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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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. |
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: |
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. |
for and on behalf of |
Lake House |
Market Hill |
Royston |
Hertfordshire |
SG8 9JN |
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 |
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 |
Investment property | 10 |
CURRENT ASSETS |
Debtors | 11 |
Investments | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Prior year adjustment | - |
As restated |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 | 5,495,706 |
Additions | ( |
) | 2,625,883 |
Disposals | ( |
) | ( |
) | (1,054,832 | ) |
Impairments | ( |
) | (31,374 | ) |
At 31 March 2023 | 7,035,383 |
NET BOOK VALUE |
At 31 March 2023 | 7,035,383 |
At 31 March 2022 | 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 |
Registered office: 3 Castlegate, Grantham, Lincolnshire, N31 6SF |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 3 Castlegate, Grantham, Lincolnshire, NG31 6SF |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
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 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 |
Other debtors | 274,896 | 82,013 |
Amount owed by related party | - | 264,909 | - | 264,909 |
Prepayments and accrued income | 69,643 | 5,892 |
680,239 | 667,095 |
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 |
Aggregate amounts | 680,239 | 952,265 |
12. | CURRENT ASSET INVESTMENTS |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Other | 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 |
Trade creditors | 85,636 | 34,702 |
Tax | 226,971 | 200,924 |
VAT | 61,128 | 29,737 | 61,128 | 29,737 |
Other creditors | 39,833 | 27,798 |
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 |
2,033,627 | 909,605 |
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 |
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 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 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 |
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 |
Balance at 31 March 2023 |
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: | £ | £ |
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 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2023 |
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. |