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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2018 |
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H. PRINS LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2018 |
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FOR |
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H. PRINS LIMITED |
H. PRINS LIMITED (REGISTERED NUMBER: 00250041) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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H. PRINS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants & Tax Consultants |
27-29 Old Market |
Wisbech |
Cambridgeshire |
PE13 1NE |
H. PRINS LIMITED (REGISTERED NUMBER: 00250041) |
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BALANCE SHEET |
31 MAY 2018 |
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31.5.18 | 31.5.17 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Revaluation reserve | 12 |
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Capital redemption reserve |
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Retained earnings |
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1,565,265 |
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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. |
H. PRINS LIMITED (REGISTERED NUMBER: 00250041) |
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BALANCE SHEET - continued |
31 MAY 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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H. PRINS LIMITED (REGISTERED NUMBER: 00250041) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2018 |
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1. | STATUTORY INFORMATION |
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H. Prins Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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At the balance sheet date the company had a working capital deficit of £393,754 by virtue of its current liabilities |
exceeding its current assets. The directors are confident that the going concern basis for the preparation of the |
financial statements is appropriate, by their continued support and that of it's bankers. |
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Turnover |
Turnover represents net invoiced sale of goods and services, excluding value added tax. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
fair value is recognised in profit or loss. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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H. PRINS LIMITED (REGISTERED NUMBER: 00250041) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2018 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 June 2017 |
and 31 May 2018 |
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AMORTISATION |
Charge for year |
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At 31 May 2018 |
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NET BOOK VALUE |
At 31 May 2018 |
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At 31 May 2017 |
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H. PRINS LIMITED (REGISTERED NUMBER: 00250041) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2018 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 June 2017 |
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Additions |
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Disposals | ( |
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At 31 May 2018 |
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DEPRECIATION |
At 1 June 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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( |
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At 31 May 2018 |
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NET BOOK VALUE |
At 31 May 2018 |
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At 31 May 2017 |
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Included in cost of land and buildings is freehold land of £ 1,854,869 (2017 - £ 1,888,868 ) which is not |
depreciated. |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
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COST |
At 1 June 2017 |
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Additions |
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Disposals | ( |
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Transfer to ownership | (247,087 | ) |
At 31 May 2018 |
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DEPRECIATION |
At 1 June 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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Transfer to ownership | (166,735 | ) |
At 31 May 2018 |
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NET BOOK VALUE |
At 31 May 2018 |
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At 31 May 2017 |
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H. PRINS LIMITED (REGISTERED NUMBER: 00250041) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2018 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 June 2017 |
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Additions |
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Revaluations | 12,775 |
At 31 May 2018 |
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NET BOOK VALUE |
At 31 May 2018 |
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At 31 May 2017 |
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Fair value at 31 May 2018 is represented by: |
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£ |
Valuation in 2018 | 810,000 |
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If investment properties had not been revalued they would have been included at the following historical cost: |
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31.5.18 | 31.5.17 |
as restated |
£ | £ |
Cost | 166,683 | 146,958 |
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Investment properties were valued on an open market basis on 31 May 2018 by the directors . |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.18 | 31.5.17 |
as restated |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.18 | 31.5.17 |
as restated |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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H. PRINS LIMITED (REGISTERED NUMBER: 00250041) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2018 |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.5.18 | 31.5.17 |
as restated |
£ | £ |
Bank loans |
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Hire purchase contracts |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more than 5 years by instalments | 74,443 | 121,351 |
Other creditors more than 5 |
years by instalments | 36,000 | 25,000 |
110,443 | 146,351 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.5.18 | 31.5.17 |
as restated |
£ | £ |
Bank overdrafts |
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Bank loans |
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Hire purchase contracts | 314,126 | 261,428 |
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H. PRINS LIMITED (REGISTERED NUMBER: 00250041) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2018 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
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Number: | Class: | Nominal | 31.5.18 | 31.5.17 |
value: | £ | £ |
10,667 | Founder | £1 | 10,667 | 10,667 |
13,333 | Ordinary | £1 | 13,333 | 13,333 |
20,000 | Preference | £1 | 20,000 | 20,000 |
644,384 | 5% Redeemable Cumulative Preference | £1 | 50,911 | 42,299 |
94,911 | 86,299 |
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The Founder shares carry ten votes for each share held. The Ordinary shares entitle the holder to one vote each. |
The Preference shares and the Redeemable preference shares carry one vote each exercisable only if the |
dividends attached to those shares are in arrears for over six months. |
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In the event of the company being wound up then the assets remaining after payment of the debts and liabilities |
and the costs of the liquidation shall be applied as follows: |
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- firstly in repaying the Preference and 5% Redeemable Cumulative Preference shares together with all arrears |
(if any) and accruals of the said preferential dividend, whether earned or declared or not at the date of such |
repayment. |
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- secondly in repaying the amount paid up on the Ordinary shares. |
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- lastly the balance (if any), shall be distributed among the holders of the Founder shares in proportion to the |
number of Founder shares held by them. |
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The holders of the Preference shares are entitled to a cumulative preferential dividend of 5% per annum payable |
on 30 November and 31 May each year. |
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12. | RESERVES |
Revaluation |
reserve |
£ |
At 1 June 2017 |
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Reclassification | 19,796 |
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At 31 May 2018 |
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13. | CAPITAL COMMITMENTS |
31.5.18 | 31.5.17 |
as restated |
£ | £ |
Contracted but not provided for in the |
financial statements |
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H. PRINS LIMITED (REGISTERED NUMBER: 00250041) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2018 |
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14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 May 2018 and |
31 May 2017: |
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31.5.18 | 31.5.17 |
as restated |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Loan interest has been paid to the company at a rate of 2.5% during the year in respect of the directors' current |
account. |
H. PRINS LIMITED (REGISTERED NUMBER: 00250041) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2018 |
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15. | PREFERENCE SHARES |
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Details of shares shown as liabilities are as follows: |
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Allotted, issued and fully paid | 31.5.18 | 31.5.17 |
£ | £ |
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644,384 5% redeemable cumulative preference shares of £1 each | 593,473 | 602,085 |
As at 31 May 2018 | 593,473 | 602,085 |
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The 5% redeemable cumulative preference shares are classified as compound financial instruments, which have |
the characteristics of both debt and equity and may be redeemed any time after the first 6 months of allotment or |
in any event on 30 November 2025 at par. |
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The debt element is the net present value of the liability relating to the future dividend stream and redemption |
and has been calculated using an equivalent rate of 5.75%, being the directors estimate of the cost of capital. |
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Debt | Equity |
Element | Element | Total |
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5% redeemable cumulative preference shares | 593,473 | 50,911 | 644,384 |
As at 31 May 2018 | 593,473 | 50,911 | 644,384 |
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The holders of the issued 5% redeemable cumulative preference shares have a right to a dividend of 1% over the |
Bank of England minimum base rate or 5%, whichever is the greater. The dividends are payable on 30 |
November and 31 May each year. |
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The holders of the shares are entitled to vote at general meetings if the fixed cumulative preferential dividend is |
in arrears for more than six months after any date fixed for payment. |
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16. | PRIOR YEAR ADJUSTMENTS |
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The company has made an adjustment to reflect the reclassification of investment properties from tangible fixed |
assets. This has resulted in a revaluation on transition to FRS102 of £630,542 together with the realisation of the |
associated deferred tax liability on these unrealised investment property gains of £72,285. The cost element of |
these properties which was transferred from tangible fixed assets to investment properties on transition to |
FRS102 amounted to £146,958 with depreciation of £38,119 being removed. |