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REGISTERED NUMBER: 12497240 (England and Wales)















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: R B Sodha
B C Sodha





REGISTERED OFFICE: 3rd Floor Westbury House
23-25 Bridge Street
Pinner
Middlesex
HA5 3HR





REGISTERED NUMBER: 12497240 (England and Wales)





AUDITORS: Accumen Business Consultancy Limited
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 5 379,840 364,813

CURRENT ASSETS
Debtors 6 165,086 114,231
Cash at bank and in hand 154,522 136,678
319,608 250,909
CREDITORS
Amounts falling due within one year 7 1,979,032 1,101,454
NET CURRENT LIABILITIES (1,659,424 ) (850,545 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,279,584

)

(485,732

)

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings (1,279,585 ) (485,733 )
SHAREHOLDERS' FUNDS (1,279,584 ) (485,732 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 24 April 2024 and were signed on its behalf by:





B C Sodha - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 45 (2022 - 20 ) .

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 339,394 45,621 385,015
Additions - 37,470 37,470
At 31 July 2023 339,394 83,091 422,485
DEPRECIATION
At 1 August 2022 11,313 8,889 20,202
Charge for year 11,313 11,130 22,443
At 31 July 2023 22,626 20,019 42,645
NET BOOK VALUE
At 31 July 2023 316,768 63,072 379,840
At 31 July 2022 328,081 36,732 364,813

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 156,677 110,843
Other debtors 6,264 1,009
Prepayments 2,145 2,379
165,086 114,231

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade creditors 277,713 78,479
Amounts owed to group undertakings 1,394,875 866,763
Social security and other taxes 21,984 12,741
Other creditors 113,215 64,263
Accruals and deferred income 171,245 79,208
1,979,032 1,101,454

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: £    £   
1 Ordinary shares 1 1 1

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Tejinder Saran (Senior Statutory Auditor)
for and on behalf of Accumen Business Consultancy Limited

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 B C Sodha.

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