IRIS Accounts Production v24.3.0.553 02219334 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false Fair value model Ordinary A Shares 0.50000 Ordinary B 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh022193342023-03-31022193342024-03-31022193342023-04-012024-03-31022193342022-03-31022193342022-04-012023-03-31022193342023-03-3102219334ns15:EnglandWales2023-04-012024-03-3102219334ns14:PoundSterling2023-04-012024-03-3102219334ns10:Director12023-04-012024-03-3102219334ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3102219334ns10:SmallEntities2023-04-012024-03-3102219334ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3102219334ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3102219334ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3102219334ns10:FullAccounts2023-04-012024-03-3102219334ns10:OrdinaryShareClass12023-04-012024-03-3102219334ns10:OrdinaryShareClass22023-04-012024-03-3102219334ns10:Director22023-04-012024-03-3102219334ns10:CompanySecretary12023-04-012024-03-3102219334ns10:RegisteredOffice2023-04-012024-03-3102219334ns5:CurrentFinancialInstruments2024-03-3102219334ns5:CurrentFinancialInstruments2023-03-3102219334ns5:Non-currentFinancialInstruments2024-03-3102219334ns5:Non-currentFinancialInstruments2023-03-3102219334ns5:ShareCapital2024-03-3102219334ns5:ShareCapital2023-03-3102219334ns5:FurtherSpecificReserve3ComponentTotalEquity2024-03-3102219334ns5:FurtherSpecificReserve3ComponentTotalEquity2023-03-3102219334ns5:RetainedEarningsAccumulatedLosses2024-03-3102219334ns5:RetainedEarningsAccumulatedLosses2023-03-3102219334ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-04-012024-03-3102219334ns5:PlantMachinery2023-04-012024-03-3102219334ns5:FurnitureFittings2023-04-012024-03-3102219334ns5:LandBuildings2023-03-3102219334ns5:PlantMachinery2023-03-3102219334ns5:FurnitureFittings2023-03-3102219334ns5:LandBuildings2023-04-012024-03-3102219334ns5:LandBuildings2024-03-3102219334ns5:PlantMachinery2024-03-3102219334ns5:FurnitureFittings2024-03-3102219334ns5:LandBuildings2023-03-3102219334ns5:PlantMachinery2023-03-3102219334ns5:FurnitureFittings2023-03-3102219334ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3102219334ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3102219334ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-03-3102219334ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-3102219334ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3102219334ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3102219334ns10:OrdinaryShareClass12024-03-3102219334ns10:OrdinaryShareClass22024-03-3102219334ns5:FurtherSpecificReserve3ComponentTotalEquity2023-03-31022193341ns10:Director12023-03-31022193341ns10:Director12022-03-31022193341ns10:Director12023-04-012024-03-31022193341ns10:Director12022-04-012023-03-31022193341ns10:Director12024-03-31022193341ns10:Director12023-03-31
REGISTERED NUMBER: 02219334 (England and Wales)















HAYCROFT PROPERTY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






HAYCROFT PROPERTY LIMITED (REGISTERED NUMBER: 02219334)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


HAYCROFT PROPERTY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr P B Carter
Mr D Powers





SECRETARY: Mr P B Carter





REGISTERED OFFICE: Building 1063
Cornforth Drive
Kent Science Park
Sittingbourne
Kent
ME9 8PX





REGISTERED NUMBER: 02219334 (England and Wales)





ACCOUNTANTS: McCabe Ford Williams
Chartered Accountants
Building 1063
Cornforth Drive
Kent Science Park
SITTINGBOURNE
Kent
ME9 8PX

HAYCROFT PROPERTY LIMITED (REGISTERED NUMBER: 02219334)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 2,244 160,096
Investment property 6 530,000 560,000
532,244 720,096

CURRENT ASSETS
Stocks - 48,078
Debtors 7 517,157 535,499
Cash at bank and in hand 2,118 7,723
519,275 591,300
CREDITORS
Amounts falling due within one year 8 27,034 218,846
NET CURRENT ASSETS 492,241 372,454
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,024,485

1,092,550

CREDITORS
Amounts falling due after more than one
year

9

(7,735

)

