Company Registration No. 13195894 (England and Wales)
40HFL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
40HFL LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
40HFL LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF 40HFL LIMITED FOR THE YEAR ENDED 30 APRIL 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 40HFL Limited for the year ended 30 April 2023 which comprise, the balance sheet and the 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 Board of Directors of 40HFL Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of 40HFL Limited and state those matters that we have agreed to state to the Board of Directors of 40HFL Limited, 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 40HFL Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that 40HFL 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 40HFL Limited. You consider that 40HFL 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 40HFL 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.
Ormerod Rutter Limited
12 September 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
40HFL LIMITED
BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
286,600
Investments
4
50
50
286,650
50
Current assets
Debtors
5
198,910
401,501
Cash at bank and in hand
140,823
103,490
339,733
504,991
Creditors: amounts falling due within one year
6
(50,409)
(46,339)
Net current assets
289,324
458,652
Total assets less current liabilities
575,974
458,702
Creditors: amounts falling due after more than one year
7
(164,683)
Net assets
411,291
458,702
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
411,191
458,602
Total equity
411,291
458,702
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
40HFL LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023
30 April 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 12 September 2023 and are signed on its behalf by:
Mr S R White
Director
Company Registration No. 13195894
40HFL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
1
Accounting policies
Company information
40HFL Limited is a private company limited by shares incorporated in England and Wales. The registered office is 40 Houndsfield Lane, Shirley, Solihull, West Midlands, B90 1PR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).
40HFL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
3
Investment property
2023
£
Fair value
At 1 May 2022
Additions
286,600
At 30 April 2023
286,600
The directors have assessed the fair value of the investment property and the year end and considers that there has been no significant change to the value as disclosed in the financial statements.
4
Fixed asset investments
2023
2022
£
£
Investments
50
50
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 May 2022 & 30 April 2023
50
Carrying amount
At 30 April 2023
50
At 30 April 2022
50
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
401,501
Other debtors
198,910
198,910
401,501
40HFL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
68
Other creditors
50,409
46,271
50,409
46,339
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
164,683
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
164,683
-
Bank loans are secured by way of a fixed charge over the investment property.
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
59 Ordinary A shares of £1 each
59
59
39 Ordinary B shares of £1 each
39
39
1 Ordinary C shares of £1 each
1
1
1 Ordinary D shares of £1 each
1
1
100
100
10
Ultimate controlling party
Mr S R White is the ultimate controlling party.