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REGISTERED NUMBER: 10943166 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

HASTINGS HOUSING COMPANY LTD

HASTINGS HOUSING COMPANY LTD (REGISTERED NUMBER: 10943166)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


HASTINGS HOUSING COMPANY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: S R Jones
V B Conheady
A E Terry
S J Dodson
S P Willis



SECRETARY: W S Baker



REGISTERED OFFICE: Muriel Matters House
Breeds Place
Hastings
East Sussex
TN34 3UY



REGISTERED NUMBER: 10943166 (England and Wales)



SENIOR STATUTORY AUDITOR: Simon G Lawrence FCCA



AUDITORS: Ashdown Hurrey Auditors Limited
Statutory Auditor
20 Havelock Road
Hastings
East Sussex
TN34 1BP

HASTINGS HOUSING COMPANY LTD (REGISTERED NUMBER: 10943166)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 6,508,500 6,499,400

CURRENT ASSETS
Debtors 5 244,753 197,139
Cash at bank 64,530 93,696
309,283 290,835
CREDITORS
Amounts falling due within one year 6 351,471 330,705
NET CURRENT LIABILITIES (42,188 ) (39,870 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,466,312

6,459,530

CREDITORS
Amounts falling due after more than one
year

7

(5,489,398

)

(5,489,398

)

PROVISIONS FOR LIABILITIES (259,837 ) (257,562 )
NET ASSETS 717,077 712,570

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 717,076 712,569
SHAREHOLDERS' FUNDS 717,077 712,570

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2023 and were signed on its behalf by:





S J Dodson - Director


HASTINGS HOUSING COMPANY LTD (REGISTERED NUMBER: 10943166)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Hastings Housing Company Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

In preparing the financial statements, the directors are required to make an assessment of the ability of the company to continue as a going concern. The directors have considered all available evidence for the company which covers the 12 month period from the date of signing these financial statements.

The continued support of Hastings Borough Council means that the company's ability to continue as a going concern is not called into question. As a result they have adopted the going concern basis of accounting.

Turnover
Turnover represents rental and service charge income received. Turnover is recognised when the company issues a rental request in line with the rental agreements.

Investment property
Investment property is shown at the most recent valuation. The property is valued on an annual basis by a third party who are experienced in valuing similar property. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 6,499,400
Revaluations 9,100
At 31 March 2023 6,508,500
NET BOOK VALUE
At 31 March 2023 6,508,500
At 31 March 2022 6,499,400

HASTINGS HOUSING COMPANY LTD (REGISTERED NUMBER: 10943166)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. INVESTMENT PROPERTY - continued

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2021 998,249
Valuation in 2022 32,000
Valuation in 2023 9,100
Cost 5,469,151
6,508,500

If the investment properties had not been revalued they would have been included at the following historical cost:

31.3.23 31.3.22
£    £   
Cost 5,469,151 5,469,151

Investment Properties were valued on EUV - SH basis on 31 March 2023 by Wilks Head & Eve Chartered Surveyors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 244,371 197,139
Other debtors 382 -
244,753 197,139

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors - 4,908
Amounts owed to group undertakings 321,018 297,114
Tax - 6
Deferred income 22,875 22,875
Accrued expenses 7,578 5,802
351,471 330,705

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Other loans more 5yrs non-inst 5,489,398 5,489,398

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 5,489,398 5,489,398

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Simon G Lawrence FCCA (Senior Statutory Auditor)
for and on behalf of Ashdown Hurrey Auditors Limited

HASTINGS HOUSING COMPANY LTD (REGISTERED NUMBER: 10943166)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

9. RELATED PARTY DISCLOSURES

Hastings Borough Council holds 100% of the share capital in Hastings Housing Company Ltd.

The company has one outstanding loan from Hastings Borough Council. The total capital outstanding at the balance sheet date was £5,489,398 (2022: £5,489,398). Interest is charged at the EU rate on a daily basis to comply with State Aid rules. During the year interest of £280,068 (2022: £283,489).

Hastings Borough Council provides property management services to the company in respect of one of the properties. During the year £11,624 (2022: £6,685) was charged by HBC.

As at the balance sheet date unpaid interest and management charges totalling £321,018 (2022: £297,114) were owed to Hastings Borough Council.

10. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.