Hindle & Walker (Property) Limited Filleted accounts for Companies House (small and micro)

Hindle & Walker (Property) Limited Filleted accounts for Companies House (small and micro)

HINDLE & WALKER (PROPERTY) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10925743
HINDLE & WALKER (PROPERTY) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2018
HINDLE & WALKER (PROPERTY) LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2018
31 Mar 18
Note
£
£
FIXED ASSETS
Tangible assets
4
992,767
CURRENT ASSETS
Debtors
5
955
Cash at bank and in hand
49,549
--------
50,504
CREDITORS: amounts falling due within one year
6
27,669
--------
NET CURRENT ASSETS
22,835
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,015,602
CREDITORS: amounts falling due after more than one year
7
998,700
------------
NET ASSETS
16,902
------------
CAPITAL AND RESERVES
Called up share capital
100
Profit and loss account
8
16,802
--------
SHAREHOLDERS FUNDS
16,902
--------
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 period ending 31 March 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 financial statements for the period 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 .
HINDLE & WALKER (PROPERTY) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2018
These financial statements were approved by the board of directors and authorised for issue on 5 November 2018 , and are signed on behalf of the board by:
M.N. Hindle
Director
Company registration number: 10925743
HINDLE & WALKER (PROPERTY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 21 AUGUST 2017 TO 31 MARCH 2018
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Haydock House, Pleckgate Road, Blackburn, Lancashire, BB1 8QW.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis as modified by the revaluation of investment properties measured at fair value through profit and loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Revenue recognition
The turnover shown in the profit and loss account represents rents, service charges and other sales receivable. Rental income is recognised over the lease term. Service charges are recognised in accordance with the period of consumption.
(c) Taxation
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.
(d) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Investment property is included at fair value and valued by the directors. Gains and losses are included in the profit and loss account for the year. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
(e) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, Fittings & Equipment
-
15% per annum reducing balance
(f) Financial instruments
Basic financial instruments are recognised at amortised cost.
4. TANGIBLE ASSETS
Investment Property
Fixtures, Fittings & Equipment
Total
£
£
£
Cost
At 21 August 2017
–
–
–
Additions
990,820
2,291
993,111
---------
-------
---------
At 31 March 2018
990,820
2,291
993,111
---------
-------
---------
Depreciation
At 21 August 2017
–
–
–
Charge for the period
–
344
344
---------
-------
---------
At 31 March 2018
–
344
344
---------
-------
---------
Carrying amount
At 31 March 2018
990,820
1,947
992,767
---------
-------
---------
5. DEBTORS
31 Mar 18
£
Trade debtors
955
----
6. CREDITORS: amounts falling due within one year
31 Mar 18
£
Accruals and deferred income
17,723
Corporation tax
3,508
Social security and other taxes
6,438
--------
27,669
--------
7. CREDITORS: amounts falling due after more than one year
31 Mar 18
£
Amounts owed to group undertakings
998,700
---------
8. RESERVES
The profit and loss account includes all current and prior period retained profits and losses.
9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
There are no transactions with directors that require disclosure under FRS 102.
10. RELATED PARTY TRANSACTIONS
The company was under the control of the directors throughout the period. During the period the company has been provided with loan finance by its parent undertaking, Hindle & Walker Limited, amounting to £998,700. No interest has been charged on the loan and there are no specific terms of repayment.
11. CONTROLLING PARTY
The company is a wholly owned subsidiary undertaking of Hindle & Walker Limited, a company incorporated in England and Wales.