REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
HADLEY JAMES PROPERTY LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
HADLEY JAMES PROPERTY LTD |
HADLEY JAMES PROPERTY LTD (REGISTERED NUMBER: 12590755) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
HADLEY JAMES PROPERTY LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Woodlands, |
27 Ferney Road |
Cheshunt |
Hertfordshire |
EN7 6XQ |
HADLEY JAMES PROPERTY LTD (REGISTERED NUMBER: 12590755) |
BALANCE SHEET |
31 MAY 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 9 |
Retained earnings | 9 | ( |
) |
( |
) |
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. |
HADLEY JAMES PROPERTY LTD (REGISTERED NUMBER: 12590755) |
BALANCE SHEET - continued |
31 MAY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
HADLEY JAMES PROPERTY LTD (REGISTERED NUMBER: 12590755) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | STATUTORY INFORMATION |
Hadley James Property Ltd is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
The preparation of these financial statements requires the Directors to exercise judgement and make estimates and assumptions on the book values of assets and liabilities that may not be available from other traditional sources. These estimates and assumptions are based on past experience and factors that are considered to be of relevance and are assessed annually on an ongoing basis. Any adjustments to values are recognised in the period of assessment. |
TURNOVER |
Turnover represents rental income and service charges receivable in the year. |
FINANCIAL INSTRUMENTS AND CASH AND CASH EQUIVALENTS |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and recorded at the initial transaction cost. A provision for non-recovery of debtors is made where management consider that a risk exists that the company will not be able to recover fully amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank. |
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 balance sheet date. |
HADLEY JAMES PROPERTY LTD (REGISTERED NUMBER: 12590755) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
2. | 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. |
INVESTMENT PROPERTY |
Investment properties are held for long term investment and are included in the balance sheet at fair value. Any aggregate surplus or deficit arising from changes in market value is transferred to a fair value reserve. Depreciation is not provided on investment properties. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2023 |
Revaluations | 161,494 |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
The directors are of the opinion that the fair value of the properties is not materially different to their book values. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Other debtors |
HADLEY JAMES PROPERTY LTD (REGISTERED NUMBER: 12590755) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans | 454,000 | 453,977 |
Repayable by instalments |
Bank loans | 278,334 | 281,248 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans | 752,334 | 755,225 |
The company has legal, fixed and floating charges over the assets of the company in favour of Allica Bank Ltd and Charter Court Financial Services Ltd. |
HADLEY JAMES PROPERTY LTD (REGISTERED NUMBER: 12590755) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
9. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 June 2023 | ( |
) | (10,301 | ) |
Profit for the year |
Movement in year | (161,494 | ) | 161,494 | - |
Deferred tax | 40,374 | (40,374 | ) | - |
At 31 May 2024 | 121,545 |
Deferred tax on property valuations are accounted for in the revaluation reserve. |
10. | RELATED PARTY DISCLOSURES |
During the year, the company received rent and service charges amounting to £43,000 (2023-£30,000) from Hadley James Ltd, a company controlled by the Directors. The amount due to Hadley James Ltd at the year end was £335,583 (2023-£227,480). The loan is repayable on demand. |
11. | ULTIMATE CONTROLLING PARTY |