REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Hazelwood Distribution Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Newland House |
The Point |
Weaver Road |
LINCOLN |
Lincolnshire |
LN6 3QN |
BANKERS: |
221 High Street |
LINCOLN |
Lincolnshire |
LN1 1TS |
SOLICITORS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 7 |
SHAREHOLDERS' FUNDS |
Hazelwood Distribution Limited (Registered number: 01759343) |
Abridged Statement of Financial Position - continued |
31 December 2023 |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rental income excluding value added tax. |
Tangible fixed assets |
Plant and machinery | - |
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. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 |
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). |