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REGISTERED NUMBER: 12045425 (England and Wales)
















Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2023

for

Hayleys Property Limited

Hayleys Property Limited (Registered number: 12045425)






Contents of the Consolidated Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Consolidated Income Statement 6

Consolidated Other Comprehensive Income 7

Consolidated Balance Sheet 8

Company Balance Sheet 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


Hayleys Property Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr Ian George Padfield
Mrs Emma Jane Padfield





REGISTERED OFFICE: The Estate Office
Hayleys Manor
Upland Road
Epping Upland
Essex
CM16 6PQ





REGISTERED NUMBER: 12045425 (England and Wales)





AUDITORS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

Hayleys Property Limited (Registered number: 12045425)

Report of the Directors
for the Year Ended 31 March 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of commercial property rental.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

Mr Ian George Padfield
Mrs Emma Jane Padfield

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Hardcastle Burton LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr Ian George Padfield - Director


15 August 2024

Report of the Independent Auditors to the Members of
Hayleys Property Limited

Opinion
We have audited the financial statements of Hayleys Property Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Hayleys Property Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Hayleys Property Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach was as follows:-

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that related to the reporting framework (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations in the jurisdictions that the company operates.

In addition, we concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements being those relating to the environment, occupational health and safety.

We obtained an understanding to how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of supporting licensing documentation.

We assessed the susceptivity of the company's financial statements to material misstatement, including how fraud might occur by identifying key controls and carrying out walkthroughs to understand the systems and controls of the company.

Generally, since the Covid 19 pandemic inherent risk of detection of fraud has increased due to an increase in remote working. We have considered the impact of this when designing our audit approach.

Based on our understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved; journal entry testing; focusing on manual journals and journals indicating large or unusual transactions based on our understanding of the business; enquiries of management and focused testing in relation to revenue and management override.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Kristi Johnson ACA FCCA CTA (Senior Statutory Auditor)
for and on behalf of Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

15 August 2024

Hayleys Property Limited (Registered number: 12045425)

Consolidated
Income Statement
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   

TURNOVER 2,430,106 2,320,408

Administrative expenses 1,079,792 955,991
1,350,314 1,364,417

Other operating income 55,708 55,644
OPERATING PROFIT 4 1,406,022 1,420,061

Income from fixed asset investments 9,073 24,582
Interest receivable and similar income 3,334 217
12,407 24,799
1,418,429 1,444,860
Gain/loss on revaluation of assets 187,835 (168,031 )
1,606,264 1,276,829

Interest payable and similar expenses 5 197,626 205,042
PROFIT BEFORE TAXATION 1,408,638 1,071,787

Tax on profit 6 226,971 223,837
PROFIT FOR THE FINANCIAL YEAR 1,181,667 847,950
Profit attributable to:
Owners of the parent 1,181,667 847,950

Hayleys Property Limited (Registered number: 12045425)

Consolidated
Other Comprehensive Income
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   

PROFIT FOR THE YEAR 1,181,667 847,950


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,181,667

847,950

Total comprehensive income attributable to:
Owners of the parent 1,181,667 847,950

Hayleys Property Limited (Registered number: 12045425)

Consolidated Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Investments 9 3,246,555 1,494,185
Investment property 10 16,695,604 16,599,691
19,942,159 18,093,876

CURRENT ASSETS
Debtors 11 680,239 952,265
Investments 12 2,289,663 867,869
Cash at bank and in hand 339,176 1,468,946
3,309,078 3,289,080
CREDITORS
Amounts falling due within one year 13 2,033,627 909,605
NET CURRENT ASSETS 1,275,451 2,379,475
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,217,610

20,473,351

CREDITORS
Amounts falling due after more than one
year

14

(4,708,827

)

(5,140,057

)

PROVISIONS FOR LIABILITIES 17 (22,075 ) (22,075 )
NET ASSETS 16,486,708 15,311,219

CAPITAL AND RESERVES
Called up share capital 18 12,522,700 12,522,700
Revaluation reserve 19 662,517 566,604
Retained earnings 19 3,253,896 2,181,878
SHAREHOLDERS' FUNDS 16,439,113 15,271,182

NON-CONTROLLING INTERESTS 20 47,595 40,037
TOTAL EQUITY 16,486,708 15,311,219

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:




Mr Ian George Padfield - Director



Mrs Emma Jane Padfield - Director


Hayleys Property Limited (Registered number: 12045425)

Company Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Investments 9 7,035,383 5,495,706
Investment property 10 12,895,604 12,895,604
19,930,987 18,391,310

CURRENT ASSETS
Debtors 11 673,996 950,390
Investments 12 2,289,663 867,869
Cash at bank and in hand 295,364 1,115,992
3,259,023 2,934,251
CREDITORS
Amounts falling due within one year 13 2,116,776 893,116
NET CURRENT ASSETS 1,142,247 2,041,135
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,073,234

