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REGISTERED NUMBER: 10860478 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

FOR

HBMS PROPERTY LIMITED

HBMS PROPERTY LIMITED (REGISTERED NUMBER: 10860478)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HBMS PROPERTY LIMITED

COMPANY INFORMATION
for the Year Ended 31 October 2022







DIRECTORS: Ms A J Hills-Balfour
J M V Mills
J A Sloan
P Balfour





REGISTERED OFFICE: 10 London Mews
London
W2 1HY





REGISTERED NUMBER: 10860478 (England and Wales)





ACCOUNTANTS: Stein Richards
Chartered Accountants
10 London Mews
Paddington
LONDON
W2 1HY

HBMS PROPERTY LIMITED (REGISTERED NUMBER: 10860478)

BALANCE SHEET
31 October 2022

31.10.22 31.10.21
Notes £    £    £    £   
FIXED ASSETS
Investments 4 1,968,000 1,968,000

CURRENT ASSETS
Debtors 5 3,467,769 2,219,061
Cash at bank 149,311 9,418
3,617,080 2,228,479
CREDITORS
Amounts falling due within one year 6 12,369 2,528
NET CURRENT ASSETS 3,604,711 2,225,951
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,572,711

4,193,951

CREDITORS
Amounts falling due after more than one
year

7

3,758,712

2,350,289
NET ASSETS 1,813,999 1,843,662

CAPITAL AND RESERVES
Called up share capital 213 213
Share premium 1,967,787 1,967,787
Retained earnings (154,001 ) (124,338 )
1,813,999 1,843,662

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HBMS PROPERTY LIMITED (REGISTERED NUMBER: 10860478)

BALANCE SHEET - continued
31 October 2022


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 November 2023 and were signed on its behalf by:




J M V Mills - Director



P Balfour - Director


HBMS PROPERTY LIMITED (REGISTERED NUMBER: 10860478)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2022

1. STATUTORY INFORMATION

HBMS Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The financial statements have been prepared on the going concern basis as the directors believe that adequate cash resources will be available to cover the company's requirements for working capital and capital expenditure for at least the next twelve months.

Turnover
Turnover is in respect of rental income and is recognised on a straight line basis over the terms of the lease.

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like other debtors and creditors and loans to related parties.

The basic financial debtors and liabilities as listed above 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 payments/receipts discounted at a market rate of interest. Such instruments are subsequently carried at amortised costs using the effective interest method, less any impairment. An impairment review is undertaken annually at the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Investment in joint venture
Investments in joint ventures are accounted for by the cost model.

HBMS PROPERTY LIMITED (REGISTERED NUMBER: 10860478)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2022

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

4. FIXED ASSET INVESTMENTS
Interest
in joint
venture
£   
COST
At 1 November 2021
and 31 October 2022 1,968,000
NET BOOK VALUE
At 31 October 2022 1,968,000
At 31 October 2021 1,968,000

The investment in joint venture is accounted for at cost less any accumulated impairment losses.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.22 31.10.21
£    £   
Amounts owed by joint ventures 3,466,843 2,216,843
Other debtors 926 2,218
3,467,769 2,219,061

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.22 31.10.21
£    £   
Trade creditors 2,988 433
Other creditors 9,381 2,095
12,369 2,528

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.22 31.10.21
£    £   
Other creditors 3,758,712 2,350,289

8. CONTINGENT LIABILITIES

HSBC Bank PLC has a fixed and floating charge over all the company's assets including its investment in the joint venture.

HBMS PROPERTY LIMITED (REGISTERED NUMBER: 10860478)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2022

9. RELATED PARTY DISCLOSURES

Directors
As at 31 October 2022 the company owed its directors the sum of £3,758,712 (2021: £2,350,289). No interest is payable on the loans.

Joint Venture
As at 31 October 2022 the company was owed £3,466,843 (2021: £2,216,843) from a corporate entity in which it owns 50% of the shares. The loan is repayable on demand and no interest is charged.