REGISTERED NUMBER: |
HAZELTIME LIMITED |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
REGISTERED NUMBER: |
HAZELTIME LIMITED |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
HAZELTIME LIMITED (REGISTERED NUMBER: 07495021) |
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 |
HAZELTIME LIMITED |
Company Information |
for the year ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
HAZELTIME LIMITED (REGISTERED NUMBER: 07495021) |
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 | 7 |
Cash at bank |
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 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
HAZELTIME LIMITED (REGISTERED NUMBER: 07495021) |
Balance Sheet - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
HAZELTIME LIMITED (REGISTERED NUMBER: 07495021) |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Hazeltime Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
Investment Properties |
The value of the properties is assessed by the directors at each reporting date using publicly available market evidence comprising primarily of values of comparable properties in the area and national market statistics. However, it is inherently difficult to assess the true market value of the properties without actively marketing the properties for sale. |
Turnover |
Turnover is attributable to the principal activities of the company during the year. All invoiced amounts are stated exclusive of any discounts and Value Added Tax. |
Tangible fixed assets |
Plant and machinery | - |
Investment property |
Investments properties are included within the financial statements at their fair value at the balance sheet date. No depreciation is charged on such properties in accordance with the provisions of the Financial Reporting Standard 102 as such properties are held for capital growth and rental income rather than consumption within the business. |
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. |
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 NIL (2022 - NIL). |
HAZELTIME LIMITED (REGISTERED NUMBER: 07495021) |
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 |
Other |
investments |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fixed asset investments is the cost of shares in an unquoted company. |
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 |
The company holds freehold property for investment purposes. The directors have decreased the fair value of certain properties by reference to external valuation reports prepared by suitably qualified persons and which indicated a material change to the carrying fair value. Such loss on fair value has been taken to the profit and loss account. |
HAZELTIME LIMITED (REGISTERED NUMBER: 07495021) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
6. | INVESTMENT PROPERTY - continued |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2019 | 875,537 |
Valuation in 2022 | (1,100,000 | ) |
Cost | 15,389,564 |
15,165,101 |
Any gain or loss arising from a change in fair value is recognised in profit or loss in that accounting period. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Trade debtors |
Amounts owed by participating interests | 92,271 | 103,336 |
Other debtors |
Other debtors include financial assets which are measured at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective rate of interest method. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Bank loans |
Other creditors |
HAZELTIME LIMITED (REGISTERED NUMBER: 07495021) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
31/3/23 | 31/3/22 |
£ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans repayable after 5 |
years |
Repayable by instalments |
Bank loans repayable after 5 |
years by instalments | 1,387,500 | 1,537,500 |
1,387,500 | 1,537,500 |
Under the terms of the loan agreements in force the loans are repayable on demand at the request of the lender. However, as the lenders share common owners and Directors, the company has obtained a letter of postponement from the lender giving assurances that at the balance sheet date the loans would not be recalled in the following 12 months. |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31/3/23 | 31/3/22 |
£ | £ |
Bank loans |
11. | RELATED PARTY DISCLOSURES |
Newmarket Lane Limited (formerly York Court (2008) Limited) |
The company is an amount by Newmarket Lane Limited on interest free terms, a company in which one third of the share capital is owned by Hazeltime Limited. |
As at 31st March 2023, the company was owed £15,426 (2022 : £15,426). |
Paragon Wakefield LLP |
During the year, the company had a profit share of £2,134 (2022 : £6,578) from Paragon Wakefield LLP and was repaid loans of £13,200. |
As at 31 March 2023, the company was owed £76,844 (2022 : £87,910 ) by the LLP. |
The company is a corporate partner in the LLP. |