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COMPANY REGISTRATION NUMBER: 02866623
Half Moon Properties Limited
Filleted Financial Statements
31 October 2022
Half Moon Properties Limited
Balance Sheet
31 October 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
6
2,100,000
2,100,000
Investments
7
10,670,473
22,076,074
-------------
-------------
12,770,473
24,176,074
Current assets
Debtors
8
371,225
213,877
Investments
9
26,236,932
25,357,942
Cash at bank and in hand
1,887,655
1,746,078
-------------
-------------
28,495,812
27,317,897
Creditors: amounts falling due within one year
10
( 22,091,170)
( 26,435,627)
-------------
-------------
Net current assets
6,404,642
882,270
-------------
-------------
Total assets less current liabilities
19,175,115
25,058,344
-------------
-------------
Net assets
19,175,115
25,058,344
-------------
-------------
Capital and reserves
Called up share capital
11
559
559
Capital redemption reserve
12
242
242
Profit and loss account
12
19,174,314
25,057,543
-------------
-------------
Shareholders funds
19,175,115
25,058,344
-------------
-------------
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 income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 23 October 2023 , and are signed on behalf of the board by:
Mr D C Gidwaney
Director
Company registration number: 02866623
Half Moon Properties Limited
Notes to the Financial Statements
Year ended 31 October 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Devonshire House, 582 Honeypot Lane, Stanmore, Middlesex, HA7 1JS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
The directors have assessed the company's ability to continue as a going concern which has included a review of forecast rental and investment income as well as available bank facilities and, based on this review, the directors confirm that the company has adequate resources to continue to operate for the foreseeable future, which covers a period of not less than twelve months from the date the financial statements are approved, and accordingly the going concern basis continues to be appropriate for the preparation of the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key estimates and assumptions that have a significant impact on the amounts recognised in the financial statements are set out below. Valuation of investment properties: The valuation of the company's investment properties is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental revenues from that particular property. As a result, the valuations the company places on its investment properties are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market.
Revenue recognition
The turnover represents rents receivable from letting of investment properties during the year in accordance with the leases and investment income received during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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.
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.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2021: 3 ).
5. Tax on (loss)/profit
Major components of tax (income)/expense
2022
2021
£
£
Current tax:
UK current tax (income)/expense
( 53,882)
53,882
Adjustments in respect of prior periods
2,567
--------
--------
Total current tax
( 51,315)
53,882
--------
--------
--------
--------
Tax on (loss)/profit
( 51,315)
53,882
--------
--------
Reconciliation of tax (income)/expense
The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2021: lower than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).
2022
2021
£
£
(Loss)/profit on ordinary activities before taxation
( 5,347,594)
7,743,860
------------
------------
(Loss)/profit on ordinary activities by rate of tax
( 1,016,043)
1,471,334
Adjustment to tax charge in respect of prior periods
2,567
Effect of expenses not deductible for tax purposes
141
1,740
Effect of capital allowances and depreciation
( 87)
( 106)
Effect of revenue exempt from tax
( 372,726)
( 338,582)
Effect of fair value adjustments exempt from tax
808,182
(1,044,362)
Effect of (profit)/loss on disposal of assets per accounts
345,766
(36,142)
Utilisation of tax losses
180,885
------------
------------
Tax on (loss)/profit
( 51,315)
53,882
------------
------------
6. Tangible assets
Investment properties
£
Cost
At 1 November 2021 and 31 October 2022
2,100,000
------------
Depreciation
At 1 November 2021 and 31 October 2022
------------
Carrying amount
At 31 October 2022
2,100,000
------------
At 31 October 2021
2,100,000
------------
7. Investments
Shares in participating interests
Unlisted shares
Artwork
Fixed income investments
Total
£
£
£
£
£
Cost
At 1 November 2021
133,000
429,515
183,611
21,329,948
22,076,074
Disposals
( 10,207,255)
(10,207,255)
Revaluations
55,879
( 1,254,225)
( 1,198,346)
---------
---------
---------
-------------
-------------
At 31 October 2022
133,000
485,394
183,611
9,868,468
10,670,473
---------
---------
---------
-------------
-------------
Impairment
At 1 November 2021 and 31 October 2022
---------
---------
---------
-------------
-------------
Carrying amount
At 31 October 2022
133,000
485,394
183,611
9,868,468
10,670,473
---------
---------
---------
-------------
-------------
At 31 October 2021
133,000
429,515
183,611
21,329,948
22,076,074
---------
---------
---------
-------------
-------------
Fixed income investments with Deutsche Bank which are held for capital appreciation and investment returns. The fair value of these securities are determined by obtaining the quoted market prices. The decrease in fair value recognised in profit or loss was £1,254,225 (2021: Decrease £336,854).
8. Debtors
2022
2021
£
£
Prepayments and accrued income
22,953
6,081
Corporation tax repayable
60,503
Directors loan account
21,875
Other debtors
265,894
207,796
---------
---------
371,225
213,877
---------
---------
9. Investments
2022
2021
£
£
Listed investments
26,236,932
25,357,942
-------------
-------------
The fair value of listed investments was determined by obtaining quoted market prices. The decrease in fair value recognised in profit or loss was £3,055,245 (2021: Increase £5,844,509).
10. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
22,039,215
26,380,742
Accruals and deferred income
49,699
37,207
Corporation tax
3,597
Director loan accounts
14,081
Other creditors
2,256
-------------
-------------
22,091,170
26,435,627
-------------
-------------
The bank loans and overdrafts of £22,039,215 (2021: £26,380,742) are secured by a fixed charge over the company's investment properties and other assets.
11. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
559
559
559
559
----
----
----
----
12. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Included in profit and loss reserve are distributable profits of £18,711,181 (2021: £24,594,410) and unrealised losses of £463,133 (2021: unrealised losses of £463,133) in respect of revaluation losses arising on investment properties. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company.
13. Events after the end of the reporting period
During the year the impact of COVID-19 together with the current situation in Eastern Europe and related global responses has continued to cause material disruptions to businesses around the world, leading to an economic slowdown. Global equity markets have experienced significant volatility and weakness. At the end of the financial year the fair value of the company’s investments had stabilised. However, as at the date that these financial statements were authorised for issue, the fair value of the company’s investments have fallen and decreased due to conditions in the global market as a result of the current situation in Eastern Europe. While governments and central banks have reacted with monetary interventions designed to stabilise economic conditions, the duration and extent of the impact of current situation in Eastern Europe, as well as the effectiveness of government and central bank responses, remains unclear at this time. These subsequent changes in the fair value of the company’s investments are not reflected in the financial statements as at 31 October 2022.
14. Summary audit opinion
The auditor's report for the year dated 23 October 2023 was unqualified .
The senior statutory auditor was Mr Jayantkumar Maganlal Mistry , for and on behalf of Asta Accountants Ltd .
15. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr D C Gidwaney
( 14,081)
168,456
( 132,500)
21,875
--------
---------
---------
--------
2021
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr D C Gidwaney
29,969
30,000
( 74,050)
( 14,081)
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