Registered number
05734696
Hillside Lodgings Ltd
Filleted Accounts
31 March 2023
Hillside Lodgings Ltd
Registered number: 05734696
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 454,092 440,879
Current assets
Debtors 4 20,844 24,972
Cash at bank and in hand 16,572 41,687
37,416 66,659
Creditors: amounts falling due within one year 5 (1,534) (9,219)
Net current assets 35,882 57,440
Total assets less current liabilities 489,974 498,319
Creditors: amounts falling due after more than one year 6 (180,189) (180,001)
Net assets 309,785 318,318
Capital and reserves
Called up share capital 2 2
Revaluation reserve 7 217,000 217,000
Profit and loss account 92,783 101,316
Shareholders' funds 309,785 318,318
The directors are 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 directors acknowledge their 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.
Mrs J Mitch
Director
Approved by the board on 22 November 2023
Hillside Lodgings Ltd
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
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Freehold buildings not depreciated
Plant and machinery over 5 years
No depreciation has been provided on the freehold building as the property has been revalued based on the estimated market value on the basis of fair value, any depreciation would be immaterial.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and 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 initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 440,051 1,099 26,550 467,700
Additions 12,866 707 - 13,573
At 31 March 2023 452,917 1,806 26,550 481,273
Depreciation
At 1 April 2022 - 272 26,549 26,821
Charge for the year - 360 - 360
At 31 March 2023 - 632 26,549 27,181
Net book value
At 31 March 2023 452,917 1,174 1 454,092
At 31 March 2022 440,051 827 1 440,879
4 Debtors 2023 2022
£ £
Trade debtors 1,767 4,503
Other debtors 19,077 20,469
20,844 24,972
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 3,000
Trade creditors - 2,408
Taxation and social security costs 10 3,740
Other creditors 1,524 71
1,534 9,219
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 180,189 180,001
7 Revaluation reserve 2023 2022
£ £
At 1 April 2022 217,000 -
Gain on revaluation of land and buildings - 217,000
At 31 March 2023 217,000 217,000
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mrs J Mitch and Mr M Mitch
Directors Loan (71) 11,259 (12,360) (1,172)
(71) 11,259 (12,360) (1,172)
9 Related party transactions
Included within other creditors is the amount of £1,172 (2022 - £71) owed to the directors. This amount is undated, unsecured and repayable upon demand.
10 Other information
Hillside Lodgings Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1 The Briars
Waterberry Drive
Waterlooville
Hampshire
PO7 7YH
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