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Registered number: 08516535
Halse Property Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08516535
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,093 1,588
Investment Properties 5 3,200,000 3,200,000
3,201,093 3,201,588
CURRENT ASSETS
Debtors 6 35,015 -
Cash at bank and in hand 79,701 64,278
114,716 64,278
Creditors: Amounts Falling Due Within One Year 7 (1,039,876 ) (633,390 )
NET CURRENT ASSETS (LIABILITIES) (925,160 ) (569,112 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,275,933 2,632,476
Creditors: Amounts Falling Due After More Than One Year 8 (174,298 ) (590,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (257,962 ) (260,064 )
NET ASSETS 1,843,673 1,782,412
CAPITAL AND RESERVES
Called up share capital 9 250 250
Profit and Loss Account 1,843,423 1,782,162
SHAREHOLDERS' FUNDS 1,843,673 1,782,412
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Peter Symons
Director
25/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Halse Property Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08516535 . The registered office is Stanthills, Woodcourt Road, Harbertonford, Totnes, Devon, TQ9 7TQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25
Computer Equipment 33.3
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 14,228 456 14,684
As at 31 March 2024 14,228 456 14,684
Depreciation
As at 1 April 2023 12,855 241 13,096
Provided during the period 343 152 495
As at 31 March 2024 13,198 393 13,591
Net Book Value
As at 31 March 2024 1,030 63 1,093
As at 1 April 2023 1,373 215 1,588
5. Investment Property
2024
£
Fair Value
As at 1 April 2023 and 31 March 2024 3,200,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 2,018,388 2,018,388
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 35,015 -
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 51,444 49,277
Bank loans and overdrafts 69,869 71,333
Corporation tax 51,077 30,275
VAT 11,188 14,809
Other creditors 61,059 62,098
Directors' loan accounts 795,239 405,598
1,039,876 633,390
Page 4
Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 174,298 590,000
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
50 Ordinary A shares of £ 1.00 each 50 50
50 Ordinary B shares of £ 1.00 each 50 50
150 Ordinary D shares of £ 1.00 each 150 150
250 250
Page 5