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1,700
1,700
5,691
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2023-12-31
COMPANY REGISTRATION NUMBER:
03350013
Harris & Sheldon Investments Limited |
|
Harris & Sheldon Investments Limited |
|
Year ended 31 December 2023
Officers and professional advisers |
1 |
|
|
Independent auditor's report to the members |
6 |
|
|
Statement of income and retained earnings |
10 |
|
|
Statement of financial position |
11 |
|
|
Notes to the financial statements |
12 |
|
|
Harris & Sheldon Investments Limited |
|
Officers and Professional Advisers |
|
The board of directors |
A M Miller |
|
A G Miller |
|
|
Registered office |
Kingsland House |
|
122-124 Regent Street |
|
London |
|
United Kingdom |
|
W1B 5SA |
|
|
Auditor |
Shipleys LLP |
|
Chartered Accountants & statutory auditor |
|
10 Orange Street |
|
Haymarket |
|
London |
|
WC2H 7DQ |
|
|
Harris & Sheldon Investments Limited |
|
Year ended 31 December 2023
The directors present their strategic report and the audited financial statements for the year ended 31 December 2023. Principal activities and future developments The company is a wholly owned subsidiary of Harris & Sheldon Group Limited. The
principal activity of the company is the holding of investments
. There have not been any significant changes in the company's principal activities in the year under review. The directors are not aware, at the date of this report, of any likely major changes in the company's activities in the next year. Results, dividends and key performance indicators Harris & Sheldon Investments Ltd, the main subsidiary of the Group, had a much-improved year in 2023 as asset prices adjusted to the higher rate interest rate environment and rebounded from a difficult 2022. This resulted in the company posting a pre-tax profit in excess of £15m due to the positive movement in its listed assets and various asset sales made during the year. The directors do not recommend the payment of a dividend. Profits of £13.3m (2022: losses of £10.5m) have been transferred to reserves. The key performance indicator used by directors is the company’s net asset position, being £81.4 million at 31 December 2023 (2022: £68.3 million).
Principal risks and uncertainties The principal risks facing the company are adverse movements in the stock market and property markets, which would impact the fair value of investments. The risk is mitigated through a diverse holding of investments. Notwithstanding the risk and uncertainties facing the business, in the opinion of the directors, future trading prospects are satisfactory. Fixed assets and investment properties Details of movements in fixed assets and investment properties are set out in the notes to the financial statements. These incorporate the directors' valuation of investment freehold land and leasehold land and buildings included within investment properties as at 31 December 2023.
Financial risk management policies The directors have reviewed the financial risk management objectives and policies of the company. These are summarised under the next three headings. Liquidity and cash flow risk The company regularly reviews both its historic and future cash flows in order to ensure that sufficient funds are available to meet its commercial commitments. Surplus cash balances are held on the money market in the short term at fixed rates of interest. Credit risk Cash and stock market investments are placed with institutions of a suitable credit quality.
Price risk The company does not directly purchase commodities and therefore does not have a direct exposure to commodity price changes. Employee involvement The group makes its employees aware of the financial and economic factors affecting the performance of the employing company. The companies evolve their own consultative policies, such as the issue of newsletters and management briefings.
Going concern While the economic outlook continues to be uncertain, the Company remains well capitalised with net assets in excess of £80m. The Company has diverse investments across multiple sectors and geographies, whilst deriving its income from a wide range of sources. These include shares in some of the world’s leading companies, directly held property assets, and other alternative investments. The company is funded by a loan of £36.7m (2022: £37.1m) from its parent undertaking. The parent company has confirmed that it will not seek repayment of the loan for a period of at least 12 months from the date of signing the financial statements, unless the company has sufficient cash resources available. Accordingly, the directors have adopted the going concern basis in preparing the annual report and accounts. Approval
This report was approved by the board of directors on 17 September 2024 and signed on behalf of the board by:
Harris & Sheldon Investments Limited |
|
Year ended 31 December 2023
The directors present their report and the financial statements of the company for the year ended
31 December 2023
.
Directors
The directors who served the company during the year were as follows:
Dividends
The directors do not recommend the payment of a dividend.
Events after the end of the reporting period
Particulars of events after the reporting date are detailed in note 20 to the financial statements.
Disclosure of information in the strategic report
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, disclosures relating to future developments and financial risk management are presented in the Strategic Report.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that: - so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. Shipleys LLP have expressed their willingness to continue in office. The company passed a written resolution in accordance with section 487 of the Companies Act 2006 to dispense with the obligation of appointing auditors annually and accordingly Shipleys LLP will remain in office until the company or the auditors otherwise determine.
