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Registration number: 12207095

HRLB Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

HRLB Developments Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 8

 

HRLB Developments Limited

Company Information

Director

L Singh

Registered office

D S House
306 High Street
Croydon
Surrey
CR0 1NG

Accountants

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
HRLB Developments Limited
for the Year Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of HRLB Developments Limited for the year ended 30 September 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of HRLB Developments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of HRLB Developments Limited and state those matters that we have agreed to state to the Board of Directors of HRLB Developments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than HRLB Developments Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that HRLB Developments Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of HRLB Developments Limited. You consider that HRLB Developments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of HRLB Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

1 March 2024

 

HRLB Developments Limited

(Registration number: 12207095)
Statement of Financial Position as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

1,432,059

1,200,000

Current assets

 

Debtors

5

7,155

5,538

Cash at bank and in hand

 

45,867

15,393

 

53,022

20,931

Creditors: Amounts falling due within one year

6

(61,668)

(17,069)

Net current (liabilities)/assets

 

(8,646)

3,862

Total assets less current liabilities

 

1,423,413

1,203,862

Creditors: Amounts falling due after more than one year

6

(1,227,224)

(1,022,638)

Provisions for liabilities

(41,380)

(41,380)

Net assets

 

154,809

139,844

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

176,409

176,409

Retained earnings

(21,700)

(36,665)

Shareholders' funds

 

154,809

139,844

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

HRLB Developments Limited

(Registration number: 12207095)
Statement of Financial Position as at 30 September 2023 (continued)

Approved and authorised by the director on 1 March 2024
 

L Singh
Director

   
     
 

HRLB Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
D S House
306 High Street
Croydon
Surrey
CR0 1NG
England

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

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

HRLB Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
No depreciation is provided in respect of investment property which is included in tangible assets. This treatment conflicts with the requirement of the Companies Act that all properties should be depreciated. The director considers that, because this property is not held for consumption, but for investment potential it is necessary to adopt the requirement of the section 1A "small entities" of FRS 102 in order to give a true and fair view.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

HRLB Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Investment properties

2023
£

At 1 October

1,200,000

Additions

232,059

At 30 September

1,432,059

5

Debtors

2023
£

2022
£

Other debtors

5,500

5,500

Prepayments

1,655

38

7,155

5,538

 

HRLB Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

54,008

3,909

Trade creditors

 

660

-

Accruals and deferred income

 

1,500

7,660

Other creditors

 

5,500

5,500

 

61,668

17,069

Creditors: amounts falling due after more than one year

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,016,089

852,572

Other borrowings

211,135

170,066

1,227,224

1,022,638

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,016,089

852,572

Other borrowings

211,135

170,066

1,227,224

1,022,638

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,008

3,909

Other borrowings

50,000

-

54,008

3,909