Hemway Properties Limited 04623548 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is property rental. Digita Accounts Production Advanced 6.30.9574.0 true 04623548 2022-07-01 2023-06-30 04623548 2023-06-30 04623548 core:OtherReservesSubtotal 2023-06-30 04623548 core:RetainedEarningsAccumulatedLosses 2023-06-30 04623548 core:ShareCapital 2023-06-30 04623548 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 04623548 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 04623548 bus:SmallEntities 2022-07-01 2023-06-30 04623548 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 04623548 bus:FullAccounts 2022-07-01 2023-06-30 04623548 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 04623548 bus:RegisteredOffice 2022-07-01 2023-06-30 04623548 bus:Director1 2022-07-01 2023-06-30 04623548 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 04623548 countries:EnglandWales 2022-07-01 2023-06-30 04623548 2022-06-30 04623548 2021-07-01 2022-06-30 04623548 2022-06-30 04623548 core:OtherReservesSubtotal 2022-06-30 04623548 core:RetainedEarningsAccumulatedLosses 2022-06-30 04623548 core:ShareCapital 2022-06-30 04623548 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 04623548 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 iso4217:GBP xbrli:pure

Registration number: 04623548

Hemway Properties Limited

Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Hemway Properties Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 5

 

Hemway Properties Limited

(Registration number: 04623548)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

2,891,078

2,230,764

Current assets

 

Debtors

5

1,067,290

860,116

Cash at bank and in hand

 

18,654

15,114

 

1,085,944

875,230

Creditors: Amounts falling due within one year

6

(1,100,853)

(905,793)

Net current liabilities

 

(14,909)

(30,563)

Total assets less current liabilities

 

2,876,169

2,200,201

Creditors: Amounts falling due after more than one year

6

(904,700)

(951,665)

Provisions for liabilities

(24,691)

(24,691)

Net assets

 

1,946,778

1,223,845

Capital and reserves

 

Called up share capital

2

2

Other reserves

685,712

685,712

Profit and loss account

1,261,064

538,131

Shareholders' funds

 

1,946,778

1,223,845

 

Hemway Properties Limited

(Registration number: 04623548)
Balance Sheet as at 30 June 2023

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 August 2024
 

.........................................
Mr B J Hemmings
Director

 

Hemway Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7-9 Macon Court
Crewe
Cheshire
CW1 6EA
UK

The principal place of business is:
The Dower House
Hall Lane
Hankelow
Cheshire
CW3 0JB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Hemway Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Investment property

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRS 102, as follows:

No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Investment properties

2023
£

At 1 July

2,230,764

Fair value adjustments

660,314

At 30 June

2,891,078

There has been no valuation of investment property by an independent valuer.

 

Hemway Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

53,911

12,073

Amounts owed by related parties

1,013,222

846,129

Prepayments

 

157

1,914

   

1,067,290

860,116

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Bank loans and overdrafts

91,990

91,970

Trade creditors

37,912

32,686

Amounts owed to group undertakings

705,486

673,613

Taxation and social security

22,326

8,052

Other creditors

243,139

99,472

1,100,853

905,793

Due after one year

Loans and borrowings

904,700

951,665