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Registration number: 08505235

HHS Property Management Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

image-name
 

HHS Property Management Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

HHS Property Management Ltd

Company Information

Directors

Mr Stephen James Smith

Mrs Clair Smith

Mr Henry Smith

Mrs Hazel Louise Munro

Company secretary

Mrs Clair Smith

Registered office

23 Grayling Mead
Romsey
Hampshire
SO51 7RU

Bankers

Barclays Bank plc
SALISBURY

Accountants

A Ferguson Associates Ltd
Accountants and Business Advisors
Alum House
5 Alum Chine Road
Bournemouth
Dorset
BH4 8DT

 

HHS Property Management Ltd

(Registration number: 08505235)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

66

Investment property

5

-

218,000

 

-

218,066

Current assets

 

Debtors

6

29,969

463

Cash at bank and in hand

 

2,660

6,386

 

32,629

6,849

Creditors: Amounts falling due within one year

7

(4,400)

(132,255)

Net current assets/(liabilities)

 

28,229

(125,406)

Total assets less current liabilities

 

28,229

92,660

Provisions for liabilities

-

(6,477)

Net assets

 

28,229

86,183

Capital and reserves

 

Called up share capital

8

300

300

Revaluation reserve

-

26,956

Retained earnings

27,929

58,927

Shareholders' funds

 

28,229

86,183

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

HHS Property Management Ltd

(Registration number: 08505235)
Balance Sheet as at 31 January 2024

Approved and authorised by the Board on 23 August 2024 and signed on its behalf by:
 

.........................................
Mr Henry Smith
Director

   
     
 

HHS Property Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
23 Grayling Mead
Romsey
Hampshire
SO51 7RU
England

These financial statements were authorised for issue by the Board on 23 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover is rental income received from investment properties in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

 

HHS Property Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Plant and machinery

15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

HHS Property Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

HHS Property Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

549

90

639

Disposals

(549)

(90)

(639)

At 31 January 2024

-

-

-

Depreciation

At 1 February 2023

508

65

573

Eliminated on disposal

(508)

(65)

(573)

At 31 January 2024

-

-

-

Carrying amount

At 31 January 2024

-

-

-

At 31 January 2023

41

25

66

5

Investment properties

2024
£

At 1 February

218,000

Disposals

(218,000)

At 31 January

-

All remaining properties were sold in the year.

There has been no valuation of investment property by an independent valuer.

6

Debtors

 

HHS Property Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2024
£

2023
£

Other debtors

29,969

-

Prepayments

-

463

29,969

463

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

-

127,975

Taxation and social security

 

1,751

1,938

Accruals and deferred income

 

2,649

1,917

Other creditors

 

-

425

 

4,400

132,255

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

100

100

100

100

Ordinary B of £1 each

100

100

100

100

Ordinary C of £1 each

100

100

100

100

300

300

300

300

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

-

127,975