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Registration number: 04082324

Hillcroft Estates Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Hillcroft Estates Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 6

 

Hillcroft Estates Limited

(Registration number: 04082324)
Balance Sheet as at 31 March 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Investment property

4

 

1,100,000

 

1,100,000

Current assets

   

 

Debtors

5

942

 

-

 

Cash at bank and in hand

 

92,142

 

92,324

 

 

93,084

 

92,324

 

Creditors: Amounts falling due within one year

6

(86,129)

 

(85,313)

 

Net current assets

   

6,955

 

7,011

Total assets less current liabilities

   

1,106,955

 

1,107,011

Provisions for liabilities

 

(31,000)

 

(31,000)

Net assets

   

1,075,955

 

1,076,011

Capital and reserves

   

 

Called up share capital

7

3

 

3

 

Profit and loss account - non distributable

495,572

 

495,572

 

Profit and loss account

580,380

 

580,436

 

Total equity

   

1,075,955

 

1,076,011

 

Hillcroft Estates Limited

(Registration number: 04082324)
Balance Sheet as at 31 March 2023

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 3 October 2023 and signed on its behalf by:

.........................................

R S Holmes

Director

 

Hillcroft Estates Limited

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
17 Cottingley Drive
Bingley
BD16 1ND

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 were prepared in accordance with Financial Reporting Standard 102 including the disclosure and presentation requirements of Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 company's functional and presentation currency is pound sterling.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of rents and service charges.

The company recognises revenue when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

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 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers 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.

 

Hillcroft Estates Limited

Notes to the 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.

Financial instruments


Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 3 (2022 - 3).

 

Hillcroft Estates Limited

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

4

Investment properties

2023
£

At 1 April 2021

1,100,000

At 31 March 2022

1,100,000

5

Debtors

Current

2023
£

2022
£

Trade debtors

-

-

Prepayments

942

-

 

942

-

6

Creditors

2023
£

2022
£

Due within one year

Loans and borrowings

63,238

63,238

Taxation and social security

17,048

16,411

Accruals and deferred income

1,315

1,664

Other creditors

4,528

4,000

86,129

85,313

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

3

3

3

3

         

8

Related party transactions

Key management personnel

Expenditure with and payables to related parties

2023

Key management
£

Amounts payable to related party

63,238

 

Hillcroft Estates Limited

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

2022

Key management
£

Amounts payable to related party

63,238

Loans to related parties

2022

Other related parties
£

Total
£

At start of period

(68,470)

(68,470)

Advanced

31,776

31,776

Repaid

(29,813)

(29,813)

Impairment

66,507

66,507

At end of period

-

-