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Company registration number: 11449898
HBRF LTD
Unaudited filleted financial statements
31 July 2023
HBRF LTD
STATEMENT OF FINANCIAL POSITION
31 JULY 2023
2023 2022
Note £ £ £ £
Fixed assets
Investments 5 590,067 394,973
_______ _______
590,067 394,973
Current assets
Debtors 6 - 1,137
Cash at bank and in hand 7,646 69,189
_______ _______
7,646 70,326
Creditors: amounts falling due
within one year 7 ( 24,553) ( 60,749)
_______ _______
Net current (liabilities)/assets ( 16,907) 9,577
_______ _______
Total assets less current liabilities 573,160 404,550
Creditors: amounts falling due
after more than one year 8 ( 552,594) ( 300,287)
_______ _______
Net assets 20,566 104,263
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 9 20,466 104,163
_______ _______
Shareholders funds 20,566 104,263
_______ _______
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 August 2023 , and are signed on behalf of the board by:
Mr Bruce Bishop
Director
Company registration number: 11449898
HBRF LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 32 Petitor Road, Torquay, Devon, TQ1 4QF.
Principal activity
The principal activity of the company is that of property investment and development.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Investments
Other investments other than loans Total
£ £
Cost
At 1 August 2022 394,973 394,973
Additions 195,094 195,094
_______ _______
At 31 July 2023 590,067 590,067
_______ _______
Impairment
At 1 August 2022 and 31 July 2023 - -
_______ _______
Carrying amount
At 31 July 2023 590,067 590,067
_______ _______
At 31 July 2022 394,973 394,973
_______ _______
6. Debtors
2023 2022
£ £
Other debtors - 1,137
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 1,200 1,200
Accruals and deferred income 1,218 1,134
Social security and other taxes 4,839 24,441
Other creditors 17,296 33,974
_______ _______
24,553 60,749
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 355,394 296,887
Other creditors 197,200 3,400
_______ _______
552,594 300,287
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 355,394 (2022 £ 296,887 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The company has an interest only mortgage of which the entire capital is payable in after 5 years.
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Director ( 17,247) 9,774 - ( 7,473)
Director (16,327) 8,854 - ( 7,473)
_______ _______ _______ _______
( 33,574) 18,628 - ( 14,946)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Director ( 56,768) 55,711 ( 16,190) (17,247)
Director (47,671) 47,534 ( 16,190) (16,327)
_______ _______ _______ _______
( 104,439) 103,245 ( 32,380) ( 33,574)
_______ _______ _______ _______
Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Close family of Director ( 195,000) - ( 195,000) -
_______ _______ _______ _______
During the year a loan of £195,000 was made to the company by a close family member of a director. There is no short term requirement to repay this loan which is included in long term creditors.