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 |