Company No:
Contents
DIRECTORS | Mr P Sutton |
Mr J Capel | |
Mr S Heaver |
REGISTERED OFFICE | Sigma House |
Oak View Close | |
Edginswell Park | |
Torquay | |
Devon | |
TQ2 7FF | |
United Kingdom |
COMPANY NUMBER | 08154241 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Sigma House | |
Oak View Close | |
Edginswell Park | |
Torquay | |
TQ2 7FF |
Note | 31.03.2024 | 30.04.2023 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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954,426 | 521,666 | |||
Current assets | ||||
Cash at bank and in hand |
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80,349 | 25,297 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current (liabilities)/assets | (266,190) | 11,995 | ||
Total assets less current liabilities | 688,236 | 533,661 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 5 |
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Capital redemption reserve |
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Profit and loss account | 6 |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of HSP Buildings Limited (registered number:
Mr P Sutton
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
HSP Buildings Limited (the Company) 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 the Company's registered office is Sigma House, Oak View Close, Edginswell Park, Torquay, Devon, TQ2 7FF, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The directors have shortened the financial year by one month in order to align with the UK tax year end.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Fair value movements on investment properties are recognised in the profit and loss account under the heading fair value movement on investment properties.
Financial assets and financial liabilities are recognised when the Company becomes a 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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Period from 01.05.2023 to 31.03.2024 |
Year ended 30.04.2023 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including directors |
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Investment property | |
£ | |
Valuation | |
As at 01 May 2023 |
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Additions | 329,426 |
Transfers to and from property, plant and equipment | 103,334 |
As at 31 March 2024 |
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The brought forward fixed assets were revalued on 30 April 2024 by the directors of the company. The basis of this valuation was current market value. The class of assets has a current value of £954,426 (2023: £521,666) and a carrying amount at historical cost of £763,134 (2023: £433,708). There has been no depreciation charged on the historical cost.
In the opinion of the directors, the additional property purchased during the period has not materially changed in value. As such the additional investment is reported at cost in these financial statements.
31.03.2024 | 30.04.2023 | ||
£ | £ | ||
Accruals |
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Other creditors |
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31.03.2024 | 30.04.2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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75 | 75 |
Included within the profit and loss reserve is £191,293 (2023: £87,959) of non-distributable reserves in respect of revaluation gains on investment property.