REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
HEYBR Properties Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
HEYBR Properties Limited |
HEYBR Properties Limited (Registered number: 10660371) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
HEYBR Properties Limited (Registered number: 10660371) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
Fixed assets |
Investments | 5 |
Investment property | 6 |
Current assets |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Share premium | 11 |
Retained earnings | 11 |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
HEYBR Properties Limited (Registered number: 10660371) |
Balance Sheet - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
HEYBR Properties Limited (Registered number: 10660371) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | Statutory information |
HEYBR Properties Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss. |
Preparation of consolidated financial statements |
The financial statements contain information about HEYBR Properties Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
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. |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant effect upon the financial statements are those in respect of the directors' valuation of the investment property as at 31 March 2024. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered (commercial property rents), stated net of discounts and of Value Added Tax. All income is derived from group undertakings. |
HEYBR Properties Limited (Registered number: 10660371) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | Accounting policies - continued |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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 |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
HEYBR Properties Limited (Registered number: 10660371) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | Accounting policies - continued |
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. |
4. | Employees and directors |
The average number of employees during the year was |
5. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 April 2023 |
and 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
6. | Investment property |
Total |
£ |
Fair value |
At 1 April 2023 |
and 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
HEYBR Properties Limited (Registered number: 10660371) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | Investment property - continued |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2017 | 37,202 |
Valuation in 2022 | 100,000 |
Cost | 462,798 |
600,000 |
If the investment property had not been revalued it would have been included at the following historical cost: |
31.3.24 | 31.3.23 |
£ | £ |
Cost | 462,798 | 462,798 |
Aggregate depreciation | (74,048 | ) | (64,792 | ) |
The investment property was valued on an open market basis on 23 August 2022 by Pocock & Shaw (Ely) Limited . |
In the opinion of the directors, the valuation at 31 March 2024 is unchanged from that at 31 March 2023. |
7. | Creditors: amounts falling due within one year |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | Creditors: amounts falling due after more than one year |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans (see note 9) |
9. | Loans |
Included within bank loans is £337,924 (2023 - £348,423) in respect of liabilities payable by instalments which fall due for payment after more than five years from the reporting date. |
HEYBR Properties Limited (Registered number: 10660371) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | Secured debts |
The following secured debts are included within creditors: |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
Bank loans are secured by means of a debenture over the company's freehold investment property, together with cross-guarantees provided by other group companies. |
11. | Reserves |
Profit and loss account - This reserve records retained earnings and accumulated losses, including fair value adjustments arising in respect of the company's investment property. As at 31 March 2024, the non-distributable element of the retained profit and loss account amounted to £102,902 (2023 - £102,902). |
Share Premium account - This non-distributable reserve records the amount above the nominal value received for shares allotted, net of transaction costs. |
12. | Other financial commitments |
The company has provided a cross-guarantee to the group's bankers in respect of group borrowings. |