Registered number
12239994
Hillswood Limited
Filleted Accounts
30 November 2023
Hillswood Limited
Registered number: 12239994
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,681,338 1,689,908
Current assets
Debtors 4 85,515 100,302
Cash at bank and in hand 27 -
85,542 100,302
Creditors: amounts falling due within one year 5 (401,583) (218,776)
Net current liabilities (316,041) (118,474)
Total assets less current liabilities 1,365,297 1,571,434
Creditors: amounts falling due after more than one year 6 (1,502,680) (1,650,000)
Net liabilities (137,383) (78,566)
Capital and reserves
Called up share capital 2 2
Profit and loss account (137,385) (78,568)
Shareholders' funds (137,383) (78,566)
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.
R Smith
Director
Approved by the board on 19 February 2024
Hillswood Limited
Notes to the Accounts
for the year ended 30 November 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 over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 56 50
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 December 2022 1,663,461 37,262 1,700,723
Additions - 567 567
At 30 November 2023 1,663,461 37,829 1,701,290
Depreciation
At 1 December 2022 1,500 9,315 10,815
Charge for the year 2,000 7,137 9,137
At 30 November 2023 3,500 16,452 19,952
Net book value
At 30 November 2023 1,659,961 21,377 1,681,338
At 30 November 2022 1,661,961 27,947 1,689,908
4 Debtors 2023 2022
£ £
Trade debtors 60,944 74,965
Other debtors 24,571 25,337
85,515 100,302
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 147,669 42,945
Trade creditors 114,563 35,861
Amounts owed to group undertakings and undertakings in which the company has a participating interest 97,973 114,789
Taxation and social security costs 20,745 10,452
Other creditors 20,633 14,729
401,583 218,776
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,502,680 1,650,000
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 1,620,536 1,650,000
The loan is secured on the freehold property owned by the company.
8 Other information
Hillswood Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Hub
40 Friar ane
Nottingham
NG1 6DG
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