Hoyle Developments Limited
Registered number: 06925536
Balance Sheet
as at 30 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 1,963,962 1,948,019
Current assets
Stocks 1,838,675 351,876
Debtors 26,197 19,912
Cash at bank and in hand 23,245 1,420,856
1,888,117 1,792,644
Creditors: amounts falling due within one year (1,447,496) (1,372,797)
Net current assets 440,621 419,847
Total assets less current liabilities 2,404,583 2,367,866
Creditors: amounts falling due after more than one year (517,321) (375,076)
Provisions for liabilities (153,031) (370,124)
Net assets 1,734,231 1,622,666
Capital and reserves
Called up share capital 1 1
Revaluation reserve 6 795,671 795,671
Profit and loss account 938,559 826,994
Shareholder's funds 1,734,231 1,622,666
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S W Hoyle
Director
Approved by the board on 6 September 2024
Hoyle Developments Limited
Notes to the Accounts
for the period from 1 April 2022 to 30 March 2023
1 Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS102 Section 1A for small entities. There were no material departures from that standard.

The Balance Sheet has been abridged pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors' Report) Regulations (SI 2008/49). All the members of the company have consented to the abridgement.
2 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1A for small entities. The transition to FRS 102 Section 1A for small entities may result in a small number of changes in accounting policies to those used previously.

The nature of these changes and their impact on shareholders' funds at the transition date and the comparative Balance Sheet date and profit for the comparative period are explained in the notes below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures & equipment 15% on reducing balance
Motor vehicles 25% on reducing balance
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at the reporting date. The surplus or deficit on revaluation is recognised in the fair value reserve account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 1,820,000 38,190 129,773 1,987,963
Additions - 52,800 - 52,800
At 30 March 2023 1,820,000 90,990 129,773 2,040,763
Depreciation
At 1 April 2022 - 7,501 32,443 39,944
Charge for the period - 12,523 24,334 36,857
At 30 March 2023 - 20,024 56,777 76,801
Net book value
At 30 March 2023 1,820,000 70,966 72,996 1,963,962
At 31 March 2022 1,820,000 30,689 97,330 1,948,019
Freehold land and buildings: 2023 2022
£ £
Historical cost 1,024,329 1,024,329
1,024,329 1,024,329
The investment properties have been revalued at the balance sheet date by S W Hoyle, the director of the company.
5 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 301,943 183,216
Secured bank loans 439,233 464,650
The bank holds a debenture over the assets of the company and a second charge over the unsold properties.

The bank also has a charge over property owned by S W Hoyle, director of the company.

A third party creditor also holds a charge over land adjacent to some of the properties.
6 Revaluation reserve 2023 2022
£ £
At 1 April 2022 795,671 -
Gain on revaluation of land and buildings - 795,671
At 30 March 2023 795,671 795,671
7 Other information
Hoyle Developments Limited is a private company limited by shares and incorporated in England. Its registered office is:
4 Frecheville Court
Bury
Lancashire
BL9 0UF
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