375,141

)

(459,441

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,629,987

3,547,396

CREDITORS

Amounts falling due after more than one year

9

2,600,000

2,550,000

NET ASSETS

1,029,987

997,396

CAPITAL AND RESERVES

Called up share capital

12

2

2

Retained earnings

13

1,029,985

997,394

SHAREHOLDERS' FUNDS

1,029,987

997,396

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 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 3 October 2017 and were signed on its behalf by:

Mr J J Devereux - Director

1.	STATUTORY INFORMATION

Higrove Estates 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

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents rents receivable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

10% straight line

Investment property

Investment properties are revalued annually at their open market value. The surplus or deficit in revaluation is

transferred to the profit and loss account in accordance with Financial Reporting Standard 102 and does not form

part of distributable reserves.

No depreciation is provided on investment properties which is a departure from the requirement of the

Companies Act 2006. In the opinion of the director, these properties are held primarily for their investment

potential and so their current value is of more significance than any measure of consumption and to depreciate

them would not give a true and fair view.

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 balance sheet date.

Deferred tax

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

sheet 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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 July 2016

and 30 June 2017

16,745

DEPRECIATION

At 1 July 2016

9,908

Charge for year

1,709

At 30 June 2017

11,617

NET BOOK VALUE

At 30 June 2017

5,128

At 30 June 2016

6,837

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2016

and 30 June 2017

4,000,000

NET BOOK VALUE

At 30 June 2017

4,000,000

At 30 June 2016

4,000,000

Cost or valuation at 30 June 2017 is represented by:

£

Valuation in 2008

667,596

Cost

3,332,404

4,000,000

If investment properties had not been revalued they would have been included at the following historical cost:

30.6.17

30.6.16

£

£

Cost

3,332,404

3,332,404

Investment properties were valued on an open market basis on 30 June 2012 by the directors. .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Other debtors

91,003

-

Amount due from related

company

-

115,000

Prepayments

-

3,000

91,003

118,000

7.	CURRENT ASSET INVESTMENTS

30.6.17

30.6.16

£

£

Investments

12,128

-

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Bank loans and overdrafts (see note 10)

-

100,000

Trade creditors

30,445

445

Tax

8,442

24,632

VAT

14,519

8,107

Directors' current accounts

500,000

518,000

Accrued expenses

4,800

3,600

558,206

654,784

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.17

30.6.16

£

£

Bank loans (see note 10)

2,600,000

2,550,000

10.

LOANS

An analysis of the maturity of loans is given below:

30.6.17

30.6.16

£

£

Amounts falling due within one year or on demand:

Bank loans

-

100,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

2,600,000

2,550,000

11.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.17

30.6.16

£

£

Bank Loan

2,600,000

2,550,000

The bank loan is secured by a legal charge over the freehold properties.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.17

30.6.16

value:

£

£

2

Ordinary shares

£1

2

2

13.

RESERVES

Retained

earnings

£

At 1 July 2016

997,394

Profit for the year

32,591

At 30 June 2017

1,029,985

RETAINED EARNINGS

Allocation of retained earnings comprises of:

£

Distributable reserves

362,389

Non distributable reserves

667,596

1,029,985

14.	FIRST YEAR ADOPTION

Transitional relief

On transition to FRS 102, the company has taken advantage of the following transitional relief:

•

to use a previous GAAP revaluation as deemed cost on an investment property.