Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truemanagement of investment properties2023-01-01false22truefalse 03842614 2023-01-01 2023-12-31 03842614 2022-01-01 2022-12-31 03842614 2023-12-31 03842614 2022-12-31 03842614 c:Director2 2023-01-01 2023-12-31 03842614 d:FreeholdInvestmentProperty 2023-12-31 03842614 d:FreeholdInvestmentProperty 2022-12-31 03842614 d:FreeholdInvestmentProperty 2 2023-01-01 2023-12-31 03842614 d:CurrentFinancialInstruments 2023-12-31 03842614 d:CurrentFinancialInstruments 2022-12-31 03842614 d:Non-currentFinancialInstruments 2023-12-31 03842614 d:Non-currentFinancialInstruments 2022-12-31 03842614 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03842614 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03842614 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 03842614 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 03842614 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-12-31 03842614 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 03842614 d:ShareCapital 2023-12-31 03842614 d:ShareCapital 2022-12-31 03842614 d:RevaluationReserve 2023-12-31 03842614 d:RevaluationReserve 2022-12-31 03842614 d:RetainedEarningsAccumulatedLosses 2023-12-31 03842614 d:RetainedEarningsAccumulatedLosses 2022-12-31 03842614 c:FRS102 2023-01-01 2023-12-31 03842614 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03842614 c:FullAccounts 2023-01-01 2023-12-31 03842614 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03842614 2 2023-01-01 2023-12-31 03842614 5 2023-01-01 2023-12-31 03842614 6 2023-01-01 2023-12-31 03842614 d:OtherDeferredTax 2023-12-31 03842614 d:OtherDeferredTax 2022-12-31 03842614 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 03842614









HALFACRE ESTATES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
HALFACRE ESTATES LIMITED
REGISTERED NUMBER: 03842614

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
7,500,000
7,800,000

Investment property
 5 
9,700,000
10,000,000

  
17,200,000
17,800,000

Current assets
  

Debtors: amounts falling due after more than one year
 6 
172,669
195,772

Debtors: amounts falling due within one year
 6 
5,556,126
5,114,060

Cash at bank and in hand
 7 
510,037
345,888

  
6,238,832
5,655,720

Creditors: amounts falling due within one year
 8 
(802,042)
(703,933)

Net current assets
  
 
 
5,436,790
 
 
4,951,787

Total assets less current liabilities
  
22,636,790
22,751,787

Creditors: amounts falling due after more than one year
 9 
(10,000,000)
(10,000,000)

Provisions for liabilities
  

Deferred tax
 11 
(1,825,135)
(1,975,135)

  
 
 
(1,825,135)
 
 
(1,975,135)

Net assets
  
10,811,655
10,776,652


Capital and reserves
  

Called up share capital 
  
2
2

Revaluation reserve
  
6,976,509
7,426,509

Profit and loss account
  
3,835,144
3,350,141

  
10,811,655
10,776,652

Page 1

 
HALFACRE ESTATES LIMITED
REGISTERED NUMBER: 03842614
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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 comprehensive income 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 19 September 2024.




R D L Cowan
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
HALFACRE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Halfacre Estates Limited is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales (registered number 03842614). The registered office address of the company is 101 New Cavendish Street, London, W1W 6XH.
The principal activity of the company continued to be the management of investment properties.
The financial statements are presented in Sterling, which is the functional currency of the Company.

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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

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

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
HALFACRE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.8

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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.10

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.

Page 4

 
HALFACRE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2023
7,800,000


Revaluations
(300,000)



At 31 December 2023
7,500,000




Page 5

 
HALFACRE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
10,000,000


Surplus on revaluation
(300,000)



At 31 December 2023
9,700,000

The 2023 valuations were made by an external professional valuer, on an open market value for existing use basis.



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

2023
2022
£
£


Historic cost
2,612,709
2,612,709

2,612,709
2,612,709

Page 6

 
HALFACRE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Prepayments and accrued income
172,669
195,772

172,669
195,772


2023
2022
£
£

Due within one year

Trade debtors
89,898
113,462

Other debtors
5,147,150
4,664,750

Prepayments and accrued income
102,566
121,040

Amounts recoverable on long-term contracts
216,512
214,808

5,556,126
5,114,060



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
510,037
345,888

510,037
345,888



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
27,039
10,801

Corporation tax
151,461
134,656

Other creditors
306,856
261,107

Accruals and deferred income
316,686
297,369

802,042
703,933


Page 7

 
HALFACRE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
10,000,000
10,000,000

10,000,000
10,000,000


Bank loans are secured by way of a fixed charge and negative pledge over all the assets of the Company.


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£




Amounts falling due after more than 5 years

Bank loans
10,000,000
10,000,000

10,000,000
10,000,000

10,000,000
10,000,000



11.


Deferred taxation




2023


£






At beginning of year
(1,975,135)


Charged to profit or loss
150,000



At end of year
(1,825,135)

Page 8

 
HALFACRE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fair value movements
(1,825,135)
(1,975,135)

(1,825,135)
(1,975,135)


12.


Controlling party

The ultimate controlling party is Westbourne Property Limited, a company registered in the England and Wales (Company number: 11051923).

 
Page 9