Company registration number 02897580 (England and Wales)
HOLMEFIELD COURT (HAMPSTEAD) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
HOLMEFIELD COURT (HAMPSTEAD) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
HOLMEFIELD COURT (HAMPSTEAD) LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
264,000
264,000
Investments
4
211,262
224,723
475,262
488,723
Current assets
Debtors
5
3,011
Cash at bank and in hand
30,229
37,380
30,229
40,391
Creditors: amounts falling due within one year
6
(3,279)
(20,172)
Net current assets
26,950
20,219
Total assets less current liabilities
502,212
508,942
Provisions for liabilities
(41,467)
(41,467)
Net assets
460,745
467,475
Capital and reserves
Called up share capital
72
72
Profit and loss reserves
460,673
467,403
Total equity
460,745
467,475
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 28 February 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.
HOLMEFIELD COURT (HAMPSTEAD) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 July 2023 and are signed on its behalf by:
Mr RM Lee-Smith
Director
Company Registration No. 02897580
HOLMEFIELD COURT (HAMPSTEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
Holmefield Court (Hampstead) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 114a Cromwell Road, London, SW7 4AG.
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
Turnover
Turnover represents ground rents receivable and licence fees receivable.
The company is the freeholder of Holmefield Court and as such acts as trustee of the statutory trust in respect of service charge monies collected for the maintenance of Holmefield Court. The company holds these funds in trust for the lessees and has no beneficial interest in them. Income and expenditure arising from these transactions is shown in separate service charge accounts for the property and do not form part of the annual accounts of the company and are not filed at Companes House.
1.3
Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
1.4
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.
1.5
Basic financial assets
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and are subsequently measured at their settlement value.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
The tax expense represents the sum of the corporation tax payable and any deferred tax.
HOLMEFIELD COURT (HAMPSTEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Tangible fixed assets
Land and buildings
£
Valuation
At 1 March 2022 and 28 February 2023
264,000
Depreciation and impairment
At 1 March 2022 and 28 February 2023
Carrying amount
At 28 February 2023
264,000
At 28 February 2022
264,000
Holmefield Court, Belsize Grove was last formally valued on an open market basis on 28 February 2022 by Marr-Johnson & Stevens LLP, a firm of Chartered Surveyors. The directors do not believe that the current market value is materially different from the market value or the carrying value as at 28 February 2023 .
HOLMEFIELD COURT (HAMPSTEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
4
Fixed asset investments
2023
2022
£
£
Investments
211,262
224,723
The historic cost of the company's fixed asset investments is £198,000 (2022: £192,000).
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 March 2022
224,723
Additions
35,529
Valuation changes
(14,295)
Disposals
(34,695)
At 28 February 2023
211,262
Carrying amount
At 28 February 2023
211,262
At 28 February 2022
224,723
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,011
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
16,879
Other creditors
3,279
3,293
3,279
20,172