Company registration number 06142308 (England and Wales)
A J P Hartford Limited
Unaudited financial statements
For the year ended 30 September 2024
A J P Hartford Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
A J P Hartford Limited
Statement of financial position
As at 30 September 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
633,000
610,000
Current assets
Debtors
4
94,628
102,116
Cash at bank and in hand
4,908
20,637
99,536
122,753
Creditors: amounts falling due within one year
5
(518,635)
(522,245)
Net current liabilities
(419,099)
(399,492)
Total assets less current liabilities
213,901
210,508
Creditors: amounts falling due after more than one year
6
(11,084)
(13,605)
Provisions for liabilities
(4,400)
Net assets
198,417
196,903
Capital and reserves
Called up share capital
99
99
Non-distributable profits reserve
7
18,600
Distributable profit and loss reserves
179,718
196,804
Total equity
198,417
196,903
A J P Hartford Limited
Statement of financial position (continued)
As at 30 September 2024
30 September 2024
- 2 -
For the financial year ended 30 September 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 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 13 January 2025 and are signed on its behalf by:
Mr J S Broadhurst
Mrs A J Broadhurst
Director
Director
Company registration number 06142308 (England and Wales)
A J P Hartford Limited
Notes to the financial statements
For the year ended 30 September 2024
- 3 -
1
Accounting policies
Company information
A J P Hartford Limited is a private company limited by shares incorporated in England and Wales. The registered office is 274 Northwich Road, Hartford, Northwich, Cheshire, CW8 3AL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from rentals of property are recognised when the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings 20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
A J P Hartford Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors, bank balances and amounts due from related parties, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
A J P Hartford Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Investment property
2024
£
Fair value
At 1 October 2023
610,000
Revaluations
23,000
At 30 September 2024
633,000
Investment property comprises residential property. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
94,628
102,116
A J P Hartford Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
154
154
Taxation and social security
4,279
5,111
Other creditors
514,202
516,980
518,635
522,245
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,084
13,605
The loan is secured by a fixed and floating charge over the assets of the company.
7
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
-
-
Non distributable profits in the year
18,600
-
At the end of the year
18,600
-