Registration number:
JH Haslam (Preston) Limited
for the Period from 29 September 2021 to 27 September 2022
JH Haslam (Preston) Limited
(Registration number: 03006527)
Balance Sheet as at 27 September 2022
Note |
2022 |
2021 |
|
fixed asset |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
Investments |
|
|
|
Other financial assets |
48,349 |
561,586 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
1,001 |
1,001 |
|
Revaluation reserve |
250,000 |
- |
|
Profit and loss account |
3,377,770 |
3,593,784 |
|
Shareholders' funds |
3,628,771 |
3,594,785 |
JH Haslam (Preston) Limited
(Registration number: 03006527)
Balance Sheet as at 27 September 2022
For the financial period ending 27 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The Profit and Loss account and Director's Report have not been delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
Approved and authorised by the
......................................... |
JH Haslam (Preston) Limited
Notes to the Financial Statements for the Period from 29 September 2021 to 27 September 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
Unit 2
Caxton Road
Fulwood
Preston
Lancashire
PR2 9ZB
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling which is the functional currency of the company and the accounts are rounded to the nearest pound.
Group accounts not prepared
Going concern
The financial statements have been prepared on a going concern basis.
JH Haslam (Preston) Limited
Notes to the Financial Statements for the Period from 29 September 2021 to 27 September 2022
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of contracted commercial property rentals and provision of associated recharges in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over the estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% - 50% straight line |
Motor vehicles |
20% - 40% straight line |
Land and buildings |
2% straight line on buildings |
JH Haslam (Preston) Limited
Notes to the Financial Statements for the Period from 29 September 2021 to 27 September 2022
Investment property
There has been no valuation of investment properties by an independent valuer.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
100% in year of acquisition |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
JH Haslam (Preston) Limited
Notes to the Financial Statements for the Period from 29 September 2021 to 27 September 2022
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
JH Haslam (Preston) Limited
Notes to the Financial Statements for the Period from 29 September 2021 to 27 September 2022
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 29 September 2021 |
|
|
At 27 September 2022 |
|
|
Amortisation |
||
At 29 September 2021 |
|
|
At 27 September 2022 |
|
|
Carrying amount |
||
At 27 September 2022 |
- |
- |
Tangible assets |
Land and buildings |
Motor vehicles |
Plant and machinery |
Total |
|
Cost or valuation |
||||
At 29 September 2021 |
|
|
|
|
Revaluations |
|
- |
- |
|
Additions |
- |
- |
|
|
At 27 September 2022 |
|
|
|
|
Depreciation |
||||
At 29 September 2021 |
|
|
|
|
Charge for the period |
|
|
|
|
At 27 September 2022 |
|
|
|
|
Carrying amount |
||||
At 27 September 2022 |
|
|
|
|
At 28 September 2021 |
|
|
- |
|
Investment properties |
2022 |
|
At 29 September 2021 |
|
At 27th September 2022 |
|
Investment properties have been valued by the director and are based on current market values.
JH Haslam (Preston) Limited
Notes to the Financial Statements for the Period from 29 September 2021 to 27 September 2022
There has been no valuation of investment properties by an independent valuer.
Investments |
Subsidiaries |
£ |
Cost or valuation |
|
At 29 September 2021 |
|
Carrying amount |
|
At 27 September 2022 |
|
At 28 September 2021 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2022 |
2021 |
|||
Subsidiary undertakings |
||||
|
10-12 Wellington Street
England |
Ordinary shares |
|
|
Subsidiary undertakings |
JH Haslam Limited The principal activity of JH Haslam Limited is |
JH Haslam (Preston) Limited
Notes to the Financial Statements for the Period from 29 September 2021 to 27 September 2022
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 29 September 2021 |
561,586 |
561,586 |
Fair value adjustments |
(12,235) |
(12,235) |
Disposals |
(501,002) |
(501,002) |
At 27 September 2022 |
48,349 |
48,349 |
Carrying amount |
||
At 27 September 2022 |
|
48,349 |
Financial assets at fair value through profit and loss are valued on a market value basis as per the portfolio valuation.
Debtors |
Note |
2022 |
2021 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
|
|
Other debtors |
|
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
|
Bank loans and overdrafts |
|
|
|
Trade creditors |
- |
|
|
Taxation and social security |
|
- |
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors include bank loans and overdrafts which are secured of £45,176 (2021 - £235,907).
JH Haslam (Preston) Limited
Notes to the Financial Statements for the Period from 29 September 2021 to 27 September 2022
Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
|
Due after one year |
|||
Loans and borrowings |
- |
|
Creditors due after one year include bank loans which are secured of £NIL (2021 - £41,506).
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,001 |
|
1,001 |
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current period were as follows:
Revaluation reserve |
Total |
|
Surplus/deficit on property, plant and equipment revaluation |
|
|
|
JH Haslam (Preston) Limited
Notes to the Financial Statements for the Period from 29 September 2021 to 27 September 2022
Loans and borrowings |
2022 |
2021 |
|
Non-current loans and borrowings |
||
Bank borrowings |
- |
|
2022 |
2021 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Bank overdrafts |
|
|
|
|
Related party transactions |
Loans to related parties
2022 |
Key management |
Subsidiary |
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
( |
Interest transactions |
|
- |
At end of period |
|
|
|
2021 |
Key management |
Subsidiary |
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
( |
Interest transactions |
|
- |
At end of period |
|
|
|
Terms of loans to related parties
Interest is charged at statutory rates. There are no fixed repayment terms.