REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
Hamstead Campus Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
Hamstead Campus Limited |
Hamstead Campus Limited (Registered number: 07199275) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Hamstead Campus Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
No 4 Castle Court 2 |
Castlegate Way |
Dudley |
West Midlands |
DY1 4RH |
Hamstead Campus Limited (Registered number: 07199275) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors: amounts falling due within one year |
7 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 12 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
Hamstead Campus Limited (Registered number: 07199275) |
Balance Sheet - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Hamstead Campus Limited (Registered number: 07199275) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Hamstead Campus Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Hamstead Campus Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Hamstead Campus Limited (Registered number: 07199275) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Management does not consider there to be judgements made on matters considered material (apart from those involving estimates) that have had an effect on amounts recognised in the financial statements this year. |
The following are the company's key sources of estimation uncertainty: |
Revaluation of investment properties |
The company carries its investment properties at fair value, with changes in fair value being recognised in profit or loss. The directors, two of whom are Chartered Surveyors, review the carrying values of investment properties at each year end. The valuation of investment properties focuses on the estimated yield (expressed as the gross rent per annum passing at the year end date divided by the carrying value of the property) considered to be appropriate to the type and condition of the property in light of extant market conditions having regard also to its vacant possession value. The determined fair value of the investment property is most sensitive to the estimated yield. Further information on the determination of the fair value of investment properties is given in the notes to the financial statements. |
Taxation |
The company establishes provisions based on reasonable estimates and these are subject to the potential consequences of enquiries by the tax authorities. The amount of such provisions is based on various factors such as experience and the impact of potentially differing interpretations of tax legislation and practice regulations by the company and the tax authorities. Management estimation is required to determine the amount of deferred tax that should be recognised at any time having regard to fair value and other factors. |
Turnover |
Turnover represents rents receivable and related income. |
Tangible fixed assets |
Plant and machinery etc | - |
Investments in subsidiaries |
The company's investment in the shares of its subsidiary undertaking is stated at fair value on a basis which takes into account the fair value of investment property held by the subsidiary undertaking. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate gain or loss arising from changes in fair value is recognised in the income statement. FRS 102 requires valuation at fair value unless fair value cannot be obtained without undue cost or effort. Deferred taxation is provided on these gains where applicable at the rate expected to apply when the property is sold. |
Hamstead Campus Limited (Registered number: 07199275) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest. |
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Group relief received or provided is recognised at 100% of relevant tax losses. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Hamstead Campus Limited (Registered number: 07199275) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST OR VALUATION |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Cost or valuation at 31 March 2023 is represented by: |
Shares in |
group |
undertakings |
£ |
Valuation in 2023 | 1,498,999 |
Cost | 1 |
1,499,000 |
The company owns 100% of the ordinary share capital of Hamstead Hall Limited. |
Hamstead Campus Limited (Registered number: 07199275) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2023 | 13,459,388 |
Cost | 9,516,142 |
22,975,530 |
The investment property was valued in March 2023 by the directors, two of whom are Chartered Surveyors, on the basis of fair value based on the values of investment property owned by the Company and its subsidiary undertaking Hamstead Hall Limited in aggregate. The Company did not instruct an agent to carry out an external professional valuation of the Company's investment properties at 31 March 2023. The directors have had regard to a routine valuation for security purposes carried out by the bank's independent valuers during May 2023. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans |
Hamstead Campus Limited (Registered number: 07199275) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans |
11. | PROVISIONS FOR LIABILITIES |
31.3.23 | 31.3.22 |
£ | £ |
Deferred tax | 3,190,000 | 3,190,000 |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Balance at 31 March 2023 |
12. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2022 | 14,991,111 |
Profit for the year | - |
At 31 March 2023 | 15,668,080 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | CONTINGENT LIABILITIES |
The company has granted a debenture over all its assets, a legal mortgage over its properties and a guarantee as security to a lender to Evenbrook Limited in respect of borrowings by that company of £19,150,000 at 31 March 2023 (2022; £19,150,000). |
Other group companies have provided security in respect of the company's borrowings as disclosed in the financial statements of Evenbrook Estates Limited, Hamstead Hall Limited, Evenbrook Properties 2 Limited and Evenbrook Limited. |
Hamstead Campus Limited (Registered number: 07199275) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
15. | RELATED PARTY DISCLOSURES |
CA Butterfield and the Executors of JR Coles each have personal guarantees of £600,000 outstanding to a lender to the company. |
16. | ULTIMATE CONTROLLING PARTY |
The controlling party is Evenbrook Group Limited. |
The directors consider that there is no ultimate controlling party. |