Company No:
Contents
Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
326,281 | 335,661 | |||
Current assets | ||||
Debtors | 4 |
|
|
|
Cash at bank and in hand |
|
|
||
10,588 | 6,581 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
|
(
|
|
Net current liabilities | (63,776) | (114,776) | ||
Total assets less current liabilities | 262,505 | 220,885 | ||
Creditors | ||||
Amounts falling due after more than one year | 6 | (
|
(
|
|
Provisions for liabilities | (
|
(
|
||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 7 |
|
|
|
Profit and loss account |
|
|
||
Total shareholders' funds |
|
|
Directors' responsibilities:
The financial statements of Hailey Properties Limited (registered number:
Mark Ridgeway
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
Hailey Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Hailey Centre Unit 16-19, 46 Holton Road, Holton Heath Trading Park, BH16 6LT, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Hailey Properties Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Freehold land and buildings - 2% straight line basis
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Profit and Loss Account, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Investment property | Total | ||
£ | £ | ||
Cost | |||
At 01 July 2020 |
|
|
|
At 30 June 2021 |
|
|
|
Accumulated depreciation | |||
At 01 July 2020 |
|
|
|
Charge for the financial year |
|
|
|
At 30 June 2021 |
|
|
|
Net book value | |||
At 30 June 2021 |
|
|
|
At 30 June 2020 |
|
|
2021 | 2020 | ||
£ | £ | ||
Other debtors |
|
|
2021 | 2020 | ||
£ | £ | ||
Bank loans and overdrafts (secured) |
|
|
|
Trade creditors |
|
|
|
Other creditors |
|
|
|
Corporation tax |
|
|
|
Other taxation and social security |
|
|
|
|
|
2021 | 2020 | ||
£ | £ | ||
Bank loans (secured) |
|
|
2021 | 2020 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
Distributable Reseves
2021 | |
£ | |
Bfwd at 1 July 2020 | 46,066 |
Profit for the year | 52,837 |
98,903 |
Non-Distributable Reserves
2021 | |
£ | |
Revaluation balance bfwd at 1 July 2020 | 88,944 |
Deferred tax bfwd at 1 July 2020 | (17,789) |
71,155 |
Total Reserves
2021 | |
£ | |
Bfwd at 1 July 2020 | 117,221 |
Profit for the year | 52,837 |
170,058 |
Included in the profit and loss reserve is £71,155 (2020 £71,155) of non-distributable reserves. This is made up of a revaluation reserve of £88,944 and a deferred tax adjustment of £17,789.