Silverfin false 30/04/2023 01/05/2022 30/04/2023 N Kalms 23/09/2019 B Radstone 23/09/2019 20 October 2023 The principal activity of W Hilliard & Co Limited ("the Company") is investments and rental income. 01659576 2023-04-30 01659576 bus:Director1 2023-04-30 01659576 bus:Director2 2023-04-30 01659576 2022-04-30 01659576 core:CurrentFinancialInstruments 2023-04-30 01659576 core:CurrentFinancialInstruments 2022-04-30 01659576 core:Non-currentFinancialInstruments 2023-04-30 01659576 core:Non-currentFinancialInstruments 2022-04-30 01659576 core:ShareCapital 2023-04-30 01659576 core:ShareCapital 2022-04-30 01659576 core:RevaluationReserve 2023-04-30 01659576 core:RevaluationReserve 2022-04-30 01659576 core:RetainedEarningsAccumulatedLosses 2023-04-30 01659576 core:RetainedEarningsAccumulatedLosses 2022-04-30 01659576 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-04-30 01659576 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-04-30 01659576 core:CurrentFinancialInstruments 1 2023-04-30 01659576 core:CurrentFinancialInstruments 1 2022-04-30 01659576 core:Non-currentFinancialInstruments core:BetweenOneTwoYears 2023-04-30 01659576 core:Non-currentFinancialInstruments core:BetweenOneTwoYears 2022-04-30 01659576 core:Non-currentFinancialInstruments core:BetweenTwoFiveYears 2023-04-30 01659576 core:Non-currentFinancialInstruments core:BetweenTwoFiveYears 2022-04-30 01659576 core:Non-currentFinancialInstruments core:MoreThanFiveYears 2023-04-30 01659576 core:Non-currentFinancialInstruments core:MoreThanFiveYears 2022-04-30 01659576 core:Non-currentFinancialInstruments core:WithinOneYear 2023-04-30 01659576 core:Non-currentFinancialInstruments core:WithinOneYear 2022-04-30 01659576 2021-04-30 01659576 core:RevaluationInvestmentPropertyDeferredTax 2023-04-30 01659576 core:RevaluationInvestmentPropertyDeferredTax 2022-04-30 01659576 bus:OrdinaryShareClass1 2023-04-30 01659576 2022-05-01 2023-04-30 01659576 bus:FullAccounts 2022-05-01 2023-04-30 01659576 bus:SmallEntities 2022-05-01 2023-04-30 01659576 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 01659576 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 01659576 bus:Director1 2022-05-01 2023-04-30 01659576 bus:Director2 2022-05-01 2023-04-30 01659576 2021-05-01 2022-04-30 01659576 core:CurrentFinancialInstruments 2022-05-01 2023-04-30 01659576 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 01659576 bus:OrdinaryShareClass1 2021-05-01 2022-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01659576 (England and Wales)

W HILLIARD & CO LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2023
Pages for filing with the registrar

W HILLIARD & CO LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2023

Contents

W HILLIARD & CO LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2023
W HILLIARD & CO LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 742,626 741,726
742,626 741,726
Current assets
Debtors 4 2,489 2,841
Cash at bank and in hand 20,124 11,974
22,613 14,815
Creditors: amounts falling due within one year 5 ( 120,756) ( 78,954)
Net current liabilities (98,143) (64,139)
Total assets less current liabilities 644,483 677,587
Creditors: amounts falling due after more than one year 6 ( 276,698) ( 281,123)
Provision for liabilities 7 ( 74,369) ( 56,521)
Net assets 293,416 339,943
Capital and reserves
Called-up share capital 8 1,000 1,000
Revaluation reserve 223,107 240,956
Profit and loss account 69,309 97,987
Total shareholders' funds 293,416 339,943

For the financial year ending 30 April 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of W Hilliard & Co Limited (registered number: 01659576) were approved and authorised for issue by the Director. They were signed on its behalf by:

N Kalms
Director
B Radstone
Director

20 October 2023

W HILLIARD & CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
W HILLIARD & CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

W Hilliard & Co Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

The principal activity of W Hilliard & Co Limited ("the Company") is investments and rental income.

Turnover

Turnover comprises revenue recognised by the company in respect of rents and ground rents falling due and lease extensions completed within the period.

Interest income

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

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

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

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

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.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Financial instruments

The Company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, 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.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 May 2022 741,726
Additions 900
As at 30 April 2023 742,626

Valuation

The 2023 valuations were made by Directors, on an open market value for existing use basis.

Historic cost

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

2023 2022
£ £
Historic cost 445,149 444,249

4. Debtors

2023 2022
£ £
Amounts owed by related parties 0 2,490
Other debtors 2,489 351
2,489 2,841

Amounts owed by related parties are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 2,850 2,850
Trade creditors 2,333 0
Amounts owed to connected companies 47,749 47,749
Amounts owed to related parties 55,524 7,913
Accruals 12,300 2,671
Other taxation and social security 0 17,771
120,756 78,954

Amounts owed to related parties and connected companies are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans and overdrafts 276,698 281,123
Bank loans
2023 2022
£ £
Between one and two years 2,850 2,850
Between two and five years 273,848 278,273
After five years 0 0
276,698 281,123
On demand or within one year 2,850 2,850
279,548 283,973

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 56,521) ( 79,168)
(Charged)/credited to the Profit and Loss Account ( 17,848) 22,647
At the end of financial year ( 74,369) ( 56,521)

The deferred taxation balance is made up as follows:

2023 2022
£ £
Revaluation of investment property ( 74,369) ( 56,521)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000