Company registration number: 04309091
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UNAUDITED FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
31 DECEMBER 2023
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HILTON BANKS HOLDINGS LIMITED
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HILTON BANKS HOLDINGS LIMITED
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COMPANY INFORMATION
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HB42 House
Unit 9, Maple Grove Business Centre
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HILTON BANKS HOLDINGS LIMITED
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CONTENTS
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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HILTON BANKS HOLDINGS LIMITED
REGISTERED NUMBER:04309091
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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HILTON BANKS HOLDINGS LIMITED
REGISTERED NUMBER:04309091
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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R C Banks
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The notes on pages 5 to 9 form part of these financial statements.
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HILTON BANKS HOLDINGS LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Comprehensive income for the year
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Surplus on revaluation of freehold property
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 5 to 9 form part of these financial statements.
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HILTON BANKS HOLDINGS LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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Comprehensive income for the year
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Surplus on revaluation of leasehold property
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Other comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Transfer to/from profit and loss account
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Total transactions with owners
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The notes on pages 5 to 9 form part of these financial statements.
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HILTON BANKS HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Hilton Banks Holdings Limited is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of its registered office and principal place of business is disclosed on the company information page.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company has applied all amendments to FRS 102, as set out in the triennial review published in December 2017, mandatory for accounting periods beginning on or after 1 January 2019. Accordingly freehold property with a value of £3,045,000 was re-classified from investment properties to tangible fixed assets in a previous year.
The following principal accounting policies have been applied:
Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
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50 years straight line (building element)
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
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Revaluation of tangible fixed assets
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Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
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HILTON BANKS HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Investment property is carried at the directors' best estimate of fair value determined annually by external indicators of market value and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
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Change in accounting policy
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The freehold property was revalued during the prior year as the directors felt that adopting a revaluation policy better reflects the true value of the property in the Company therefore providing a more reliable and true and fair view.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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The average monthly number of employees, including directors, during the year was 4 (2022 - 4).
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HILTON BANKS HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Charge for the year on owned assets
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During a previous year the Company has applied the amendments to FRS 102, as set out in the triennial review
published in December 2017. The freehold property rented to a group company was transfered from investment
property to tangible fixed assets with the fair value at the date of transition as deemed cost.
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The 2023 valuation is based on the agreed contractual sale value.
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If the freehold property had not been included at valuation they would have been included under the historical cost convention as follows:
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HILTON BANKS HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Freehold investment property
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The property has a charge registered against it relating to the debts of Hilton Banks Limited, a related company.
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The 2023 valuation is based on the agreed contractual sale value.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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HILTON BANKS HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Related party transactions
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At 31 December 2023 the Company owed directors R C Banks, J P Davis and L A Field a total of £580,869 (2022: £649,869). This was split as demonstrated below:
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No interest is paid on the loan detailed above.
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Revaluation reserve
This reserve records the surplus or deficit arising on the valuation of an asset.
Profit and loss account
This reserve includes all current and prior period retained profits and losses.
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Post balance sheet events
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Post year-end the Company has sold the freehold property, held within tangible fixed assets and investment property, for the sum of £6,200,000. In addition post year end the Company has purchased a freehold property for the sum of £2,250,000.
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