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Company registration number: 05703102
(England and Wales)
M P HALLS LIMITED
Unaudited filleted financial statements
for the year ended
31 May 2023
M P HALLS LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
M P HALLS LIMITED
Directors and other information
Director M P Halls
Company number 05703102
Registered office 4 & 5 The Cedars
Apex 12, Old Ipswich Road
Colchester
Essex
CO7 7QR
Business address Greensleeves
Abberton Road
Layer de la Haye
Colchester
CO2 0JY
Accountants Griffin Chapman
4 & 5 The Cedars
Apex 12, Old Ipswich Road
Colchester
Essex
CO7 7QR
M P HALLS LIMITED
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of M P HALLS LIMITED
Year ended 31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M P HALLS LIMITED for the year ended 31 May 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of M P HALLS LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of M P HALLS LIMITED and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M P HALLS LIMITED and its director as a body for our work or for this report.
It is your duty to ensure that M P HALLS LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of M P HALLS LIMITED. You consider that M P HALLS LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of M P HALLS LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Griffin Chapman
Chartered Accountants
4 & 5 The Cedars
Apex 12, Old Ipswich Road
Colchester
Essex
CO7 7QR
18 October 2023
M P HALLS LIMITED
Statement of financial position
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 1,730,598 1,666,380
Investments 7 50 50
_______ _______
1,730,648 1,666,430
Current assets
Debtors 8 6,942 729
Cash at bank 48,791 323,737
_______ _______
55,733 324,466
Creditors: amounts falling due
within one year 9 ( 301,002) ( 511,909)
_______ _______
Net current liabilities ( 245,269) ( 187,443)
_______ _______
Total assets less current liabilities 1,485,379 1,478,987
Creditors: amounts falling due
after more than one year 10 ( 133,565) ( 140,577)
Provisions for liabilities ( 62,931) ( 52,786)
_______ _______
Net assets 1,288,883 1,285,624
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve 354,997 395,009
Profit and loss account 933,786 890,515
_______ _______
Shareholders funds 1,288,883 1,285,624
_______ _______
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 October 2023 , and are signed on behalf of the board by:
M P Halls
Director
Company registration number: 05703102
M P HALLS LIMITED
Notes to the financial statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 & 5 The Cedars, Apex 12, Old Ipswich Road, Colchester, Essex, CO7 7QR.
The principal activity of the company continues to be that of property investment and consultancy.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Revenue from rent is recognised with reference to the stage of completion of the rental period; when the amount of revenue can be measured reliably and when it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25% and 33.33% straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Other operating income
2023 2022
£ £
Rental income 103,135 102,437
Government grant income - 2,592
_______ _______
103,135 105,029
_______ _______
5. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 3 ).
6. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost or valuation
At 1 June 2022 1,665,000 12,829 1,677,829
Additions 94,020 1,107 95,127
Revaluation ( 30,000) - ( 30,000)
_______ _______ _______
At 31 May 2023 1,729,020 13,936 1,742,956
_______ _______ _______
Depreciation
At 1 June 2022 - 11,449 11,449
Charge for the year - 909 909
_______ _______ _______
At 31 May 2023 - 12,358 12,358
_______ _______ _______
Carrying amount
At 31 May 2023 1,729,020 1,578 1,730,598
_______ _______ _______
At 31 May 2022 1,665,000 1,380 1,666,380
_______ _______ _______
Investment property
The investment properties have been valued by M P Halls , the director of the company, by reference to current open market values at the year end.
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 June 2022 and 31 May 2023 50 50
_______ _______
Impairment
At 1 June 2022 and 31 May 2023 - -
_______ _______
Carrying amount
At 31 May 2023 50 50
_______ _______
At 31 May 2022 50 50
_______ _______
8. Debtors
2023 2022
£ £
Trade debtors 5,590 -
Other debtors 1,352 729
_______ _______
6,942 729
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 9,293 14,169
Trade creditors 984 -
Amounts owed to group undertakings and undertakings in which the company has a participating interest 259,514 250,000
Taxation and social security 25,287 21,139
Other creditors 5,924 226,601
_______ _______
301,002 511,909
_______ _______
The bank loan is secured by way of a 1st legal charge over the investment properties ar Priory Court and Mile End.
The bank loan is guaranteed to the value of £10,000 by M P Halls , the director.
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 133,565 140,577
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 11,997 (2022 £ 17,914 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
11. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
M P Halls ( 219,940) 294,284 ( 74,333) 11
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
M P Halls ( 146,893) 68,439 ( 141,486) ( 219,940)
_______ _______ _______ _______
The loan balance is interest free and payable on demand.
12. Related party transactions
At the end of the year, a balance of £ 259,514 was due to Golden Developments Limited, a company in which Mr M P Halls is a director and shareholder.The balance was interest free and repayable upon demand.