Registered number
10533437
HRC ESTATE LTD
Filleted Accounts
31 December 2022
HRC ESTATE LTD
Registered number: 10533437
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 16,616,680 11,218,355
Current assets
Debtors 4 1,089,916 672,251
Cash at bank and in hand 1,883,637 48,912
2,973,553 721,163
Creditors: amounts falling due within one year 5 (58,217) (293,525)
Net current assets 2,915,336 427,638
Total assets less current liabilities 19,532,016 11,645,993
Creditors: amounts falling due after more than one year 6 (14,157,482) (6,018,229)
Net assets 5,374,534 5,627,764
Capital and reserves
Called up share capital 5,379,571 5,379,571
Profit and loss account (5,037) 248,193
Shareholders' funds 5,374,534 5,627,764
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Raheel Choudhary
Director
Approved by the board on 20 October 2023
HRC ESTATE LTD
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the renting properties. Turnover from the renting properties is recognised in the Profit & Loss Account when it falls due.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery inlcudes the integral feature in a commercial property, depreciated over the useful econmic life.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 2 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2022 11,218,355 - 11,218,355
Additions 5,343,454 68,589 5,412,043
At 31 December 2022 16,561,809 68,589 16,630,398
Depreciation
Charge for the year - 13,718 13,718
At 31 December 2022 - 13,718 13,718
Net book value
At 31 December 2022 16,561,809 54,871 16,616,680
At 31 December 2021 11,218,355 - 11,218,355
4 Debtors 2022 2021
£ £
Trade debtors - 12,303
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,027,727 659,948
Other debtors 62,189 -
1,089,916 672,251
5 Creditors: amounts falling due within one year 2022 2021
£ £
Accruals 3,639 3,639
Bank loans and overdrafts 10,648 259,210
Trade creditors 6,417 (35,087)
Director's loan account 5,804 74
Taxation and social security costs 14,489 52,943
Other creditors 17,220 -
Accrued income - 12,746
58,217 293,525
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 8,043,822 5,471,113
Amounts owed to group undertakings and undertakings in which the company has a participating interest 5,763,659 547,116
Other creditors (private loan) 350,001 -
14,157,482 6,018,229
7 Other information
HRC ESTATE LTD is a private company limited by shares and incorporated in England. Its registered office is:
4 Wangey Road
Chadwell Heath
Romford
RM6 4DD
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