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REGISTERED NUMBER: 03460541 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Hope Way Properties Limited

Hope Way Properties Limited (Registered number: 03460541)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

Hope Way Properties Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: A S Forward
Mrs C Forward





REGISTERED OFFICE: Knowle House
Rotherfield Road
Crowborough
East Sussex
TN6 3DY





REGISTERED NUMBER: 03460541 (England and Wales)





ACCOUNTANTS: Deeks Evans Audit Services Limited
Chartered Accountants
First Floor, West Barn
North Frith Farm, Ashes Lane
Hadlow
Tonbridge
Kent
TN11 9QU

Hope Way Properties Limited (Registered number: 03460541)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,228,616 3,229,357

CURRENT ASSETS
Stocks 15,528 15,990
Debtors 5 2,097,785 1,464,991
Cash at bank 832 3,421
2,114,145 1,484,402
CREDITORS
Amounts falling due within one year 6 711,783 628,896
NET CURRENT ASSETS 1,402,362 855,506
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,630,978

4,084,863

CREDITORS
Amounts falling due after more than one
year

7

(1,890,829

)

(1,351,166

)

PROVISIONS FOR LIABILITIES (51,274 ) (51,233 )
NET ASSETS 2,688,875 2,682,464

CAPITAL & RESERVES
Called up share capital 9 2 2
Revaluation reserve 10 729,305 729,305
Retained earnings 1,959,568 1,953,157
SHAREHOLDERS' FUNDS 2,688,875 2,682,464

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

Hope Way Properties Limited (Registered number: 03460541)

Balance Sheet - continued
29 February 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2024 and were signed on its behalf by:





A S Forward - Director


Hope Way Properties Limited (Registered number: 03460541)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Hope Way 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 relating to property development is recognised on exchange of contracts.

Turnover relating to rents charged to tenants, excluding value added tax, is recognised when it falls due.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures fittings & equipment - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

3. EMPLOYEES AND DIRECTORS

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

Hope Way Properties Limited (Registered number: 03460541)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Investment fittings
properties & equipment Totals
£    £    £   
COST OR VALUATION
At 1 March 2023
and 29 February 2024 3,226,396 57,368 3,283,764
DEPRECIATION
At 1 March 2023 - 54,407 54,407
Charge for year - 741 741
At 29 February 2024 - 55,148 55,148
NET BOOK VALUE
At 29 February 2024 3,226,396 2,220 3,228,616
At 28 February 2023 3,226,396 2,961 3,229,357

Cost or valuation at 29 February 2024 is represented by:

Fixtures
Investment fittings
properties & equipment Totals
£    £    £   
Valuation in 2009 784,217 - 784,217
Cost 2,442,179 57,368 2,499,547
3,226,396 57,368 3,283,764

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

2024 2023
£    £   
Cost 2,442,179 2,442,179

Investment properties were valued on an open market basis on 12 November 2008 by N R Miller FRICS .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 8,236 72,801
Other debtors 2,070,736 1,348,543
Prepayments 18,813 43,647
2,097,785 1,464,991

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans & overdrafts 51,290 80,207
Hire purchase contracts 10,430 -
Corporation tax 177,762 198,224
Other creditors 436,321 310,473
Directors' current accounts 30,643 30,643
Accrued expenses 5,337 9,349
711,783 628,896

Hope Way Properties Limited (Registered number: 03460541)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 46,389 86,530
Bank loans - 2-5 years 1,798,244 302,905
Bank loans due in more than 5 years by
instalments

-

961,731
Hire purchase contracts 46,196 -
1,890,829 1,351,166

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due in more than 5 years by
instalments

-

961,731

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 7,907 -
Bank loans 1,888,016 1,431,373
1,895,923 1,431,373

The bank overdraft and mortgages are secured by fixed charges on properties owned by the company.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

10. RESERVES
Revaluation
reserve
£   
At 1 March 2023
and 29 February 2024 729,305

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Hope Way Properties Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hope Way Properties Limited for the year ended 29 February 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Hope Way Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Hope Way Properties Limited and state those matters that we have agreed to state to the Board of Directors of Hope Way Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hope Way Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Hope Way Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hope Way Properties Limited. You consider that Hope Way Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Hope Way Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Deeks Evans Audit Services Limited
Chartered Accountants
First Floor, West Barn
North Frith Farm, Ashes Lane
Hadlow
Tonbridge
Kent
TN11 9QU


21 October 2024