Registered number
00732918
Hulmow Properties Limited
Filleted Accounts
31 March 2024
Hulmow Properties Limited
Registered number: 00732918
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed Assets
Tangible Assets 3 700,178 700,237
Current Assets
Debtors 4 36,082 35,037
Bank and Cash 70,909 56,976
106,991 92,013
Creditors: Due Within One Year 5 (59,394) (49,615)
Net Current Assets 47,597 42,398
Total Assets less Current Liabilities 747,775 742,635
Deferred Tax (24,831) (24,831)
Net Assets 722,944 717,804
Capital and Reserves
Called Up Share Capital 12,000 12,000
Fair Value Reserve 6 504,976 504,976
Profit and Loss Account 205,968 200,828
Shareholders' Funds 722,944 717,804
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.
___________________
R C M Gower FRICS
Director
Approved by the board on 7 August 2024
Hulmow Properties Limited
Notes to the Accounts
for the year ended 31 March 2024
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 income from rents and maintenance charges invoiced to tenants in the year.
Tangible Fixed Assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is generally provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life. The directors have however chosen not to depreciate the freehold buildings at present. The rates of depreciation on the assets of the company are:
Freehold buildings No depreciation provided
Plant and Machinery 25% reducing balance
Investment Property
The investment property is measured at 'fair value' with any gains or losses being taken to/from the profit and loss account and the revlued amount is shown in the fair value reserve net of the deferred tax charge/credit.
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. Deferred tax has been provided on the gain in the investment property using the tax laws and rates that have been enacted by the balance sheet date.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible Fixed Assets
Land and Buildings Plant and Machinery Total
£ £ £
Cost
At 1 April 2023 700,000 9,920 709,920
At 31 March 2024 700,000 9,920 709,920
Depreciation
At 1 April 2023 - 9,683 9,683
Charge for the year - 59 59
At 31 March 2024 - 9,742 9,742
Net Book Values
At 31 March 2024 700,000 178 700,178
At 31 March 2023 700,000 237 700,237
Freehold land and buildings: 2024 2023
£ £
Historical cost 170,193 170,193
Cumulative depreciation based on historical cost - -
170,193 170,193
The freehold properties were re-valued by Mr R C M Gower who is the proprietor of Mullock and Gower a firm of Chartered Surveyors on 31st March 2022 at a value of £700,000. Mr Gower is also a director of the company.
4 Debtors 2024 2023
£ £
Trade Debtors 10,980 16,280
Other Debtors 25,102 18,757
36,082 35,037
5 Creditors: Due Within One Year 2024 2023
£ £
Corporation Tax and Vat 17,451 17,524
Other Creditors 41,943 32,091
59,394 49,615
6 Fair Value Reserve 2024 2023
£ £
At 1 April 2023 504,976 504,976
At 31 March 2024 504,976 504,976
The revaluation reserve has been renamed the fair value reserve in line with the requirements of FRS102.
7 Other Information
Hulmow Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
Eagle House
Cranleigh Close
Sanderstead
South Croydon
CR2 9LH
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