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REGISTERED NUMBER: 07845760 (England and Wales)















AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

HOLDCROFT PROPERTIES LIMITED

HOLDCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 07845760)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Statement of Financial Position 1

Notes to the Financial Statements 2 to 6


HOLDCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 07845760)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Investment property 6 46,994,561 45,287,801

CURRENT ASSETS
Debtors 7 174,137 218,962

CREDITORS
Amounts falling due within one year 8 (39,875,545 ) (39,702,437 )
NET CURRENT LIABILITIES (39,701,408 ) (39,483,475 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,293,153

5,804,326

PROVISIONS FOR LIABILITIES (1,173,915 ) (694,399 )
NET ASSETS 6,119,238 5,109,927

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Non distributable reserve 4,661,512 3,595,564
Retained earnings 1,456,726 1,513,363
6,119,238 5,109,927

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





C Greenhall - Director


HOLDCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 07845760)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

HOLDCROFT PROPERTIES LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07845760

Registered office: C/o TG Holdcroft (Motors) Ltd
Leek Road
Hanley
Stoke on Trent
Staffordshire
ST1 6AT

The principal activity of the company is that of an investment property company.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Investment properties
The investment properties have been revalued during the year and are considered to be stated at their open market value at the statement of financial position date. The directors judge the valuations to be reasonable based on their experience of the market.

INVESTMENT PROPERTY
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. Deferred tax is provided on these movements.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

HOLDCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 07845760)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

HOLDCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 07845760)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

5. AUDITORS' REMUNERATION
31.12.23 31.12.22
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

180

180

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 45,287,801
Additions 234,469
Revaluations 1,545,464
Impairments (298,173 )
Reversal of impairments 225,000
At 31 December 2023 46,994,561
NET BOOK VALUE
At 31 December 2023 46,994,561
At 31 December 2022 45,287,801

Eight of the properties held were revalued on an open market, vacant possession basis on 19 April 2024 as at 31 December 2023 by Knight Frank LLP, a firm of independent chartered surveyors. These valuations have been incorporated in the financial statements.

Eight of the properties were revalued on an open market, vacant possession basis on 20 April 2024 as at 31 December 2023 by Colliers International Property Consultants Limited, a firm of independent chartered surveyors.These valuations have been incorporated in the financial statements.

In the opinion of the directors all investment properties are stated at fair value at 31 December 2023.

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2014 320,000
Valuation in 2015 1,108,546
Valuation in 2016 306,888
Valuation in 2018 932,880
Valuation in 2019 (182,209 )
Valuation in 2021 2,154,507
Valuation in 2022 (350,650 )
Valuation in 2023 1,545,464
Cost 41,159,135
46,994,561

HOLDCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 07845760)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Deferred tax asset 174,137 187,544
VAT - 31,418
174,137 218,962

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 10,618,442 21,004,225
Amounts owed to group undertakings 29,064,567 18,564,568
Tax 142,237 83,464
Accruals and deferred income 50,299 50,180
39,875,545 39,702,437

Amounts owed to group undertakings are unsecured, interest free, and are repayable on demand.

There are legal charges over the freehold properties held by the company in favour of Barclays Bank PLC.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

MICHELLE COATES (Senior Statutory Auditor)
for and on behalf of DPC Accountants Ltd

10. CONTINGENCIES

The company is party to a cross guarantee (unlimited) dated 26 February 1997 between T G Holdcroft (Holdings)Limited, T G Holdcroft (Newcastle) Limited, Holdcroft Renault Limited, Hanley Realisations Limited, Holdcroft Honda Limited, Holdcroft North Staffs Limited, TMK Finance Limited, T G Holdcroft (Motors) Limited, Stuart Graham Limited, Holdcroft Properties Limited, HP2011 Limited, Holdcroft Nissan Limited and Holdcroft Hyundai Limited. The company is also party to an additional cross guarantee dated 15 November 2013 to include HM 1965 Limited. The total indebtedness to the bank at 31 December 2023 was £16,059,640 (31 December 2022: £11,002,989).

In addition the company has a fixed and floating charge debenture over the whole of its assets in favour of T G Holdcroft (Holdings) Limited.

11. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption from the disclosures required by paragraph 33.1A of Financial Reporting Standard 102 regarding transactions between fellow group companies as the subsidiary is a wholly owned member, and the group financial statements in which this subsidiary is included are publicly available.

12. EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no material events after the end of the reporting period up to the date of approval of the financial statements by the Board.

HOLDCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 07845760)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. CONTROLLING PARTY

The company regards T. G. Holdcroft (Holdings) Limited, a company registered in England and Wales, as its ultimate parent undertaking. The parent’s registered office is Leek Road, Hanley, Stoke-on-Trent, Staffordshire, ST1 6AT. The consolidated financial statements can be obtained from www.beta.companieshouse.gov.uk.