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REGISTERED NUMBER: SC140337 (Scotland)















HENDERSON PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023






HENDERSON PROPERTIES LIMITED (REGISTERED NUMBER: SC140337)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 10

Chartered Accountants' Report 11

HENDERSON PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: Ian Hazlitt Henderson
Ann Macleod Henderson
Stuart Alistair Henderson



SECRETARY: Ian Hazlitt Henderson



REGISTERED OFFICE: 27 Causeyside Street
Paisley
Renfrewshire
PA1 1UL



REGISTERED NUMBER: SC140337 (Scotland)



ACCOUNTANTS: Milne Craig
Chartered Accountants
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA



BANKERS: Bank of Scotland
110 Queen Street
Glasgow
G1 3BY

HENDERSON PROPERTIES LIMITED (REGISTERED NUMBER: SC140337)

BALANCE SHEET
30 SEPTEMBER 2023

30/9/23 30/9/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 640,639 640,770
Investment property 5 4,694,449 4,424,497
5,335,088 5,065,267

CURRENT ASSETS
Debtors 6 344,345 441,262
Cash at bank 128,478 150,837
472,823 592,099
CREDITORS
Amounts falling due within one year 7 939,232 760,181
NET CURRENT LIABILITIES (466,409 ) (168,082 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,868,679

4,897,185

CREDITORS
Amounts falling due after more than one
year

8

(401,825

)

(511,526

)

PROVISIONS FOR LIABILITIES 11 (111,515 ) (179,036 )
NET ASSETS 4,355,339 4,206,623

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 4,345,339 4,196,623
SHAREHOLDERS' FUNDS 4,355,339 4,206,623

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

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.

HENDERSON PROPERTIES LIMITED (REGISTERED NUMBER: SC140337)

BALANCE SHEET - continued
30 SEPTEMBER 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





Ian Hazlitt Henderson - Director


HENDERSON PROPERTIES LIMITED (REGISTERED NUMBER: SC140337)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. STATUTORY INFORMATION

Henderson Properties Limited is a private company, limited by shares, registered in Scotland. The Company's registered number is SC140337 and registered office address is 27 Causeyside Street, Paisley, Renfrewshire PA1 1UL.

The nature of the Company's operations and its principal activities in the year under review was that of investment in and management of property.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 £.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In preparing these financial statements, the directors have made the following judgements:

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Assets are considered for indications of impairment. If required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Bad debts are provided for where objective evidence of the need for a provision exists.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Consideration is given to the point at which the Company is entitled to receive the income, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due;
- the costs incurred can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost
Boat - 5% on cost
Motor vehicles - 25% on cost

HENDERSON PROPERTIES LIMITED (REGISTERED NUMBER: SC140337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued

Investment property
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost.

Subsequent to initial recognition
i. investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in the period that they arise; and

ii. no depreciation is provided in respect of investment properties applying the fair value model.

If a reliable measure is not available without undue cost or effort for an item of investment property, this item is thereafter accounted for as tangible fixed assets in accordance with section 17 until a reliable measure of fair value becomes available.

Financial instruments
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 ' Other Financial Instruments Issues' of FRS 102 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. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions 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 the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.


HENDERSON PROPERTIES LIMITED (REGISTERED NUMBER: SC140337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Deferred tax assets and deferred tax liabilities are offset only if the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

Rental income
Rental income on investment properties for the year is recognised on an accrual basis, inclusive of services and insurance charges receivable, and exclusive of value added tax

HENDERSON PROPERTIES LIMITED (REGISTERED NUMBER: SC140337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery Boat vehicles Totals
£    £    £    £   
COST
At 1 October 2022 201,439 584,316 32,600 818,355
Additions 17,505 - 63,101 80,606
At 30 September 2023 218,944 584,316 95,701 898,961
DEPRECIATION
At 1 October 2022 58,346 87,647 31,592 177,585
Charge for year 35,358 29,216 16,163 80,737
At 30 September 2023 93,704 116,863 47,755 258,322
NET BOOK VALUE
At 30 September 2023 125,240 467,453 47,946 640,639
At 30 September 2022 143,093 496,669 1,008 640,770

HENDERSON PROPERTIES LIMITED (REGISTERED NUMBER: SC140337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4. TANGIBLE FIXED ASSETS - continued

The net book value of tangible fixed assets includes £ 47,326 in respect of assets held under hire purchase contracts.

