Company registration number 06071456 (England and Wales)
HML PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HML PROPERTIES LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
HML PROPERTIES LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HML PROPERTIES LTD FOR THE PERIOD ENDED 31 DECEMBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of HML Properties Ltd for the period ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

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 https://www.icaew.com/regulation.

This report is made solely to the board of directors of HML Properties Ltd, as a body, in accordance with the terms of our engagement letter dated 18 December 2023. Our work has been undertaken solely to prepare for your approval the financial statements of HML Properties Ltd and state those matters that we have agreed to state to the board of directors of HML Properties Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than HML Properties Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that HML Properties Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of HML Properties Ltd. You consider that HML Properties Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of HML Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carpenter Box
19 September 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
HML PROPERTIES LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
31 December 2023
31 March 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
861
1,455
Investment property
4
5,195,000
3,923,034
5,195,861
3,924,489
Current assets
Debtors
5
2,145,709
2,141,627
Cash at bank and in hand
20,715
16,711
2,166,424
2,158,338
Creditors: amounts falling due within one year
6
(3,516,430)
(3,462,257)
Net current liabilities
(1,350,006)
(1,303,919)
Total assets less current liabilities
3,845,855
2,620,570
Creditors: amounts falling due after more than one year
7
(2,471,009)
(2,488,036)
Provisions for liabilities
(223,490)
(550)
Net assets
1,151,356
131,984
Capital and reserves
Called up share capital
8
3
3
Profit and loss reserves
9
1,151,353
131,981
Total equity
1,151,356
131,984

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

HML PROPERTIES LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
Mr H J Heller
Director
Company registration number 06071456 (England and Wales)
HML PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

HML Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.

1.1
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The accounts have been prepared on a going concern basis, which assumes that the company will continue trading for the foreseeable future. The directors are willing to provide their continued support in meeting the company's liabilities as needed. The financial statements do not include any adjustment that would result from a withdrawal of their support.true

1.3
Reporting period

The financial statements have been prepared for a 9 month period and the comparative period is 12 months. As a result, the comparative period amounts presented in these financial statements will not be entirely comparable. The reason for this change is to bring the period end in line with group companies.

1.4
Turnover

Turnover represents rental income from investment properties recognised on a receivable basis.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% per annum on a straight line basis
Computer equipment
25% per annum on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
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 end date. Changes in fair value are recognised in profit or loss.

HML PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

 

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was 2 (2023 - 2).

HML PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Plant and machinery
Computer equipment
Total
£
£
£
Cost
At 1 April 2023
4,258
9,375
13,633
Additions
-
0
281
281
At 31 December 2023
4,258
9,656
13,914
Depreciation and impairment
At 1 April 2023
4,258
7,920
12,178
Depreciation charged in the period
-
0
875
875
At 31 December 2023
4,258
8,795
13,053
Carrying amount
At 31 December 2023
-
0
861
861
At 31 March 2023
-
0
1,455
1,455
4
Investment property
2023
£
Fair value
At 1 April 2023
3,923,034
Revaluation
1,271,966
At 31 December 2023
5,195,000

The director has obtained market valuations for the company's investment properties held at the reporting date. These are included at fair value totalling £5,195,000 (2023: £3,923,034). The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2023
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,145,709
2,091,336
Other debtors
-
0
50,291
2,145,709
2,141,627
HML PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2023
£
£
Amounts owed to group undertakings
55,250
26,000
Other creditors
3,461,180
3,436,257
3,516,430
3,462,257
7
Creditors: amounts falling due after more than one year
2023
2023
£
£
Bank loans and overdrafts
2,471,009
2,488,036

The bank loans are secured on the assets of the company.

8
Called up share capital
2023
2023
2023
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3
9
Profit and loss reserves

Included within profit and loss reserves are unrecognised fair value gains on investment property of £812,137.

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