COMPANY REGISTRATION NUMBER:
05654830
Hoe Property Developments Limited |
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Filleted Unaudited Financial Statements |
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Hoe Property Developments Limited |
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Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Hoe Property Developments Limited |
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Year ended 31 May 2023
Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Hoe Property Developments Limited As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
Clay Shaw Thomas Ltd
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
30 August 2024
Hoe Property Developments Limited |
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Statement of Financial Position |
|
31 May 2023
|
2023 |
2022 |
|
|
|
(restated) |
Note |
£ |
£ |
£ |
|
|
|
|
Current assets
Debtors |
4 |
136,207 |
|
174,546 |
Cash at bank and in hand |
2,396 |
|
6,281 |
|
--------- |
|
--------- |
|
138,603 |
|
180,827 |
|
|
|
|
|
Creditors: amounts falling due within one year |
5 |
65,133 |
|
101,305 |
|
--------- |
|
--------- |
Net current assets |
|
73,470 |
79,522 |
|
|
-------- |
-------- |
Total assets less current liabilities |
|
73,470 |
79,522 |
|
|
-------- |
-------- |
Net assets |
|
73,470 |
79,522 |
|
|
-------- |
-------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
4 |
4 |
Profit and loss account |
|
73,466 |
79,518 |
|
|
-------- |
-------- |
Shareholders funds |
|
73,470 |
79,522 |
|
|
-------- |
-------- |
|
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2023 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
30 August 2024
, and are signed on behalf of the board by:
Mr D S Owen |
Mr V S Hughes |
Director |
Director |
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Company registration number:
05654830
Hoe Property Developments Limited |
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Notes to the Financial Statements |
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Year ended 31 May 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 9 Brook Terrace, Llanharan, Pontyclun, Mid Glamorgan, CF72 9PT.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Under FRS 102, entities are required to prepare their financial statements on the assumption of the going concern concept, unless management intends to either liquidate the entity or cease trading, or has no other realistic alternative but to do so. If there are significant uncertainties or events that cast doubt on the entity's ability to continue as a going concern, these must be disclosed in the financial statements. In some cases, financial statements may need to be prepared on a different basis, such as a basis of preparation that does not assume the going concern concept, if management determines that the going concern assumption is not appropriate. In assessing whether the going concern assumption is appropriate, the directors have taken in to account all available information about the future. Following the cessation of trade the directors intend settle all liabilities as they fall due before they intend to liquidate the company or remain dormant for future ventures. Therefore, the accounts have been prepared on a basis other than a going concern.
Revenue recognition
Revenue is recognised in the income statement when control is transferred to the customer, this is deemed to be when the title of the property passes to the customer on legal completion
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any unforeseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
4.
Debtors
|
2023 |
2022 |
|
|
(restated) |
|
£ |
£ |
Other debtors |
136,207 |
174,546 |
|
--------- |
--------- |
|
|
|
5.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
|
(restated) |
|
£ |
£ |
Trade creditors |
1,559 |
– |
Amounts owed to related parties |
47,296 |
47,297 |
Social security and other taxes |
6,718 |
9,842 |
Other creditors |
9,560 |
44,166 |
|
-------- |
--------- |
|
65,133 |
101,305 |
|
-------- |
--------- |
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|
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6.
Prior period adjustments
The prior period has been restated to reflect the omission of property development costs to the amount of £100,370 and the associated reduction in corporation tax provisions by £26,207. Furthermore, the prior period financial statements have been restated so that S455 holding taxes to the amount of £13,876 are no longer recognised as a tax charge through the profit and loss. The company also incorrectly recognised profits on this development in the year ended 31 May 2020. These profits have now been recognised in the year ended 31 May 2023 as to match to the sale of the property with a reduction in brought forward reserves of £22,749. The overall net adjustment resulted in a reduction to the previous years net assets by £83,036 from £162,558 to £79,522.
7.
Directors' advances, credits and guarantees
Included within directors are net advances to company directors of £3,194. These advances have no fixed terms of repayment or interest charged.
8.
Related party transactions
Mr D S Owen
and Mr V S Hughes
are directors and shareholders in Greenfields Land Reclamation Limited. As at the year end, Hoe Property Developments owed an amount of £47,296 (2022: £47,296) to Greenfields Land Reclamation Limited in connection with property development costs.
9.
Controlling party
In the opinion of the directors, there is no ultimate controlling party.