REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
HOLDCROFT PROPERTIES LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
HOLDCROFT PROPERTIES LIMITED |
HOLDCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 07845760) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 2 | to | 6 |
HOLDCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 07845760) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non distributable reserve |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
HOLDCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 07845760) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
HOLDCROFT PROPERTIES LIMITED is a |
Registered number: |
Registered office: |
The principal activity of the company is that of an investment property company. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Significant judgements |
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: |
Investment properties |
The investment properties have been revalued during the year and are considered to be stated at their open market value at the statement of financial position date. The directors judge the valuations to be reasonable based on their experience of the market. |
INVESTMENT PROPERTY |
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. |
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. Deferred tax is provided on these movements. |
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. |
HOLDCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 07845760) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
FINANCIAL INSTRUMENTS |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
HOLDCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 07845760) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
5. | AUDITORS' REMUNERATION |
31.12.23 | 31.12.22 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
180 |
180 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Additions |
Revaluations | 1,545,464 |
Impairments | (298,173 | ) |
Reversal of impairments | 225,000 |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Eight of the properties held were revalued on an open market, vacant possession basis on 19 April 2024 as at 31 December 2023 by Knight Frank LLP, a firm of independent chartered surveyors. These valuations have been incorporated in the financial statements. |
Eight of the properties were revalued on an open market, vacant possession basis on 20 April 2024 as at 31 December 2023 by Colliers International Property Consultants Limited, a firm of independent chartered surveyors.These valuations have been incorporated in the financial statements. |
In the opinion of the directors all investment properties are stated at fair value at 31 December 2023. |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2014 | 320,000 |
Valuation in 2015 | 1,108,546 |
Valuation in 2016 | 306,888 |
Valuation in 2018 | 932,880 |
Valuation in 2019 | (182,209 | ) |
Valuation in 2021 | 2,154,507 |
Valuation in 2022 | (350,650 | ) |
Valuation in 2023 | 1,545,464 |
Cost | 41,159,135 |
46,994,561 |
HOLDCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 07845760) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax asset | 174,137 | 187,544 |
VAT |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to group undertakings |
Tax |
Accruals and deferred income |
Amounts owed to group undertakings are unsecured, interest free, and are repayable on demand. |
There are legal charges over the freehold properties held by the company in favour of Barclays Bank PLC. |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | CONTINGENCIES |
The company is party to a cross guarantee (unlimited) dated 26 February 1997 between T G Holdcroft (Holdings)Limited, T G Holdcroft (Newcastle) Limited, Holdcroft Renault Limited, Hanley Realisations Limited, Holdcroft Honda Limited, Holdcroft North Staffs Limited, TMK Finance Limited, T G Holdcroft (Motors) Limited, Stuart Graham Limited, Holdcroft Properties Limited, HP2011 Limited, Holdcroft Nissan Limited and Holdcroft Hyundai Limited. The company is also party to an additional cross guarantee dated 15 November 2013 to include HM 1965 Limited. The total indebtedness to the bank at 31 December 2023 was £16,059,640 (31 December 2022: £11,002,989). |
In addition the company has a fixed and floating charge debenture over the whole of its assets in favour of T G Holdcroft (Holdings) Limited. |
11. | RELATED PARTY DISCLOSURES |
The company has taken advantage of the exemption from the disclosures required by paragraph 33.1A of Financial Reporting Standard 102 regarding transactions between fellow group companies as the subsidiary is a wholly owned member, and the group financial statements in which this subsidiary is included are publicly available. |
12. | EVENTS AFTER THE END OF THE REPORTING PERIOD |
There were no material events after the end of the reporting period up to the date of approval of the financial statements by the Board. |
HOLDCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 07845760) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
13. | CONTROLLING PARTY |
The company regards T. G. Holdcroft (Holdings) Limited, a company registered in England and Wales, as its ultimate parent undertaking. The parent’s registered office is Leek Road, Hanley, Stoke-on-Trent, Staffordshire, ST1 6AT. The consolidated financial statements can be obtained from www.beta.companieshouse.gov.uk. |