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Registered number: 12385573









HILLCREST GROUP HOLDINGS LIMITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
HILLCREST GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 12385573

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
3,223,210
2,887,636

  
3,223,210
2,887,636

  

Creditors: amounts falling due within one year
 5 
(35,154)
(31,841)

Net current liabilities
  
 
 
(35,154)
 
 
(31,841)

Total assets less current liabilities
  
3,188,056
2,855,795

  

Net assets
  
3,188,056
2,855,795


Capital and reserves
  

Called up share capital 
 6 
49
49

Share premium account
  
3,207,116
3,207,116

Profit and loss account
  
(19,109)
(351,370)

  
3,188,056
2,855,795


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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr A J Barney
Director

Date: 12 August 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
HILLCREST GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Hillcrest Group Holdings Limited is a private Company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is 213 Cromford Road, Langley Mill, Nottingham, NG16 4EU.
The principal place of business is Hillcrest Park, Alcester Road, Wythall, Bromsgrove, Worcestershire, B47 6DG.
The principal activity of the Company continued to be that of a holding company.
The company is part of the Baslow Parks Limited Group and group accounts can be obtained from Companies House.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company's functional and presentational currency is pounds sterling.
The level of rounding is to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have considered the going concern basis in preparing these financial statements. 
 
The current plans and forecasts indicate that the company will require the continued support of the group for the foreseeable future and the directors are confident that the group has the intention and ability to provide the support required.
Accordingly the directors consider it appropriate to prepare the financial statements on the going concern basis and no adjustments have been made should the company not be able to continue as a going concern.

 
2.3

Exceptional items

The exceptional items are in relation to the impairment on investments, these transactions fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 2

 
HILLCREST GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 3

 
HILLCREST GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Fixed asset investments





Investments in subsidiary company

£



Cost 


At 1 April 2023
3,223,210



At 31 March 2024

3,223,210





At 1 April 2023
335,574


Reversal of impairment losses
(335,574)



At 31 March 2024

-



Net book value



At 31 March 2024
3,223,210



At 31 March 2023
2,887,636


5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
7,500
10,800

Amounts owed to group undertakings
24,404
17,791

Corporation tax
500
500

Accruals and deferred income
2,750
2,750

35,154
31,841



6.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



48,975 (2023 - 48,975) Ordinary shares of £0.001 each
49
49


Page 4

 
HILLCREST GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Contingent liabilities

The company is jointly and severally liable in respect of the Parent Company’s bank loan facilities, which comprises revolving loan facilities with a combined maximum drawdown of £35,000,000. This is secured by fixed and floating charges over all the property or undertakings of the Company. At the end of the year the total amount drawn down was £31,632,128 (2023: £34,724,176).


8.


Related party transactions

During the year the Company operated loans with other group companies and its parent company. The amounts owed to other group companies and its parent company at the year end was £24,404 (2023 - £17,791). These loans are interest free, unsecured and repayable on demand.


9.


Controlling party

The immediate Controlling Party was Baslow Holdings Developments Limited by virtue of its 100% controlling interest in Hillcrest Group Holdings Limited.
The Ultimate Controlling Parent Undertaking is Baslow Parks Limited by virtue of its 100% controlling interest in Baslow Holdings Developments Limited. 
The Ultimate Controlling Parties are Mr A J Barney & Mrs D M Barney by virtue of their 100% shareholding in Baslow Parks Limited.  


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 12 August 2024 by Andrew Timms (Senior Statutory Auditor) on behalf of UHY Hacker Young.

Page 5