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Registration number: 05040423

Hutton Property Management Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Hutton Property Management Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Hutton Property Management Limited

(Registration number: 05040423)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,779,355

2,780,245

Current assets

 

Debtors

5

6,678

14,615

Cash at bank and in hand

 

2,417

5,571

 

9,095

20,186

Creditors: Amounts falling due within one year

6

(169,628)

(146,575)

Net current liabilities

 

(160,533)

(126,389)

Total assets less current liabilities

 

2,618,822

2,653,856

Creditors: Amounts falling due after more than one year

6

(1,207,686)

(1,340,037)

Net assets

 

1,411,136

1,313,819

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

1,410,136

1,312,819

Shareholders' funds

 

1,411,136

1,313,819

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 October 2023 and signed on its behalf by:
 

.........................................
Mr C Hutton
Director

 

Hutton Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
Hutton Business Park
Bentley Moor Lane
Carcroft
Doncaster
South Yorkshire
DN6 7BD

These financial statements were authorised for issue by the Board on 17 October 2023.

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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 income 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.

 

Hutton Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

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

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

25% reducing balance per annum

Fixtures and Fittings

15% reducing balance per annum

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Hutton Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

2,774,750

24,163

2,798,913

At 31 March 2023

2,774,750

24,163

2,798,913

Depreciation

At 1 April 2022

-

18,668

18,668

Charge for the year

-

890

890

At 31 March 2023

-

19,558

19,558

Carrying amount

At 31 March 2023

2,774,750

4,605

2,779,355

At 31 March 2022

2,774,750

5,495

2,780,245

Included within the net book value of land and buildings above is £2,774,750 (2022 - £2,774,750) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's freehold land and buildings was revalued on 18 April 2019 by an independent valuer.
The basis of this valuation was open market value. The directors believe that this still reflects a fair market value at the year end. The name and qualification of the independent valuer are Colliers International Valuation UK LLP.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £2,766,549 (2022 - £2,766,549).

 

Hutton Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Debtors

2023
£

2022
£

Trade debtors

5,355

6,787

Other debtors

1,000

7,500

Prepayments

323

328

6,678

14,615

 

Hutton Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

15,000

15,000

Trade creditors

 

1,243

1,026

Amounts owed to related parties

623

623

Taxation and social security

 

99,321

47,734

Income tax liability

 

36,767

38,813

Other creditors

 

13,519

13,519

Accrued expenses

 

3,155

29,860

 

169,628

146,575

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

1,092,460

1,107,460

Other non-current financial liabilities

 

115,226

232,577

 

1,207,686

1,340,037

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,092,460

1,107,460

2023
£

2022
£

Current loans and borrowings

Bank borrowings

15,000

15,000

The bank borrowings of £1,107,460 (2022 £1,122,460) is secured by a fixed and floating charge over all the assets.

 

Hutton Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Parent and ultimate parent undertaking

The company's immediate parent is C H Power Tools Limited, incorporated in England.