Company registration number 02791798 (England and Wales)
HASELEY ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HASELEY ESTATES LIMITED
COMPANY INFORMATION
Director
Mr J Wilson
Company number
02791798
Registered office
22 Park Road
Park Road
Moseley
Mosely
Birmingham
B13 8AH
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
National Westminster Bank
19 High Road
Beeston
Nottingham
NG9 2JX
HASELEY ESTATES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
HASELEY ESTATES LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HASELEY ESTATES LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Haseley Estates Limited for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Haseley Estates Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Haseley Estates Limited and state those matters that we have agreed to state to the board of directors of Haseley Estates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Haseley Estates Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Haseley Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Haseley Estates Limited. You consider that Haseley Estates Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Haseley Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
11 September 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
HASELEY ESTATES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
39,214
43,571
Investment property
4
2,097,033
2,877,033
Investments
5
101
101
2,136,348
2,920,705
Current assets
Debtors
6
8,091
1,236
Cash at bank and in hand
608,883
9,876
616,974
11,112
Creditors: amounts falling due within one year
7
(2,354,214)
(1,980,295)
Net current liabilities
(1,737,240)
(1,969,183)
Total assets less current liabilities
399,108
951,522
Creditors: amounts falling due after more than one year
8
(375,472)
(928,911)
Provisions for liabilities
10
(2,716)
Net assets
23,636
19,895
Capital and reserves
Called up share capital
11
10,003
10,003
Profit and loss reserves
13,633
9,892
Total equity
23,636
19,895
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HASELEY ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 11 September 2024
Mr J Wilson
Director
Company registration number 02791798 (England and Wales)
HASELEY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Haseley Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Park Road, Park Road, Moseley, Mosely, Birmingham, United Kingdom, B13 8AH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.
Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
10% on reducing balance
1.4
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is recognised in the profit and loss account.
No depreciation or amortisation is provided in respect of investment property. The investment property is not held for consumption but for investment and the director considers that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the accounts to give a true and fair view.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
HASELEY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
HASELEY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2023 and 31 December 2023
90,452
Depreciation and impairment
At 1 January 2023
46,881
Depreciation charged in the year
4,357
At 31 December 2023
51,238
Carrying amount
At 31 December 2023
39,214
At 31 December 2022
43,571
4
Investment property
2023
£
Fair value
At 1 January 2023
2,877,033
Disposals
(780,000)
At 31 December 2023
2,097,033
It is in the director's opinion that the market value of investment property is not considered to be significantly different from the carrying value held at historical cost.
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
101
101
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,414
1,236
Deferred tax asset
6,677
8,091
1,236
HASELEY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
2,352,021
1,976,774
Other creditors
2,193
3,521
2,354,214
1,980,295
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
375,472
928,911
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
375,472
375,070
9
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
375,472
928,911
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
10
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
2,716
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
10,000
10,000
10,000
10,000
Ordinary B of £1 each
1
1
1
1
Ordinary C of £1 each
1
1
1
1
Ordinary D of £1 each
1
1
1
1
10,003
10,003
10,003
10,003
HASELEY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
12
Related party transactions
The company has taken advantage of 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 wholly owned subsidiaries within the group.
13
Control
Ultimate parent company
The ultimate parent company is CV 35 Limited, a company registered in England and Wales.
Ultimate controlling party
There is no ultimate controlling party by virtue of no controlling interest in the ultimate parent company.