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COMPANY REGISTRATION NUMBER: 08061722
HASTINGS ESTATES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
HASTINGS ESTATES LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,156,734
1,158,367
Current assets
Debtors
6
438,573
470,073
Cash at bank and in hand
1,328
3,763
----------
----------
439,901
473,836
Creditors: amounts falling due within one year
7
433,925
438,860
----------
----------
Net current assets
5,976
34,976
-------------
-------------
Total assets less current liabilities
1,162,710
1,193,343
Creditors: amounts falling due after more than one year
8
355,415
381,608
Provisions
Taxation including deferred tax
189,362
190,351
-------------
-------------
Net assets
617,933
621,384
-------------
-------------
Capital and reserves
Called up share capital
10
100
100
Other reserves
11
617,089
617,089
Profit and loss account
11
744
4,195
----------
----------
Shareholders funds
617,933
621,384
----------
----------
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 .
HASTINGS ESTATES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 18 September 2024 , and are signed on behalf of the board by:
A Shaikh
Director
Company registration number: 08061722
HASTINGS ESTATES 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 Century House, 100 Menzies Road, Hastings, TN38 9BB.
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 properties as required by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In accordance with the director's responsibilities, the director has considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the director has considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The director has reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis in preparing these financial statements.
Revenue recognition
Turnover represents amounts receivable from gross rents charged to tenants and the invoiced value of other goods and services supplied, net of value added tax. Rents received prior to the period to which they relate are accounted for as deferred income and released to the profit & loss account in the period to which the rent relates. Rental income is recognised as space is provided to tenants.
Income tax
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.
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 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. The company does not depreciate its freehold and although this policy is in accordance with FRS 102, it is a departure from the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount in respect of this which might otherwise have been shown cannot be separately identified or or quantified.
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
-
20% straight line
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.
4. Tax on loss
Major components of tax income
2023
2022
£
£
Deferred tax:
Origination and reversal of timing differences
( 989)
( 903)
----
----
Tax on loss
( 989)
( 903)
----
----
Tax recognised as other comprehensive income or equity
The aggregate current and deferred tax relating to items recognised as other comprehensive income or equity for the year was £Nil (2022: £ 45,738 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost or revaluation
At 1 January 2023 and 31 December 2023
1,156,416
9,665
1,166,081
-------------
-------
-------------
Depreciation
At 1 January 2023
7,714
7,714
Charge for the year
1,633
1,633
-------------
-------
-------------
At 31 December 2023
9,347
9,347
-------------
-------
-------------
Carrying amount
At 31 December 2023
1,156,416
318
1,156,734
-------------
-------
-------------
At 31 December 2022
1,156,416
1,951
1,158,367
-------------
-------
-------------
In the opinion of the director, the carrying value of the property as at 31 December 2023, which is based on the director's valuation, is not significantly different from the open market fair value of the property.
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
356,519
Aggregate depreciation
----------
Carrying value
356,519
----------
At 31 December 2022
Aggregate cost
356,519
Aggregate depreciation
----------
Carrying value
356,519
----------
6. Debtors
2023
2022
£
£
Trade debtors
3,375
2,476
Amounts due from related parties
403,173
467,055
Other debtors
32,025
542
----------
----------
438,573
470,073
----------
----------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
30,153
33,724
Trade creditors
9,061
13,354
Accruals and deferred income
32,098
59,152
Social security and other taxes
2,705
5,011
Amounts owed to related parties
235,300
203,000
Other creditors
124,608
124,619
----------
----------
433,925
438,860
----------
----------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
355,415
381,608
----------
----------
A bank loan of £ 349,920 (2022: £374,128) is secured over the company's property.
Included within creditors: amounts falling due after more than one year is an amount of £211,997 (2022: £230,450) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
189,362
190,351
----------
----------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
79
486
Revaluation of tangible assets
190,574
190,574
Deferred tax - tax losses
( 1,291)
( 709)
----------
----------
189,362
190,351
----------
----------
10. Called up share capital
Authorised share capital
2023
2022
No.
£
No.
£
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. Reserves
Other reserves (non-distributable) - This reserve is used to record changes in the fair value of properties, net of deferred tax provisions on revaluation gains. Profit and loss account - This reserve records retained earnings and accumulated losses.
12. Related party transactions
The company is exempt from disclosing related party transactions with other companies that are wholly owned within the group. At 31 December 2023, debtors included amounts due from related parties amounting to £403,173 (2022: £467,055), in respect of loans to companies under common control. The loans are interest free, unsecured and repayable on demand. At 31 December 2023, creditors, amounts falling due within one year, included amounts due to related parties amounting to £235,300 (2022: £203,000), in respect of loans from companies under common control. The loans are interest free, unsecured and repayable on demand. During the year, the company incurred charges of £60,000 (2022: £77,450) and was credited with income of £30,000 (2022: £nil), from transactions with companies under common control.
13. Controlling party
The company is a wholly owned subsidiary of Chelsea Real Properties Limited, a company registered in England & Wales. The ultimate controlling party is A Shaikh . The registered office of Chelsea Real Properties Limited, is Century House, 100 Menzies Road, Hastings TN38 9BB.