20,432,445

CREDITORS
Amounts falling due after more than one
year

14

(4,708,827

)

(5,140,057

)

PROVISIONS FOR LIABILITIES 17 (22,075 ) (22,075 )
NET ASSETS 16,342,332 15,270,313

CAPITAL AND RESERVES
Called up share capital 18 12,522,700 12,522,700
Retained earnings 19 3,819,632 2,747,613
SHAREHOLDERS' FUNDS 16,342,332 15,270,313

Company's profit for the financial year 1,085,755 847,083

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:





Mr Ian George Padfield - Director


Hayleys Property Limited (Registered number: 12045425)

Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2023

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 April 2021 12,522,700 990,707 479,789
Prior year adjustment - 474,991 -
As restated 12,522,700 1,465,698 479,789

Changes in equity
Dividends - (44,955 ) -
Total comprehensive income - 761,135 86,815
Balance at 31 March 2022 12,522,700 2,181,878 566,604
As restated 12,522,700 2,181,878 566,604

Changes in equity
Dividends - (13,736 ) -
Total comprehensive income - 1,085,754 95,913
Balance at 31 March 2023 12,522,700 3,253,896 662,517
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 April 2021 13,993,196 39,223 14,032,419
Prior year adjustment 474,991 - 474,991
As restated 14,468,187 39,223 14,507,410

Changes in equity
Dividends (44,955 ) 814 (44,141 )
Total comprehensive income 847,950 - 847,950
Balance at 31 March 2022 15,271,182 40,037 15,311,219
Prior year adjustment - (1 ) (1 )
As restated 15,271,182 40,036 15,311,218

Changes in equity
Dividends (13,736 ) 7,559 (6,177 )
Total comprehensive income 1,181,667 - 1,181,667
Balance at 31 March 2023 16,439,113 47,595 16,486,708

Hayleys Property Limited (Registered number: 12045425)

Company Statement of Changes in Equity
for the Year Ended 31 March 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2021 12,522,700 1,470,494 13,993,194
Prior year adjustment - 474,991 474,991
As restated 12,522,700 1,945,485 14,468,185

Changes in equity
Dividends - (44,955 ) (44,955 )
Total comprehensive income - 847,083 847,083
Balance at 31 March 2022 12,522,700 2,747,613 15,270,313

Changes in equity
Dividends - (13,736 ) (13,736 )
Total comprehensive income - 1,085,755 1,085,755
Balance at 31 March 2023 12,522,700 3,819,632 16,342,332

Hayleys Property Limited (Registered number: 12045425)

Consolidated Cash Flow Statement
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,926,580 1,890,838
Interest paid (197,626 ) (205,042 )
Tax paid (200,924 ) (358,352 )
Net cash from operating activities 2,528,030 1,327,444

Cash flows from investing activities
Purchase of fixed asset investments (2,190,343 ) (239,321 )
Purchase of investment property - (571,532 )
Purchase of current asset investments (1,421,795 ) (867,867 )
Interest received 3,334 217
Dividends received 9,073 24,582
Net cash from investing activities (3,599,731 ) (1,653,921 )

Cash flows from financing activities
Loan repayments in year (240,158 ) (222,280 )
Amount introduced by directors 195,825 -
Amount withdrawn by directors - 24,366
Equity dividends paid (13,736 ) (44,955 )
Net cash from financing activities (58,069 ) (242,869 )

Decrease in cash and cash equivalents (1,129,770 ) (569,346 )
Cash and cash equivalents at beginning of
year

2

1,468,946

2,038,292

Cash and cash equivalents at end of year 2 339,176 1,468,946

Hayleys Property Limited (Registered number: 12045425)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.3.23 31.3.22
£    £   
Profit before taxation 1,408,638 1,071,787
(Gain)/loss on revaluation of fixed assets (187,835 ) 168,031
Impairment of unlisted investments 31,374 -
Finance costs 197,626 205,042
Finance income (12,407 ) (24,799 )
1,437,396 1,420,061
Decrease in trade and other debtors 272,026 390,217
Increase in trade and other creditors 1,217,158 80,560
Cash generated from operations 2,926,580 1,890,838

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 339,176 1,468,946
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 1,468,946 2,038,292


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank and in hand 1,468,946 (1,129,770 ) 339,176
1,468,946 (1,129,770 ) 339,176

Liquid resources
Current asset investments 867,869 1,421,794 2,289,663
867,869 1,421,794 2,289,663
Debt
Debts falling due within 1 year (240,000 ) (191,071 ) (431,071 )
Debts falling due after 1 year (5,140,057 ) 431,230 (4,708,827 )
(5,380,057 ) 240,159 (5,139,898 )
Total (3,043,242 ) 532,183 (2,511,059 )

Hayleys Property Limited (Registered number: 12045425)

Notes to the Consolidated Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Hayleys Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
Subsidiaries acquired during the year are consolidated using the purchase method. their results are incorporated from the date that control passes.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment or the asset transferred.

