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REGISTERED NUMBER: 04122542 (England and Wales)


















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: Lord Hotham
The Hon W B Hotham





SECRETARY: Mr S N Fairbank





REGISTERED OFFICE: The Estate Office
South Dalton
Beverley
East Yorkshire
HU17 7PN





REGISTERED NUMBER: 04122542 (England and Wales)





ACCOUNTANTS: Smailes Goldie Limited
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 4 557,000 518,000

CURRENT ASSETS
Debtors 5 2,442 1,573
Cash at bank 11,452 12,825
13,894 14,398
CREDITORS
Amounts falling due within one year 6 93,098 85,916
NET CURRENT LIABILITIES (79,204 ) (71,518 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

477,796

446,482

CREDITORS
Amounts falling due after more than one
year

7

145,721

177,782
NET ASSETS 332,075 268,700

CAPITAL AND RESERVES
Called up share capital 1 1
Revaluation reserve 257,229 218,229
Retained earnings 74,845 50,470
SHAREHOLDERS' FUNDS 332,075 268,700

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5th April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 5th April 2024 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 23rd September 2024 and were signed on its behalf by:




Lord Hotham - Director



The Hon W B Hotham - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 518,000
Revaluations 39,000
At 5th April 2024 557,000
NET BOOK VALUE
At 5th April 2024 557,000
At 5th April 2023 518,000

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 2,185 1,300
Prepayments and accrued income 257 273
2,442 1,573

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 10,386 3,731
Tax 7,513 6,936
VAT 977 980
Other creditors 28,000 28,700
Accruals and deferred income 10,326 9,673
93,098 85,916

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
145,721 177,782

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans - > 5 years 90,000 90,000

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 25,750 27,200

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