Company registration number 07559931 (England and Wales)
HI Developments UK Limited
Audited Financial Statements
For the year ended
31 December 2023
Pages for filing with registrar
HI Developments UK Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
HI Developments UK Limited
Statement Of Financial Position
As at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
694,123
694,123
Cash at bank and in hand
1,595
5,065
695,718
699,188
Creditors: amounts falling due within one year
5
(117,881)
(109,781)
Net current assets
577,837
589,407
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
577,737
589,307
Total equity
577,837
589,407
The notes on pages 2 to 3 form part of these financial statements.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
C.E.R. Selsby
Director
Company registration number 07559931 (England and Wales)
HI Developments UK Limited
Notes To The Financial Statements
For the year ended 31 December 2023
- 2 -
1
General information
HI Developments UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cleveland House, 33 King Street, St James's, London, SW1Y 6RJ.
2
Accounting policies
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date the accounts were signed. Accordingly, they have adopted the going concern basis in preparing the financial statements.true
2.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and loans, are initially recognised at transaction price, Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
3
Employees
The company employed no persons during the current and preceding years.
HI Developments UK Limited
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
- 3 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
694,123
694,123
At the end of the year, the company was owed £694,076 (2022 £694,076) by a connected company. This amount is interest free and repayable on demand.
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
281
281
Amounts owed to group undertakings
8,000
Other creditors
109,600
109,500
117,881
109,781
At the end of the year, the company owed £100,000 (2022: £100,000) to a connected company. This amount is interest free and repayable on demand.
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Rebecca White BSc FCA
Statutory Auditor:
Riches & Company
Date of audit report:
21 August 2024
7
Controlling party
The ultimate parent company of HI Developments UK Limited is Harwood International Inc, a company incorporated in USA, whose registered address is 2501 N.Harwood, Suite 1400, Dallas, Texas, 75201 USA.