Company Registration No. 13812964 (England and Wales)
Halsdon Limited
Financial statements
for the period ended 31 December 2022
Pages for filing with the registrar
Halsdon Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
Halsdon Limited
Statement of financial position
As at 31 December 2022
Page 1
2022
Notes
£
£
Fixed assets
Investment properties
4
11,586,589
Current assets
Debtors
5
92,825
Cash at bank and in hand
235,303
328,128
Creditors: amounts falling due within one year
6
(228,219)
Net current assets
99,909
Total assets less current liabilities
11,686,498
Creditors: amounts falling due after more than one year
7
(7,039,488)
Net assets
4,647,010
Capital and reserves
Called up share capital
8
4,685,338
Profit and loss reserves
(38,328)
Total equity
4,647,010

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 24 May 2023 and are signed on its behalf by:
Pietro Cimiotta
Director
Company Registration No. 13812964 (England and Wales)
Halsdon Limited
Statement of changes in equity
For the period ended 31 December 2022
Page 2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 22 December 2021
-
0
-
0
-
Period ended 31 December 2022:
Loss and total comprehensive income for the period
-
(38,328)
(38,328)
Issue of share capital
8
4,685,338
-
4,685,338
Balance at 31 December 2022
4,685,338
(38,328)
4,647,010
Halsdon Limited
Notes to the financial statements
For the period ended 31 December 2022
Page 3
1
Accounting policies
Company information

Halsdon Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.

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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have at the time of approving the financial statements consider the company a going concern. They have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

The company holds investment property to earn rentals and for capital appreciation and has the ongoing financial support from its parent company through ongoing financial support and equity investment, as well as external mortgage debt from its bankers.

1.3
Turnover

Turnover represents rental income receivable from the investment property.

1.4
Investment properties

Investment property, which is property held to earn rentals 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. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents 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.

Halsdon Limited
Notes to the financial statements (continued)
For the period ended 31 December 2022
1
Accounting policies (continued)
Page 4
1.6
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 statement of financial position 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.

Basic financial assets

Basic financial assets, which include debtors, 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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Halsdon Limited
Notes to the financial statements (continued)
For the period ended 31 December 2022
1
Accounting policies (continued)
Page 5
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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
Critical accounting 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.

The key sources of estimation are the valuation of investment properties. The company carries its investment properties at fair value, with changes in fair value being recognised in profit or loss.

Halsdon Limited
Notes to the financial statements (continued)
For the period ended 31 December 2022
Page 6
3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2022
Number
Total
-
0
4
Investment property
2022
£
Fair value
At 22 December 2021
-
0
Additions
11,586,589
At 31 December 2022
11,586,589

Investment property comprises freehold property recorded at fair value as at 31 December 2022. The valuation was recorded on an open market value basis as assessed by the Directors in accordance with the company accounting policy note 1.4.

5
Debtors
2022
Amounts falling due within one year:
£
Other debtors
92,825
6
Creditors: amounts falling due within one year
2022
£
Bank loans
149,973
Trade creditors
9,848
Other creditors
68,398
228,219
Halsdon Limited
Notes to the financial statements (continued)
For the period ended 31 December 2022
Page 7
7
Creditors: amounts falling due after more than one year
2022
£
Bank loans
7,000,000
Other creditors
39,488
7,039,488

The company has a mortgage which is secured by a fixed charge over the company freehold property and a corporate guarantee provided by the parent company. The mortgage is interest bearing at 2.30% and has a maturity date of 5 years.

8
Called up share capital
2022
2022
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
4,685,338
4,685,338

Upon incorporation the company issued 100 £1 Ordinary shares. During the financial year the parent company increased its investment to fund a property acquisition which was completed on 28 January 2022. The investment was provided in the form of equity and the parent company resolved that this was recorded as an increase in the issued share capital of the company, recording the share capital at 31 December 2022 as £4,685,338.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Roger Weston
Statutory Auditors:
Saffery Champness LLP
10
Parent company

The immediate and ultimate parent company is Lagfin S.C.A, where the results of this company are consolidated. The registered office of Lagfin S.C.A is in Luxembourg.

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