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REGISTERED NUMBER: 07128548 (England and Wales)


















Audited Financial Statements for the Year Ended 31 January 2023

for

Letchworth Housing Investments Limited

Letchworth Housing Investments Limited (Registered number: 07128548)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Letchworth Housing Investments Limited

Company Information
for the Year Ended 31 January 2023







DIRECTORS: K W Middleton
C D Tabor
J R Wiblin





SECRETARY: C D Tabor





REGISTERED OFFICE: Unit 1B, Focus Four
Fourth Avenue
Letchworth Garden City
Hertfordshire
SG6 2TU





REGISTERED NUMBER: 07128548 (England and Wales)





AUDITORS: George Hay Partnership LLP
Chartered Accountants
and Statutory Auditor
Unit 1B
Focus 4
Fourth Avenue
Letchworth
Hertfordshire
SG6 2TU

Letchworth Housing Investments Limited (Registered number: 07128548)

Balance Sheet
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 6 9,672,188 10,479,275
Investment property 7 1,120,000 1,001,000
10,792,188 11,480,275

CURRENT ASSETS
Debtors 8 13,884 2,293
Cash at bank 15,013 23,970
28,897 26,263
CREDITORS
Amounts falling due within one year 9 56,663 253,360
NET CURRENT LIABILITIES (27,766 ) (227,097 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,764,422

11,253,178

PROVISIONS FOR LIABILITIES 10 599,348 460,560
NET ASSETS 10,165,074 10,792,618

CAPITAL AND RESERVES
Called up share capital 18,500 18,500
Distributable reserves 11 9,315,053 9,990,853
Non distributable reserves 11 831,521 783,265
SHAREHOLDERS' FUNDS 10,165,074 10,792,618

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 June 2023 and were signed on its behalf by:





K W Middleton - Director


Letchworth Housing Investments Limited (Registered number: 07128548)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Letchworth Housing Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rents and dividends receivable pertaining to the year. Rent is recognised when it is due and is accrued where necessary. Dividends are recognised on the date the income is receivable by the company.

Investment property
Investment properties are stated at fair value based on the valuation performed by a professional valuer from Satchells Estate Agents. The valuer used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset.

Although this policy is in accordance with the FRS 102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view.

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.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Investments
Fixed asset investments comprise of investments in equity instruments which are measured at fair value. Changes in fair value are recognised in the income statement. Fair value is based on market values provided by James Hambro & Partners LLP the Company's Investment Advisers.

Letchworth Housing Investments Limited (Registered number: 07128548)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

3. ACCOUNTING POLICIES - continued

Creditors
Short term trade creditors are measured at the transaction price.

Debtors
Short term debtors are measured at transaction price less impairment losses for bad and doubtful
debts.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

5. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

4,920

4,620

6. FIXED ASSET INVESTMENTS
Listed Unlisted
investments investments Totals
£    £    £   
COST OR VALUATION
At 1 February 2022 10,476,775 2,500 10,479,275
Additions 1,517,521 - 1,517,521
Disposals (2,453,639 ) - (2,453,639 )
Revaluations 129,031 - 129,031
At 31 January 2023 9,669,688 2,500 9,672,188
NET BOOK VALUE
At 31 January 2023 9,669,688 2,500 9,672,188
At 31 January 2022 10,476,775 2,500 10,479,275

Cost or valuation at 31 January 2023 is represented by:

Listed Unlisted
investments investments Totals
£    £    £   
Valuation in 2022 1,622,687 - 1,622,687
Cost 8,047,001 2,500 8,049,501
9,669,688 2,500 9,672,188

Letchworth Housing Investments Limited (Registered number: 07128548)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

6. FIXED ASSET INVESTMENTS - continued

Listed Investments

If listed investment had not been revalued they would have been included at the following historical cost £8,047,001 (2022: £8,702,252).


Listed investments were valued based on published share prices as at the reporting date by James Hambro & Partners LLP the Company's Investment Advisers.


Unlisted Investments

The company holds one share in Sollershott Hall Management Limited. This is shown as cost, which is not deemed to be materially different from its fair value.

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2022 1,001,000
Revaluations 119,000
At 31 January 2023 1,120,000
NET BOOK VALUE
At 31 January 2023 1,120,000
At 31 January 2022 1,001,000

Fair value at 31 January 2023 is represented by:
£   
Valuation in 0 478,328
Valuation in 2016 255,750
Valuation in 2017 74,500
Valuation in 2018 28,500
Valuation in 2019 10,000
Valuation in 2020 15,000
Valuation in 2022 51,000
Valuation in 2023 119,000
Cost 87,922
1,120,000

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 87,922 87,922

Investment properties were valued on an open market basis on 31 January 2023 by Satchells Estate Agents .

Letchworth Housing Investments Limited (Registered number: 07128548)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Sundry Debtors and Prepayments 13,884 2,293

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Tax - 201,043
Sundry Creditors and Accruals 53,528 49,551
Taxation & Social Security 3,135 2,766
56,663 253,360

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 599,348 460,560

Deferred
tax
£   
Balance at 1 February 2022 460,560
Provided during year 138,788
Balance at 31 January 2023 599,348

The deferred tax liabilities relate to amounts payable in future periods based on the carrying amount of assets in the financial statements and the corresponding indexed cost used in the computation of taxable profits.

Assets (listed shares and funds, as well as property) are expected to increase in value after purchase. When the gain is realised, tax will be due on the increase, compared to the cost or indexed cost if acquired pre December 2017. The deferred tax liabilities shown are what will be due on capital gains when they are sold in the future.

The deferred tax liability is calculated at the rates at which is it expected to unwind, which from the 1 April 2023 will be 25%.

Letchworth Housing Investments Limited (Registered number: 07128548)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

11. RESERVES
Non
Retained Distributable distributable
earnings reserves reserves Totals
£    £    £    £   

At 1 February 2022 - 9,990,853 783,265 10,774,118
Deficit for the year (65,144 ) (65,144 )
Dividends (562,400 ) (562,400 )
Movement during the year 627,544 (675,800 ) 48,256 -
At 31 January 2023 - 9,315,053 831,521 10,146,574

Called-up share capital - represents the nominal value of shares that have been issued.

Non-distributable reserves - represents the balance of fair value adjustments relating to the investment property, including revaluation reserves, which do not make up distributable reserves.

Distributable reserves - represents a fully distributable capital reserve which is built up of income from dividends, rental receipts and profits from the sale of investments by the Company, in excess of funds already distributed.

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Richard Dilley FCA FCCA (Senior Statutory Auditor)
for and on behalf of George Hay Partnership LLP

13. RELATED PARTY DISCLOSURES

John Wiblin is also a designated member of Longmores Solicitors LLP, which received fees in respect of director's services amounting to £15,594 (2022 £15,241) and legal services of £3,033 (2022 £1,865). The total amount included in accruals for Longmores Solicitors LLP at 31 January 2023 amounted to £7,801 (2022 £7,538)