Company Registration No. 07422687 (England and Wales)
HOLT HOMES & PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
PAGES FOR FILING WITH REGISTRAR
HOLT HOMES & PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
HOLT HOMES & PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2019
31 October 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investment properties
6
1,200,000
1,200,000
Current assets
Debtors
7
1,774
2,167
Cash at bank and in hand
38,516
28,290
40,290
30,457
Creditors: amounts falling due within one year
8
(57,431)
(50,517)
Net current liabilities
(17,141)
(20,060)
Total assets less current liabilities
1,182,859
1,179,940
Creditors: amounts falling due after more than one year
9
(901,995)
-
Provisions for liabilities
(38,000)
(38,000)
Net assets
242,864
1,141,940
Capital and reserves
Called up share capital
10
222,078
1,122,078
Profit and loss reserves
20,786
19,862
Total equity
242,864
1,141,940
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
HOLT HOMES & PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2019
31 October 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 July 2020 and are signed on its behalf by:
R Holt
Director
Company Registration No. 07422687
HOLT HOMES & PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2019
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2017
1,223,921
226,330
1,450,251
Period ended 31 October 2018:
Profit and total comprehensive income for the period
-
159,550
159,550
Dividends
5
-
(366,018)
(366,018)
Redemption of shares
10
(101,843)
-
(101,843)
Balance at 31 October 2018
1,122,078
19,862
1,141,940
Period ended 31 October 2019:
Profit and total comprehensive income for the period
-
924
924
Redemption of shares
10
(900,000)
-
(900,000)
Balance at 31 October 2019
222,078
20,786
242,864
HOLT HOMES & PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
- 4 -
1
Accounting policies
Company information
Holt Homes & Properties Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit G1, 42 Upper Richmond Road West, London, SW14 8DD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
HOLT HOMES & PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
HOLT HOMES & PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
No critical judgements, estimates or assumptions were made in the preparation of these financial statements, other than the directors' estimate of the fair market value of the investment property.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2018 - 2).
4
Taxation
2019
2018
£
£
Deferred tax
Origination and reversal of timing differences
216
37,425
During the year, the company utilised tax losses of £1,140 (2018: £nil). The company has unutilised tax losses of £1,885 (2017 - £3,025) at the balance sheet date. A deferred tax asset of £358 (2018: £575) has been recognised in respect of these deferred losses as the company is expected to generate sufficient profits to utilise these tax losses in the foreseeable future.
HOLT HOMES & PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
4
Taxation
(Continued)
- 7 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2019
2018
£
£
Profit before taxation
1,140
196,975
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2018: 19.00%)
217
37,425
Tax effect of income not taxable in determining taxable profit
-
(38,000)
Unutilised tax losses carried forward
(217)
575
Deferred tax
216
37,425
Taxation charge for the period
216
37,425
5
Dividends
2019
2018
£
£
Final paid
-
366,018
During the year, the company paid preferential dividends of £nil (2018 - £366,018). The right to dividends on preference shares was waived by shareholder agreement.
6
Investment property
2019
£
Fair value
At 1 November 2018 and 31 October 2019
1,200,000
Investment property relates to residential property. The investment property is recognised at fair value of £1,200,000 (2018 - £1,200,000). This fair market valuation is based upon the directors' estimate of open market value for such a property with the directors being sufficiently knowledgeable and experienced to provide such an estimate.
7
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
1,416
1,593
Deferred tax asset
358
574
1,774
2,167
HOLT HOMES & PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 8 -
8
Creditors: amounts falling due within one year
2019
2018
£
£
Other creditors
57,431
50,517
9
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
901,995
-
Creditors due after one year includes £901,995 (2018: £nil) secured by fixed charge against the investment property held by Paratus Amc Limited.
10
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
Preference share capital
Issued and fully paid
221,978 Redeemable preference shares of £1 each
221,978
1,121,978
221,978
1,121,978
The right to dividends on preference shares has been waived by shareholder agreement.
The company redeemed 900,000 Ordinary £1 redeemable preference shares at par (2018: 101,843) during the period.
11
Control
The ultimate controlling parties are the directors R Holt and J Holt by virtue of their combined holdings of a majority of the voting share capital of the company.
2019-10-31
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false
09 July 2020
CCH Software
CCH Accounts Production 2020.200
No description of principal activity
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J Holt
J Holt
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