Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31052866492022-04-01falseproperty investment33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05286649 2022-04-01 2023-03-31 05286649 2021-04-01 2022-03-31 05286649 2023-03-31 05286649 2022-03-31 05286649 c:Director1 2022-04-01 2023-03-31 05286649 d:FurnitureFittings 2022-04-01 2023-03-31 05286649 d:FurnitureFittings 2023-03-31 05286649 d:FurnitureFittings 2022-03-31 05286649 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05286649 d:FreeholdInvestmentProperty 2022-04-01 2023-03-31 05286649 d:FreeholdInvestmentProperty 2023-03-31 05286649 d:FreeholdInvestmentProperty 2022-03-31 05286649 d:CurrentFinancialInstruments 2023-03-31 05286649 d:CurrentFinancialInstruments 2022-03-31 05286649 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05286649 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 05286649 d:ShareCapital 2023-03-31 05286649 d:ShareCapital 2022-03-31 05286649 d:RevaluationReserve 2023-03-31 05286649 d:RevaluationReserve 2022-03-31 05286649 d:RetainedEarningsAccumulatedLosses 2023-03-31 05286649 d:RetainedEarningsAccumulatedLosses 2022-03-31 05286649 c:OrdinaryShareClass1 2022-04-01 2023-03-31 05286649 c:OrdinaryShareClass1 2023-03-31 05286649 c:FRS102 2022-04-01 2023-03-31 05286649 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 05286649 c:FullAccounts 2022-04-01 2023-03-31 05286649 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure
 Registered number: 05286649














HILBY LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
HILBY LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 7


 
HILBY LIMITED
REGISTERED NUMBER:05286649

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
185,903
232,379

Investment property
 5 
6,394,563
6,300,000

  
6,580,466
6,532,379

Current assets
  

Debtors: amounts falling due within one year
 6 
1,744,270
1,716,614

Cash at bank and in hand
 7 
830
3,043

  
1,745,100
1,719,657

Creditors: amounts falling due within one year
 8 
(9,555,923)
(9,452,260)

Net current liabilities
  
 
 
(7,810,823)
 
 
(7,732,603)

Total assets less current liabilities
  
(1,230,357)
(1,200,224)

  

Net liabilities
  
(1,230,357)
(1,200,224)


Capital and reserves
  

Called up share capital 
 9 
2
2

Non-distributable profit and loss reserve
  
(1,680,795)
(1,680,795)

Profit and loss account
  
450,436
480,569

  
(1,230,357)
(1,200,224)


1

 
HILBY LIMITED
REGISTERED NUMBER:05286649
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
G A Lee
Director

Date: 18 December 2023

The notes on pages 3 to 7 form part of these financial statements.

2

 
HILBY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Hilby Limited is principally engaged in property investment.

The company is a private limtied company and is registered in England and Wales. The address of its registered office and principal place of business is Grove Lodge, 287 Regents Park Road, London, N3 3JY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Going concern

The parent companies have committed to continue to provide necessary funding in order for the company to maintain operations and meet liabilities in full for at least the next 12 months. On this basis, the directors are satisfied that the financial statements should be prepared on a going concern basis.

 
2.3

Turnover

Turnover represents amounts receivable for the rental of investment property.
 
 
2.4

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

3

 
HILBY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment.
 
 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.9

Creditors

Short-term creditors are measured at the transaction price.

 
2.10

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties.

 
2.11

 Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

4

 
HILBY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.12

 Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 April 2022
353,643



At 31 March 2023

353,643



Depreciation


At 1 April 2022
121,264


Charge for the year on owned assets
46,476



At 31 March 2023

167,740



Net book value



At 31 March 2023
185,903



At 31 March 2022
232,379

5

 
HILBY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
6,300,000


Additions at cost
94,563



At 31 March 2023
6,394,563

The 2023 valuations were made by the directors, on an open market value for existing use basis.



If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
2023
2022
£
£


Historic cost
8,075,358
7,980,795


6.


Debtors

2023
2022
£
£


Trade debtors
14,985
49,243

Amounts owed by group undertakings
1,671,738
1,526,260

Other debtors
34,919
122,235

Prepayments and accrued income
22,628
18,876

1,744,270
1,716,614



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
830
3,043


6

 
HILBY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Parent company loan
4,700,000
4,700,000

Trade creditors
36,000
85,812

Amounts owed to group undertakings
2,221,849
2,181,600

Corporation tax
-
16,953

Other taxation and social security
16,610
-

Other creditors
2,527,832
2,408,333

Accruals and deferred income
53,632
59,562

9,555,923
9,452,260


At 31 March 2023, the contingent liability, for which the company is jointly and severally liable, in respect of the intercompany unlimited cross guarantees amounted to £5,009,578 (2022 - £5,218,682).
 
At 31 March 2023, there are intercompany unlimited cross guarantees between the following companies, of which G A Lee is a director:
 
Kerrington Property Services Limited, Eldington Holdings Limited, Kerrington (Grove Lodge) Limited, Kerrington Limited, Vista Estates Limited, Fletcher Gate Limited, Hilby Limited and Kerrington Growth Limited.


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2  Ordinary shares of £1 each
2
2

There is one class of share. There are no restrictions on the distribution of dividends and the repayment of capital.


10.


Related party transactions

At the year end, the company owed £4,700,000 (2022 - £4,700,000) to Kerrinton Limited, a 50% shareholder, in relation to a loan repayable on demand with the effective interest rate of 3%. At the year end, the company owed £1,318,722 (2022 - £1,279,828) to Kerrington Limited. The loan in interest free and repayable on demand.

During the year, the company was charged £242,694 (2022 - £131,041) by Eldington Holdings Limited, the ultimate parent company, in respect of bank loan arrangement fees and bank interest. At the year end, the company was owed £1,299,837 (2022 - £1,181,085) by Eldington Holdings Limited. The loan is interest free and repayable on demand.

At the year end, the company owed £2,507,834 (2022 - £2,388,334) to A.R. & V. Investments Limited, a 50% shareholder. The loan is interest free and repayable on demand.

 
7