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REGISTERED NUMBER: 02010987 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

FOR

HILAT LIMITED

HILAT LIMITED (REGISTERED NUMBER: 02010987)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


HILAT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTORS: S R Manton
Mrs D L Manton
S E Manton



SECRETARY: Mrs D L Manton



REGISTERED OFFICE: 3 Bretby Close
Bentley Heath
Solihull
West Midlands
B93 9BY



REGISTERED NUMBER: 02010987 (England and Wales)



ACCOUNTANTS: Fields Business Advisors Ltd
2nd Floor
Landchard House
Victoria Street
West Bromwich
West Midlands
B70 8ER



BANKERS: HSBC
P.O. Box 68
130 New street
Birmingham
B2 4JU

HILAT LIMITED (REGISTERED NUMBER: 02010987)

STATEMENT OF FINANCIAL POSITION
31ST MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property plant and equipment 5 808 93
Investment property 6 1,501,400 1,501,400
1,502,208 1,501,493

CURRENT ASSETS
Debtors 7 6,573 6,906
Cash at bank 63,888 65,807
70,461 72,713
CREDITORS
Amounts falling due within one year 8 193,419 234,537
NET CURRENT LIABILITIES (122,958 ) (161,824 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,379,250

1,339,669

CREDITORS
Amounts falling due after more than one
year

9

(115,000

)

(115,000

)

PROVISIONS FOR LIABILITIES (118,421 ) (118,421 )
NET ASSETS 1,145,829 1,106,248

CAPITAL AND RESERVES
Called up share capital 6,000 6,000
Share premium 199,000 199,000
Fair value reserve 927,079 927,079
Retained earnings 13,750 (25,831 )
SHAREHOLDERS' FUNDS 1,145,829 1,106,248

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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.

HILAT LIMITED (REGISTERED NUMBER: 02010987)

STATEMENT OF FINANCIAL POSITION - continued
31ST 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20th December 2023 and were signed on its behalf by:





S E Manton - Director


HILAT LIMITED (REGISTERED NUMBER: 02010987)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023

1. STATUTORY INFORMATION

Hilat Limited 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 (£) and are rounded to the nearest £1.

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 on a going concern basis, under the historical cost convention, as modified by the recognition of certain tangible fixed assets at fair value.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities as at the reporting date and the amounts reported for turnover and expenses during the period. The nature of estimating means that actual outcomes could differ from the original estimates.

The principal accounting policies and the judgements and estimates that have the most significant effect on amounts recognised in the financial statements are as detailed below.

Revenue recognition
Turnover in the period represents net rents receivable, by the company in the normal course of business, excluding value added tax. Turnover is only recognised when the amounts to be recognised are fixed or determinable and collectability is reasonably assured.
Rental income from operating leases is recognised on a straight line basis over the term of the lease.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment properties are included at fair value. Estimates of fair value are carried out by the directors annually. Gains and losses are recognised in the Income Statement and included within the fair value resrve. Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold or at the rate applicable at the balance sheet date.

Financial instruments
The company only enters into basic financial instrument transactions, that result in the recognition of financial assets and liabilities such as cash, trade and other accounts receivable and payable and loans from banks and other third parties, including related parties.
Basic financial instruments are recognised at amortised cost with the changes recognised in profit and loss.


HILAT LIMITED (REGISTERED NUMBER: 02010987)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred tax is provided in full on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements.

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.

Operating leases
Assets leased out under operating leases are included in investment property.

Going concern
The directors believe that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern and therefore the going concern basis remains appropriate in the preparation of the financial statements.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - NIL ) .

HILAT LIMITED (REGISTERED NUMBER: 02010987)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1st April 2022 146 2,219 2,365
Additions - 1,166 1,166
At 31st March 2023 146 3,385 3,531
DEPRECIATION
At 1st April 2022 108 2,164 2,272
Charge for year 8 443 451
At 31st March 2023 116 2,607 2,723
NET BOOK VALUE
At 31st March 2023 30 778 808
At 31st March 2022 38 55 93

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2022
and 31st March 2023 1,501,400
NET BOOK VALUE
At 31st March 2023 1,501,400
At 31st March 2022 1,501,400

Included in fair value of investment property is freehold land of £ 1,400 (2022 - £ 1,400 ) which is not depreciated.

All the above investment properties are held by the company for use in operating leases.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,002 6,906
Prepayments 2,571 -
6,573 6,906

HILAT LIMITED (REGISTERED NUMBER: 02010987)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 16,400
Trade creditors 240 -
Corporation tax 9,115 11,138
Social security and other taxes 133 -
VAT 4,014 1,878
Other creditors 7,000 13,910
Directors' loan accounts 168,044 190,203
Accrued expenses 4,873 1,008
193,419 234,537

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Variable rate loan stock 115,000 115,000

Interest on the variable rate loan stock is payable at 2% above the NatWest bank base rate payable on 31st March, 30th June, 30th September and 31st December in every year.

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 16,400

Bank borrowings are secured by a fixed and floating charge over the company's investment properties.