5. INVESTMENT PROPERTY
Total
£   
COST
At 1 October 2022 4,424,497
Additions 269,952
At 30 September 2023 4,694,449
NET BOOK VALUE
At 30 September 2023 4,694,449
At 30 September 2022 4,424,497

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/9/23 30/9/22
£    £   
Trade debtors 20,741 28,202
Amounts owed by associates 321,773 409,354
Prepayments 1,831 3,706
344,345 441,262

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/9/23 30/9/22
£    £   
Bank loans and overdrafts (see note 9) 29,167 29,167
Other loans (see note 9) 200,000 200,000
Hire purchase contracts 14,874 -
Trade creditors 28,978 48,163
Corporation tax - 6,107
Social security and other taxes 54,328 (22,747 )
Directors' current accounts 454,324 385,749
Accruals and deferred income 157,561 113,742
939,232 760,181

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/9/23 30/9/22
£    £   
Bank loans (see note 9) 278,566 311,526
Other loans (see note 9) 100,001 200,000
Hire purchase contracts 23,258 -
401,825 511,526

HENDERSON PROPERTIES LIMITED (REGISTERED NUMBER: SC140337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
30/9/23 30/9/22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 161,899 -

9. LOANS

An analysis of the maturity of loans is given below:

30/9/23 30/9/22
£    £   
Amounts falling due within one year or on demand:
Bank loans 29,167 29,167
Loan - HPPF 200,000 200,000
229,167 229,167

Amounts falling due between one and two years:
Bank loans - 1-2 years 29,167 29,167
Loan - HPPF 100,001 200,000
129,168 229,167

Amounts falling due between two and five years:
Bank loans - 2-5 years 87,500 282,359

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 161,899 -

10. SECURED DEBTS

The following secured debts are included within creditors:

30/9/23 30/9/22
£    £   
Bank loans 307,733 340,693
Hire purchase contracts 38,132 -
345,865 340,693

The bank loans are secured by a standard security and floating charge over some of the properties held by the company.

The hire purchase creditors are secured over the assets to which they relate.

HENDERSON PROPERTIES LIMITED (REGISTERED NUMBER: SC140337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

11. PROVISIONS FOR LIABILITIES
30/9/23 30/9/22
£    £   
Deferred tax 111,515 179,036

Deferred
tax
£   
Balance at 1 October 2022 179,036
Originating and reversal of
timing differences (67,521 )
Balance at 30 September 2023 111,515

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company benefited from an interest free, unsecured loan from the directors. At 30 September 2023, the amount from the directors was £454,324 (2022 £385,749).

13. RELATED PARTY DISCLOSURES

The following information is given in respect of transactions with companies owned and controlled by the persons who are directors and shareholders of Henderson Properties Limited ("the company"):

The company made supplies to Superior Homes (Kenya) Limited during the period of £12,620 (2022 - £4,792).
The balance owed to the company from Superior Homes (Kenya) Limited at 30 September was £3,974 (2022 - £2,030).

At the year end there is a balance owing to the company from Renfrew Riverside Properties Limited of £180,175 (2022 - £231,300).

At the year end there is a balance owing to the company from Desse Developments Limited of £66,157 (2022 - £92,157).

At the year end there is a balance owing to the company from Ambassel Developments Limited of £50,752 (2022 - £63,252).

At the year end there is a balance owing to the company from The Hazlitt Apartments Limited of £100 (2022 - £nil).

At the year end there is a balance owed to the company from Ardnagal Estates Limited of £20,615 (2022 - £20,615).

14. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors who own 100% of the called up share capital.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
HENDERSON PROPERTIES LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Henderson Properties Limited for the year ended 30 September 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Henderson Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Henderson Properties Limited and state those matters that we have agreed to state to the Board of Directors of Henderson Properties Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Henderson Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Henderson Properties Limited. You consider that Henderson Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Henderson Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Milne Craig
Chartered Accountants
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA


30 July 2024