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REGISTERED NUMBER: 10469671 (England and Wales)















Financial Statements

for the Year Ended 31 March 2023

for

Hurtmore Properties (Orpington) Ltd

Hurtmore Properties (Orpington) Ltd (Registered number: 10469671)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Hurtmore Properties (Orpington) Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: P J Curwen
R J Nordgreen





REGISTERED OFFICE: Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA





REGISTERED NUMBER: 10469671 (England and Wales)





ACCOUNTANTS: Barnbrook Sinclair
Chartered Accountants
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

Hurtmore Properties (Orpington) Ltd (Registered number: 10469671)

Statement of Financial Position
31 March 2023

31/3/23 31/3/22
Notes £    £   
CURRENT ASSETS
Inventories 3,755,990 3,184,480
Debtors 5 67,187 62,182
Cash at bank 130 -
3,823,307 3,246,662
CREDITORS
Amounts falling due within one year 6 (2,052,657 ) (1,606,115 )
NET CURRENT ASSETS 1,770,650 1,640,547
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,770,650

1,640,547

CREDITORS
Amounts falling due after more than one
year

7

(1,788,774

)

(1,665,828

)
NET LIABILITIES (18,124 ) (25,281 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (18,126 ) (25,283 )
(18,124 ) (25,281 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Hurtmore Properties (Orpington) Ltd (Registered number: 10469671)

Statement of Financial Position - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 December 2023 and were signed on its behalf by:





P J Curwen - Director


Hurtmore Properties (Orpington) Ltd (Registered number: 10469671)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Hurtmore Properties (Orpington) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

At the balance sheet date the company had net liabilities of £18,124 (2022: £25,281). The directors consider the going concern basis to be appropriate having paid due regard to the company's projected results during the twelve months from the date the financial statements are approved and the anticipated cash flows, availability of loan facilities and mitigating actions that can be taken during that period.

Turnover
Turnover is measured at the fair value of the consideration received or receivable of the company property development activities and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original
effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any
impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference
between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position
when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Hurtmore Properties (Orpington) Ltd (Registered number: 10469671)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and
equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and
sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is
increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Amounts owed by group undertakings - 31,590
Other debtors 67,187 30,592
67,187 62,182

Hurtmore Properties (Orpington) Ltd (Registered number: 10469671)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade creditors 37,112 27,608
Amounts owed to group undertakings 114,957 -
Taxation and social security 1,008 2,864
Other creditors 1,899,580 1,575,643
2,052,657 1,606,115

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/23 31/3/22
£    £   
Bank loans 1,788,774 1,665,828

8. SECURED DEBTS

The following secured debts are included within creditors:

31/3/23 31/3/22
£    £   
Bank loans 1,788,774 1,665,828
Proseed Rusper 1,897,980 1,480,389
3,686,754 3,146,217

The other loans are secured against assets of the company.

The company has a loan with Proseed Rusper as shown above. The interest rate on the loan is 9% PA.

9. ULTIMATE CONTROLLING PARTY

The company is a 100% subsidiary of Proseed Capital Ltd, incorporated in England. Its registered office is Chancery House, 30 St Johns Road, Woking, Surrey GU21 7SA and principal place of business is 2 Stamford Square, London, SW15 2BF.