Company registration number 08647027 (England and Wales)
HARTSHIELD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
HARTSHIELD LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
HARTSHIELD LIMITED
COMPANY INFORMATION
Directors
Mr C J Sawyer
Mrs J A Sawyer
Mr J Sawyer
Company number
08647027
Registered office
Plough Hill Barn
Stansfield
Sudbury
Suffolk
CO10 8LT
Accountants
Beavis Morgan LLP
Accountants, Business and Tax Advisers
82 St John Street
London
EC1M 4JN
HARTSHIELD LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
3,920,000
3,545,000
Current assets
Debtors
4
37,468
29,106
Cash at bank and in hand
14,029
56,993
51,497
86,099
Creditors: amounts falling due within one year
5
(832,511)
(850,372)
Net current liabilities
(781,014)
(764,273)
Total assets less current liabilities
3,138,986
2,780,727
Creditors: amounts falling due after more than one year
6
(1,790,621)
(1,401,500)
Provisions for liabilities
(351,494)
(330,630)
Net assets
996,871
1,048,597
Capital and reserves
Called up share capital
7
10
10
Other reserves
1,039,926
991,890
Profit and loss reserves
(43,065)
56,697
Total equity
996,871
1,048,597

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

HARTSHIELD LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 May 2025 and are signed on its behalf by:
Mr C J Sawyer
Director
Company Registration No. 08647027
HARTSHIELD LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 September 2022
10
800,640
59,478
860,128
Year ended 31 August 2023:
Profit  for the year
-
-
188,469
188,469
Transfers
-
191,250
(191,250)
-
Balance at 31 August 2023
10
991,890
56,697
1,048,597
Year ended 31 August 2024:
Loss  for the year
-
-
(51,726)
(51,726)
Transfers
-
48,036
(48,036)
-
Balance at 31 August 2024
10
1,039,926
(43,065)
996,871
HARTSHIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
1
Accounting policies
Company information

Hartshield Limited is a private company limited by shares incorporated in England and Wales. The registered office is Plough Hill Barn, Stansfield, Sudbury, Suffolk, CO10 8LT.

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 generated from rental income and is accounted for on an accruals basis gross of management charges. All rental income arose in the United Kingdom.

1.3
Investment properties

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.

1.4
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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 and cash and bank balances, 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.

HARTSHIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including bank loans, 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.

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 profit and loss account 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.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
HARTSHIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
3
Investment property
2024
£
Fair value
At 1 September 2023
3,545,000
Additions
306,100
Revaluations
68,900
At 31 August 2024
3,920,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 August 2023 by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

The last professional valuation was performed by Simon Pott & Company on 21 December 2018.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,713
3,521
Other debtors
33,755
25,585
37,468
29,106
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
-
0
24,000
Other creditors
832,511
826,372
832,511
850,372
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
1,790,621
1,401,500

The bank loans relate to interest only mortgages secured on all investment properties owned by the company. Interest is payable monthly at a rate of base rate plus 3.25-3.75%. Upon maturity of the loans between 2036 and 2039, the amounts borrowed are to be repaid in full.

HARTSHIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
100
100
10
10
8
Directors' transactions

Included within other creditors is an amount of £824,596 (2023: £821,671) owed by the company to the directors.

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