This report was approved by the board of directors on
17 September 2024
and signed on behalf of the board by:
Harris & Sheldon Investments Limited |
|
Independent Auditor's Report to the Members of
Harris & Sheldon Investments Limited |
|
Year ended 31 December 2023
Opinion
We have audited the financial statements of Harris & Sheldon Investments Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of income and retained earnings, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the returns; or - certain disclosures of directors remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We obtained an understanding of the company's business, controls, legal and regulatory frameworks, laws and regulations and assessed the susceptibility of the company's financial statements to material misstatement from irregularities, including fraud, are instances of non-compliance with laws and regulations. - Based on this understanding we designed our audit procedures to detecting irregularities, including fraud. Testing undertaken included making enquiries on the management; journal entry testing; review of contractual agreements and any correspondence received from regulatory bodies; reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Terrence Bourne |
(Senior Statutory Auditor) |
|
For and on behalf of |
Shipleys LLP |
Chartered Accountants & statutory auditor |
10 Orange Street |
Haymarket |
London |
WC2H 7DQ |
|
18 September 2024
Harris & Sheldon Investments Limited |
|
Statement of Income and Retained Earnings |
|
Year ended 31 December 2023
Administrative expenses |
(
320) |
(
633) |
Other operating income /(expense) |
4 |
14,470 |
(
15,683) |
Income from other fixed asset investments |
3,966 |
1,934 |
|
-------- |
-------- |
Operating profit/(loss) |
18,116 |
(
14,382) |
|
|
|
|
Other interest receivable and similar income |
8 |
27 |
3 |
Impairment of other debtors |
(
394) |
– |
Interest payable and similar expenses |
9 |
(
426) |
(
63) |
|
-------- |
-------- |
Profit/(loss) before taxation |
17,323 |
(
14,442) |
|
|
|
|
Tax on profit/(loss) |
10 |
(
4,167) |
3,900 |
|
-------- |
-------- |
Profit/(loss) for the financial year and total comprehensive income |
13,156 |
(
10,542) |
|
-------- |
-------- |
|
|
|
|
Retained earnings at the start of the year |
68,266 |
78,808 |
|
-------- |
-------- |
Retained earnings at the end of the year |
81,422 |
68,266 |
|
-------- |
-------- |
|
|
|
All the activities of the company are from continuing operations.
Harris & Sheldon Investments Limited |
|
Statement of Financial Position |
|
31 December 2023
|
2023 |
2022 |
Note |
£000 |
£000 |
£000 |
|
|
|
|
Fixed assets
Investment properties |
11 |
|
1,700 |
1,700 |
Investments |
12 |
|
127,943 |
112,544 |
|
|
--------- |
--------- |
|
|
129,643 |
114,244 |
|
|
|
|
|
Current assets
Debtors |
13 |
7,060 |
|
3,383 |
Cash at bank and in hand |
1,131 |
|
915 |
|
------- |
|
------- |
|
8,191 |
|
4,298 |
|
|
|
|
|
Creditors: amounts falling due within one year |
14 |
(
46,554) |
|
(
44,585) |
|
-------- |
|
-------- |
Net current liabilities |
|
(
38,363) |
(
40,287) |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
91,280 |
73,957 |
|
|
|
|
|
Provisions |
15 |
|
(
9,858) |
(
5,691) |
|
|
-------- |
-------- |
Net assets |
|
81,422 |
68,266 |
|
|
-------- |
-------- |
|
|
|
|
|
Capital and reserves
Profit and loss account |
|
81,422 |
68,266 |
|
|
-------- |
-------- |
Shareholders funds |
|
81,422 |
68,266 |
|
|
-------- |
-------- |
|
|
|
|
These financial statements were approved by the
board of directors
and authorised for issue on
17 September 2024
, and are signed on behalf of the board by:
Company registration number:
03350013
Harris & Sheldon Investments Limited |
|
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kingsland House, 122-124 Regent Street, London, W1B 5SA, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
The financial statements are rounded to £ thousands.
Going concern
While the economic outlook continues to be uncertain, the Company remains well capitalised with net assets in excess of £80m. The Company has diverse investments across multiple sectors and geographies, whilst deriving its income from a wide range of sources. These include shares in some of the world’s leading companies, directly held property assets, and other alternative investments. The company is funded by a loan of £36.7m (2022: £37.1m) from its parent undertaking. The parent company has confirmed that it will not seek repayment of the loan for a period of at least 12 months from the date of signing the financial statements, unless the company has sufficient cash resources available. Accordingly, the directors have adopted the going concern basis in preparing the annual report and accounts.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Harris & Sheldon Group Limited. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Judgements and key sources of estimation uncertainty
In preparing these financial statements, the directors have made the following judgements
: 1) Investment Properties Investment properties are valued annually by the directors using available rental yields or values per square foot for similar properties, indicative offers received for the property and other available market data. There is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself. 2) Investments The most critical estimates, assumptions and judgements relate to the determination of carrying value of investments at fair value through the profit and loss. In determining this amount, the group follows the International Private Equity and Venture Capital Valuation Guidelines, applying the overriding concept that fair value is the amount for which an asset can be exchanged between knowledgeable willing parties in an arm's length transaction. The nature, facts and circumstances of the investment drives the valuations methodology.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured 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.
