Company registration number 04843586 (England and Wales)
HOPKINS PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
HOPKINS PROPERTIES LIMITED
COMPANY INFORMATION
Directors
Mr R A Hopkins
Mrs S M Hopkins
Company number
04843586
Registered office
15 Ropner Gardens
Middleton St George
Darlington
County Durham
DL2 1FB
Accountants
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
HOPKINS PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
HOPKINS PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,527
2,441
Investment property
4
4,394,277
4,332,291
4,395,804
4,334,732
Current assets
Debtors
5
528,958
519,597
Cash at bank and in hand
54,391
72,308
583,349
591,905
Creditors: amounts falling due within one year
6
(21,013)
(70,787)
Net current assets
562,336
521,118
Total assets less current liabilities
4,958,140
4,855,850
Creditors: amounts falling due after more than one year
7
(3,357,979)
(3,222,695)
Provisions for liabilities
9
(9,379)
(7,128)
Net assets
1,590,782
1,626,027
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
1,590,682
1,625,927
Total equity
1,590,782
1,626,027

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 31 March 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.

HOPKINS PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 November 2023 and are signed on its behalf by:
Mr R A Hopkins
Director
Company registration number 04843586 (England and Wales)
HOPKINS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Hopkins Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Ropner Gardens, Middleton St George, Darlington, County Durham, DL2 1FB.

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 UK sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rents receivable in accordance with the underlying property leases.

1.3
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:

Computer equipment
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

The methods and significant assumptions used to ascertain the fair value of £4,394,277 and fair value movement of £Nil credited to the profit/loss for the year are as follows:

 

The investment properties have been valued at fair value based on estimates by the directors

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
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.

HOPKINS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation

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

 

Current and deferred taxation assets and liabilities are not discounted.

Current tax

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 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.

1.8
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.9
Government grants

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

 

Grants in respect of revenue expenditure are credited to revenue in order to match the income against the expenditure to which the grant relates.

1.10

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.11

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

HOPKINS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
2
Employees

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

2023
2022
Number
Number
Total
4
4
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 April 2022 and 31 March 2023
4,408
Depreciation and impairment
At 1 April 2022
1,967
Depreciation charged in the year
914
At 31 March 2023
2,881
Carrying amount
At 31 March 2023
1,527
At 31 March 2022
2,441
4
Investment property
2023
£
Fair value
At 1 April 2022
4,332,291
Additions
61,986
At 31 March 2023
4,394,277
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
3,779,720
3,717,734
Accumulated depreciation
-
-
Carrying amount
3,779,720
3,717,734
HOPKINS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
133,591
125,887
Other debtors
380,620
383,165
Prepayments and accrued income
14,412
10,344
528,623
519,396
Deferred tax asset (note )
335
201
528,958
519,597
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
508
1,503
Corporation tax
-
0
47,983
Other taxation and social security
583
670
Other creditors
16,330
16,383
Accruals and deferred income
3,592
4,248
21,013
70,787
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
8
3,357,979
3,222,695
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
3,068,265
3,222,695
8
Loans and overdrafts
2023
2022
£
£
Bank loans
3,357,979
3,222,695
Payable after one year
3,357,979
3,222,695

The bank loans are secured by fixed charges over the company's investment properties.

HOPKINS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
9,379
7,128
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases of property
2023
2022
£
£
Key management personnel
60,000
-
12
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
R A & S M Hopkins
2.00
383,165
42,302
(44,847)
380,620
383,165
42,302
(44,847)
380,620

Interest is chargeable on the above loan using the HMRC official rate of interest which is noted above for the year in question. During the year interest of £8,166 (2022 £6,999) was charged and which remained unpaid at the year end.

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