Company registration number 00725069 (England and Wales)
HANSOM PROPERTY COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
HANSOM PROPERTY COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
HANSOM PROPERTY COMPANY LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
919
17
Investment property
4
1,275,000
1,275,000
Investments
5
1,273,447
697,606
2,549,366
1,972,623
Current assets
Debtors
7
19,173
13,939
Cash at bank and in hand
1,914,681
2,364,157
1,933,854
2,378,096
Creditors: amounts falling due within one year
8
(93,099)
(67,646)
Net current assets
1,840,755
2,310,450
Total assets less current liabilities
4,390,121
4,283,073
Provisions for liabilities
(148,685)
(112,826)
Net assets
4,241,436
4,170,247
Capital and reserves
Called up share capital
9
66
66
Capital redemption reserve
34
34
Profit and loss reserves
4,241,336
4,170,147
Total equity
4,241,436
4,170,247
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 31 October 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.
HANSOM PROPERTY COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 March 2024 and are signed on its behalf by:
T R Roydon
Director
Company registration number 00725069 (England and Wales)
HANSOM PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Hansom Property Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kingsmill, The Marlins, Northwood, Middlesex, HA6 3NP.
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 is measured at the fair value of the consideration received or receivable for rendering of services in the normal course of business, and is shown net of discounts and VAT.
Rendering of services
Turnover arises from the provision of consultancy services. Revenue is recognised proportionally over the performance of the service contract, by reference to the stage of completion of the transaction at the end of the reporting period.
Rental income
Operating lease income from investment properties is recognised in profit and loss on a straight-line basis over the lease term.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% and 33.33% per annum on a straight line method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
HANSOM PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
HANSOM PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during year was 3 (2022 - 3).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022
22,071
Additions
1,028
At 31 October 2023
23,099
Depreciation and impairment
At 1 November 2022
22,054
Depreciation charged in the year
126
At 31 October 2023
22,180
Carrying amount
At 31 October 2023
919
At 31 October 2022
17
4
Investment property
2023
£
Fair value
At 1 November 2022 and 31 October 2023
1,275,000
Under FRS 102, investment property is required to be measured at its fair value (where this can be ascertained) with any change being recognised in profit and loss. The fair value of the investment property has been arrived at on the basis of a valuation carried out by Mr. T. R. Roydon, a director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
On an historical cost basis, investment properties would have been held at £483,603.
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
1,273,447
697,606
HANSOM PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 November 2022
697,606
Additions
597,302
Valuation changes
(21,461)
At 31 October 2023
1,273,447
Carrying amount
At 31 October 2023
1,273,447
At 31 October 2022
697,606
6
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
1,273,447
697,606
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
19,173
13,939
8
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
82,699
60,361
Other taxation and social security
1,341
1,226
Other creditors
9,059
6,059
93,099
67,646
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
66 Ordinary shares of £1 each
66
66
66
66
HANSOM PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
10
Profit and loss reserves
The profit and loss reserve contains the cumulative balance of retained profit and losses as well as investment property revaluations since the company started trading. It is made up of distributable and non-distributable reserves.
At the balance sheet date, profit and loss reserves consisted of £3,613,934 (2022 - £3,506,576) distributable reserves and £627,942 (2022 - £663,571) non-distributable.