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COMPANY REGISTRATION NUMBER: 06459441
Hillco Investments (UK) Limited
Filleted Unaudited Financial Statements
31 December 2023
Hillco Investments (UK) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
3
3
Tangible assets
6
8,450,091
8,450,144
Investments
7
12,218,898
11,049,063
-------------
-------------
20,668,992
19,499,210
Current assets
Debtors
8
1,623,866
409,133
Cash at bank and in hand
1,509,074
2,729,348
------------
------------
3,132,940
3,138,481
Creditors: amounts falling due within one year
9
2,078,550
2,193,864
------------
------------
Net current assets
1,054,390
944,617
-------------
-------------
Total assets less current liabilities
21,723,382
20,443,827
Provisions
Taxation including deferred tax
1,019,300
870,117
-------------
-------------
Net assets
20,704,082
19,573,710
-------------
-------------
Hillco Investments (UK) Limited
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
1,000
1,000
Share premium account
3,528,149
3,528,149
Revaluation reserve
4,474,311
4,011,175
Profit and loss account
12,700,622
12,033,386
-------------
-------------
Shareholders funds
20,704,082
19,573,710
-------------
-------------
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 comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 22 August 2024 , and are signed on behalf of the board by:
D M R Howell
Director
Company registration number: 06459441
Hillco Investments (UK) Limited
Notes to the Financial Statements
Year ended 31 December 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 Hill House, Crofton Close, Bedford, MK41 8AJ.
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, 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Deferred 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
10% reducing balance
Motor vehicles
-
25% straight line
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Intangible assets
Intangible asset
£
Cost
At 1 January 2023 and 31 December 2023
3
----
Amortisation
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 31 December 2023
3
----
At 31 December 2022
3
----
6. Tangible assets
Freehold property
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost or valuation
At 1 January 2023
8,150,773
951,253
103,800
3,440
9,209,266
Revaluations
29,923
29,923
------------
---------
---------
-------
------------
At 31 December 2023
8,180,696
951,253
103,800
3,440
9,239,189
------------
---------
---------
-------
------------
Depreciation
At 1 January 2023
652,026
103,800
3,296
759,122
Charge for the year
29,923
53
29,976
------------
---------
---------
-------
------------
At 31 December 2023
681,949
103,800
3,349
789,098
------------
---------
---------
-------
------------
Carrying amount
At 31 December 2023
8,180,696
269,304
91
8,450,091
------------
---------
---------
-------
------------
At 31 December 2022
8,150,773
299,227
144
8,450,144
------------
---------
---------
-------
------------
The company's freehold and leasehold properties are held as investments and are reviewed annually at 31st December by the director D M R Howell for revaluations.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 December 2023
Aggregate cost
4,011,529
Aggregate depreciation
------------
Carrying value
4,011,529
------------
At 31 December 2022
Aggregate cost
4,011,529
Aggregate depreciation
------------
Carrying value
4,011,529
------------
7. Investments
Shares in group undertakings
Loans to participating interests
Other investments other than loans
Total
£
£
£
£
Cost
At 1 January 2023
2,000,000
3,351,996
5,697,067
11,049,063
Additions
1,090,423
1,090,423
Disposals
( 378,392)
( 378,392)
Revaluations
457,804
457,804
------------
------------
------------
-------------
At 31 December 2023
2,000,000
3,351,996
6,866,902
12,218,898
------------
------------
------------
-------------
Impairment
At 1 January 2023 and 31 December 2023
------------
------------
------------
-------------
Carrying amount
At 31 December 2023
2,000,000
3,351,996
6,866,902
12,218,898
------------
------------
------------
-------------
At 31 December 2022
2,000,000
3,351,996
5,697,067
11,049,063
------------
------------
------------
-------------
The company owns 100% of the issued share capital of Ouse Valley Estates following its acquisition on 8th June 2015. The capital and reserves of Ouse Valley Estates Limited at 31st December 2023 were £2,076,251 (2022 £1,970,944) and its profit for the year ended 31st December 2023 was £139,486 (2022 £(360,798)).
Loans to participating interests of £3,351,996 is represented by the capital contribution by Hillco Investments (UK) Limited to the following LLPs, in which Hillco Investments (UK) Limited holds a 10% interest:-
Howell (Ely) LLP £3,237,994
HDB Properties LLP £114,002
The company now owns a total of 6,358,334 10p shares (39.62%) of Raglan House Holdings Limited. The valuation of 25p (2022 25p) per share reflects the director's assessment of the shares' value at 31st December.
8. Debtors
2023
2022
£
£
Trade debtors
9,562
8,804
Amounts owed by group undertakings and undertakings in which the company has a participating interest
65,185
106,123
Other debtors
1,549,119
294,206
------------
---------
1,623,866
409,133
------------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
10,661
10,799
Corporation tax
171,447
Social security and other taxes
25,546
73,498
Investment loans
1,145,000
1,275,000
Other creditors
725,896
834,567
------------
------------
2,078,550
2,193,864
------------
------------