REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
HANDSALE PRIESTY FIELDS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
HANDSALE PRIESTY FIELDS LIMITED |
HANDSALE PRIESTY FIELDS LIMITED (REGISTERED NUMBER: 12497240) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 July 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
HANDSALE PRIESTY FIELDS LIMITED |
COMPANY INFORMATION |
for the year ended 31 July 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Coventry University |
Technology Park |
Puma Way |
Coventry |
CV1 2TT |
HANDSALE PRIESTY FIELDS LIMITED (REGISTERED NUMBER: 12497240) |
BALANCE SHEET |
31 July 2023 |
31.7.23 | 31.7.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
HANDSALE PRIESTY FIELDS LIMITED (REGISTERED NUMBER: 12497240) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 July 2023 |
1. | STATUTORY INFORMATION |
Handsale Priesty Fields Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investment properties measured at fair value through the income statement. |
Significant judgements and estimates |
No significant judgements have been made by management in preparing these financial statements. |
The director has made the following key assumptions: |
The fair value estimation of the investment property is based on the latest independent valuation obtained, the state of the property market in the location where the property is situated and rental potential of the property. |
The recoverability of the carrying amount of balances receivable from the group undertaking is determined after giving consideration to past experience of collecting payments and the financial position of the relevant group undertaking. |
A different assessment of these considerations may result in different values being determined. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
15% reducing balance. |
HANDSALE PRIESTY FIELDS LIMITED (REGISTERED NUMBER: 12497240) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, cash and cash equivalents, trade and other payables, and loans and borrowings. |
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. |
Loans and receivables |
Loans and receivables are non-derivative financial assets with fixed or determinable payments. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value at their nominal amount less impairment losses if due in less than 12 months. Subsequent to initial recognition, trade and other receivables are valued at amortised cost less impairment losses. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash balances and call deposits. The cash and cash equivalents are stated at their nominal values, as this approximates to amortised cost. |
Other financial liabilities |
Other financial liabilities are subsequently measured at amortised cost using the effective interest method. |
Loans and borrowings |
These are initially recognised at fair value, based upon the nominal amount outstanding. Subsequent to initial recognition, they are recorded at amortised cost. Borrowing costs arising on bank borrowings are expensed as incurred within financial expense using the effective interest method. |
Trade and other payables |
Trade and other payables are initially recognised at fair value, based upon the nominal amount outstanding. Subsequent to initial recognition, they are recorded at amortised cost. |
Impairment of financial assets |
For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the asset's carrying amount and the present value of estimated future cash flows. |
Offsetting of financial instruments |
Financial assets and financial liabilities are offset and the net amount reported in the balance sheet if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously. |
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. |
HANDSALE PRIESTY FIELDS LIMITED (REGISTERED NUMBER: 12497240) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Investment property |
Investment property is stated at fair value. Any gains or loss arising from a change in fair value is recognised on the income statement.Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | AUDITORS' REMUNERATION |
31.7.23 | 31.7.22 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
1,200 |
1,200 |
Total audit fees | 1,200 | 1,200 |
HANDSALE PRIESTY FIELDS LIMITED (REGISTERED NUMBER: 12497240) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 August 2022 |
Additions |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
The short leasehold property is secured by a fixed and floating charge on all of the property or undertaking of the company. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
The company has provided security in the form of a fixed and floating charge over its assets and undertakings dated 20th October 2021 to Priestly Fields Developments Limited, in respect of a debenture granted to the company. |
HANDSALE PRIESTY FIELDS LIMITED (REGISTERED NUMBER: 12497240) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2023 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.23 | 31.7.22 |
value: | £ | £ |
Ordinary shares | 1 | 1 | 1 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
The company is a wholly owned subsidiary of Handsale Limited. |
11. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
12. | POST BALANCE SHEET EVENTS |
The company surrendered its lease in November 2023. Trading ceased on the same day. |
13. | ULTIMATE CONTROLLING PARTY |
The controlling party is B C Sodha. |
The ultimate controlling party is |
The ultimate controlling party is the director, Bharat Sodha and his family. |
The ultimate parent company is Handsale Limited, a company incorporated in England & Wales. |
The entity's place of business is 30 High, Calside Paisley, Scotland PA2 6BY. |
Group accounts are prepared for Handsale Limited and are available from the registered office at - |
3rd Floor Westbury House |
23-25 Bridge Street |
Pinner |
Middlesex |
England |
HA5 3HR |