Hatch Investments Limited Company Accounts

HATCH INVESTMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06544315

Hatch Investments Limited

Filleted Unaudited Financial Statements

31 March 2017

Hatch Investments Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Statement of financial position	1

Statement of changes in equity	3

Notes to the financial statements	4

Hatch Investments Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Investments	4		690,693	622,662

Current assets

Debtors	5	719	1,594
Cash at bank and in hand		26,273	31,300
		--------	--------
		26,992	32,894

Creditors: amounts falling due within one year	6	7,920		3,900
		--------		--------
Net current assets			19,072	28,994
			---------	---------
Total assets less current liabilities			709,765	651,656

Creditors: amounts falling due after more than one year	7	13,091	3,380
		---------	---------
Net assets		696,674	648,276
		---------	---------

Capital and reserves

Called up share capital	110,000	110,000
Share premium account	347,686	347,686
Revaluation reserve	96,685	48,106
Profit and loss account	142,303	142,484
	---------	---------
Members funds	696,674	648,276
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

Hatch Investments Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 28 November 2017 , and are signed on behalf of the board by:

Dr M J L Scrutton	Mrs C M Roberts
Director	Director

Company registration number: 06544315

Hatch Investments Limited

Statement of Changes in Equity

Year ended 31 March 2017

		Called up share capital	Share premium account	Revaluation reserve	Profit and loss account	Total
		£	£	£	£	£
At 1 April 2015		110,000	347,686	82,440	180,612	720,738

Loss for the year					( 252)	( 252)
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account	–	–	(34,334)	34,334	–
		---------	---------	--------	---------	---------
Total comprehensive income for the year		–	–	( 34,334)	34,082	( 252)

Dividends paid and payable		–	–	–	( 72,210)	( 72,210)
		---------	---------	--------	---------	---------
Total investments by and distributions to owners		–	–	–	( 72,210)	( 72,210)

At 31 March 2016		110,000	347,686	48,106	142,484	648,276

Profit for the year					90,527	90,527
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account	–	–	48,579	(48,579)	–
		---------	---------	--------	---------	---------
Total comprehensive income for the year		–	–	48,579	41,948	90,527

Dividends paid and payable		–	–	–	( 42,129)	( 42,129)
		----	----	----	--------	--------
Total investments by and distributions to owners		–	–	–	( 42,129)	( 42,129)

		---------	---------	--------	---------	---------
At 31 March 2017		110,000	347,686	96,685	142,303	696,674
		---------	---------	--------	---------	---------

Hatch Investments Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 28 Ely Place, 3rd Floor, London, EC1N 6TD.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Revenue recognition

The turnover shown in the profit and loss account represents dividends receivable, which are taken to the credit of the profit and loss account, in respect of listed shares, when the shares are quoted ex-dividend and, in respect of unlisted shares, when the dividend is declared.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Investments

	Other investments other than loans
	£
Market value
At 1 April 2016	622,662
Additions	158,204
Disposals	( 167,908)
Revaluations	77,735
	---------
At 31 March 2017	690,693
	---------
Impairment
At 1 Apr 2016 and 31 Mar 2017	–
	---------

Carrying amount
At 31 March 2017	690,693
	---------
At 31 March 2016	622,662
	---------

5. Debtors

	2017	2016
	£	£
Other debtors	719	1,594
	----	-------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	3,960	–
Other creditors	3,960	3,900
	-------	-------
	7,920	3,900
	-------	-------

7. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Deferred Tax	13,091	3,380
	--------	-------

8. Related party transactions

The company was under the control of its directors throughout the period. There were no transactions with related parties.

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

Reconciliation of equity

	1 April 2015			31 March 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	700,350	–	700,350	622,662	–	622,662
Current assets	39,914	–	39,914	32,894	–	32,894
Creditors: amounts falling due within one year	( 7,740)	–	( 7,740)	( 3,900)	–	( 3,900)
	---------	----	---------	---------	----	---------
Net current assets	32,174	–	32,174	28,994	–	28,994
	---------	----	---------	---------	----	---------
Total assets less current liabilities	732,524	–	732,524	651,656	–	651,656

Creditors: amounts falling due after more than one year	–	–	–	–	( 3,380)	( 3,380)
	---------	----	---------	---------	-------	---------
Net assets	732,524	–	732,524	651,656	( 3,380)	648,276
	---------	----	---------	---------	-------	---------

	---------	----	---------	---------	-------	---------
Capital and reserves	732,524	–	732,524	651,656	( 3,380)	648,276
	---------	----	---------	---------	-------	---------

Hatch Investments Limited prepares its first financial statements that comply with FRS 102 for the year ended 31 March 2017. The date of transition to FRS 102 is 1 April 2015. The transition to FRS 102 has resulted in a small number of changes in accounting policies compared to those used previously. Deferred tax is no longer recognised only when there is an agreement to sell a revalued asset but instead is required to be recognised on all revaluation gains.