Registered number
03532832
Havenhill Ltd
Filleted Accounts
Year Ending
31 August 2023
Havenhill Ltd
Registered number: 03532832
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,059,730 1,182,753
Investments 4 60,708,100 57,820,545
61,767,830 59,003,298
Current assets
Stocks - 516,856
Debtors 5 968,856 185,082
Cash at bank and in hand 9,238,997 7,823,435
10,207,853 8,525,373
Creditors: amounts falling due within one year 6 (7,966,487) (6,918,950)
Net current assets 2,241,366 1,606,423
Total assets less current liabilities 64,009,196 60,609,721
Provisions for liabilities 9 (6,419,946) (4,661,333)
Net assets 57,589,250 55,948,388
Capital and reserves
Called up share capital 200 200
Profit and loss account 57,589,050 55,948,188
Shareholders' funds 57,589,250 55,948,388
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Cheema
Director
Approved by the board on 22 August 2024
Havenhill Ltd
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 33% straight line
Furniture & Fixtures 25% straight line
Motor Vehicles 33% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2022 1,144,167 383,826 455,032 1,983,025
Additions - 206,948 36,002 242,950
Disposals/transfers - (172,693) (40,543) (213,236)
At 31 August 2023 1,144,167 418,081 450,491 2,012,739
Depreciation
At 1 September 2022 111,969 310,576 377,727 800,272
Charge for the year 22,883 205,070 65,741 293,694
On disposals/transfers - (112,607) (28,350) (140,957)
At 31 August 2023 134,852 403,039 415,118 953,009
Net book value
At 31 August 2023 1,009,315 15,042 35,373 1,059,730
At 31 August 2022 1,032,198 73,250 77,305 1,182,753
4 Investments
Other
investments
£
Cost
At 1 September 2022 57,820,545
Additions/transfers and revaluations 2,887,555
At 31 August 2023 60,708,100
Other investments
2022 2021
£ £
Shares in subsdiaries 2 2
Freehold property 60,708,098 57,820,543
During the period the freehold property investments were revalued by the directors on a rental
yield basis typical for the commercial properties held by the company.
The properties stated on a historical basis would be £35,028,313 (2022:£33,287,208).
The company holds 20% or more share capital of the following companies:
Shares held Capital and Profit (loss)
Company Class reserves for the year
% £ £
Longmeadow Ltd Ordinary 100 1,323,597 86,231
Maloney Retail Stores Ltd Ordinary 100 (79,974) -
5 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 795,912 12,138
Other debtors 172,944 172,944
968,856 185,082
6 Creditors: amounts falling due within one year 2023 2022
£ £
Loans and overdrafts 1,590,616 1,499,535
Trade creditors 142,197 40,179
Corporation tax 557,550 734,419
Other taxes and social security costs 56,995 105,332
Other creditors 5,619,129 4,539,485
7,966,487 6,918,950
7 Non-distributable Profit and Loss Reserve on revaluation 2023 2022
£ £
At 1 September 2022 19,872,003 15,762,377
Gain on revaluation of investments 1,146,450 5,073,612
Deferred taxation arising on the revaluation of land and buildings (1,758,613) (963,986)
At 31 August 2023 19,259,840 19,872,003
8 Contingent liabilities
The provision figure of £6,419,946 (2022:£4,661,333) relates to deferred taxation arising on the revaluation of investments.
9 Other information
Havenhill Ltd is a private company limited by shares and incorporated in England. Its registered office is:
New Marlborough House
90c Wrotham Road
Gravesend
Kent
DA11 0QQ
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