Company registration number 4359628 (England and Wales)
HPP ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
HPP ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
HPP ESTATES LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
11,104
22,527
Investment property
5
4,749,779
4,716,213
4,760,883
4,738,740
Current assets
Debtors
6
403,311
250,900
Cash at bank and in hand
620
5,913
403,931
256,813
Creditors: amounts falling due within one year
7
(172,199)
(377,300)
Net current assets/(liabilities)
231,732
(120,487)
Total assets less current liabilities
4,992,615
4,618,253
Creditors: amounts falling due after more than one year
8
(59,862)
(66,965)
Provisions for liabilities
(8,001)
(8,768)
Net assets
4,924,752
4,542,520
Capital and reserves
Called up share capital
9
1,000
1,000
Revaluation reserve
245,840
245,840
Profit and loss reserves
4,677,912
4,295,680
Total equity
4,924,752
4,542,520

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

HPP ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 November 2023 and are signed on its behalf by:
S M Hill
Director
Company Registration No. 4359628
HPP ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

HPP Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Scottfield Road, Oldham, OL8 1LA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention modified to include the revaluation of investment properties.The principal accounting policies adopted are set out below.

1.2
Going concern

The company is reliant upon the continued financial support of truea connected company, Hill's Panel Products Limited, and its bankers.

 

The company's directors are also directors of Hill's Panel Products Limited and have confirmed that this company will continue to provide financial support to HPP Estates Limited for the foreseeable future. The directors are not aware of any reasons as to why the bank's support will not continue for the same period.

 

The directors consider that in preparing the financial statements they have taken into account all the information that could reasonably be expected to be available.

 

On this basis, they consider that it is appropriate to prepare the financial statements on the going concern basis.

1.3
Turnover

Turnover represents amounts receivable for rent net of VAT and feed in tariff income from solar panels.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10% straight line
1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

HPP ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on the profit for the year. The company's liability for corporation tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it s probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

Deferred tax is calculated at the rates that are expected to apply in the period when the liability is settled or the asset is realised.

 

Deferred tax assets and liabilities are not discounted.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

HPP ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 and 28 February 2023
172,998
Depreciation and impairment
At 1 March 2022
150,471
Depreciation charged in the year
11,423
At 28 February 2023
161,894
Carrying amount
At 28 February 2023
11,104
At 28 February 2022
22,527
5
Investment property
2023
£
Fair value
At 1 March 2022
4,716,213
Additions
33,566
At 28 February 2023
4,749,779
HPP ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
5
Investment property
(Continued)
- 6 -

The company's main investment properties are situated at Scottfield Road, Oldham.

 

The above properties have been recognised in the balance sheet at their estimated fair value of £4,041,811. The fair value has been estimated by the directors of the company based on external valuations undertaken in November 2018 by a third party professional valuer. This value is considered to be a reasonable estimate of the fair value of the properties at the balance sheet date.

 

At 28 February 2023 the total historical cost of the above properties amounted to £3,881,661 (2022: £3,881,661).

 

The company's investment property at Moore Edge Lodge, Hemel Hempstead was revalued at an estimated fair value of £325,000 by the directors on 28 February 2013. This valuation was incorporated into the balance sheet at 28 February 2013 and is still considered to be appropriate by the directors at the current balance sheet date. The historical cost of this property is £239,310 (2022: £239,310).

 

The company's investment property at 56 High Street, Uppermill has been recognised in the balance sheet at its historic cost of £382,968 (2022: £349,402). The directors are of the opinion that the historic cost of the property represents a reasonable estimate of the fair value of the property at the balance sheet date.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,833
-
0
Other debtors
399,478
250,900
403,311
250,900

Other debtors include amounts owed by a connected company of £262,698 (2022: £250,900).

 

Also included in Other debtors are loans advanced to the directors of the company amounting to £114,410 (2022: £nil).

7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
7,080
7,080
Corporation tax
92,267
88,087
Other taxation and social security
22,940
22,731
Other creditors
49,912
259,402
172,199
377,300

Included in Other creditors is a loan of £46,678 (2021: £188,658) owed to a connected company.

HPP ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
59,862
66,965

The company's bank borrowings are secured by:-

 

i) A first legal charge over the land and property at Scottfield Road, Oldham,

 

ii) A first legal charge over the company's investment property at 44 Moor Edge Lodge, Hemel Hempstead, and

 

iii) A fixed and floating charge over the assets of the company.

 

Amounts included above which fall due after five years are as follows:
Payable by instalments
31,542
38,645
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
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