IRIS Accounts Production v24.2.0.383 06817858 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh068178582022-12-31068178582023-12-31068178582023-01-012023-12-31068178582021-12-31068178582022-01-012022-12-31068178582022-12-3106817858ns15:EnglandWales2023-01-012023-12-3106817858ns14:PoundSterling2023-01-012023-12-3106817858ns10:Director12023-01-012023-12-3106817858ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3106817858ns10:SmallEntities2023-01-012023-12-3106817858ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3106817858ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3106817858ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3106817858ns10:AbridgedAccounts2023-01-012023-12-3106817858ns10:Director22023-01-012023-12-3106817858ns10:RegisteredOffice2023-01-012023-12-3106817858ns5:CurrentFinancialInstruments2023-12-3106817858ns5:CurrentFinancialInstruments2022-12-3106817858ns5:Non-currentFinancialInstruments2023-12-3106817858ns5:Non-currentFinancialInstruments2022-12-3106817858ns5:ShareCapital2023-12-3106817858ns5:ShareCapital2022-12-3106817858ns5:SharePremium2023-12-3106817858ns5:SharePremium2022-12-3106817858ns5:RetainedEarningsAccumulatedLosses2023-12-3106817858ns5:RetainedEarningsAccumulatedLosses2022-12-310681785812023-01-012023-12-3106817858ns5:FurnitureFittings2023-01-012023-12-3106817858ns5:Secured2023-12-3106817858ns5:Secured2022-12-31
REGISTERED NUMBER: 06817858 (England and Wales)









HENNOCK PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






HENNOCK PROPERTIES LIMITED (REGISTERED NUMBER: 06817858)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


HENNOCK PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr S Anthony
Mr S J Ody





REGISTERED OFFICE: Alphinbrook Road
Marsh Barton
Exeter
Devon
EX2 8QF





REGISTERED NUMBER: 06817858 (England and Wales)





ACCOUNTANTS: Mark Holt & Co Limited
Chartered Accountants
7 Sandy Court
Ashleigh Way
Langage Business Park
Plymouth
Devon
PL7 5JX

HENNOCK PROPERTIES LIMITED (REGISTERED NUMBER: 06817858)

ABRIDGED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 - -
Investment property 6 10,945,000 11,045,000
10,945,000 11,045,000

CURRENT ASSETS
Debtors 101,624 108,061
Cash at bank 404,089 213,425
505,713 321,486
CREDITORS
Amounts falling due within one year 3,198,926 3,131,844
NET CURRENT LIABILITIES (2,693,213 ) (2,810,358 )
TOTAL ASSETS LESS CURRENT LIABILITIES 8,251,787 8,234,642

CREDITORS
Amounts falling due after more than one year 7 (388,125 ) (628,775 )

PROVISIONS FOR LIABILITIES (595,000 ) (592,000 )
NET ASSETS 7,268,662 7,013,867

CAPITAL AND RESERVES
Called up share capital 4,660 4,660
Share premium 1,997,143 1,997,143
Retained earnings 5,266,859 5,012,064
7,268,662 7,013,867

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.

HENNOCK PROPERTIES LIMITED (REGISTERED NUMBER: 06817858)

ABRIDGED BALANCE SHEET - continued
31 DECEMBER 2023


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 Balance Sheet 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 S J Ody - Director


HENNOCK PROPERTIES LIMITED (REGISTERED NUMBER: 06817858)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Hennock Properties 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below:

1. Valuation of Investment Property
As described in the notes to the financial statements, investment properties are stated at fair value based on the valuation of the director. The director used observable market prices adjusted as necessary for any difference in the future plans for or condition of the specific asset. This has been reassessed this year and an increase has been recorded given the vast improvements in the property market since the prior year end.

Turnover
Turnover is measured at the fair value of the rent received or receivable, net of discounts and value added taxes. Income is recognised evenly over the rental period.

HENNOCK PROPERTIES LIMITED (REGISTERED NUMBER: 06817858)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 15% on cost

Tangible fixed assets are stated at costs less accumulated depreciation and accumulated impairment losses.

Impairment of Assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss if recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the assets in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors
Short term debtors are measured at transaction price, less any impairment.

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

Investment property
Investment property is initially recognised at cost and then subsequently revalued to an appropriate market rate annually by the directors Revaluations are recognised through the profit and loss account however profits only become distributable when the value is realised through sale. Where changes in value result in a carrying value lower than cost, historic revaluations are reversed and the original cost is impaired through the profit and loss, reducing distributable profits.

Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

HENNOCK PROPERTIES LIMITED (REGISTERED NUMBER: 06817858)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is a finance lease or an operating lease based on the substances of the arrangement.

Finance leases
Leases of assets that transfer substantially all the risks and rewards of ownership to the Company are classified as finance leases.

Assets held under finance leases are recognized initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss.

Assets held under finance leases are included in tangible fixed assets and depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

Operating leases
Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Pension costs and other post-retirement benefits
Short- term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Provisions for liabilities
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance costs in profit or loss in the period it arises.

The Company recognises a provision for annual leave accrued by employees for services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months, measured at the salary costs payable for the period of absence.

Grant income
Income received in relation to grants are classified either as relating to revenue or to assets.

Grants relating to revenue are recognised in other income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Where a timing difference arises, the income is held on the balance sheet. When received in arrears the expected income is recognises as a debtor so long as the relevant conditions have been satisfied. When received in advance of costs, the income is held as deferred income and systematically released to the profit and loss in the periods the cost is incurred.

Grants relating to assets are recognised initially as deferred income and released to other income on a systematic basis over the expected useful life of the asset.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

HENNOCK PROPERTIES LIMITED (REGISTERED NUMBER: 06817858)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023
and 31 December 2023 7,722
DEPRECIATION
At 1 January 2023
and 31 December 2023 7,722
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 11,045,000
Revaluations (100,000 )
At 31 December 2023 10,945,000
NET BOOK VALUE
At 31 December 2023 10,945,000
At 31 December 2022 11,045,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2012 (696,890 )
Valuation in 2018 250,000
Valuation in 2020 335,525
Valuation in 2021 1,098,653
Valuation in 2022 1,506,480
Valuation in 2023 (100,000 )
Cost 8,551,232
10,945,000

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
2023 2022
£    £   
Repayable by instalments
Bank loans more 5 yr by instal 217,325 -

HENNOCK PROPERTIES LIMITED (REGISTERED NUMBER: 06817858)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 430,825 475,104

National Westminster Bank PLC have a legal charge over 3 Marsh Green Road for all monies due or to become due from the company.

National Westminster Bank PLC also have a fixed charge over 1-6 Hennock Road north and all of the rents recievable and fixtures and fittings for all monies due or to become due from the company.

9. RESERVES

Included in the profit and loss reserve is £2,393,768 (2022: £2,493,768) of non distributable reserves in respect of unrealised gains on investment properties.