Company registration number 04628926 (England and Wales)
HALKEN PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
HALKEN PROPERTIES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
HALKEN PROPERTIES LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr E A Livingstone
Dr K J Livingstone
Secretary
Mr N A Livingstone
Company number
04628926
Registered office
2 Chanin Mews
London
England
NW2 4AQ
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
Business address
3 Fitzroy Place
Sauchiehall Street
Glasgow
Scotland
G3 7RH
HALKEN PROPERTIES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
2,128,335
2,128,336
Investments
5
41,107
35,107
2,169,442
2,163,443
Current assets
Debtors
6
813,546
824,264
Cash at bank and in hand
18,866
246,611
832,412
1,070,875
Creditors: amounts falling due within one year
7
(194,915)
(408,511)
Net current assets
637,497
662,364
Total assets less current liabilities
2,806,939
2,825,807
Creditors: amounts falling due after more than one year
8
(1,722,996)
(1,710,956)
Provisions for liabilities
10
(203,809)
(203,809)
Net assets
880,134
911,042
Capital and reserves
Called up share capital
11
10,000
10,000
Fair value reserve
195,579
195,579
Profit and loss reserves
674,555
705,463
Total equity
880,134
911,042

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 December 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.

HALKEN PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 14 August 2024 and are signed on its behalf by:
Mr E A Livingstone
Director
Company Registration No. 04628926
HALKEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Halken Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Chanin Mews, London, England, NW2 4AQ. The business address is 3 Fitzroy Place, Sauchiehall Street, Glasgow, Scotland, G3 7RH. The company's registration number is 04628926.

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 certain assets.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover comprises of amounts receivable in the year in relation to rental income from residential and commercial property, finance and administrative charges. Sales are recognised at the point at which the company has fulfilled its contractual obligations to the customer.

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 and fittings
20% straight line

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 the statement of comprehensive income.

1.4
Investment properties

Investment properties are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the statement of comprehensive income.

1.5
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

HALKEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Fixed asset investments

Investments are stated at cost less provision for any diminution of value, if such reduction is deemed to be of a permanent nature.

1.7
Cash and cash equivalents

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

1.8
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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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 statement of comprehensive income 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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 statement of comprehensive income except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

HALKEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

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

2023
2022
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2023 and 31 December 2023
20,702
Depreciation and impairment
At 1 January 2023 and 31 December 2023
20,702
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
4
Investment properties
2023
£
Fair value
At 1 January 2023 and 31 December 2023
2,128,335
HALKEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Investment properties
(Continued)
- 7 -

Investment properties were valued on an open market basis on 31 December 2023 by the directors.

5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
41,107
35,107
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
35,107
Additions
6,000
At 31 December 2023
41,107
Carrying amount
At 31 December 2023
41,107
At 31 December 2022
35,107
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,662
7,049
Other debtors
807,884
817,215
813,546
824,264
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
30,117
29,626
Trade creditors
10,261
4,718
Taxation and social security
1,261
2,518
Other creditors
153,276
371,649
194,915
408,511

Included within the above are bank loans of £20,000 (2022: £20,000) which are secured by fixed charges over the company's properties and a floating charge over the company's assets.

HALKEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
540,722
571,082
Other creditors
1,182,274
1,139,874
1,722,996
1,710,956

Included within the above are bank loans of £525,000 (2022: £545,000) which are secured by fixed charges over the company's properties and a floating charge over the company's assets.

9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
10
203,809
203,809
10
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Other timing differences
203,809
203,809
There were no deferred tax movements in the year.

 

 

11
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
8,500 Ordinary A shares of £1
8,500
8,500
250 Ordinary B shares of £1
250
250
250 Ordinary C shares of £1
250
250
250 Ordinary D shares of £1
250
250
250 Ordinary E shares of £1
250
250
125 Ordinary F shares of £1
125
125
125 Ordinary G shares of £1
125
125
125 Ordinary H shares of £1
125
125
125 Ordinary I shares of £1
125
125
10,000
10,000
HALKEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Called up share capital
(Continued)
- 9 -

 

12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
315,000
360,000
13
Related party transactions

The amounts due to the directors at the year end was £85 (2022: £94,045). These loans are unsecured, interest free and repayable on demand.

 

No other transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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