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.true2023-01-01falseholding freehold property and receiving rental44true 00584640 2023-01-01 2023-12-31 00584640 2022-01-01 2022-12-31 00584640 2023-12-31 00584640 2022-12-31 00584640 2022-01-01 00584640 5 2023-01-01 2023-12-31 00584640 d:Director4 2023-01-01 2023-12-31 00584640 e:Buildings 2023-01-01 2023-12-31 00584640 e:Buildings 2023-12-31 00584640 e:Buildings 2022-12-31 00584640 e:Buildings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00584640 e:FurnitureFittings 2023-01-01 2023-12-31 00584640 e:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 00584640 e:OtherPropertyPlantEquipment 2023-12-31 00584640 e:OtherPropertyPlantEquipment 2022-12-31 00584640 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00584640 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00584640 e:CurrentFinancialInstruments 2023-12-31 00584640 e:CurrentFinancialInstruments 2022-12-31 00584640 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 00584640 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 00584640 e:ShareCapital 2023-01-01 2023-12-31 00584640 e:ShareCapital 2023-12-31 00584640 e:ShareCapital 2022-01-01 2022-12-31 00584640 e:ShareCapital 2022-12-31 00584640 e:ShareCapital 2022-01-01 00584640 e:RevaluationReserve 2023-01-01 2023-12-31 00584640 e:RevaluationReserve 2023-12-31 00584640 e:RevaluationReserve 5 2023-01-01 2023-12-31 00584640 e:RevaluationReserve 2022-01-01 2022-12-31 00584640 e:RevaluationReserve 2022-12-31 00584640 e:RevaluationReserve 2022-01-01 00584640 e:OtherMiscellaneousReserve 2023-01-01 2023-12-31 00584640 e:OtherMiscellaneousReserve 2023-12-31 00584640 e:OtherMiscellaneousReserve 2022-01-01 2022-12-31 00584640 e:OtherMiscellaneousReserve 2022-12-31 00584640 e:OtherMiscellaneousReserve 2022-01-01 00584640 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00584640 e:RetainedEarningsAccumulatedLosses 2023-12-31 00584640 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 00584640 e:RetainedEarningsAccumulatedLosses 2022-12-31 00584640 e:RetainedEarningsAccumulatedLosses 2022-01-01 00584640 d:FRS102 2023-01-01 2023-12-31 00584640 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 00584640 d:FullAccounts 2023-01-01 2023-12-31 00584640 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00584640 2 2023-01-01 2023-12-31 00584640 5 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 00584640






H.C.N. TRUSTEES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










img2cab.png

 
H.C.N. TRUSTEES LIMITED
REGISTERED NUMBER:00584640

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,076,061
2,190,342

  
2,076,061
2,190,342

Current assets
  

Debtors: amounts falling due within one year
 5 
636,042
35

Cash at bank and in hand
 6 
4,011
4,743

  
640,053
4,778

Creditors: amounts falling due within one year
 7 
(500)
(7,655)

Net current assets/(liabilities)
  
 
 
639,553
 
 
(2,877)

Total assets less current liabilities
  
2,715,614
2,187,465

  

Net assets
  
2,715,614
2,187,465


Capital and reserves
  

Called up share capital 
  
13
13

Revaluation reserve
  
1,442,096
1,802,526

Other reserves
  
97,924
97,924

Profit and loss account
  
1,175,581
287,002

  
2,715,614
2,187,465


Page 1

 
H.C.N. TRUSTEES LIMITED
REGISTERED NUMBER:00584640
    
BALANCE SHEET (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 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 by: 


R Campbell
Director

Date: 23 September 2024

Page 2

 
H.C.N. TRUSTEES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
13
1,802,526
97,924
287,002
2,187,465


Comprehensive income for the year

Profit for the year

-
-
-
888,579
888,579

Deficit on revaluation of freehold property
-
(360,430)
-
-
(360,430)


Other comprehensive income for the year
-
(360,430)
-
-
(360,430)


Total comprehensive income for the year
-
(360,430)
-
888,579
528,149


Total transactions with owners
-
-
-
-
-


At 31 December 2023
13
1,442,096
97,924
1,175,581
2,715,614


The notes on pages 5 to 9 form part of these financial statements.

Page 3

 
H.C.N. TRUSTEES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Revaluation reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2022
13
1,802,526
97,924
291,332
2,191,795


Comprehensive income for the year

Loss for the year

-
-
-
(4,330)
(4,330)


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
(4,330)
(4,330)


Total transactions with owners
-
-
-
-
-


At 31 December 2022
13
1,802,526
97,924
287,002
2,187,465


The notes on pages 5 to 9 form part of these financial statements.

Page 4

 
H.C.N. TRUSTEES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

H.C.N. Trustees Limited is a private company limited by shares, incorporated in England and Wales.  Its registered office is The Gospel Centre, Wightman Road, London, England N8 0LT.
The principal activity of the company continued to be that of holding freeholds of various properties of the Harvest Community Network and receiving the rental income arising therefrom.  The Directors in conjunction with the Trustees of Harvest Community Network have agreed that it is in the best interests of the church as a whole that each individual church establishes its own trust to hold the assets used by that church.  As a consequence of this policy, which started to be implemented in 2005, properties are now being transferred to the local church trusts.  In 2005 one property was transferred, in 2006 two properties were transferred, in 2007 three properties were transferred and in 2009 a further property was transferred.  As and when local trusts are established further properties will be transferred.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Interest income

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

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The freehold properties are stated at open market value and therefore no depreciation is provided in respect of them.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures & fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
H.C.N. TRUSTEES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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 balance sheet 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.

 
2.5

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.

 
2.6

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.

 
2.7

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

 
H.C.N. TRUSTEES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Financial instruments

Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 -4).

Page 7

 
H.C.N. TRUSTEES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Land and buildings
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 January 2023
2,190,000
10,995
2,200,995


Additions
405,805
-
405,805


Disposals
(520,000)
-
(520,000)



At 31 December 2023

2,075,805
10,995
2,086,800



Depreciation


At 1 January 2023
-
10,653
10,653


Charge for the year on owned assets
-
86
86



At 31 December 2023

-
10,739
10,739



Net book value



At 31 December 2023
2,075,805
256
2,076,061



At 31 December 2022
2,190,000
342
2,190,342

Cost or valuation at 31 December 2023 is as follows:

Land and buildings
£


At cost
-
At valuation:

31 December 2008 by Mason Associates, Chartered Surveyors, on an open market basis
2,075,805



2,075,805

Page 8

 
H.C.N. TRUSTEES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           4.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
633,710
387,474

Net book value
633,710
387,474


 


5.


Debtors

2023
2022
£
£


Other debtors
636,042
35

636,042
35



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,010
4,743

4,010
4,743



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other creditors
-
4,774

Accruals and deferred income
500
2,881

500
7,655


 
Page 9