REGISTERED NUMBER:
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G. J. HANDY (PROPERTIES) LTD |
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PREVIOUSLY KNOWN AS |
HGJ PROPERTY LIMITED |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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30TH NOVEMBER 2019 |
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REGISTERED NUMBER:
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G. J. HANDY (PROPERTIES) LTD |
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PREVIOUSLY KNOWN AS |
HGJ PROPERTY LIMITED |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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30TH NOVEMBER 2019 |
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G. J. HANDY (PROPERTIES) LTD (REGISTERED NUMBER: 09846517) |
PREVIOUSLY KNOWN AS HGJ PROPERTY LIMITED |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH NOVEMBER 2019 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 | to | 7 |
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G. J. HANDY (PROPERTIES) LTD |
PREVIOUSLY KNOWN AS HGJ PROPERTY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH NOVEMBER 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
43-45 Devizes Road |
SWINDON |
Wiltshire |
SN1 4BG |
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BANKERS: |
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84 Commercial Road |
SWINDON |
Wiltshire |
SN1 5NW |
G. J. HANDY (PROPERTIES) LTD (REGISTERED NUMBER: 09846517) |
PREVIOUSLY KNOWN AS HGJ PROPERTY LIMITED |
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STATEMENT OF FINANCIAL POSITION |
30TH NOVEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
7 |
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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 | 10 |
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Revaluation reserve | 11 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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G. J. HANDY (PROPERTIES) LTD (REGISTERED NUMBER: 09846517) |
PREVIOUSLY KNOWN AS HGJ PROPERTY LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH NOVEMBER 2019 |
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1. | STATUTORY INFORMATION |
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GJ Handy (Properties) Limited is a private company limited by shares and incorporated in England and Wales. |
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The registered office address is Murdock Road, Dorcan, Swindon, Wiltshire SN3 5HY. |
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The financial statements are presented in British Pounds (GBP), which is the company's functional and presentational currency. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
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After the year end the World Health Organisation declared the spread of Coronavirus Disease (COVID19) a worldwide pandemic. COVID19 is having significant effects on global markets, supply chains, businesses, and communities. As the Company rents property to a group trading company, consideration has been to that company and its ability to service rent payments. While we are yet to know the full effects of COVID19 on that business through government support, partial restructuring and strong ecommerce business which has been driven by periods of high-street lockdowns it is looking like that business has faired well in these unprecedented times and is expected to show good financial strength in 2019-2020 accounts, so supporting the ability to continue servicing rent payments. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Freehold property | - |
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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 statement of financial position date. |
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G. J. HANDY (PROPERTIES) LTD (REGISTERED NUMBER: 09846517) |
PREVIOUSLY KNOWN AS HGJ PROPERTY LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH NOVEMBER 2019 |
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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 statement of financial position 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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Financial instruments |
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method. The only advanced instruments recognised by the company are derivatives. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in arriving at profit before tax. Any derivative assets would be included in other debtors and derivative liabilities would be included included in other creditors. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 - NIL). |
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4. | PROPERTY, PLANT AND EQUIPMENT |
Freehold |
property |
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COST OR VALUATION |
At 1st December 2018 |
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Revaluations |
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At 30th November 2019 |
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DEPRECIATION |
At 1st December 2018 |
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Charge for year |
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Revaluation adjustments | ( |
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At 30th November 2019 |
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NET BOOK VALUE |
At 30th November 2019 |
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At 30th November 2018 |
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Included in cost or valuation of land and buildings is freehold land of £ 2,073,000 (2018 - £ 1,675,000 ) which is not depreciated. |
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In accordance with section 16.4A of Amendments to Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Triennial Review 2017, the company has chosen to apply the cost or revaluation model to a property that is rented to another group entity. |
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The carrying value of this property that is rented to another group entity is noted above. |
G. J. HANDY (PROPERTIES) LTD (REGISTERED NUMBER: 09846517) |
PREVIOUSLY KNOWN AS HGJ PROPERTY LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH NOVEMBER 2019 |
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4. | PROPERTY, PLANT AND EQUIPMENT - continued |
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Cost or valuation at 30th November 2019 is represented by: |
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Freehold |
property |
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Valuation in 2019 | 800,000 |
Cost | 3,400,000 |
4,200,000 |
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If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
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2019 | 2018 |
£ | £ |
Cost | 3,400,000 | 3,400,000 |
Aggregate depreciation | 132,250 | 97,750 |
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Value of land in freehold land and buildings | 1,675,000 | 1,675,000 |
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Freehold land and buildings were valued on an open market basis basis on 28th February 2019 by Savills RICS . |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts (see note 8) |
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Amounts owed to group undertakings |
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Corporation tax |
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Accruals and deferred income |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Bank loans (see note 8) |
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G. J. HANDY (PROPERTIES) LTD (REGISTERED NUMBER: 09846517) |
PREVIOUSLY KNOWN AS HGJ PROPERTY LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH NOVEMBER 2019 |
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8. | LOANS |
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An analysis of the maturity of loans is given below: |
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2019 | 2018 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank loans |
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The company has a loan and overdraft with the bank which are secured by the following: |
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- A debenture dated 19th November 2015 over all assets of the company. |
- A legal charge dated 1 February 2016 over the freehold property of Hobley Drive, Swindon and Murdock Road, Swindon. |
- A unlimited inter-company guarantee dated 19th November 2015 for G J Handy (Trading) Limited and GJ Handy (Holdings) Limited |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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11. | RESERVES |
Revaluation |
reserve |
£ |
Revaluation | 852,112 |
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At 30th November 2019 |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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G. J. HANDY (PROPERTIES) LTD (REGISTERED NUMBER: 09846517) |
PREVIOUSLY KNOWN AS HGJ PROPERTY LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH NOVEMBER 2019 |
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13. | POST BALANCE SHEET EVENTS |
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Subsequent to the year end the company has marketed for sale the property known as Hobley Drive for an amount of £1.9 million. At the date the directors approved the accounts the property had not been sold. |
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14. | ULTIMATE CONTROLLING PARTY |
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GJ Handy (Holdings) Limited is the company's immediate and ultimate parent company. The address from where financial statements for the company can be obtained is Murdock Road, Dorcan, Swindon, Wiltshire SN3 5HY. |
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The ultimate controlling party at the yearend is considered to be Mr S A Belcher, being the majority shareholder of GJ Handy (Holdings) Limited. |