Company Registration No. 06273180 (England and Wales)
HBL PROPERTY DEVELOPMENT LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
LB GROUP
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
HBL PROPERTY DEVELOPMENT LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
HBL PROPERTY DEVELOPMENT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
840,000
840,000
Current assets
Debtors
4
24,975
14,548
Cash at bank and in hand
58,310
61,184
83,285
75,732
Creditors: amounts falling due within one year
5
(232,863)
(222,694)
Net current liabilities
(149,578)
(146,962)
Total assets less current liabilities
690,422
693,038
Creditors: amounts falling due after more than one year
6
(215,883)
(264,390)
Net assets
474,539
428,648
Capital and reserves
Called up share capital
150
150
Profit and loss reserves
474,389
428,498
Total equity
474,539
428,648

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 15 September 2023 and are signed on its behalf by:
Mr N S Badesha
Mr B S Badesha
Director
Director
Company Registration No. 06273180
HBL PROPERTY DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

HBL Property Development Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Octagon Suite E2, 2nd Floor Middleborough, Colchester, Essex, CO1 1TG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

HBL PROPERTY DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
3
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
840,000

Investment property comprises £840,000. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
22,853
14,548
Other debtors
2,122
-
0
24,975
14,548
HBL PROPERTY DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
34,562
31,604
Trade creditors
14,220
4,084
Corporation tax
10,764
11,427
Other taxation and social security
4,436
3,577
Other creditors
168,881
172,002
232,863
222,694

A legal charge held by The Royal Bank of Scotland PLC dated 28 September 2007 exists over the properties.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
215,883
264,390

A legal charge held by The Royal Bank of Scotland PLC dated 28 September 2007 exists over the properties.

7
Directors' transactions

No guarantees have been given or received.

2023-03-312022-04-01false15 September 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr N S BadeshaMr B S BadeshaMr S S BadeshaMrs H K Badeshafalse062731802022-04-012023-03-31062731802023-03-31062731802022-03-3106273180core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3106273180core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3106273180core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3106273180core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3106273180core:CurrentFinancialInstruments2023-03-3106273180core:CurrentFinancialInstruments2022-03-3106273180core:ShareCapital2023-03-3106273180core:ShareCapital2022-03-3106273180core:RetainedEarningsAccumulatedLosses2023-03-3106273180core:RetainedEarningsAccumulatedLosses2022-03-3106273180bus:Director12022-04-012023-03-3106273180bus:Director22022-04-012023-03-31062731802021-04-012022-03-31062731802022-03-3106273180core:WithinOneYear2023-03-3106273180core:WithinOneYear2022-03-3106273180core:Non-currentFinancialInstruments2023-03-3106273180core:Non-currentFinancialInstruments2022-03-3106273180bus:PrivateLimitedCompanyLtd2022-04-012023-03-3106273180bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3106273180bus:FRS1022022-04-012023-03-3106273180bus:AuditExemptWithAccountantsReport2022-04-012023-03-3106273180bus:Director32022-04-012023-03-3106273180bus:CompanySecretary12022-04-012023-03-3106273180bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP