REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
HASTINGS HOUSING COMPANY LTD |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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 |
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 |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Revaluations | 9,100 |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Deferred income |
Accrued expenses |
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 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |