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Registered number: 12541850










HARTWELL PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
HARTWELL PROPERTIES LIMITED
REGISTERED NUMBER: 12541850

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
3,235,000
3,140,000

  
3,235,000
3,140,000

Current assets
  

Debtors: amounts falling due within one year
 5 
18,907
1,116

Cash at bank and in hand
 6 
393,970
312,519

  
412,877
313,635

Creditors: amounts falling due within one year
 7 
(2,993,551)
(2,984,666)

Net current liabilities
  
 
 
(2,580,674)
 
 
(2,671,031)

Total assets less current liabilities
  
654,326
468,969

Provisions for liabilities
  

Deferred tax
 8 
(117,043)
(93,293)

  
 
 
(117,043)
 
 
(93,293)

Net assets
  
537,283
375,676


Capital and reserves
  

Called up share capital 
  
100
100

Investment property reserve
 9 
351,285
280,035

Profit and loss account
 9 
185,898
95,541

  
537,283
375,676


Page 1

 
HARTWELL PROPERTIES LIMITED
REGISTERED NUMBER: 12541850
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 September 2024.






B J Thornhill
Director

The notes on pages 5 to 10 form part of these financial statements.

Page 2

 
HARTWELL PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2023
100
280,035
95,541
375,676


Comprehensive income for the year

Profit for the year

-
-
68,607
68,607

Fair value adjustments
-
-
23,750
23,750

Fair value adjustments
-
71,250
-
71,250


Other comprehensive income for the year
-
71,250
23,750
95,000


Total comprehensive income for the year
-
71,250
92,357
163,607


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,000)
(2,000)


Total transactions with owners
-
-
(2,000)
(2,000)


At 30 April 2024
100
351,285
185,898
537,283


The notes on pages 5 to 10 form part of these financial statements.

Page 3

 
HARTWELL PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2022
100
164,725
21,026
185,851


Comprehensive income for the year

Profit for the year

-
-
23,725
23,725

Fair value adjustments
-
-
54,690
54,690

Fair value adjustments
-
115,310
-
115,310


Other comprehensive income for the year
-
115,310
54,690
170,000


Total comprehensive income for the year
-
115,310
78,415
193,725


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(3,900)
(3,900)


Total transactions with owners
-
-
(3,900)
(3,900)


At 30 April 2023
100
280,035
95,541
375,676


The notes on pages 5 to 10 form part of these financial statements.

Page 4

 
HARTWELL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

The company, which was incorporated and registered in England and Wales (registered number 12541850) is a privately owned company limited by shares. The registered office address is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Revenue is rental income received upon the investment properties showing on the balance sheet.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 
HARTWELL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
HARTWELL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The average monthly number of employees, including directors, during the year was 0 (2023 - 0).

Page 7

 
HARTWELL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
3,140,000


Surplus on revaluation
95,000



At 30 April 2024
3,235,000

The 2024 valuations were made by Loddon Properties , on an open market value for existing use basis.

2024
2023
£
£

Revaluation reserves


At 1 May 2023
280,035
164,725

Net surplus/(deficit) in movement properties
71,250
115,310

At 30 April 2024
351,285
280,035



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:




5.


Debtors

2024
2023
£
£


Other debtors
17,750
-

Prepayments and accrued income
1,157
1,116

18,907
1,116


Page 8

 
HARTWELL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
393,970
312,519

393,970
312,519



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
28,197
18,453

Other creditors
2,955,141
2,955,861

Accruals and deferred income
10,213
10,352

2,993,551
2,984,666



8.


Deferred taxation




2024


£






At beginning of year
(93,293)


Charged to profit or loss
(23,750)



At end of year
(117,043)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Unrealised gain on investment property
(117,043)
(93,293)

(117,043)
(93,293)

Page 9

 
HARTWELL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Reserves

Investment property revaluation reserve

This reserve is the accumulated unrealised gains/(losses) reflecting the fair value movement on the investment properties.

Profit and loss account

The profit and loss reserve is the total of all realised trading gains and losses.


10.


Related party transactions

The directors provided the company with an interest free loan during a previous year.  On 6th October 2022, £2,700,000 was assigned to the directors' three daughters equally.  This amount is reflected within other creditors.
At the end of the year the director loan balance was £255,141 (2023: £255,861) and this is reflected within other creditors.

 
Page 10