REGISTERED NUMBER: |
Hotham Developments Limited |
Financial Statements for the Year Ended 5th April 2024 |
REGISTERED NUMBER: |
Hotham Developments Limited |
Financial Statements for the Year Ended 5th April 2024 |
Hotham Developments Limited (Registered number: 04122542) |
Contents of the Financial Statements |
for the year ended 5th April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Hotham Developments Limited |
Company Information |
for the year ended 5th April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
Hotham Developments Limited (Registered number: 04122542) |
Balance Sheet |
5th April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Hotham Developments Limited (Registered number: 04122542) |
Balance Sheet - continued |
5th April 2024 |
In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Hotham Developments Limited (Registered number: 04122542) |
Notes to the Financial Statements |
for the year ended 5th April 2024 |
1. | STATUTORY INFORMATION |
Hotham Developments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable accounting standards including Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.The company is dependent on the financial support of a related party which has provided security in respect of the secured loans referred to in the notes to the financial statements. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Turnover |
Turnover represents rental income which is recognised as it accrues on a daily basis. |
Investment property |
The investment properties stand on land over which the company holds a lease for a period of 40 years. Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account. |
Current & deferred tax |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current and past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 and other future taxable profits. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
Hotham Developments Limited (Registered number: 04122542) |
Notes to the Financial Statements - continued |
for the year ended 5th April 2024 |
2. | ACCOUNTING POLICIES - continued |
Debtors and creditors receivable/ payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Operating lease agreements |
Rentals applicable to operating leases where substantially all of the benefits and risk of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 6th April 2023 |
Revaluations | 39,000 |
At 5th April 2024 |
NET BOOK VALUE |
At 5th April 2024 |
At 5th April 2023 |
The directors have assessed the fair value of the investment properties as at 5 April 2024. |
Fair value at 5th April 2024 is represented by: |
£ |
Valuation in 2024 | 557,000 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
Hotham Developments Limited (Registered number: 04122542) |
Notes to the Financial Statements - continued |
for the year ended 5th April 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Secured loans | 35,896 | 35,896 |
Trade creditors |
Tax |
VAT | 977 | 980 |
Other creditors |
Accruals and deferred income |
Other creditors include short term loans from connected parties under common control. There are no formal terms in place or interest charged therefore the total balance of £28,000 (2023 £Nil) is shown as repayable on demand. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Secured loans - 1-2 years | 35,896 | 35,896 |
Secured loans - 2-5 years | 19,825 | 51,886 |
Other loans - > 5 years | 90,000 | 90,000 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans - > 5 years |
The other loan totalling £90,000 is repayable within a period of 30 years from the initial drawdown in 2002. Interest is chargeable at the rate of 0.5% over the base rate of Barclays Bank plc. |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
In more than five years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Secured loans | 91,617 | 123,678 |
The loans are secured by a legal charge over the company's investment properties. |
Secured loans totalling £91,617 are repayable by instalments over the period to 2027 and carry interest at 3.39% pa. |
Hotham Developments Limited (Registered number: 04122542) |
Notes to the Financial Statements - continued |
for the year ended 5th April 2024 |
10. | RELATED PARTY DISCLOSURES |
Entities with control, joint control or significant influence over the entity |
2024 | 2023 |
£ | £ |
Rent paid | 2,500 | 2,250 |
Amounts owed to related party | 5,761 | 32,135 |