Company registration number 11197588 (England and Wales)
HEWARD PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
HEWARD PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
HEWARD PROPERTIES LIMITED (REGISTERED NUMBER: 11197588)
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
31 March 2023
31  March 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
113
150
Investment property
4
256,412
415,000
256,525
415,150
Current assets
Debtors
5
612
257
Cash at bank and in hand
1,197
-
0
1,809
257
Creditors: amounts falling due within one year
6
(166,822)
(195,730)
Net current liabilities
(165,013)
(195,473)
Total assets less current liabilities
91,512
219,677
Creditors: amounts falling due after more than one year
7
(153,672)
(256,938)
Net liabilities
(62,160)
(37,261)
Capital and reserves
Called up share capital
1
1
Non-distributable profits reserve
8
17,123
45,228
Distributable profit and loss reserves
(79,284)
(82,490)
Total equity
(62,160)
(37,261)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her 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.

HEWARD PROPERTIES LIMITED (REGISTERED NUMBER: 11197588)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 5 August 2024
Miss A Heward
Director
HEWARD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Heward Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 School Road, Winteringham, Scunthorpe, DN15 9NL.

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 £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

 

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.

1.2
Going concern

These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the director is aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.

1.3
Turnover

Turnover represents rental income received during the period.

1.4
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:

Computers
25% Reducing balance

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.

1.5
Investment property

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.

HEWARD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Computers
£
Cost
At 1 April 2022 and 31 March 2023
189
Depreciation and impairment
At 1 April 2022
39
Depreciation charged in the year
37
At 31 March 2023
76
Carrying amount
At 31 March 2023
113
At 31 March 2022
150
4
Investment property
2023
£
Fair value
At 1 April 2022
415,000
Additions
1,412
Disposals
(160,000)
At 31 March 2023
256,412

Investment property comprises property at fair value of £256,142. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors best estimate. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

HEWARD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
326
252
Other debtors
286
5
612
257
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
720
10,227
Trade creditors
3,074
3,229
Other creditors
163,028
182,274
166,822
195,730
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
153,672
256,938

The bank loans of £151,483 (2022: £254,783 ) are secured against the properties in the company's name by way of a fixed and floating charge.

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
152,948
256,938
8
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
45,228
28,105
Non distributable profits in the year
(28,105)
17,123
At the end of the year
17,123
45,228
HEWARD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
9
Financial commitments, guarantees and contingent liabilities

During a past period, the company borrowed £3,450 from its bankers for a bounce back loan. As part of its loan scheme the UK government has guaranteed the advance and will pay the interest and fees due for the first 12 months. As at the balance sheet date, the outstanding balance is £2,185.

10
Related party transactions

Included in other debtors is an amount of £281 (2022:nil) owed by a company with a common director.

 

Included in other creditors is an amount of £754 (2022: £754) owed to a company with a common director.

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