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REGISTERED NUMBER: 03976712 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Haven Development and Property Limited

Haven Development and Property Limited (Registered number: 03976712)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Haven Development and Property Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: D W McGowan



REGISTERED OFFICE: No 1 Brunel Court
Brunel Road
Clacton
Essex
CO15 4LU



REGISTERED NUMBER: 03976712 (England and Wales)



SENIOR STATUTORY AUDITOR: Katherine Richardson FCA



AUDITORS: Xeinadin Audit Ltd
Statutory Auditor
12 Conqueror Court
Sittingbourne
Kent
ME10 5BH

Haven Development and Property Limited (Registered number: 03976712)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,425,000 1,805,000

CURRENT ASSETS
Debtors 5 42 596
Cash at bank 5,157 92,171
5,199 92,767
CREDITORS
Amounts falling due within one year 6 1,466,550 1,546,352
NET CURRENT LIABILITIES (1,461,351 ) (1,453,585 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(36,351

)

351,415

PROVISIONS FOR LIABILITIES - 48,118
NET (LIABILITIES)/ASSETS (36,351 ) 303,297

CAPITAL AND RESERVES
Called up share capital 7 1,000 1,000
Fair value reserve 8 255,409 -
Retained earnings (292,760 ) 302,297
SHAREHOLDERS' FUNDS (36,351 ) 303,297

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

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

The financial statements were approved by the director and authorised for issue on 18 September 2024 and were signed by:





D W McGowan - Director


Haven Development and Property Limited (Registered number: 03976712)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Haven Development and Property 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.

Related party exemption
As a wholly owned subsidiary the company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with its parent company.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 reviewed where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly payable or receivable within one year) including loans and other accounts receivable and payable, are initially measured at present value of the future cashflows and subsequently at amortised cost using the effective interest rate method. Debt instruments that are payable or receivable within one year, typical trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration to be expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in the case of an outright short term loan that is not at market value, the financial asset or liability is measured, initially at present value of future cashflow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment, if found, the impairment loss is taken to the income statement.

Financial assets and liabilities are offset, and the net amount reported on the balance sheet when there is an 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 individually.


Haven Development and Property Limited (Registered number: 03976712)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Going concern
The financial statements have been drawn up on the going concern basis.

In the opinion of the director the company will continue to operate as a going concern for the foreseeable future. This is based on the continuing financial support of the shareholders, parent company and director. Together with the continuation of the parent company's voluntary agreement with the company's creditors. The group is reliant on the continuing deferral of these creditors in order for it to continue as a going concern.

Revenue - rental income
Revenue is in respect of rental income and is recognised to the extent that it is probable that the economic benefits will flow to the company and can be reliably measured. Rental income represents amounts receivable for rental income net of trade discounts and other sales related taxes.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 1,805,000
Revaluations (380,000 )
At 31 December 2023 1,425,000
NET BOOK VALUE
At 31 December 2023 1,425,000
At 31 December 2022 1,805,000

Haven Development and Property Limited (Registered number: 03976712)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INVESTMENT PROPERTY - continued

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2017 295,409
Valuation in 2019 (205,000 )
Valuation in 2020 55,944
Valuation in 2021 379,444
Valuation in 2022 109,612
Valuation in 2023 (380,000 )
Cost 1,169,591
1,425,000

Investment property was valued on an open market basis on 31 December 2023 by using post year-end sales values .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 42 596

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed to group undertakings 1,464,962 1,538,779
Taxation and social security - 6,487
Other creditors 1,588 1,086
1,466,550 1,546,352

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,000 Ordinary 1 1,000 1,000

8. RESERVES
Fair
value
reserve
£   
Movements in investment property fair value 255,409

At 31 December 2023 255,409

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Katherine Richardson FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Ltd

Haven Development and Property Limited (Registered number: 03976712)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. CONTINGENT LIABILITIES

The parent company entered into a company voluntary arrangement on the 17th January 2020 after obtaining approval from their creditors.

The financial statements for Haven Development and Property Limited and its parent company recognise the liabilities expected to be repaid under the CVA agreement. At the time of signing the financial statements the parent company had met all obligations under the terms of the CVA agreement and all of the liabilities under the terms of the agreement.

Failure to adhere to the terms of the agreement will crystalise the CVA liabilities.

11. ULTIMATE CONTROLLING PARTY

Phelan Construction Limited is the Company's ultimate parent company.

The financial statements are available on request from:
The Registrar of Companies
Companies House
Crown Way
Cardiff
CF14 3UZ