Investment property
Investment properties are stated at open market value as determined annually by the directors in accordance with FRS 102. Movements in value of investment properties are recognised within profit and loss.
Investments
Listed investments are held at the publicly listed price of the investment held.
Fund portfolio investments are included at fair value. Fair value can be reliably measured as valuations are provided by an independent valuer on a quarterly basis.
Other investments are included at cost less provision for impairment, and are reviewed annually for indications of impairment..
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Basic financial instruments Financial assets Financial assets comprise cash at bank and in hand, trade debtors and other debtors; these are initially recorded at costs on the date they originate and are subsequently recorded at amortised cost under the effective interest method. Financial assets that are receivable within one year are measured at the undiscounted amount of cash or other consideration expected to be received. The company considers evidence of impairment for all individual trade and other debtors, and any subsequent impairment is is recognised in profit or loss. Financial liabilities Financial liabilities comprise trade creditors, other creditors, corporation tax payable, other tax and social security, accruals and amounts due to group undertakings; these are initially recorded at cost on the date they originated, and are subsequently measured at fair value with any impairment recognised in profit and loss.
4.
Other operating income /(expense)
|
|
2023 |
2022 |
|
|
£000 |
£000 |
|
Rental income |
170 |
170 |
|
Impairment of other investments |
– |
(1,238) |
|
Revaluation of investment properties |
– |
500 |
|
Fair value adjustments to investments |
14,300 |
(15,115) |
|
|
-------- |
-------- |
|
|
14,470 |
(15,683) |
|
|
-------- |
-------- |
|
|
|
|
5.
Income from other fixed asset investments
|
|
2023 |
2022 |
|
|
£000 |
£000 |
|
Dividends from other fixed asset investments |
1,449 |
1,189 |
|
Gain on disposal of other fixed asset investments |
2,517 |
745 |
|
|
------- |
------- |
|
|
3,966 |
1,934 |
|
|
------- |
------- |
|
|
|
|
6.
Auditor's remuneration
|
2023 |
2022 |
|
£000 |
£000 |
Fees payable for the audit of the financial statements |
6 |
6 |
|
---- |
---- |
|
|
|
7.
Employees
The average number of employees, excluding directors, is nil (2022: nil).
8.
Other interest receivable and similar income
|
2023 |
2022 |
|
£000 |
£000 |
Interest on cash and cash equivalents |
27 |
3 |
|
---- |
---- |
|
|
|
9.
Interest payable and similar expenses
|
2023 |
2022 |
|
£000 |
£000 |
Interest on banks loans and overdrafts |
426 |
63 |
|
---- |
---- |
|
|
|
10.
Tax on profit/(loss)
Major components of tax expense/(income)
Current tax:
UK current tax income |
– |
(
1) |
|
|
|
Deferred tax:
Origination and reversal of timing differences |
4,167 |
(
3,899) |
|
------- |
------- |
Tax on profit/(loss) |
4,167
|
(3,900) |
|
------- |
------- |
|
|
|
Reconciliation of tax expense/(income)
The tax assessed on the profit/(loss) on ordinary activities for the year is higher than (2022: lower than) the
standard rate of corporation tax in the UK
of
25
% (2022:
25
%).
|
2023 |
2022 |
|
£000 |
£000 |
Profit/(loss) on ordinary activities before taxation |
17,323 |
(
14,442) |
|
-------- |
-------- |
Profit/(loss) on ordinary activities by rate of tax |
(
4,331) |
3,610 |
Effect of expenses not deductible for tax purposes |
(
100) |
(
3,965) |
Effect of capital allowances and depreciation |
1 |
2 |
Effect of revenue exempt from tax |
4,015 |
355 |
Utilisation of tax losses |
3 |
– |
Unused tax loses and other adjustments arising |
(
3,755)
|
3,898 |
|
-------- |
-------- |
Tax on profit/(loss) |
(4,167) |
3,900
|
|
-------- |
-------- |
|
|
|
11.
Investment properties
|
Freehold property |
|
£000 |
Cost |
|
At 1 January 2023 and 31 December 2023 |
1,700 |
|
------- |
Depreciation |
|
At 1 January 2023 and 31 December 2023 |
– |
|
------- |
Carrying amount |
|
At 31 December 2023 |
1,700 |
|
------- |
At 31 December 2022 |
1,700 |
|
------- |
|
|
If stated under historical cost principles, the comparable amount would be:
|
|
2023 |
2022 |
|
|
£000 |
£000 |
|
Net book value |
1,000 |
1,000 |
|
|
|
|
The investment properties were valued by
A G Miller
, director, at 31 December 2023 on an open market value basis.