(304,926

)

PROVISIONS FOR LIABILITIES (20,711 ) (7,872 )
NET ASSETS 996,039 779,752

HAYCROFT PROPERTY LIMITED (REGISTERED NUMBER: 02219334)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 12 4 4
Non distributable reserves 13 159,851 182,351
Retained earnings 836,184 597,397
SHAREHOLDERS' FUNDS 996,039 779,752

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2024 and were signed on its behalf by:





Mr P B Carter - Director


HAYCROFT PROPERTY LIMITED (REGISTERED NUMBER: 02219334)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Haycroft Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the valuations of investment property contained within the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 15% on 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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

HAYCROFT PROPERTY LIMITED (REGISTERED NUMBER: 02219334)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

HAYCROFT PROPERTY LIMITED (REGISTERED NUMBER: 02219334)

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 statement of financial position 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.

Impairments
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the last sold date and an impairment loss recognised on a percentage basis in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

HAYCROFT PROPERTY LIMITED (REGISTERED NUMBER: 02219334)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 April 2023 242,504 16,945 10,734 270,183
Disposals (242,504 ) (13,205 ) (10,734 ) (266,443 )
At 31 March 2024 - 3,740 - 3,740
DEPRECIATION
At 1 April 2023 85,400 13,953 10,734 110,087
Charge for year 3,234 748 - 3,982
Eliminated on disposal (88,634 ) (13,205 ) (10,734 ) (112,573 )
At 31 March 2024 - 1,496 - 1,496
NET BOOK VALUE
At 31 March 2024 - 2,244 - 2,244
At 31 March 2023 157,104 2,992 - 160,096

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 560,000
Revaluations (30,000 )
At 31 March 2024 530,000
NET BOOK VALUE
At 31 March 2024 530,000
At 31 March 2023 560,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2014 350,000
Valuation in 2015 104,545
Valuation in 2016 35,651
Valuation in 2017 9,804
Valuation in 2023 60,000
Valuation in 2024 (30,000 )
530,000

Investment property was valued on an open market basis on 31 March 2024 by the directors .

HAYCROFT PROPERTY LIMITED (REGISTERED NUMBER: 02219334)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors - 91,724
Other debtors - 4,497
Blundell Property Limited 429,058 438,685
Directors' Current Accounts 88,099 -
Prepayments - 593
517,157 535,499

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 10) - 10,000
Other loans (see note 10) - 15,824
Trade creditors - 101,107
VAT - 8,575
Other creditors 3,972 49,140
Other taxes and PAYE 6,166 -
Vehicle finance 1,929 -
Liftcrown 2002 Ltd - 16,533
Directors' Current Accounts 14,967 17,667
27,034 218,846

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans (see note 10) - 22,500
Other loans (see note 10) 7,735 282,426
7,735 304,926

10. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank loans - less than 1 yr - 10,000
Mortgage - 15,824
- 25,824

HAYCROFT PROPERTY LIMITED (REGISTERED NUMBER: 02219334)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. LOANS - continued
31.3.24 31.3.23
£    £   
Amounts falling due between one and two years:
Bank loans - 1-2 years - 10,000
Vehicle finance 1-2 years 1,930 2
1,930 10,002

Amounts falling due between two and five years:
Bank loans - 2-5 years - 12,500
Mortgage - 282,424
Vehicle finance 2-5 5,805 -
5,805 294,924

11. SECURED DEBTS

Barclays bank plc has fixed and floating charges over the assets of the company including the freehold property 163 Dawes Road, Fulham SW6 7EE and also the investment property 172 Hook Road, also known as Haycroft Road Surbiton.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
4 Ordinary A Shares 0.50 2 2
2 Ordinary B 1 2 2
4 4

13. RESERVES
Non
distributable
reserves
£   
At 1 April 2023 182,351
Movement in year (22,500 )

At 31 March 2024 159,851

HAYCROFT PROPERTY LIMITED (REGISTERED NUMBER: 02219334)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
Mr P B Carter
Balance outstanding at start of year - -
Amounts advanced 104,632 -
Amounts repaid (16,533 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 88,099 -