Hawkstead Limited - Period Ending 2018-05-31

Registration number: 08068441

Hawkstead Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2018

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Hawkstead Limited

Contents

Accountants' Report	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 7

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Hawkstead Limited
for the Year Ended 31 May 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hawkstead Limited for the year ended 31 May 2018 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Hawkstead Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Hawkstead Limited and state those matters that we have agreed to state to the Board of Directors of Hawkstead Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hawkstead Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Hawkstead Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Hawkstead Limited. You consider that Hawkstead Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Hawkstead Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

2 November 2018

Page 1

Hawkstead Limited

(Registration number: 08068441)
Balance Sheet as at 31 May 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	-	159
Investment property	5	300,000	290,541
		300,000	290,700
Current assets
Debtors	6	2,466	1,594
Cash at bank and in hand		13,145	6,876
		15,611	8,470
Creditors: Amounts falling due within one year	7	(39,610)	(36,299)
Net current liabilities		(23,999)	(27,829)
Total assets less current liabilities		276,001	262,871
Creditors: Amounts falling due after more than one year	7	(251,350)	(254,262)
Net assets		24,651	8,609
Capital and reserves
Called up share capital		100	100
Other reserves		9,459	-
Profit and loss account		15,092	8,509
Total equity		24,651	8,609

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 2

Hawkstead Limited

(Registration number: 08068441)
Balance Sheet as at 31 May 2018

For the financial year ending 31 May 2018 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to small companies subject to the small company regime and the option not to file the Statement of Income and Retained Earnings and the Directors report has been taken.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 2 November 2018 and signed on its behalf by:
 

.........................................

Mr MJ Warren
Director

.........................................

Mrs R J Warren
Director

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 3

Hawkstead Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance
These financial statements have been prepared using the historic cost convention. The financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
These are the company's first set of financial statements prepared in accordance with FRS102. No adjustments have been necessary in making the transition.

Going concern

As at the year end, the company's balance sheet shows net current liabilities of £23,999 (2017: £27,829) and total assets amounting to £24,651 (2017: £8,609). Accordingly, the directors have had to consider the basis upon which the accounts should be prepared and determine whether a going concern basis remains appropriate. The financial statements have been prepared on a going concern basis as the directors continue to provide financial support when necessary to the company. The directors have also reviewed the position for 12 months from the date the accounts were approved and in their opinion the company will reduce the balance sheet deficiency and will show positive results for the next financial period.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	33% straight line
Freehold investment property (see below)	No depreciation

Investment property

Investment property is carried at fair value, derived from current market prices for comparable real estate determined annually by the directors, adjusted if necessary for any difference in the nature, location or condition of the specific asset. An independent valuation has not been undertaken. Any changes in fair value are recognised in the profit and loss. Deferred tax is provided on these gains at the rate expected to apply when the property is sold, however this year a loss is incurred when comparing the indexed cost to the fair value, therefore no deferred tax provision is deemed necessary.

Page 4

Hawkstead Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

3	Profit before tax

Arrived at after charging/(crediting)

	2018 £	2017 £
Depreciation expense	159	157

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 June 2017	471	471
At 31 May 2018	471	471
Depreciation
At 1 June 2017	312	312
Charge for the year	159	159
At 31 May 2018	471	471
Carrying amount
At 31 May 2018	-	-
At 31 May 2017	159	159

Page 5

Hawkstead Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

5	Investment properties

	2018 £
At 1 June 2016 and 31 May 2017	290,541
Fair value adjustments	9,459
At 31 May 2018	300,000

6

Debtors

	2018 £	2017 £
Other debtors	2,466	1,594
	2,466	1,594

Page 6

Hawkstead Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

7

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Bank loans and overdrafts	8	2,913	3,883
Accruals and deferred income		2,224	2,153
Other creditors		34,473	30,263
		39,610	36,299

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings	8	251,350	254,262

	2018 £	2017 £
After more than five years not by instalments	156,530	156,530

	-	-

8	Loans and borrowings

	2018 £	2017 £
Non-current loans and borrowings
Bank borrowings	156,350	159,262
Other borrowings	95,000	95,000
	251,350	254,262

	2018 £	2017 £
Current loans and borrowings
Bank borrowings	2,913	3,883

Page 7