Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falsecommercial property letting11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03671716 2023-01-01 2023-12-31 03671716 2022-01-01 2022-12-31 03671716 2023-12-31 03671716 2022-12-31 03671716 c:Director1 2023-01-01 2023-12-31 03671716 d:FreeholdInvestmentProperty 2023-12-31 03671716 d:FreeholdInvestmentProperty 2022-12-31 03671716 d:CurrentFinancialInstruments 2023-12-31 03671716 d:CurrentFinancialInstruments 2022-12-31 03671716 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03671716 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03671716 d:ShareCapital 2023-12-31 03671716 d:ShareCapital 2022-12-31 03671716 d:OtherMiscellaneousReserve 2023-12-31 03671716 d:OtherMiscellaneousReserve 2022-12-31 03671716 d:RetainedEarningsAccumulatedLosses 2023-12-31 03671716 d:RetainedEarningsAccumulatedLosses 2022-12-31 03671716 d:OtherDeferredTax 2023-12-31 03671716 d:OtherDeferredTax 2022-12-31 03671716 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 03671716 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 03671716 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 03671716 c:FRS102 2023-01-01 2023-12-31 03671716 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03671716 c:FullAccounts 2023-01-01 2023-12-31 03671716 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03671716 2 2023-01-01 2023-12-31 03671716 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure


Registered number: 03671716












HB7 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


 
REGISTERED NUMBER:03671716
HB7 LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
400,000
400,000

  
400,000
400,000

Current assets
  

Debtors: amounts falling due within one year
 5 
3,268,702
3,262,948

Cash at bank and in hand
 6 
22,843
59,774

  
3,291,545
3,322,722

Creditors: amounts falling due within one year
 7 
(204,681)
(232,899)

Net current assets
  
 
 
3,086,864
 
 
3,089,823

Total assets less current liabilities
  
3,486,864
3,489,823

Provisions for liabilities
  

Deferred tax
 8 
(77,849)
(77,849)

Other provisions
 9 
(3,253,398)
(3,250,624)

  
 
 
(3,331,247)
 
 
(3,328,473)

Net assets
  
155,617
161,350


Capital and reserves
  

Called up share capital 
  
100
100

Other reserves
  
389,244
389,244

Profit and loss account
  
(233,727)
(227,994)

  
155,617
161,350


Page 1


 
REGISTERED NUMBER:03671716
HB7 LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers 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 director acknowledges her 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 profit and loss account 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: 




J Mamane
Director

Date: 26 September 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 

HB7 LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

HB7 Limited s a private company limited by shares incorporated in England and Wales. The address of its registered office is 67 Grosvenor Street, London, England, W1K 3JN. The principal activity of the company is commercial property letting.
The financial statements are presented in Sterling (£), which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the director have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Revenue

The revenue shown in the profit and loss account represents recharged expenses receivable during the year.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 

HB7 LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Investment property

Investment property is carried at fair 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 profit or loss.


2.8

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

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. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Page 4

 

HB7 LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)




Financial instruments (continued)

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

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

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 5

 

HB7 LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)




Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 6

 

HB7 LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
400,000



At 31 December 2023
400,000

The 2023 valuations were made by the director, on an open market value for existing use basis.



At 31 December 2023





5.


Debtors

2023
2022
£
£


Trade debtors
7,270
11,523

Other debtors
3,254,112
3,250,624

Prepayments and accrued income
7,320
801

3,268,702
3,262,948


Other debtors includes 3 bonds. 
- The first bond was issued on 3 June 2016 for an issue price of £800,000. The maturity date is 3 June 2021. The redemption price on that date was £861,827. 
- The second bond was issued on 15 July 2016 for an issue price of £2,000,000. The maturity date is 15 July 2021. The redemption price on that date was £2,154,568.  
- The third bond was issued on 16 October 2018 for an issue price of £220,000. The maturity date is 16 October 2023. The redemption price on that date was £237,002.
All the bonds have an effective interest rate of 1.5% per annum. 
At the balance sheet date, all bonds have not been redeemed but the interest is no longer accruing.

Page 7

 

HB7 LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
22,843
59,774

22,843
59,774



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,500
1,056

Amounts owed to group undertakings
-
217,483

Other creditors
193,643
-

Accruals and deferred income
9,538
14,360

204,681
232,899



8.


Deferred taxation




2023


£






At beginning of year
(77,849)



At end of year
(77,849)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fair value movement of investment properties
(77,849)
(77,849)

(77,849)
(77,849)

Page 8

 

HB7 LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Provisions




Investment provision

£





At 1 January 2023
3,250,624


Charged to profit or loss
2,774



At 31 December 2023
3,253,398

Mitra Holding S.A. currently owes £3,253,398 in bonds and interest which was originally due for repayment in October 2023. As at 31 December 2023, Mitra Holding S.A. was unable to repay the amounts as its sole asset remained unsold and the market value below initial expectation. Therefore, a full provision has been applied.

10.
Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures"  from disclosing transactions with entities which are a wholly owned part of the group.

Transactions with  (other) related parties are as follows:




Relationship

Transaction

Amount
Amount due (to)/from related parties




2023
 
2022 
2023 
2022 




£
 
£ 
£ 
£ 



Key Management Personnel
Shareholder loan
193,643
-
(193,643)
-


Amounts owed to related parties are unsecured, interest free and due for repayment within one year.


11.


Controlling party

The company's ultimate controlling party is Joelle Mamane.

 
Page 9