28 October 2022 false No description of principal activity Taxfiler 2024.5 true 14450112business:PrivateLimitedCompanyLtd2022-10-282023-10-31 144501122022-10-27 144501122022-10-282023-10-31 14450112business:AuditExempt-NoAccountantsReport2022-10-282023-10-31 14450112business:FilletedAccounts2022-10-282023-10-31 144501122023-10-31 14450112business:Director12022-10-282023-10-31 14450112business:Director22022-10-282023-10-31 14450112business:RegisteredOffice2022-10-282023-10-31 14450112core:WithinOneYear2023-10-31 14450112core:ShareCapitalcore:PreviouslyStatedAmount2023-10-31 14450112core:InvestmentPropertiesRevaluationReservecore:PreviouslyStatedAmount2023-10-31 14450112core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-10-31 14450112core:PreviouslyStatedAmount2023-10-31 14450112business:SmallEntities2022-10-282023-10-31 14450112countries:EnglandWales2022-10-282023-10-31 14450112core:WithinOneYear2022-10-282023-10-31 iso4217:GBP xbrli:pure
Company Registration No. 14450112 (England and Wales)
HILLVALE ESTATES LTD Unaudited accounts for the period from 28 October 2022 to 31 October 2023
HILLVALE ESTATES LTD Unaudited accounts Contents
Page
- 2 -
HILLVALE ESTATES LTD Company Information for the period from 28 October 2022 to 31 October 2023
Directors
Jacob Friedman Abraham Oestreicher
Company Number
14450112 (England and Wales)
Registered Office
16C URBAN HIVE THEYDON ROAD LONDON E5 9BQ ENGLAND
- 3 -
HILLVALE ESTATES LTD Statement of financial position as at 31 October 2023
2023 
Notes
£ 
Fixed assets
Investment property
11,455,000 
Current assets
Debtors
398,261 
Cash at bank and in hand
322 
398,583 
Creditors: amounts falling due within one year
(9,503,066)
Net current liabilities
(9,104,483)
Total assets less current liabilities
2,350,517 
Provisions for liabilities
Deferred tax
(698,189)
Net assets
1,652,328 
Capital and reserves
Called up share capital
2 
Fair value reserve
2,094,566 
Profit and loss account
(442,240)
Shareholders' funds
1,652,328 
For the period ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 7 June 2024 and were signed on its behalf by
Abraham Oestreicher Director Company Registration No. 14450112
- 4 -
HILLVALE ESTATES LTD Notes to the Accounts for the period from 28 October 2022 to 31 October 2023
1
Statutory information
HILLVALE ESTATES LTD is a private company, limited by shares, registered in England and Wales, registration number 14450112. The registered office is 16C URBAN HIVE THEYDON ROAD, LONDON, E5 9BQ, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Going concern
The financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, notwithstanding the company's net current liabilities. As at the date of approval of the financial statements, one of the company’s principal creditors is a related party who has pledged to continue to make available such funds as are required by the company.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
- 5 -
HILLVALE ESTATES LTD Notes to the Accounts for the period from 28 October 2022 to 31 October 2023
Accounting Estimates and Judgements
Judgements made by the directors in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are as follows: Property valuation The valuation of the company's investment property is inherently subjective, depending on many factors including the nature of the property, its location and expected future net rental values. Therefore the valuation is subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions. Trade and other debtors Management uses available evidence of the credit status of the counterparty in making judgements concerning any need to impair the carrying value of any amounts due to the company.
4
Investment property
2023 
£ 
Additions
8,662,245 
Net gain from fair value adjustments
2,792,755 
At 31 October 2023
11,455,000 
Investment property fair values are based on a valuation of the company’s commercial property portfolio carried out on 9 Feb 2024 by Colliers International Property Consultants Limited, who are not connected with the company. The directors are of the opinion that there has been no material change between the date of the valuation and the 31st October 2023. The historical cost of the properties at 31 January 2024 is £8,662,245.
5
Debtors
2023 
£ 
Amounts falling due within one year
VAT
14,595 
Trade debtors
118,235 
Other debtors
265,431 
398,261 
6
Creditors: amounts falling due within one year
2023 
£ 
Bank loans and overdrafts
5,426,533 
Trade creditors
60,935 
Other creditors
4,013,098 
Accruals
2,500 
9,503,066 
Included in other creditors is £3,640,821 due to related companies in which Mr Oestreicher & Mr Friedman, directors of this company are also directors. The bank loan of £5,426,533 is secured by legal charges over the company's investment properties.
- 6 -
HILLVALE ESTATES LTD Notes to the Accounts for the period from 28 October 2022 to 31 October 2023
7
Average number of employees
During the period the average number of employees was 0.
- 7 -