Haline Properties Limited
Haline Properties Limited
Registered number: 03377628
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 October 2017
Haline Properties Limited
Unaudited Financial Statements
For The Year Ended 31 October 2017
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Abridged Balance Sheet | 1—2 |
| Notes to the Abridged Financial Statements | 3—4 |
Haline Properties Limited
Abridged Balance Sheet
As at
31 October 2017
Abridged Balance Sheet
Registered number:
03377628
For the year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2017 | 2016 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year |
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| NET CURRENT ASSETS (LIABILITIES) |
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( |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | (461,972) | (461,972) | |||
| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital |
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| Capital redemption reserve |
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| Fair Value Reserve |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 1,154,239 | 1,225,383 | |||
Page 1
Haline Properties Limited
Abridged Balance Sheet (continued)
As at
31 October 2017
Director's responsibilities
-
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
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All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 October 2017 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
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The notes on pages 3 to 4 form part of these financial statements.
Page 2
Haline Properties Limited
Notes to the Abridged Financial Statements
For The Year Ended 31 October 2017
Notes to the Abridged Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
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| Fixtures & Fittings |
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1.3.
Investment Properties
Freehold investment properties shall be included in the balance sheet at their market value.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2017 | 2016 | ||
|---|---|---|---|
| Directors and company secretaries |
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3.
Tangible Assets
The analysis of the cost or valuation of the above assets is as follows:
| Total | |
|---|---|
| £ | |
| Cost | |
| As at |
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| As at |
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| Depreciation | |
| As at |
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| Provided during the period |
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| As at |
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| Net Book Value | |
| As at |
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| As at |
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| Investment Properties | Fixtures & Fittings | Total | |
|---|---|---|---|
| £ | £ | £ | |
| As at |
|||
| At cost | 628,332 | 29,161 | 657,493 |
| At valuation | 1,231,668 | - | 1,231,668 |
...CONTINUED
Page 3
Haline Properties Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended 31 October 2017
|
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1,889,161 | |
| As at |
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| At cost | 628,332 | 29,161 | 657,493 |
| At valuation | 1,231,668 | - | 1,231,668 |
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1,889,161 | |
The investment properties are revalued annually by the Directors at open market assuming vacant possession. They are subject to mortgages with the Nationwide Building Society.
4.
Repurchase and cancellation of shares
In April 2017, the company purchased 10 ordinary shares from Richard Saleh for £100,000. The shares were subsequently cancelled. Mr Saleh acts as Company Secretary and the shares purchased represented Mr Saleh's entire holding.
5.
Transition to FRS 102
This is the first period in which the company has prepared its accounts in accordance with FRS 102 1A.
Accordingly, the balance sheet as at 1 November 2016 reflects:
- The investment properties at their open market value instead of historical cost, which has increased their carrying value by £1,231,668.
- A deferred tax provision in respect of the investment properties of £155,390.
The net effect of the above adjustments created the Fair Value Reserve of £1,076,278.
These amounts have not been subject to change during the period ended 31 October 2017.
6.
General Information
Haline Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03377628 . The registered office is 1st Floor, Didsbury House, 748 Wilmslow Road, Didsbury, Manchester, M20 2DW.
Page 4