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Company No: 09727083 (England and Wales)

HAWTREY PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

HAWTREY PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

HAWTREY PROPERTIES LIMITED

BALANCE SHEET

As at 31 December 2023
HAWTREY PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 2,685,716 3,355,370
2,685,716 3,355,370
Current assets
Debtors 4 5,170,008 5,712,475
Cash at bank and in hand 5 16,396 37,212
5,186,404 5,749,687
Creditors: amounts falling due within one year 6 ( 6,348,005) ( 6,543,263)
Net current liabilities (1,161,601) (793,576)
Total assets less current liabilities 1,524,115 2,561,794
Creditors: amounts falling due after more than one year 7 ( 460,000) ( 1,546,505)
Provision for liabilities 8, 9 ( 195,906) ( 195,906)
Net assets 868,209 819,383
Capital and reserves
Called-up share capital 10 100 100
Revaluation reserve 774,811 783,561
Profit and loss account 93,298 35,722
Total shareholders' funds 868,209 819,383

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Hawtrey Properties Limited (registered number: 09727083) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

D A Webber
Director

25 September 2024

HAWTREY PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
HAWTREY PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hawtrey Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is represented by rent receivable net of value added tax.

Interest income

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

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Financial instruments

The Company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Investments
Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date.
Gains and losses on remeasurement are recognised in profit or loss for the period.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

3. Investment property

Investment property
£
Valuation
As at 01 January 2023 3,355,370
Fair value movement (669,654)
As at 31 December 2023 2,685,716

Valuation

The 2023 valuations were made by directors, on an open market value for existing use basis.

4. Debtors

2023 2022
£ £
Trade debtors 0 58,281
Amounts owed by group undertakings 4,885,291 4,809,785
Prepayments 6,883 20,270
Other debtors 277,834 824,139
5,170,008 5,712,475

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 16,396 37,212

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 18,856 37,755
Amounts owed to group undertakings 6,217,246 6,191,464
Accruals 108,063 148,889
Other taxation and social security 3,840 18,739
Other creditors 0 146,416
6,348,005 6,543,263

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 460,000 1,546,505

Bank loans are secured by fixed and floating charges over other assets and undertakings of the company.

Other loans are unsecured, interest free and repayable on demand.

8. Provision for liabilities

2023 2022
£ £
Deferred tax 195,906 195,906
Deferred taxation Total
£ £
At 01 January 2023 195,906 195,906
At 31 December 2023 195,906 195,906

Deferred tax

2023 2022
£ £
Accelerated capital allowances 195,906 195,906
Provision for deferred tax 195,906 195,906

9. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 195,906) ( 80,180)
Charged to the Profit and Loss Account 0 ( 115,726)
At the end of financial year ( 195,906) ( 195,906)

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

11. Ultimate controlling party

Parent Company:

Jubilee Property International Limited
35 Ballards Lane, London, N3 1XW