Heskfield Properties Ltd
Registered number: 03873058
Statement of Financial Position
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 1,000,000 1,000,000
Current assets
Debtors 5 285,605 280,572
Cash at bank and in hand 40,289 41,181
325,894 321,753
Creditors: amounts falling due within one year 6 (44,847) (49,308)
Net current assets 281,047 272,445
Total assets less current liabilities 1,281,047 1,272,445
Provisions for liabilities (171,472) (171,472)
Net assets 1,109,575 1,100,973
Capital and reserves
Called up share capital 2 2
Revaluation reserve 7 514,416 514,416
Profit and loss account 595,157 586,555
Shareholders' funds 1,109,575 1,100,973
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Austin
Director
Approved by the board on 8 November 2024
Heskfield Properties Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover represents rent receiveable on property letting. Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Investments
Investment properties are measured at fair value. Changes in fair values are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Exceptional items 2024 2023
£ £
Value adjustments on fixed assets and current asset investments - (100,000)
- (100,000)
3 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 1 1
4 Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2023 1,000,000
At 31 March 2024 1,000,000
Depreciation
At 31 March 2024 -
Net book value
At 31 March 2024 1,000,000
At 31 March 2023 1,000,000
5 Debtors 2024 2023
£ £
Trade debtors 4,750 -
Other debtors 280,855 280,572
285,605 280,572
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors - 1,400
Accruals 1,745 1,665
Corporation tax 11,884 14,935
Other taxes and social security costs 3,660 4,043
Other creditors 27,558 27,265
44,847 49,308
7 Revaluation reserve 2024 2023
£ £
At 1 April 2023 514,416 474,569
Gain on revaluation of land and buildings - 100,000
Deferred taxation arising on the revaluation of land and buildings - (60,153)
At 31 March 2024 514,416 514,416
8 Other information
Heskfield Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
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