REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 |
FOR |
HBMS PROPERTY LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. | FIXED ASSET INVESTMENTS |
Interest |
in joint |
venture |
£ |
COST |
At 1 November 2021 |
and 31 October 2022 |
NET BOOK VALUE |
At 31 October 2022 |
At 31 October 2021 |
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 |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.22 | 31.10.21 |
£ | £ |
Trade creditors |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.22 | 31.10.21 |
£ | £ |
Other creditors |
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. |