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Registered number: 07889345










HG DEVELOPMENTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 OCTOBER 2023

 
HG DEVELOPMENTS LIMITED
REGISTERED NUMBER: 07889345

BALANCE SHEET
AS AT 30 OCTOBER 2023

30 October
31 October
2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
829,564
829,564

Cash at bank and in hand
  
17,890
20,162

  
847,454
849,726

Creditors: amounts falling due within one year
 5 
(22,247)
(24,787)

Net current assets
  
 
 
825,207
 
 
824,939

  

Net assets
  
825,207
824,939


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
825,107
824,839

  
825,207
824,939


Page 1

 
HG DEVELOPMENTS LIMITED
REGISTERED NUMBER: 07889345
    
BALANCE SHEET (CONTINUED)
AS AT 30 OCTOBER 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr C F Benham
Director

Date: 28 October 2024

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
HG DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 OCTOBER 2023

1.


General information

HG Developments Limited (“the Company”) is a private company limited by shares, incorporated in England and Wales under the Companies Act. 
The registered number and address of the registered office are given in the Company information.
The functional and presentational currency of the Company is pounds sterling (£) and rounded to the nearest whole pound.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 3

 
HG DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 OCTOBER 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
 
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
 
Investments in non-derivative instruments that are equity to the issuer are measured:
• at fair value with changes recognised in the Statement of Comprehensive Income if the shares are   publicly traded or their fair value can otherwise be measured reliably;
• at cost less impairment for all other investments.
 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive Income.
 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
 
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the period was 2 (2022 - 3).

Page 4

 
HG DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 OCTOBER 2023

4.


Debtors

30 October
31 October
2023
2022
£
£

Other debtors
829,564
829,564



5.


Creditors: Amounts falling due within one year

30 October
31 October
2023
2022
£
£

Trade creditors
22,247
22,247

Other creditors
-
2,540

22,247
24,787



6.


Related party transactions

At the balance sheet date, an amount of £22,247 (2022: £22,247) was included within trade creditors and is due to HG Construction Limited, a company with common directors. The balance is unsecured, interest free and repayable on demand.
An unsecured, interest free loan, repayable on demand was made in a previous year to Kernal Court Limited, a company in which HG Developments Limited is a shareholder. The balance at the year end was £76,535 (2022: £76,535) this was included within other debtors.The loan is unsecured, interest free and repayable on demand.
At the balance sheet date, £114,737 (2022: £114,737) was included within other debtors and is owed from HGD London Road 2 Limited, a company with common directors. The loan is unsecured, interest free loan and repayable on demand. 
At the balance sheet date, £607,917 (2022: £607,917) was included within other debtors and is owed from HGD Egham Limited, a company with common directors. The loan is unsecured, interest free loan and repayable on demand. 
At the balance sheet date, £30,375 (2022: £30,375) was included within other debtors and is owed from Glenthorne Road SPV Limited, a company with common directors. The loan is unsecured, interest free loan and repayable on demand. 

 
Page 5