Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31management of investment properties2022-01-01false22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03842614 2022-01-01 2022-12-31 03842614 2021-01-01 2021-12-31 03842614 2022-12-31 03842614 2021-12-31 03842614 c:Director2 2022-01-01 2022-12-31 03842614 d:FurnitureFittings 2022-01-01 2022-12-31 03842614 d:FreeholdInvestmentProperty 2022-12-31 03842614 d:FreeholdInvestmentProperty 2021-12-31 03842614 d:CurrentFinancialInstruments 2022-12-31 03842614 d:CurrentFinancialInstruments 2021-12-31 03842614 d:Non-currentFinancialInstruments 2022-12-31 03842614 d:Non-currentFinancialInstruments 2021-12-31 03842614 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03842614 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 03842614 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 03842614 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 03842614 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 03842614 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-12-31 03842614 d:ShareCapital 2022-12-31 03842614 d:ShareCapital 2021-12-31 03842614 d:RevaluationReserve 2022-12-31 03842614 d:RevaluationReserve 2021-12-31 03842614 d:RetainedEarningsAccumulatedLosses 2022-12-31 03842614 d:RetainedEarningsAccumulatedLosses 2021-12-31 03842614 c:FRS102 2022-01-01 2022-12-31 03842614 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 03842614 c:FullAccounts 2022-01-01 2022-12-31 03842614 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 03842614 2 2022-01-01 2022-12-31 03842614 5 2022-01-01 2022-12-31 03842614 6 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 03842614









HALFACRE ESTATES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
HALFACRE ESTATES LIMITED
REGISTERED NUMBER: 03842614

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Investments
 4 
7,800,000
7,842,159

Investment property
 5 
10,000,000
10,000,000

  
17,800,000
17,842,159

Current assets
  

Debtors: amounts falling due after more than one year
 6 
195,772
225,476

Debtors: amounts falling due within one year
 6 
5,114,061
4,495,068

Cash at bank and in hand
 7 
345,888
357,989

  
5,655,721
5,078,533

Creditors: amounts falling due within one year
 8 
(703,934)
(742,437)

Net current assets
  
 
 
4,951,787
 
 
4,336,096

Total assets less current liabilities
  
22,751,787
22,178,255

Creditors: amounts falling due after more than one year
 9 
(10,000,000)
(10,000,000)

Provisions for liabilities
  

Deferred tax
  
(1,975,135)
(1,501,103)

  
 
 
(1,975,135)
 
 
(1,501,103)

Net assets
  
10,776,652
10,677,152


Capital and reserves
  

Called up share capital 
  
2
2

Revaluation reserve
  
7,426,509
7,900,541

Profit and loss account
  
3,350,141
2,776,609

  
10,776,652
10,677,152


Page 1

 
HALFACRE ESTATES LIMITED
REGISTERED NUMBER: 03842614
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 October 2023.




R D L Cowan
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
HALFACRE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Halfacre Estates Limited is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales (registered number 03842614). The registered office address of the company is 101 New Cavendish Street, London, W1W 6XH.
The principal activity of the company continued to be the management of investment properties.
The financial statements are presented in Sterling, which is the functional currency of the Company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
HALFACRE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Straight line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 4

 
HALFACRE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).

Page 5

 
HALFACRE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2022
7,842,159


Additions
2,200


Disposals
(44,359)



At 31 December 2022
7,800,000





5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2022
10,000,000



At 31 December 2022
10,000,000

The 2022 valuations were made by an external professional valuer, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2022
2021
£
£


Historic cost
2,612,709
2,612,709

2,612,709
2,612,709

Page 6

 
HALFACRE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Debtors

2022
2021
£
£

Due after more than one year

Prepayments and accrued income
195,772
225,476

195,772
225,476


2022
2021
£
£

Due within one year

Trade debtors
113,462
77,104

Other debtors
4,664,750
4,081,183

Prepayments and accrued income
121,040
122,493

Amounts recoverable on long-term contracts
214,809
214,288

5,114,061
4,495,068



7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
345,888
357,989

345,888
357,989



8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
10,801
22,735

Corporation tax
134,656
69,616

Other creditors
261,107
391,329

Accruals and deferred income
297,370
258,757

703,934
742,437


Page 7

 
HALFACRE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
10,000,000
10,000,000

10,000,000
10,000,000


Bank loans are secured by way of a fixed charge and negative pledge over all the assets of the Company.


10.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£




Amounts falling due after more than 5 years

Bank loans
10,000,000
10,000,000

10,000,000
10,000,000

10,000,000
10,000,000



11.


Controlling party

The ultimate controlling party is Westbourne Property Limited, a company registered in the England and Wales (Company number: 11051923).

 
Page 8