Haven Investments Limited - Period Ending 2020-05-31

Haven Investments Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 9

Haven Investments Limited

Company Information

Directors

Mr G D Murrin Mr M Murrin Mr J Lucas

Company secretary

Mrs J Whitty

Registered office

Clyst Court Hill Barton Business Park Clyst St. Mary Exeter Devon EX5 1SA

Auditors

PKF Francis Clark Statutory Auditor Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Haven Investments Limited

Balance Sheet

31 May 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	15,953	40,577
Investment property	5	14,616,000	15,556,000
Investments	6	1,150,000	1,150,000
		15,781,953	16,746,577
Current assets
Debtors	7	145,782	76,420
Cash at bank and in hand		3,139,486	999,050
		3,285,268	1,075,470
Creditors: Amounts falling due within one year	8	(1,448,877)	(1,374,903)
Net current assets/(liabilities)		1,836,391	(299,433)
Total assets less current liabilities		17,618,344	16,447,144
Provisions for liabilities		(324,000)	(397,000)
Net assets		17,294,344	16,050,144
Capital and reserves
Called up share capital	11	123,074	123,074
Profit and loss account		17,171,270	15,927,070
Total equity		17,294,344	16,050,144

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 17 May 2021 and signed on its behalf by:

......................................... Mr G D Murrin Director

......................................... Mr J Lucas Director

Company Registration Number: 00411455

Haven Investments Limited

Notes to the Financial Statements

Year Ended 31 May 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office and principal place of business is:
Clyst Court
Hill Barton Business Park
Clyst St. Mary
Exeter
Devon
EX5 1SA

These financial statements were authorised for issue by the Board on 17 May 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A and the Companies Act 2006. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Haven Investments Limited is considered to be pounds sterling because it is the currency of the primary economic environment in which the company operates.

Group accounts not prepared

In the opinion of the directors, the company and its subsidiaries comprise a small group. The company has not exercised the option to prepare group accounts provided by Section 398 of the Companies Act 2006.

Going concern

The Board of Directors have considered the anticipated impact of Covid-19 throughout the pandemic, and are pleased to report that their cashflow forecasts have held up well from the year end. Looking beyond the date of these financial statements, the Directors have subjected their forecasts to a range of sensitivity tests, and are confident that the business will continue to operate positively allowing for a range of reasonably possible outcomes over the next twelve months.

Taking into account all available information about the future, the board of directors have assessed the ability of the company to continue as a going concern, and consider that the going concern assumption is appropriate when preparing the financial statements.

Haven Investments Limited

Notes to the Financial Statements

Year Ended 31 May 2020

2	Accounting policies (continued)

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised:

Rental income and service charges
Revenue in respect of property rental and services charges is recognised on an accruals basis in the period to which the rent or service charge applies. Lease incentives are recognised on a straight line basis over the period up to the first rent review date.

Solar panel income
Revenue in respect of solar panel income is recognised on an accruals basis in the period to which the energy was generated.

Other income
Other income is recognised in the period to which it relates.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Haven Investments Limited

Notes to the Financial Statements

Year Ended 31 May 2020

2	Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	10% per annum on cost on solar panels, 20% per annum on cost of all other plant
Fixtures, fittings and equipment	20% per annum on cost
Motor vehicles	20% per annum on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

The company holds the following financial instruments all of which are classified as basic:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.
 
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Haven Investments Limited

Notes to the Financial Statements

Year Ended 31 May 2020

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2019 - 7).

4	Tangible assets

	Plant and machinery £	Total £
Cost or valuation
At 1 June 2019	372,853	372,853
Additions	3,354	3,354
At 31 May 2020	376,207	376,207
Depreciation
At 1 June 2019	332,276	332,276
Charge for the year	27,978	27,978
At 31 May 2020	360,254	360,254
Carrying amount
At 31 May 2020	15,953	15,953
At 31 May 2019	40,577	40,577

5	Investment properties

	2020 £
At 1 June 2019	15,556,000
Additions	40,525
Disposals	(1,265,000)
Fair value adjustments	284,475
At 31 May 2020	14,616,000

Haven Investments Limited

Notes to the Financial Statements

Year Ended 31 May 2020

6	Investments

	Investments in subsidiaries £
Cost or valuation
At 1 June 2019	450
At 31 May 2020	450
Provision
At 1 June 2019	450
At 31 May 2020	450
Carrying amount
At 31 May 2020	-
At 31 May 2019	-

	Investments in joint ventures £
Cost
At 1 June 2019	1,150,000
At 31 May 2020	1,150,000
Carrying amount
At 31 May 2020	1,150,000
At 31 May 2019	1,150,000

Haven Investments Limited

Notes to the Financial Statements

Year Ended 31 May 2020

6	Investments (continued)

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2020	2019
Subsidiary undertakings
Bittern Management Company Limited	Clyst Court, Hill Barton Business Park, Clyst St. Mary, Exeter, England, EX5 1SA	Ordinary	100%	100%

Participating interests
Clyst Haven Limited	Clyst Court, Hill Barton Business Park, Clyst St. Mary, Exeter, England, EX5 1SA	Ordinary	50%	50%

Bittern Management Company is dormant.
The principal activity of Clyst Haven Limited is property development, rental and investment.

7

Debtors

	2020  £	2019  £
Trade debtors	119,228	45,750
Other debtors	60	-
Prepayments	26,494	30,670
	145,782	76,420

Haven Investments Limited

Notes to the Financial Statements

Year Ended 31 May 2020

8

Creditors

	Note	2020 £	2019  £
Due within one year
Loans and borrowings	9	1,019,916	1,000,000
Trade creditors		15,138	48,272
Corporation tax		219,487	114,166
Social security and other taxes		55,806	50,812
Other creditors		31,719	58,563
Accrued expenses		106,811	103,090
		1,448,877	1,374,903

9	Loans and borrowings

	2020 £	2019 £
Current loans and borrowings
Other borrowings	1,019,916	1,000,000

10

Reserves

Included within the profit and loss reserve is £7,612,061 (2019: £8,224,661) in respect of unrealised fair value gains on investment properties.

11	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	123,074	123,074	123,074	123,074

12	Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Stephanie Henshaw, who signed for and on behalf of PKF Francis Clark on 20 May 2021.