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REGISTERED NUMBER: 01759343 (England and Wales)













Financial Statements

for the Year Ended 31 December 2023

for

Hazelwood Distribution Limited

Hazelwood Distribution Limited (Registered number: 01759343)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Hazelwood Distribution Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: Mr T Hazelwood
Mr G Hazelwood



SECRETARY: Mr T Hazelwood



REGISTERED OFFICE: Moor Lane
Thorpe on the Hill
LINCOLN
Lincolnshire
LN6 9BW



REGISTERED NUMBER: 01759343 (England and Wales)



ACCOUNTANTS: Nicholsons
Chartered Accountants
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN



BANKERS: HSBC Bank plc
221 High Street
LINCOLN
Lincolnshire
LN1 1TS



SOLICITORS: Bambridges
27 Wide Bargate
BOSTON
Lincolnshire
PE21 6SW

Hazelwood Distribution Limited (Registered number: 01759343)

Abridged Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,649 10,355
Investment property 5 1,421,829 1,421,829
1,431,478 1,432,184

CURRENT ASSETS
Debtors 16,272 65,794
Cash at bank 88,990 129,935
105,262 195,729
CREDITORS
Amounts falling due within one year 161,987 211,917
NET CURRENT LIABILITIES (56,725 ) (16,188 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,374,753

1,415,996

CREDITORS
Amounts falling due after more than
one year

(17,157

)

(26,188

)

PROVISIONS FOR LIABILITIES (29,529 ) (22,576 )
NET ASSETS 1,328,067 1,367,232

CAPITAL AND RESERVES
Called up share capital 153 153
Retained earnings 7 1,327,914 1,367,079
SHAREHOLDERS' FUNDS 1,328,067 1,367,232

Hazelwood Distribution Limited (Registered number: 01759343)

Abridged Statement of Financial Position - continued
31 December 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:




Mr T Hazelwood - Director



Mr G Hazelwood - Director


Hazelwood Distribution Limited (Registered number: 01759343)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Hazelwood Distribution 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rental income excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance

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

Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 statement of financial position date.


Hazelwood Distribution Limited (Registered number: 01759343)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating lease income
Rental income from operating leases is recognised on a straight line basis over the term of the lease.

Government grants
Government grants which have been accounted for under the performance model are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 35,200
Additions 910
At 31 December 2023 36,110
DEPRECIATION
At 1 January 2023 24,845
Charge for year 1,616
At 31 December 2023 26,461
NET BOOK VALUE
At 31 December 2023 9,649
At 31 December 2022 10,355

Hazelwood Distribution Limited (Registered number: 01759343)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 1,421,829
NET BOOK VALUE
At 31 December 2023 1,421,829
At 31 December 2022 1,421,829

The historical cost of the investment properties is £1,241,498 (2022: £1,241,498).

If the properties were to be sold at their revalued amount there would be an additional charge to tax of £27,117 (2022: £20,609).

If depreciation had been charged on historical cost during the year the cumulative charge would have been £845,699 (2022: £818,659).

All of the investment properties are rented out under operating leases. The rental income received from operating leases totalled £175,301 (2022: £182,414).

The investment properties were valued by the Directors in 2023 on an open market basis. This was based on similar properties in the area which had sitting tenants.

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2019 180,331
Cost 1,241,498
1,421,829

6. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 9,031 8,809

Amounts falling due between two and five years:
Bank loans - 2-5 years 17,157 26,188

Hazelwood Distribution Limited (Registered number: 01759343)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

7. RESERVES
Retained
earnings
£   

At 1 January 2023 1,367,079
Profit for the year 14,835
Dividends (54,000 )
At 31 December 2023 1,327,914

Included within reserves is an amount of £153,214 (2022: £159,722) which relates to an upward revaluation of investment properties. This amount does not represent distributable reserves.

8. RELATED PARTY DISCLOSURES

Included in creditors falling due within one year are the following directors' current account balances :

Mr T Hazelwood £3,812 (2022: £23,837).
Mr G Hazelwood £133,064 (2022: £132,201).

The above loans are unsecured and interest free and repayable on demand.

Hazelwood Ski World
A business in which Messrs T & G Hazelwood are partners.

Included in debtors amounts falling due within one year is £9,658 (2022: £29,758).

The above loans are unsecured and interest free.

Management charge income was received from the above partnership of £Nil (2022: £25,000).

A management charge expense was paid to the above partnership of £42,000 (2022: £Nil).