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REGISTERED NUMBER: 04186085 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Hart Street Properties Limited

Hart Street Properties Limited (Registered number: 04186085)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Hart Street Properties Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: R J Goddard





SECRETARY: R J Goddard





REGISTERED OFFICE: Hermes House
Fire Fly Avenue
Swindon
Wiltshire
SN2 2GA





REGISTERED NUMBER: 04186085 (England and Wales)

Hart Street Properties Limited (Registered number: 04186085)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,970 3,604
Investment property 5 1,750,000 1,625,000
1,753,970 1,628,604

CURRENT ASSETS
Debtors 6 41,288 70,068
Cash at bank 68,439 159,721
109,727 229,789
CREDITORS
Amounts falling due within one year 7 403,548 519,296
NET CURRENT LIABILITIES (293,821 ) (289,507 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,460,149

1,339,097

PROVISIONS FOR LIABILITIES 21,983 -
NET ASSETS 1,438,166 1,339,097

CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 9 52,711 -
Capital redemption reserve 2 2
Retained earnings 1,385,451 1,339,093
SHAREHOLDERS' FUNDS 1,438,166 1,339,097

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 September 2024 and were signed by:





R J Goddard - Director


Hart Street Properties Limited (Registered number: 04186085)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Hart Street Properties 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of consideration received or receivable and represents the amount of rent due, property expenses re-imbursed and dilapdations, excluding value added tax, which is derived from commercial properties situated in the United Kingdom.

The Company recognises revenue when the following conditions are satisfied:
i. the amount of revenue can be measured reliably;
ii. it is probable that the economic benefits associated with the transaction can be measured reliably.

Where payments are received from tenants in advance of services provided the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on straight line basis

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Investment property
Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with an change recognised in the profit and loss account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hart Street Properties Limited (Registered number: 04186085)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
At inception the company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substances of the arrangement.

Finance leased assets

Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases.

Finance leases are capitalised at commencement of the lease as assets at their value of the lease asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Where the implicit rate cannot be determined the company's incremental borrowing rate is used. Incremental direct costs, incurred in negotiating and arranging the lease, are included in the cost of the asset.

Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding.

Operating leased assets

Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other receivables, cash and bank balances, are recognised at transaction price.

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans are initially recognised at transaction price.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalent
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.

Distributions to equity holders
Dividends and other distributions to company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Hart Street Properties Limited (Registered number: 04186085)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 36,000 2,207 38,207
Additions - 1,892 1,892
Disposals - (2,207 ) (2,207 )
At 31 March 2024 36,000 1,892 37,892
DEPRECIATION
At 1 April 2023 32,396 2,207 34,603
Charge for year 901 625 1,526
Eliminated on disposal - (2,207 ) (2,207 )
At 31 March 2024 33,297 625 33,922
NET BOOK VALUE
At 31 March 2024 2,703 1,267 3,970
At 31 March 2023 3,604 - 3,604

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,625,000
Revaluations 125,000
At 31 March 2024 1,750,000
NET BOOK VALUE
At 31 March 2024 1,750,000
At 31 March 2023 1,625,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2020 (8,801 )
Valuation in 2021 20,644
Valuation in 2018 2,034
Valuation in 2023 (54,916 )
Valuation in 2024 125,000
Cost 1,666,039
1,750,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,667,220 1,667,220

The investment properties were valued on an open market basis on 31 March 2024 by the director of the company .

Hart Street Properties Limited (Registered number: 04186085)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 41,288 60,709
Deferred tax asset - 9,359
41,288 70,068

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 242,500 442,500
Taxation 7,946 22,044
Social security and other taxes 5,566 7,107
Other creditors 21,843 25,923
Directors' current accounts 125,693 21,722
403,548 519,296

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 242,500 442,500

The loans are secured with a fixed charge over specific, named investment property.

9. RESERVES
Revaluation
reserve
£   
Revaluation in year 52,711

At 31 March 2024 52,711