Registration number:
Hambridge Limited
for the Year Ended 31 October 2019
Hambridge Limited
(Registration number: 00877164)
Statement of Financial Position as at 31 October 2019
Note |
2019 |
2018 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
Other financial assets |
787,398 |
670,261 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
2,794 |
2,794 |
|
Capital redemption reserve |
2,536 |
2,536 |
|
Fair value reserve |
6,355,163 |
12,890,673 |
|
Profit and loss account |
7,618,417 |
14,368,258 |
|
Total equity |
13,978,910 |
27,264,261 |
For the financial year ending 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his 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 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'.
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 Income Statement has been taken.
Hambridge Limited
(Registration number: 00877164)
Statement of Financial Position as at 31 October 2019
Approved and authorised by the
.........................................
Company secretary and director
Hambridge Limited
Statement of Changes in Equity for the Year Ended 31 October 2019
Share capital |
Capital redemption reserve |
Fair value reserve |
Profit and loss account |
|
At 1 November 2017 |
|
|
|
|
Profit for the year |
- |
- |
- |
|
Dividends |
- |
- |
- |
( |
Transfers |
- |
- |
(5,427,900) |
5,427,900 |
At 31 October 2018 |
|
|
|
|
Total |
|
At 1 November 2017 |
|
Profit for the year |
|
Dividends |
( |
Transfers |
- |
At 31 October 2018 |
|
Share capital |
Capital redemption reserve |
Fair value reserve |
Profit and loss account |
|
At 1 November 2018 |
|
|
|
|
Loss for the year |
- |
- |
- |
( |
Dividends |
- |
- |
- |
( |
New share capital subscribed |
|
- |
- |
- |
Other share capital movements |
(2,000,000) |
- |
- |
- |
Transfers |
- |
- |
(6,535,510) |
6,535,510 |
At 31 October 2019 |
|
|
|
|
Total |
|
At 1 November 2018 |
|
Loss for the year |
( |
Dividends |
( |
New share capital subscribed |
|
Other share capital movements |
(2,000,000) |
Transfers |
- |
At 31 October 2019 |
|
Hambridge Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 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.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the total value, excluding value added tax, of sales earned during the year and derives from the provision of services and rental income from operating leases falling within the company's ordinary activities. Rental income from operating leases, excluding charges made for additional services, is recognised on a straight line basis over the period of the lease.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Hambridge Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2019
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
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 |
Plant and machinery |
25% per annum on reducing balance |
Fixtures, fittings and equipment |
25% per annum on reducing balance |
Motor vehicles |
25% per annum on reducing balance |
Investment property
Cash and cash equivalents
Cash is represented by cash in hand and bank deposits.
Trade debtors
Short term debtors are measured at transaction price, less any impairment.
Trade creditors
Short term creditors are measured at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Hambridge Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2019
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Employee benefits
Short-term employee benefits are recognised as an expense in the period which they are incurred.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Hambridge Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2019
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 November 2018 |
|
|
|
|
Additions |
- |
- |
|
|
Disposals |
( |
( |
( |
( |
At 31 October 2019 |
|
|
|
|
Depreciation |
||||
At 1 November 2018 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
( |
( |
( |
( |
At 31 October 2019 |
|
|
|
|
Carrying amount |
||||
At 31 October 2019 |
|
|
|
|
At 31 October 2018 |
|
|
|
|
Investment properties |
2019 |
|
At 1 November 2018 |
|
Disposals |
( |
Fair value adjustments |
|
At 31 October 2019 |
|
The historical cost of investment properties is £9,091,128 (2018: £14,414,878). The investment properties have been revalued by a director of the company, on an open market value for existing use basis. Properties are valued at the higher of cost or a multiple of rental receipts, applied on a consistent basis year to year. Where the amounts considered recoverable on a property fall below cost the value is written down to the estimated recoverable amount. The same method of valuation has been adopted each year. The carrying value of investment properties represents the gross amount of assets held for use in operating leases.
There has been no valuation of investment property by an independent valuer.
Hambridge Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2019
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 November 2018 |
670,261 |
670,261 |
Fair value adjustments |
17,587 |
17,587 |
Additions |
99,550 |
99,550 |
At 31 October 2019 |
787,398 |
787,398 |
Impairment |
||
Carrying amount |
||
At 31 October 2019 |
|
787,398 |
Debtors |
Note |
2019 |
2018 |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
- |
|
|
Prepayments |
|
|
|
Other debtors |
|
- |
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
|
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts owed to related parties |
|
- |
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Hambridge Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2019
Creditors include bank loans and overdrafts of £8,716,240 (2018: £5,679,967) which are secured by specific legal charges over the freehold properties of the company.The net obligations under finance leases and hire purchase contracts are secured against the specific fixed asset to which each agreement relates.
Amounts owed to related parties have no fixed terms, and as such are considered repayable on demand. For disclosure purposes, the company holds rent deposits on behalf of its tenants amounting to £145,234 (2018: £297,964). As the company has a corresponding liability for the same amount, no provision has been made in these financial statements for the asset and the associated liability.
Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
|
Loans and borrowings |
|
|
Creditors include bank loans of £3,200,000 (2018 - £3,200,000) due after more than five years. Interest is charged on these borrowings due after more than five years at 4.23%.
Loans and borrowings |
2019 |
2018 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
2019 |
2018 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Related party transactions |
Transactions with directors |
2019 |
At 1 November 2018 |
Advances to directors |
At 31 October 2019 |
Director A |
( |
|
|
2018 |
At 1 November 2017 |
Other payments made to company by director |
At 31 October 2018 |
Director A |
( |
(26,761) |
( |
Hambridge Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2019
Parent and ultimate parent undertaking |
The company's immediate and ultimate parent is