2023-03-012024-02-292024-02-29false11188086Hempstead House 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Hempstead House Limited

Registered Number
11188086
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

Hempstead House Limited
Company Information
for the year from 1 March 2023 to 29 February 2024

Directors

Mandeep Singh Binning
Antonis Demetri
Antonis Theori
Nicholas Theori

Registered Address

C/O Nicholas Peters & Co 2nd Floor
10-12 Bourlet Close
London
W1W 7BR

Place of Business

Olive Tree

472A Larkshall Road

Higham's Park

London

E4 9HH


Registered Number

11188086 (England and Wales)
Hempstead House Limited
Balance Sheet as at
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets3100100
Tangible assets419,499,90015,579,869
19,500,00015,579,969
Current assets
Debtors57,919,8531,743,116
Cash at bank and on hand187,569141,243
8,107,4221,884,359
Creditors amounts falling due within one year6(8,935,883)(9,028,624)
Net current assets (liabilities)(828,461)(7,144,265)
Total assets less current liabilities18,671,5398,435,704
Creditors amounts falling due after one year7(16,309,554)(16,354,666)
Provisions for liabilities8(855,306)-
Net assets1,506,679(7,918,962)
Capital and reserves
Called up share capital100100
Revaluation reserve2,565,919-
Profit and loss account(1,059,340)(7,919,062)
Shareholders' funds1,506,679(7,918,962)
The financial statements were approved and authorised for issue by the Board of Directors on 17 September 2024, and are signed on its behalf by:
Mandeep Singh Binning
Director
Registered Company No. 11188086
Hempstead House Limited
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover represents the net value of the rent received as per rental agreements.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
The valuation of the property has been carried out by the directors and it reflects the fair market value as at balance sheet date.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Investment property
Investment Properties are stated at fair market valuation. Surplus or deficit arising on the revaluation are transferred to the profit and loss account.
2.Average number of employees

20242023
Average number of employees during the year00
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 March 23100100
At 29 February 24100100
Net book value
At 29 February 24100100
At 28 February 23100100
4.Tangible fixed assets

Land & buildings

Total

££
Cost or valuation
At 01 March 2315,579,86915,579,869
Additions498,805498,805
Revaluations3,421,2263,421,226
At 29 February 2419,499,90019,499,900
Net book value
At 29 February 2419,499,90019,499,900
At 28 February 2315,579,86915,579,869
The valuation of the properties have been carried out by the directors of the company and reflect the fair market value at the balance sheet date. The historical cost of the investment property was £16,078,674.
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables5,485,000-
Other debtors2,434,8531,674,050
Prepayments and accrued income-69,066
Total7,919,8531,743,116
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables761,766422,074
Other creditors8,171,1176,470,988
Accrued liabilities and deferred income3,0002,135,562
Total8,935,8839,028,624
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts16,309,55416,354,666
Total16,309,55416,354,666
The bank loans are secured against the properties and personal guaranties are given by the directors.
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)855,306-
Total855,306-