Registered number
04481780
HHFM Limited
Helen Harding Family Memorial
Filleted Accounts
31 March 2023
HHFM Limited
Registered number: 04481780
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets - -
Tangible assets 3 529,495 503,596
Investments 6 - -
529,495 503,596
Current assets
Stocks - -
Debtors 4 3,365 563
Investments held as current assets 8 - -
Cash at bank and in hand 5,704 5,537
9,069 6,100
Creditors: amounts falling due within one year 5 (949) (595)
Net current assets 8,120 5,505
Total assets less current liabilities 537,615 509,101
Creditors: amounts falling due after more than one year 6 (603,104) (560,375)
Provisions for liabilities - -
Net liabilities (65,489) (51,274)
Capital and reserves
Called up share capital 100 100
Share premium - -
Revaluation reserve 8 - -
Profit and loss account (65,589) (51,374)
Shareholders' funds (65,489) (51,274)
The director is 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 director acknowledges his 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.
Richard J Harding
Director
Approved by the board on 25 October 2023
HHFM Limited
Notes to the Accounts
for the year ended 31 March 2023
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
The Company has no external turnover as holiday rental is prohibited under Spanish Tourism Law.
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 over 4 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
The company carries no stock and this will not change.
Debtors
The Company has no trade debtors as it has no Income. 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 recognised at transaction price net of any transaction costs and subject to accrued interest charges incurred where applicable
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.
Foreign currency translation
The accounts for the property owned by the company in Camp de Mar Mallorca, are wholly maintained in Euros. At the end of the reporting period the Profit and Loss Account is converted to Sterling at the average rate for the year and exchange gains or losses compared with the year end rate are transferred to Other Operating Income in the P&L/charged to P&L as applicable. The Balance Sheet is converted to sterling at the closing rate for the year. Any difference from the previous year is deemed due to temporary fluctuations in exchange rates and does not result in any cash flow as gains/losses are unrealised. The exchange difference is therefore transferred to/from a foreign currency revaluation reserve included with other Debtors/Creditors as applicable. The Euro Balance Sheet Net Assets at 1 April 2016 = zero so subsequent currency gains/losses on the assets and liabilities have likewise been broadly equal and opposite.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 503,596 18,185 - 521,781
Additions - - - -
Surplus on revaluation 25,899 780 - 26,679
Disposals - - - -
At 31 March 2023 529,495 18,965 - 548,460
Depreciation
At 1 April 2022 - 18,185 - 18,185
Charge for the year - - - -
Surplus on revaluation - 780 - 780
On disposals - - - -
At 31 March 2023 - 18,965 - 18,965
Net book value
At 31 March 2023 529,495 - - 529,495
At 31 March 2022 503,596 - - 503,596
Freehold land and buildings: 2023 2022
£ £
Historical cost 511,074 511,074
Cumulative depreciation based on historical cost - -
511,074 511,074
[For revalued assets, state the years in which the assets were valued and their values. For assets revalued during the reporting period, state the names of the persons who revalued them or particulars of their qualifications for doing so and the bases of valuation used by them.]
4 Debtors 2023 2022
£ £
Trade debtors - -
Amounts owed by group undertakings and undertakings in which the company has a participating interest - -
Deferred tax asset - -
Other debtors (Including F/C Revaluation) 3,365 563
3,365 563
Amounts due after more than one year included above - -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Non-equity preference shares - -
Bank loans and overdrafts - -
Obligations under finance lease and hire purchase contracts - -
Trade creditors - -
Amounts owed to group undertakings and undertakings in which the company has a participating interest - -
Taxation and social security costs - -
Other creditors (Including F/C Revaluation) 949 595
949 595
6 Creditors: amounts falling due after one year 2023 2022
£ £
Non-equity preference shares - -
Bank loans - -
Obligations under finance lease and hire purchase contracts - -
Trade creditors - -
Amounts owed to group undertakings and undertakings in which the company has a participating interest - -
Other creditors 603,104 560,375
603,104 560,375
7 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 603,104 560,375
Instalments falling due for payment after more than five years - -
603,104 560,375
Secured bank loans - -
Property Loans
The property purchase was financed by loans from close family members totalling £456584 Euro element as revalued - (2022 £ 465683 Excluding Interest accrued and current accounts, which, are due to be repaid on demand but in reality, the balance is deferred until the eventual sale of the property owned by the company.
The loans in part, originated in GBP £279,397 dating back to 2003 when the company first owned a UK Holiday Rentals property
Interest accrued on the loans since June 2003 now amounts to £110,487 (2022 £102,363) The Director has approved that interest shall be accrued (but not paid) on Loan capital this year at UK base rate. The director however, waives his right to accrue interest on his own loan to the company.
Total Current Accounts bear a net credit balance of £-7111 (2022 net credit £-2037 )
Detailed Loan Balances (Including Accrued Interest and Current Accounts - Euro element all at exchange rate Mar 2023 and subject to revaluation amount shown during the year) Due to:
Rhianna S Harding (120,276) (117,568)
Daniel R Harding (120,276) (117,568)
Madelaine M Harding (120,276) (117,568)
Richard J Harding (213,354) (217,380)
Current Year revaluation due to lower GBP:Euro Y/E exchange rate Mar 2023 1.1375 (2022 1.1960 higher 2021 1.1755) (28,922) 9,709
(603,104) (560,375)
8 Revaluation reserve 2023 2022
£ £
At 1 April 2022 - -
Gain on revaluation of land and buildings - -
Deferred taxation arising on the revaluation of land and buildings - -
At 31 March 2023 - -
9 Events after the reporting date
There have been no significant events since the Balance Sheet date.
10 Capital commitments 2023 2022
£ £
Amounts contracted for but not provided in the accounts - -
11 Pension commitments
There are no pension commitments - the company has no paid Directors or Employees
12 Contingent liabilities
The company has no contingent liabilities
13 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
There have not been any loans to directors either during or outstanding at the end of the year.
14 Guarantees made by the company on behalf of directors
Main terms Maximum Amount paid
liability and incurred
£ £
The company has not given any guarantees on behalf of the directors
15 Related party transactions
RJHarding's current account expenditure on running expenses/obligations, increased by funding required and also increasing the company Sabadell Euro Bank balance: Total expenditure for the year amounting to £5975 during the year. (2022 £8849).
5,975
16 Controlling party
Richard J Harding is the ultimate controlling party by virtue of his shareholding.
17 Other information
HHFM Limited is a private company limited by shares and incorporated in England. Its registered office is:
43 Welcomes Road
Kenley
Surrey
CR8 5HA
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