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COMPANY REGISTRATION NUMBER: 02866623
Half Moon Properties Limited
Filleted Unaudited Financial Statements
31 October 2023
Half Moon Properties Limited
Balance Sheet
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
2,100,000
2,100,000
Investments
6
8,586,919
10,670,473
-------------
-------------
10,686,919
12,770,473
Current assets
Debtors
7
416,338
371,225
Investments
8
23,663,414
26,236,932
Cash at bank and in hand
498,888
1,887,655
-------------
-------------
24,578,640
28,495,812
Creditors: amounts falling due within one year
9
( 13,941,878)
( 22,091,170)
-------------
-------------
Net current assets
10,636,762
6,404,642
-------------
-------------
Total assets less current liabilities
21,323,681
19,175,115
-------------
-------------
Net assets
21,323,681
19,175,115
-------------
-------------
Capital and reserves
Called up share capital
10
559
559
Capital redemption reserve
11
242
242
Profit and loss account
11
21,322,880
19,174,314
-------------
-------------
Shareholders funds
21,323,681
19,175,115
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Half Moon Properties Limited
Balance Sheet (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 22 October 2024 , and are signed on behalf of the board by:
Mr D C Gidwaney
Director
Company registration number: 02866623
Half Moon Properties Limited
Notes to the Financial Statements
Year ended 31 October 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 Devonshire House, 582 Honeypot Lane, Stanmore, Middlesex, HA7 1JS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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.
Going concern
The directors have assessed the company's ability to continue as a going concern which has included a review of forecast rental and investment income as well as available bank facilities and, based on this review, the directors confirm that the company has adequate resources to continue to operate for the foreseeable future, which covers a period of not less than twelve months from the date the financial statements are approved, and accordingly the going concern basis continues to be appropriate for the preparation of the financial statements.
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. The key estimates and assumptions that have a significant impact on the amounts recognised in the financial statements are set out below. Valuation of investment properties: The valuation of the company's investment properties is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental revenues from that particular property. As a result, the valuations the company places on its investment properties are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market.
Revenue recognition
The turnover represents rents receivable from letting of investment properties during the year in accordance with the leases and investment income received during the year.
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.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
straight line basis over 3 years
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. 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. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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.
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.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Investment properties
Plant and machinery
Total
£
£
£
Cost
At 1 November 2022 and 31 October 2023
2,100,000
36,901
2,136,901
------------
--------
------------
Depreciation
At 1 November 2022 and 31 October 2023
36,901
36,901
------------
--------
------------
Carrying amount
At 31 October 2023
2,100,000
2,100,000
------------
--------
------------
At 31 October 2022
2,100,000
2,100,000
------------
--------
------------
6. Investments
Shares in participating interests
Unlisted shares
Artwork
Fixed income investments
Total
£
£
£
£
£
Cost
At 1 November 2022
133,000
485,394
183,611
9,868,468
10,670,473
Disposals
( 1,714,899)
(1,714,899)
Revaluations
( 40,662)
( 327,993)
( 368,655)
---------
---------
---------
------------
-------------
At 31 October 2023
133,000
444,732
183,611
7,825,576
8,586,919
---------
---------
---------
------------
-------------
Impairment
At 1 November 2022 and 31 October 2023
---------
---------
---------
------------
-------------
Carrying amount
At 31 October 2023
133,000
444,732
183,611
7,825,576
8,586,919
---------
---------
---------
------------
-------------
At 31 October 2022
133,000
485,394
183,611
9,868,468
10,670,473
---------
---------
---------
------------
-------------
Fixed income investments with Deutsche Bank which are held for capital appreciation and investment returns. The fair value of these securities are determined by obtaining the quoted market prices. The decrease in fair value recognised in profit or loss was £327,993 (2022: Decrease £1,254,225).
7. Debtors
2023
2022
£
£
Prepayments and accrued income
32,209
22,953
Corporation tax repayable
56,605
60,503
Directors loan account
21,875
21,875
Other debtors
305,649
265,894
---------
---------
416,338
371,225
---------
---------
8. Investments
2023
2022
£
£
Listed investments
23,663,414
26,236,932
-------------
-------------
The fair value of listed investments was determined by obtaining quoted market prices. The increase in fair value recognised in profit or loss was £38,176 (2022: Decrease £3,055,245).
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
13,879,101
22,039,215
Accruals and deferred income
63,199
49,699
Social security and other taxes
828
Other creditors
( 1,250)
2,256
-------------
-------------
13,941,878
22,091,170
-------------
-------------
The bank loans and overdrafts of £13,879,101 (2022: £22,039,215) are secured by a fixed charge over the company's investment properties and other assets.
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
559
559
559
559
----
----
----
----
11. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Included in profit and loss reserve are distributable profits of £20,859,747 (2022: £18,711,181) and unrealised losses of £463,133 (2022: unrealised losses of £463,133) in respect of revaluation losses arising on investment properties. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company.
12. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr D C Gidwaney
21,875
4,250
( 4,250)
21,875
--------
-------
-------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr D C Gidwaney
( 14,081)
168,456
( 132,500)
21,875
--------
---------
---------
--------