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COMPANY REGISTRATION NUMBER: 09622316
HMO PROPERTY INVESTMENTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 August 2023
HMO PROPERTY INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 August 2023
2023
2022
(restated)
Note
£
£
Fixed Assets
Tangible assets
4
1,150,000
1,150,000
Current Assets
Debtors
5
8,661
9,375
Cash at bank and in hand
16,559
8,588
---------
---------
25,220
17,963
Creditors: amounts falling due within one year
6
180,630
197,697
-----------
-----------
Net Current Liabilities
155,410
179,734
--------------
--------------
Total Assets Less Current Liabilities
994,590
970,266
Creditors: amounts falling due after more than one year
7
1,029,883
939,062
Provisions
Taxation including deferred tax
82,500
82,500
--------------
-----------
Net Liabilities
( 117,793)
( 51,296)
--------------
-----------
HMO PROPERTY INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 August 2023
2023
2022
(restated)
Note
£
£
Capital and Reserves
Called up share capital
100
100
Revaluation reserve
488,623
488,623
Profit and loss account
( 606,516)
( 540,019)
-----------
-----------
Shareholders Deficit
( 117,793)
( 51,296)
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 6 November 2023 , and are signed on behalf of the board by:
J D Sukroo
Director
Company registration number: 09622316
HMO PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bellamy, Cambridge Road, Puckeridge, Hertfordshire, SG11 1SA.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Changes in Accounting Policies
The company has applied FRS 102 s1A after previously applying FRS 105. Investment property has been revalued and deferred tax applied accordingly.
Revenue Recognition
Turnover for the year represents the amounts invoiced in respect of rental income.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Investment Property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
4. Tangible Assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 September 2022 (as restated) and 31 August 2023
1,150,000
3,558
1,153,558
--------------
--------
--------------
Depreciation
At 1 September 2022 and 31 August 2023
3,558
3,558
--------------
--------
--------------
Carrying amount
At 31 August 2023
1,150,000
1,150,000
--------------
--------
--------------
At 31 August 2022
1,150,000
1,150,000
--------------
--------
--------------
Included within the above is investment property as follows:
£
--------------
At 1 September 2022 and 31 August 2023
1,150,000
--------------
Investment property has been professionally valued at market value.
5. Debtors
2023
2022
(restated)
£
£
Trade debtors
714
Other debtors
8,661
8,661
--------
--------
8,661
9,375
--------
--------
6. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
10,572
14,430
Other creditors
170,058
183,267
-----------
-----------
180,630
197,697
-----------
-----------
7. Creditors: amounts falling due after more than one year
2023
2022
(restated)
£
£
Other creditors
1,029,883
939,062
--------------
-----------
8. Other Financial Commitments
Borrowing totalling £848,400 (2022-£750,294) is secured against the investment property.