Company Registration No. 03765086 (England and Wales)
Hortpride Limited
Annual report and unaudited financial statements
For the year ended 30 September 2023
Pages for filing with registrar
HORTPRIDE LIMITED
Hortpride Limited
COMPANY INFORMATION
Directors
M Kleinman
H M Soning
J Weston
Company number
03765086
Registered office
72/75 Marylebone High Street
London
W1U 5JW
Accountants
MGR Weston Kay LLP
55 Loudoun Road
St John's Wood
London
NW8 0DL
Bankers
Coutts & Co
440 Strand
London
WC2R 0QS
Solicitors
Kingsley Napley LLP
Knights Quarter
14 St. John's Lane
London
EC1M 4AJ
HORTPRIDE LIMITED
Hortpride Limited
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
HORTPRIDE LIMITED
Hortpride Limited
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
4,690,000
4,690,000
Investments
4
67
67
4,690,067
4,690,067
Current assets
Debtors
5
48,169
11,355
Cash at bank and in hand
48,128
104,067
96,297
115,422
Creditors: amounts falling due within one year
6
(101,775)
(126,809)
Net current liabilities
(5,478)
(11,387)
Total assets less current liabilities
4,684,589
4,678,680
Provisions for liabilities
(851,213)
(851,213)
Net assets
3,833,376
3,827,467
Capital and reserves
Called up share capital
7
120
120
Profit and loss reserves
3,833,256
3,827,347
Total equity
3,833,376
3,827,467

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

HORTPRIDE LIMITED
Hortpride Limited
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 April 2024 and are signed on its behalf by:
H M Soning
Director
Company Registration No. 03765086
HORTPRIDE LIMITED
Hortpride Limited
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2021
120
3,886,317
3,886,437
Year ended 30 September 2022:
Profit and total comprehensive income for the year
-
161,030
161,030
Dividends
-
(220,000)
(220,000)
Balance at 30 September 2022
120
3,827,347
3,827,467
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
5,909
5,909
Balance at 30 September 2023
120
3,833,256
3,833,376
Included within the reserves balance at the end of the year are distributable amounts of £710,335  (2022: £704,426) and non-distributable of £3,122,922  (2022: £3,122,922).
HORTPRIDE LIMITED
Hortpride Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
1
Accounting policies
Company information

Hortpride Limited is a private company limited by shares incorporated in England and Wales. The registered office is 72/75 Marylebone High Street, London, W1U 5JW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rental income receivable net of VAT. Turnover is recognised at the point the rent is due from tenants.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.4
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

HORTPRIDE LIMITED
Hortpride Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.7
Joint arrangements

The company has accounted for its share of the income and expenditure and assets and liabilities of the joint arrangement in which it has an interest. Further information is given in note 5 to the accounts.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Investment property
2023
£
Fair value
At 1 October 2022 and 30 September 2023
4,690,000

The valuation of the investment property was made as at 30 September 2023 by the directors of the company on an open market basis. No depreciation is provided in respect of the property. On an historical cost basis the property would have been included at an original cost of £998,173 (2022: £998,173).

HORTPRIDE LIMITED
Hortpride Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
4
Fixed asset investments
2023
2022
£
£
Investments
67
67

 

The company owns 67 ordinary shares of £1 each (67% of the issued share capital) in Edmonlight Limited, which is a nominee and bare trustee for the joint arrangement parties to conduct their joint arrangement. The company has therefore incorporated into its Profit and Loss Account and its Balance Sheet its share of the income and expenditure and assets and liabilities of the joint arrangement at 30 September 2023. The principal activity of the joint arrangement is property investment.

Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 October 2022 & 30 September 2023
67
Carrying amount
At 30 September 2023
67
At 30 September 2022
67
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
48,169
11,355
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
1,326
37,781
Other taxation and social security
-
0
20,787
Other creditors
100,449
68,241
101,775
126,809

 

HORTPRIDE LIMITED
Hortpride Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and not fully paid
120 Ordinary shares of £1 each
120
120
120
120
8
Related party transactions

Creditors includes an amount of £45,000 (2022: nil) owed to a related company which is under common control. The loan is interest free and repayable on demand.

 

No dividends were paid to the directors during the year (2022: £220,000).

 

The directors are also directors of the joint arrangement company, Edmonlight Limited.

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