Where necessary, adjustments are made to the financial statements to being the accounting policies used into line with those used by other members of the group.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions which impact on the carrying amounts of assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial year is addressed below.

Valuation of investment properties:

The valuation of the investment properties is on the basis of a valuation carried out by the directors of the company. The valuation was made on an open market basis by reference to market evidence of transaction prices of similar properties.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Hayleys Property Limited (Registered number: 12045425)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102. The directors consider that, as these properties are not held for consumption, but for their investment potential, to depreciate them would not give a true and fair view, and that it is necessary to adopt the investment policy under FRS 102 in order to give a true and fair view as follows:

Properties are initially recognised at cost, and subsequently revalued to fair value at each reporting date through the income statement.

If this departure from the Act had not been made, the profit for the financial year would have been decreased by depreciation. However, the amount of depreciation cannot be reasonably quantified because depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 balance sheet date.

Deferred tax
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.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
31.3.23 31.3.22
£    £   
Wages and salaries 189,055 175,042
Social security costs 12,159 9,150
Other pension costs 1,834 1,441
203,048 185,633

Hayleys Property Limited (Registered number: 12045425)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.3.23 31.3.22

Directors 2 2
Operations 1 1
3 3

The average number of employees by undertakings that were proportionately consolidated during the year was 1 (2022 - 1 ) .

31.3.23 31.3.22
£    £   
Directors' remuneration 101,883 83,987

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.23 31.3.22
£    £   
Foreign exchange differences (17,381 ) -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.23 31.3.22
£    £   
Bank loan interest 197,038 205,042
HMRC interest 588 -
197,626 205,042

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.23 31.3.22
£    £   
Current tax:
UK corporation tax 226,971 201,762

Deferred tax - 22,075
Tax on profit 226,971 223,837

Hayleys Property Limited (Registered number: 12045425)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.23 31.3.22
£    £   
Profit before tax 1,408,638 1,071,787
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2022 - 19 %)

267,641

203,640

Effects of:
Expenses not deductible for tax purposes - 20,197
Income not taxable for tax purposes (40,670 ) -
Total tax charge 226,971 223,837

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
31.3.23 31.3.22
£    £   
Ordinary A shares of £1 each
Interim 13,736 44,955

9. FIXED ASSET INVESTMENTS

Group
Listed Unlisted
investments investments Totals
£    £    £   
COST
At 1 April 2022 1,393,748 100,437 1,494,185
Additions 2,562,577 275,999 2,838,576
Disposals (985,770 ) (69,062 ) (1,054,832 )
Impairments - (31,374 ) (31,374 )
At 31 March 2023 2,970,555 276,000 3,246,555
NET BOOK VALUE
At 31 March 2023 2,970,555 276,000 3,246,555
At 31 March 2022 1,393,748 100,437 1,494,185

Hayleys Property Limited (Registered number: 12045425)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

9. FIXED ASSET INVESTMENTS - continued

Company
Investment
in Listed Unlisted
subsidiary investments investments Totals
£    £    £    £   
COST OR VALUATION
At 1 April 2022 4,001,522 1,393,748 100,436 5,495,706
Additions (212,693 ) 2,562,577 275,999 2,625,883
Disposals - (985,770 ) (69,062 ) (1,054,832 )
Impairments - - (31,374 ) (31,374 )
At 31 March 2023 3,788,829 2,970,555 275,999 7,035,383
NET BOOK VALUE
At 31 March 2023 3,788,829 2,970,555 275,999 7,035,383
At 31 March 2022 4,001,522 1,393,748 100,436 5,495,706

Cost or valuation at 31 March 2023 is represented by:

Investment
in Listed Unlisted
subsidiary investments investments Totals
£    £    £    £   
Cost 3,788,829 2,970,555 275,999 7,035,383

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Inshala No.1 Limited
Registered office: 3 Castlegate, Grantham, Lincolnshire, N31 6SF
Nature of business: Corporate underwriting member of Lloyds
%
Class of shares: holding
Ordinary £1 shares 100.00
31.12.22 31.12.21
£    £   
Aggregate capital and reserves 151,821 64,196
Profit for the year 87,625 146,660

Pen Hill LLP
Registered office: 3 Castlegate, Grantham, Lincolnshire, NG31 6SF
Nature of business: Underwriting member of Lloyds
%
Class of shares: holding
Capital 100.00
31.12.22 31.12.21
£    £   
Aggregate capital and reserves 143,161 104,553
Profit for the year 156,375 977,437


Hayleys Property Limited (Registered number: 12045425)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

9. FIXED ASSET INVESTMENTS - continued


Listed investments includes portfolio held by the company which is pledged to 'The Corporation of Lloyds' as potential collateral against subsidiary's investments.

10. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 April 2022 16,599,691
Revaluations 95,913
At 31 March 2023 16,695,604
NET BOOK VALUE
At 31 March 2023 16,695,604
At 31 March 2022 16,599,691

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2023 16,695,604

The investment property in Padfield Estates LLP was revalued from £3,137,483 to £3,800,000 in February 2023 by a independent valuer on the basis of existing use.

Company
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 12,895,604
NET BOOK VALUE
At 31 March 2023 12,895,604
At 31 March 2022 12,895,604

11. DEBTORS

Group Company
31.3.23 31.3.22 31.3.23 31.3.22
£    £    £    £   
Amounts falling due within one year:
Trade debtors 335,700 314,281 329,964 312,929
Other debtors 274,896 82,013 274,896 82,013
Amount owed by related party - 264,909 - 264,909
Prepayments and accrued income 69,643 5,892 69,136 5,369
680,239 667,095 673,996 665,220

Hayleys Property Limited (Registered number: 12045425)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

11. DEBTORS - continued

Group Company
31.3.23 31.3.22 31.3.23 31.3.22
£    £    £    £   
Amounts falling due after more than one year:
Amount owed by related party - 285,170 - 285,170

Aggregate amounts 680,239 952,265 673,996 950,390

12. CURRENT ASSET INVESTMENTS

Group Company
31.3.23 31.3.22 31.3.23 31.3.22
£    £    £    £   
Other 2,289,663 867,869 2,289,663 867,869

The above investment relates to a 100% investment in Inshala No.1 Limited, a company that is a corporate underwriting member of Lloyd's and 100% of the members capital of Pen Hill LLP, a limited liability member of Lloyds. Both investments are treated as held exclusively with a view to subsequent resale.The investments were transferred to Inshala Holdings Limited on 13 February 2024.

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.23 31.3.22 31.3.23 31.3.22
£    £    £    £   
Bank loans and overdrafts (see note 15) 431,071 240,000 431,071 240,000
Trade creditors 85,636 34,702 85,636 34,702
Tax 226,971 200,924 226,971 200,924
VAT 61,128 29,737 61,128 29,737
Other creditors 39,833 27,798 124,732 13,059
Rent in advance 190,742 173,352 190,742 173,352
No description 498,521 - 498,521 -
Advance deposits 174,378 176,140 174,378 176,140
Directors' loan accounts 194,155 5,888 194,155 5,888
Accrued expenses 131,192 21,064 129,442 19,314
2,033,627 909,605 2,116,776 893,116

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31.3.23 31.3.22 31.3.23 31.3.22
£    £    £    £   
Bank loans (see note 15) 4,708,827 5,140,057 4,708,827 5,140,057

Hayleys Property Limited (Registered number: 12045425)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

15. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.3.23 31.3.22 31.3.23 31.3.22
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 431,071 240,000 431,071 240,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 897,304 1,073,918 897,304 1,073,918
Amounts falling due in more than five years:
Repayable by instalments
Bank loans repayable after 5yr 3,811,523 4,066,139 3,811,523 4,066,139

16. SECURED DEBTS

The following secured debts are included within creditors:

Company
31.3.23 31.3.22
£    £   
Bank loans 5,139,898 5,380,057

The bank loans are secured by legal charges over the investment properties held by the company. There is a further charge over the fixed asset investments held by the company in favour of the Corporation of Lloyds

17. PROVISIONS FOR LIABILITIES

Group Company
31.3.23 31.3.22 31.3.23 31.3.22
£    £    £    £   
Deferred tax
Other timing differences 22,075 22,075 22,075 22,075

Group
Deferred
tax
£   
Balance at 1 April 2022 22,075
Balance at 31 March 2023 22,075

Company
Deferred
tax
£   
Balance at 1 April 2022 22,075
Balance at 31 March 2023 22,075

Hayleys Property Limited (Registered number: 12045425)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
12,522,700 Ordinary A £1 12,522,700 12,522,700

19. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2022 2,181,878 566,604 2,748,482
Profit for the year 1,181,667 1,181,667
Dividends (13,736 ) (13,736 )
Transfers (95,913 ) 95,913 -
At 31 March 2023 3,253,896 662,517 3,916,413

Company
Retained
earnings
£   

At 1 April 2022 2,747,613
Profit for the year 1,085,755
Dividends (13,736 )
At 31 March 2023 3,819,632


20. NON-CONTROLLING INTERESTS

The non-controlling interests of £47,595 (2022: £40,037) relates to I G Padfield 1% holding in the wholly owned subsidiary Padfield Estates LLP.

21. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Ian George Padfield.