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Registered number: 10380201









HILLCREST PARK LIMITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
HILLCREST PARK LIMITED
REGISTERED NUMBER: 10380201

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,650,000
3,264,375

  
3,650,000
3,264,375

Current assets
  

Debtors: amounts falling due within one year
 5 
667,739
443,551

Cash at bank and in hand
  
15,627
15,533

  
683,366
459,084

Creditors: amounts falling due within one year
 6 
(138,683)
(85,236)

Net current assets
  
 
 
544,683
 
 
373,848

Total assets less current liabilities
  
4,194,683
3,638,223

Provisions for liabilities
  

Deferred tax
 7 
(856,406)
(760,000)

Net assets
  
 
 
3,338,277
 
 
2,878,223


Capital and reserves
  

Called up share capital 
 8 
49
49

Revaluation reserve
  
2,569,219
2,280,000

Profit and loss account
  
769,009
598,174

  
3,338,277
2,878,223


Page 1

 
HILLCREST PARK LIMITED
REGISTERED NUMBER: 10380201

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 3 to 8 form part of these financial statements.

Page 2

 
HILLCREST PARK LIMITED
 

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

1.


General information

Hillcrest Park 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, England, NG16 4EU. 
The principal place of business is Hillcrest House, Alcester Road, Wythall, Birmingham, West Midlands B47 6DG.
The principal activity of the Company was that of management of park home sites.
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

Turnover

Turnover is recognised by the Company to the extent that it obtains the right to consideration in exchange for its performance. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. Monies received in advance are treated as deferred income and held as payments on account. 
Pitch fees, Commissions and Recharged Expenses
Pitch fees, Commissions and Recharged expenses are recognised on an accruals basis in the period to which they relate.
Pitch fees are in relation to residential plots on site.
Comissions are in relation to units on the site that are sold.

Page 3

 
HILLCREST PARK LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

No depreciation has been provided on freehold property as the property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result the corresponding depreciation would not be material and therefore is not charged to profit or loss.

 
2.6

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
HILLCREST PARK LIMITED
 

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

2.Accounting policies (continued)

 
2.8

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 Income and Retained Earnings.

 
2.9

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.

 
2.10

Corporation and deferred taxation

The tax expense for the period comprises corporation and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees




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

Page 5

 
HILLCREST PARK LIMITED
 

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

4.


Tangible fixed assets





Freehold property

£



Cost or valuation


At 1 April 2023
3,264,375


Revaluations
385,625



At 31 March 2024

3,650,000






Net book value



At 31 March 2024
3,650,000



At 31 March 2023
3,264,375

Cost or valuation at 31 March 2024 is as follows:

Freehold property
£


At cost
224,375

March 2024
3,425,625



3,650,000

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
224,375
224,375

The property was valued by the directors on 31 March 2024 and in their view the valuation of the property at this date was £3,650,000.

Page 6

 
HILLCREST PARK LIMITED
 

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

5.


Debtors

2024
2023
£
£


Trade debtors
2,014
2,612

Amounts owed by group undertakings
633,789
425,990

Prepayments and accrued income
31,936
14,949

667,739
443,551



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
14,546
21,320

Corporation tax
114,963
53,940

Accruals and deferred income
9,174
9,976

138,683
85,236



7.


Deferred taxation




2024
2023


£

£






At beginning of year
(760,000)
(760,000)


Charged to other comprehensive income
(96,406)
-



At end of year
(856,406)
(760,000)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Deferred tax on freehold property
856,406
760,000

Page 7

 
HILLCREST PARK LIMITED
 

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

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



18,573 Ordinary A shares of £0.001 each
18.573
18.573
14,701 Ordinary B1 shares of £0.001 each
14.701
14.701
500 Ordinary B2 shares of £0.001 each
0.500
0.500
14,701 Ordinary C1 shares of £0.001 each
14.701
14.701
500 Ordinary C2 shares of £0.001 each
0.500
0.500

48.975

48.975



9.


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).


10.


Related party transactions

During the year the Company operated loans with other group companies and its parent company. The amounts owed by other group companies and its parent company at the year end was £633,789 (2023 - £425,990). These loans are interest free, unsecured and repayable on demand.
During the year the Company incurred management charges from other Group companies of £21,600 (2023 - £21,600). The management charge was made on a commercial basis to cover the administration costs and management of the park.


11.


Controlling party

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


12.


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 8