Company registration number 06774026 (England and Wales)
Hurstwood Properties (I) Limited
financial statements
For the year ended 31 December 2023
Hurstwood Properties (I) Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Hurstwood Properties (I) Limited
Statement of financial position
As at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
1,395,531
1,395,531
Creditors: amounts falling due within one year
4
(172,587)
(172,587)
Net current assets
1,222,944
1,222,944
Provisions for liabilities
5
(6,060)
(6,060)
Net assets
1,216,884
1,216,884
Capital and reserves
Called up share capital
6
3
3
Share premium account
2,147,407
2,147,407
Profit and loss reserves
(930,526)
(930,526)
Total equity
1,216,884
1,216,884

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 20 September 2024 and are signed on its behalf by:
Mr A C Park
Director
Company registration number 06774026 (England and Wales)
Hurstwood Properties (I) Limited
Notes to the financial statements
For the year ended 31 December 2023
- 2 -
1
Accounting policies
Company information

Hurstwood Properties (I) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 40 Peter Street, Manchester, England, M2 5GP.

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 cover the company as a individual entity.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

 

1.2
Profit and loss account

The company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.

 

1.3
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 recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Hurstwood Properties (I) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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 liabilities

Basic financial liabilities, including creditors, and loans from fellow group companies 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.4
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. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Hurstwood Properties (I) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,858
5,858
Amounts owed by group undertakings
1,389,673
1,389,673
1,395,531
1,395,531
4
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to related undertakings
172,587
172,587
5
Provisions for liabilities
2023
2022
£
£
6,060
6,060
Hurstwood Properties (I) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 5 -
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3
7
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:
Susan Redmond FCA
Statutory Auditor:
DJH Audit Limited
8
Ultimate parent company

The company is a 100% owned subsidiary of Arrowmere Holdings Limited, which is the ultimate parent company. The ultimate parent company prepares consolidated financial statements as at 31 December 2023 and these financial statements may be obtained from 40 Peter Street, Manchester, M2 5GP.

2023-12-312023-01-01true23 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMr Stephen John AshworthMr Henry Phillip HillMr Andrew Charles ParkMrs J BlackfalsefalseExempt under section 480 of the Companies Act 2006067740262023-01-012023-12-31067740262023-12-31067740262022-12-3106774026core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3106774026core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3106774026core:ShareCapital2023-12-3106774026core:ShareCapital2022-12-3106774026core:SharePremium2023-12-3106774026core:SharePremium2022-12-3106774026core:RetainedEarningsAccumulatedLosses2023-12-3106774026core:RetainedEarningsAccumulatedLosses2022-12-3106774026bus:Director32023-01-012023-12-31067740262022-01-012022-12-3106774026core:CurrentFinancialInstruments2023-12-3106774026core:CurrentFinancialInstruments2022-12-3106774026bus:EntityNoLongerTradingButTradedInPast2023-01-012023-12-3106774026bus:PrivateLimitedCompanyLtd2023-01-012023-12-3106774026bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3106774026bus:FRS1022023-01-012023-12-3106774026bus:Audited2023-01-012023-12-3106774026bus:Director12023-01-012023-12-3106774026bus:Director22023-01-012023-12-3106774026bus:CompanySecretary12023-01-012023-12-3106774026bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP