HUB RESIDENTIAL LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Company Registration No. 07698428 (England and Wales)
HUB RESIDENTIAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
HUB RESIDENTIAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
240,299
133,202
Investments
4
859,202
865,933
1,099,501
999,135
Current assets
Debtors
5
1,297,326
1,245,283
Cash at bank and in hand
319,000
1,228,684
1,616,326
2,473,967
Creditors: amounts falling due within one year
6
(920,481)
(1,235,091)
Net current assets
695,845
1,238,876
Total assets less current liabilities
1,795,346
2,238,011
Creditors: amounts falling due after more than one year
7
(325,821)
(495,825)
Provisions for liabilities
(45,995)
(13,151)
Net assets
1,423,530
1,729,035
Capital and reserves
Called up share capital
8
62
62
Share premium account
119,100
119,100
Capital redemption reserve
35
35
Profit and loss reserves
1,304,333
1,609,838
Total equity
1,423,530
1,729,035
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HUB RESIDENTIAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 September 2024 and are signed on its behalf by:
Mr T S Barlow
Director
Company Registration No. 07698428
HUB RESIDENTIAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
61
104,891
35
684,258
789,245
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
1,451,262
1,451,262
Issue of share capital
8
1
14,209
-
-
14,210
Dividends
-
-
-
(525,682)
(525,682)
Balance at 31 December 2022
62
119,100
35
1,609,838
1,729,035
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
230,177
230,177
Dividends
-
-
-
(535,682)
(535,682)
Balance at 31 December 2023
62
119,100
35
1,304,333
1,423,530
HUB RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Hub Residential Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Duke Street, St James's, London, SW1Y 6BN.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for management services net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over 5 years - straight line basis
Fixtures, fittings & equipment
Over 3 years - straight line basis, time apportioned
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Fixed asset investments are measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
HUB RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
Financial instruments are recognised in the company's balance sheet 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.
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 bank loans 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. 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
HUB RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.9
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 profit and loss account 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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
24
23
HUB RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Tangible fixed assets
Leasehold improvements
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2023
288,002
304,320
592,322
Additions
171,688
60,995
232,683
At 31 December 2023
459,690
365,315
825,005
Depreciation and impairment
At 1 January 2023
231,912
227,208
459,120
Depreciation charged in the year
81,568
44,018
125,586
At 31 December 2023
313,480
271,226
584,706
Carrying amount
At 31 December 2023
146,210
94,089
240,299
At 31 December 2022
56,090
77,112
133,202
HUB RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
859,202
865,933
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
865,933
Additions
3,202
Disposals
(9,933)
At 31 December 2023
859,202
Carrying amount
At 31 December 2023
859,202
At 31 December 2022
865,933
Hub Capital Developments Limited and Forme Living Limited are both subsidiaries of Hub Residential Limited and are included within the investments.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,038,987
813,796
Other debtors
258,339
431,487
1,297,326
1,245,283
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
170,004
170,004
Trade creditors
42,978
215,651
Taxation and social security
500,388
708,306
Other creditors
207,111
141,130
920,481
1,235,091
HUB RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
325,821
495,825
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.01p each
600,000
600,000
60
60
Ordinary F shares of 0.01p each
12,000
12,000
1
1
Ordinary D shares of 0.01p each
14,200
14,200
1
1
626,200
626,200
62
62
9
Financial commitments, guarantees and contingent liabilities
The bank loans included in creditors due within one year and creditors due after more than one year are secured by way of a fixed and floating charge dated 26 October 2020 in favour of The Royal Bank of Scotland plc.
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Total
1,872,011
394,896
11
Related party transactions
During the year, the company charged fees of £1,271,748 (2022 - £3,610,186) in respect of management and accounting services.
As at 31 December 2023, the company owed £nil (2022 - £75,000) to related parties, amounts which are included in other creditors.
As at 31 December 2023 the company was owed £436,642 (2022: £545,319) by related parties, amounts which are included in trade debtors.
These are related parties to the company due to having common directors / members.
12
Directors' transactions
Dividends totalling £507,000 (2022 - £518,000) were paid in the year in respect of shares held by the company's directors.
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