Registered number
10525909
HOTT Property Management Ltd
Filleted Accounts
31 March 2023
HOTT Property Management Ltd
Registered number: 10525909
Balance Sheet
as at 31 March 2023
Notes 2023 2022
As restated
£ £
Fixed assets
Investments 3 225,000 205,370
Current assets
Debtors 4 100,000 100,000
Cash at bank and in hand 877 902
100,877 100,902
Creditors: amounts falling due within one year 5 (79,732) (76,063)
Net current assets 21,145 24,839
Total assets less current liabilities 246,145 230,209
Creditors: amounts falling due after more than one year 6 (229,246) (231,229)
Provisions for liabilities (3,730) -
Net assets/(liabilities) 13,169 (1,020)
Capital and reserves
Called up share capital 100 100
Profit and loss account fair value adjustment 15,900 -
Profit and loss account (2,831) (1,120)
Shareholders' funds 13,169 (1,020)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr T Tchorzewski
Director
Approved by the board on 18 July 2024
HOTT Property Management Ltd
Notes to the Accounts
for the period from 31 March 2022 to 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Investments
Other
investments
£
Cost
At 31 March 2022 (as restated) 205,370
Revaluation 19,630
At 31 March 2023 225,000
Historical cost
At 31 March 2022 (as restated) 205,370
At 31 March 2023 205,370
At 31 March 2023 the valuation of the property was reviewed by Mr H Ottley and Mr T Tchorszewski, the directors of the company. Following the review Mr H Ottley and Mr T Tchorszewski are satisfied that the current valuation represents the fair value of the property. The revalued asset has not been valued by a qualified valuer. The valuation is representative of similar property values in the area.
4 Debtors 2023 2022
As restated
£ £
Other debtors 100,000 100,000
5 Creditors: amounts falling due within one year 2023 2022
As restated
£ £
Bank loans and overdrafts 6,181 5,556
Directors' loan account 20,693 20,507
Other creditors 52,858 50,000
79,732 76,063
6 Creditors: amounts falling due after one year 2023 2022
As restated
£ £
Bank loans 229,246 231,229
7 Loans 2023 2022
As restated
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 186,785 186,785
Instalments falling due for payment after more than five years 17,737 22,222
204,522 209,007
Secured bank loans 186,785 186,785
The bank loan is secured by a charge over the freehold interest in the property.
8 Restatement of Prior Year
A number of prior year balances have been adjusted to reflect the true costs at last year's balance sheet date. The following changes have been made:
Investment property has increased by £34,750, other debtors have increased by £100,000, other creditors (including directors' loan) have increased by £42,009 and bank loans have increased by £5,556 less than 1 year and £87,185 more than 1 year. None of these changes affect previously declared profit figures.
9 Controlling party
By virtue of their respective shareholdings, there is no controlling party.
10 Other information
HOTT Property Management Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Bury Lodge
Bury Road
Stowmarket
Suffolk
IP14 1JA
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