REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 January 2024 |
for |
Letchworth Housing Investments Limited |
REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 January 2024 |
for |
Letchworth Housing Investments Limited |
Letchworth Housing Investments Limited (Registered number: 07128548) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Letchworth Housing Investments Limited |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditor |
Unit 1B |
Focus 4 |
Fourth Avenue |
Letchworth |
Hertfordshire |
SG6 2TU |
Letchworth Housing Investments Limited (Registered number: 07128548) |
Balance Sheet |
31 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Distributable reserves | 11 |
Non distributable reserves | 11 |
SHAREHOLDERS' FUNDS |
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 |
Letchworth Housing Investments Limited (Registered number: 07128548) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Letchworth Housing Investments Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rents and dividends receivable pertaining to the year. Rent is recognised when it is due and is accrued where necessary. Dividends are recognised on the date the income is receivable by the company. |
Investment property |
Investment properties are stated at fair value based on the valuation performed by a professional valuer from Satchells Estate Agents. The valuer used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset. |
Although this policy is in accordance with the FRS 102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. |
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 that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Investments |
Fixed asset investments comprise of investments in equity instruments which are measured at fair value. Changes in fair value are recognised in the income statement. Fair value is based on market values provided by James Hambro & Partners LLP the Company's Investment Advisers. |
Creditors |
Short term trade creditors are measured at the transaction price. |
Letchworth Housing Investments Limited (Registered number: 07128548) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
3. | ACCOUNTING POLICIES - continued |
Debtors |
Short term debtors are measured at transaction price less impairment losses for bad and doubtful |
debts. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | AUDITORS' REMUNERATION |
2024 | 2023 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
5,340 |
4,920 |
6. | FIXED ASSET INVESTMENTS |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 February 2023 | 9,672,188 |
Additions | 1,640,146 |
Disposals | ( |
) | (2,092,903 | ) |
Revaluations | 575,960 |
At 31 January 2024 | 9,795,391 |
NET BOOK VALUE |
At 31 January 2024 | 9,795,391 |
At 31 January 2023 | 9,672,188 |
Cost or valuation at 31 January 2024 is represented by: |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
Valuation in 2024 | 2,117,646 | - | 2,117,646 |
Cost | 7,675,245 | 2,500 | 7,677,745 |
9,792,891 | 2,500 | 9,795,391 |
Listed Investments |
If listed investment had not been revalued they would have been included at the following historical cost £7,675,245 (2023: £8,047,001). |
Listed investments were valued based on published share prices as at the reporting date by James Hambro & Partners LLP the Company's Investment Advisers. |
Unlisted Investments |
The company holds one share in Sollershott Hall Management Limited. This is shown as cost, which is not deemed to be materially different from its fair value. |
Letchworth Housing Investments Limited (Registered number: 07128548) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 February 2023 |
Disposals | ( |
) |
Revaluations | (30,000 | ) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Fair value at 31 January 2024 is represented by: |
£ |
Valuation in 0 | 478,328 |
Valuation in 2016 | 255,750 |
Valuation in 2017 | 74,500 |
Valuation in 2018 | 28,500 |
Valuation in 2019 | 10,000 |
Valuation in 2020 | 15,000 |
Valuation in 2022 | 51,000 |
Valuation in 2023 | 119,000 |
Valuation in 2024 | (325,007 | ) |
Cost | 72,929 |
780,000 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 72,929 | 87,922 |
Investment properties were valued on an open market basis on 31 January 2024 by Satchells Estate Agents . |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Sundry Debtors and Prepayments | 4,622 | 13,884 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Tax |
Sundry Creditors and Accruals | 48,710 | 53,528 |
Taxation & Social Security | 3,032 | 3,135 |
Letchworth Housing Investments Limited (Registered number: 07128548) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 657,745 | 599,348 |
Deferred |
tax |
£ |
Balance at 1 February 2023 |
Provided during year |
Balance at 31 January 2024 |
The deferred tax liabilities relate to amounts payable in future periods based on the carrying amount of assets in the financial statements and the corresponding indexed cost used in the computation of taxable profits. |
Assets (listed shares and funds, as well as property) are expected to increase in value after purchase. When the gain is realised, tax will be due on the increase, compared to the cost or indexed cost if acquired pre December 2017. The deferred tax liabilities shown are what will be due on capital gains when they are sold in the future. |
The deferred tax liability is calculated at the rates at which is it expected to unwind, which from the 1 April 2023 will be 25%. |
11. | RESERVES |
Non |
Retained | Distributable | distributable |
earnings | reserves | reserves | Totals |
£ | £ | £ | £ |
At 1 February 2023 | 10,146,574 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Movement during the year | 318,773 | (59,906 | ) | (258,867 | ) |
At 31 January 2024 | 9,827,801 |
Called-up share capital - represents the nominal value of shares that have been issued. |
Non-distributable reserves - represents the balance of fair value adjustments relating to the investment property, including revaluation reserves, which do not make up distributable reserves. |
Distributable reserves - represents a fully distributable capital reserve which is built up of income from dividends, rental receipts and profits from the sale of investments by the Company, in excess of funds already distributed. |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Letchworth Housing Investments Limited (Registered number: 07128548) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
13. | RELATED PARTY DISCLOSURES |
John Wiblin is also a designated member of Longmores Solicitors LLP, which received fees in respect of director's services amounting to £16,368 (2023 £15,594) and legal services of £1,659 (2023 £3,033). The total amount included in accruals for Longmores Solicitors LLP at 31 January 2024 amounted to £8,191 (2023 £7,801) |