12.
Investments
|
Fund portfolio investments |
Listed investments |
Other investments |
Total |
|
£000 |
£000 |
£000 |
£000 |
Cost |
|
|
|
|
At 1 January 2023 |
19,030 |
90,530 |
5,479 |
115,039 |
Additions |
4,555 |
4,614 |
157 |
9,326 |
Disposals |
(
988) |
(
7,288) |
(
98) |
(8,374) |
Revaluations |
1,535 |
12,623 |
142 |
14,300 |
Other movements |
233 |
(
86) |
– |
147 |
|
-------- |
--------- |
------- |
--------- |
At 31 December 2023 |
24,365 |
100,393 |
5,680 |
130,438 |
|
-------- |
--------- |
------- |
--------- |
Impairment |
|
|
|
|
At 1 January 2023 and 31 December 2023 |
– |
– |
2,495 |
2,495 |
|
-------- |
--------- |
------- |
--------- |
|
|
|
|
|
Carrying amount |
|
|
|
|
At 31 December 2023 |
24,365 |
100,393 |
3,185 |
127,943 |
|
-------- |
--------- |
------- |
--------- |
At 31 December 2022 |
19,030 |
90,530 |
2,984 |
112,544 |
|
-------- |
--------- |
------- |
--------- |
|
|
|
|
|
Movements in the fair value of investments are recognised in profit and loss.
Listed and other fund investments are valued at the quoted price, or via the reported price by the investment manager.
Other investments are valued at cost.
13.
Debtors
|
2023 |
2022 |
|
£000 |
£000 |
Other debtors |
7,060 |
3,383 |
|
------- |
------- |
|
|
|
14.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£000 |
£000 |
Bank loans and overdrafts |
9,761 |
7,371 |
Trade creditors |
122 |
119 |
Amounts owed to group undertakings |
36,662 |
37,078 |
Social security and other taxes |
9 |
17 |
|
-------- |
-------- |
|
46,554 |
44,585 |
|
-------- |
-------- |
|
|
|
The loan due to the parent undertaking has no fixed repayment terms, however the parent company has confirmed that it will not seek repayment of the loan for a period of at least 12 months from the date of signing the financial statements, unless the Company has sufficient cash resources available.
15.
Provisions
|
Deferred tax (note 16) |
|
£000 |
At 1 January 2023 |
5,691 |
Additions |
4,167 |
|
------- |
At 31 December 2023 |
9,858 |
|
------- |
|
|
16.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2023 |
2022 |
|
£000 |
£000 |
Included in provisions (note 15) |
9,858 |
5,691 |
|
------- |
------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2023 |
2022 |
|
£000 |
£000 |
Accelerated capital allowances |
19 |
18 |
Unused tax losses |
(
130) |
(
1) |
Capital gains |
9,969 |
5,674 |
|
------- |
------- |
|
9,858 |
5,691 |
|
------- |
------- |
|
|
|
17.
Called up share capital
Issued, called up and fully paid
|
|
No. |
2023 |
No. |
2022 |
|
|
|
£000 |
|
£000 |
|
Ordinary shares of £1 each |
2 |
– |
2 |
– |
|
|
|
|
|
|
18.
Operating leases
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£000 |
£000 |
Not later than 1 year |
170 |
170 |
Later than 1 year and not later than 5 years |
680 |
680 |
Later than 5 years |
510 |
680 |
|
------- |
------- |
|
1,360 |
1,530 |
|
------- |
------- |
|
|
|
The total operating lease income recognised in profit and loss in year totalled £170k (2022: £170k).
19.
Contingent liabilities
The company is party, together with the parent company, to a guarantee in favour of HSBC plc, which amounted to £Nil at 31 December 2023 (2022- £Nil). A charge is held over the assets of the company in favour of UBS AG, London branch, with a fixed charge and negative pledge, secured against the overdraft facilities as disclosed in note 14.
20.
Events after the end of the reporting period
Subsequent to year end, a number of share transfers were enacted between members of the Miller family, however the ultimate controlling party remains the Miller Family as they continue to control, through their direct and indirect shareholdings, 100% of the issued share capital of the business.
21.
Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS102.
22.
Controlling party
The company's ultimate parent company and immediate controlling party is
Harris & Sheldon Group Limited
, a company registered in England and Wales. Copies of the group financial statements of Harris & Sheldon Group Limited are available from The Registrar of Companies, Company House, Crown Way, Maindy, Cardiff CF14 3UZ. A M Miller
, a director of the company, and members of his close family, control the company as a result of controlling, directly or indirectly, 100% of the issued share capital of the company.