Company registration number 11078425 (England and Wales)
HOGARTH PROPERTY - 15 HANGER LANE LTD
(FORMERLY URBAN LIVING - 15 HANGER LANE LTD)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
HOGARTH PROPERTY - 15 HANGER LANE LTD
(FORMERLY URBAN LIVING - 15 HANGER LANE LTD)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
HOGARTH PROPERTY - 15 HANGER LANE LTD
(FORMERLY URBAN LIVING - 15 HANGER LANE LTD)
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment property
4
11,155,000
11,155,000
Current assets
Debtors
5
2,353,105
2,274,069
Cash at bank and in hand
84,948
138,517
2,438,053
2,412,586
Creditors: amounts falling due within one year
6
(120,975)
(131,016)
Net current assets
2,317,078
2,281,570
Total assets less current liabilities
13,472,078
13,436,570
Creditors: amounts falling due after more than one year
7
(7,458,526)
(7,458,534)
Provisions for liabilities
(1,433,464)
(1,089,433)
Net assets
4,580,088
4,888,603
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
4,580,086
4,888,601
Total equity
4,580,088
4,888,603
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 31 December 2022 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 member has 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.
HOGARTH PROPERTY - 15 HANGER LANE LTD
(FORMERLY URBAN LIVING - 15 HANGER LANE LTD)
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 November 2023 and are signed on its behalf by:
P Connolly
Director
Company registration number 11078425 (England and Wales)
HOGARTH PROPERTY - 15 HANGER LANE LTD
(FORMERLY URBAN LIVING - 15 HANGER LANE LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Hogarth Property - 15 Hanger Lane Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Chelsey House, Jordans Lane, Jordans, Buckinghamshire, HP9 2SW.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Turnover is the amount derived from ordinary activities, being mainly rents, licence fees and related income, and revenues derived from the sale of properties.
Rental income from property leased out under an operating lease is recognised in the profit and loss account on a straight line basis over the term of the lease.
1.4
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.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
HOGARTH PROPERTY - 15 HANGER LANE LTD
(FORMERLY URBAN LIVING - 15 HANGER LANE LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
HOGARTH PROPERTY - 15 HANGER LANE LTD
(FORMERLY URBAN LIVING - 15 HANGER LANE LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Recoverability of intercompany balances
Management regularly review intercompany balances for recoverability.
Impairment review of Investment property
Management regularly review the current market value, rental market and rental yields of the Investment property.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
No remuneration was paid to the directors.
4
Investment property
2022
£
Fair value
At 1 January 2022 and 31 December 2022
11,155,000
Investment property comprises interests in two freehold properties. The fair value of the investment properties have been arrived at on the basis of a valuation carried out by the directors. These were largely based on valuations in May 2021, carried by Savills, an independent estate agent, who are not connected with the company. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties and rental yields,
HOGARTH PROPERTY - 15 HANGER LANE LTD
(FORMERLY URBAN LIVING - 15 HANGER LANE LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
24,649
16,917
Amounts owed by group undertakings
1,950,590
2,050,590
Other debtors
267,016
67,001
2,242,255
2,134,508
Deferred tax asset
72,784
68,400
2,315,039
2,202,908
2022
2021
Amounts falling due after more than one year:
£
£
Deferred tax asset
38,066
71,161
Total debtors
2,353,105
2,274,069
The amounts owed by group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
10,563
60,141
Other creditors
110,412
70,875
120,975
131,016
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
7,458,526
7,458,534
HOGARTH PROPERTY - 15 HANGER LANE LTD
(FORMERLY URBAN LIVING - 15 HANGER LANE LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
7
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
During 2021 the company refinanced its borrowings taking out a new 25-year interest-only loan with Shawbrook Bank Limited to finance development of one of its investment properties.
At 31 December 2022, the following charges had been lodged to secure borrowings
- A Legal Charge dated 27 October 2020 was created in favour of Shawbrook Bank Limited, to secure loan facilities. This comprises a fixed charge over the company's freehold properties, and contains a negative pledge.
- A Legal Charge dated 8 April 2019 was created in favour of Aldermore Bank Plc, to secure loan facilities. This comprises a fixed charge over the company's freehold property, and contains a negative pledge.
- A Debenture dated 8 April 2019 was created, in favour of Aldermore Bank Plc, to secure loan facilities. This comprises fixed and floating charges over all property or undertakings of the company. The Debenture contains a negative pledge.
- A Legal Charge dated 17 November 2021 was created in favour of Shawbrook Bank Limited, to secure loan facilities. This comprises a fixed charge over the company's freehold property, and contains a negative pledge.
Of the creditors falling due within and after more than one year, bank loans and overdrafts totalling £7,458,526 (2021: £7,458,534), were secured.
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable other than by instalments
7,458,526
7,458,534
8
Non-distributable profits reserve
2022
2021
£
£
At the beginning of the year
4,644,424
4,642,291
Non distributable profits in the year
(344,031)
2,133
At the end of the year
4,300,393
4,644,424
Profit and loss reserves includes the above non-distributable reserves net of deferred tax on revaluation surpluses.
HOGARTH PROPERTY - 15 HANGER LANE LTD
(FORMERLY URBAN LIVING - 15 HANGER LANE LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
9
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2022
2021
£
£
727,653
939,491
10
Related party transactions
The following amounts were outstanding at the reporting end date:
2022
2021
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
1,950,590
2,050,590
Fellow subsidiaries
200,000
-
11
Parent company
The ultimate parent company is The Hogarth Property Group Limited and its registered office is Chelsey House, Jordans Lane, Jordans, Beaconsfield HP9 2SW.
The smallest and largest group financial statements that consolidate this company is The Hogarth Property Group Limited. Copies of the group accounts are available to the public from the parent company's registered office at Chelsey House, Jordans Lane, Jordans, Beaconsfield HP9 2SW.
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