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REGISTERED NUMBER: 00807414 (England and Wales)



Financial Statements for the Year Ended 31 March 2024

for

Hily House Property Limited

Hily House Property Limited (Registered number: 00807414)

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










Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 6


Hily House Property Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: A Mendoza
Ms P Butterworth





REGISTERED OFFICE: 1 Beauchamp Court
10 Victors Way
Barnet
Hertfordshire
EN5 5TZ





REGISTERED NUMBER: 00807414 (England and Wales)





ACCOUNTANTS: BBK Partnership
Chartered Accountants
& Statutory Auditors
1 Beauchamp Court
10 Victors Way
Barnet
Hertfordshire
EN5 5TZ

Hily House Property Limited (Registered number: 00807414)

Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 2,134,132 122,994

CURRENT ASSETS
Cash at bank 112,836 111,824

CREDITORS
Amounts falling due within one year 5 (10,545 ) (8,832 )
NET CURRENT ASSETS 102,291 102,992
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,236,423

225,986

PROVISIONS FOR LIABILITIES 6 (502,790 ) -
NET ASSETS 1,733,633 225,986

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 7 1,510,248 1,877
Retained earnings 7 223,285 224,009
SHAREHOLDERS' FUNDS 1,733,633 225,986

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 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.

Hily House Property Limited (Registered number: 00807414)

Statement of Financial Position - continued
31 March 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 27 September 2024 and were signed on its behalf by:





A Mendoza - Director


Hily House Property Limited (Registered number: 00807414)

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


1. STATUTORY INFORMATION

Hily House Property 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.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A
These financial statements for the year ended 31 March 2024 are the first that are prepared in accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance with FRS 105, the date of transition to FRS 102 Section 1A is 1 April 2022.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 1 (2023 - 1 ) .

Hily House Property Limited (Registered number: 00807414)

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


4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 122,839 10,937 133,776
Revaluations 2,011,161 - 2,011,161
At 31 March 2024 2,134,000 10,937 2,144,937
DEPRECIATION
At 1 April 2023 - 10,782 10,782
Charge for year - 23 23
At 31 March 2024 - 10,805 10,805
NET BOOK VALUE
At 31 March 2024 2,134,000 132 2,134,132
At 31 March 2023 122,839 155 122,994

Cost or valuation at 31 March 2024 is represented by:

Fixtures
Freehold and
property fittings Totals
£    £    £   
Valuation in 2024 2,011,161 - 2,011,161
Cost 122,839 10,937 133,776
2,134,000 10,937 2,144,937

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Tax 5,229 8,784
Social security and other taxes 238 -
Tenants deposits (1,195 ) (1,195 )
Rent received in advance 1,196 1,196
Net wages 493 -
Directors' current accounts 48 48
Accrued expenses 4,536 (1 )
10,545 8,832

6. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 502,790 -

Hily House Property Limited (Registered number: 00807414)

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


6. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Provided during year 502,790
Balance at 31 March 2024 502,790

7. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 224,009 1,877 225,886
Profit for the year 22,276 22,276
Dividends (23,000 ) (23,000 )
Revaluation reserve - 1,508,371 1,508,371
At 31 March 2024 223,285 1,510,248 1,733,533