Caseware UK (AP4) 2023.0.135 2023.0.135 2023-02-01falseNo description of principal activity189truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13115346 2023-02-01 2024-01-31 13115346 2022-02-01 2023-01-31 13115346 2024-01-31 13115346 2023-01-31 13115346 c:Director1 2023-02-01 2024-01-31 13115346 d:PlantMachinery 2023-02-01 2024-01-31 13115346 d:PlantMachinery 2024-01-31 13115346 d:PlantMachinery 2023-01-31 13115346 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 13115346 d:MotorVehicles 2023-02-01 2024-01-31 13115346 d:MotorVehicles 2024-01-31 13115346 d:MotorVehicles 2023-01-31 13115346 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 13115346 d:FurnitureFittings 2023-02-01 2024-01-31 13115346 d:FurnitureFittings 2024-01-31 13115346 d:FurnitureFittings 2023-01-31 13115346 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 13115346 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 13115346 d:CurrentFinancialInstruments 2024-01-31 13115346 d:CurrentFinancialInstruments 2023-01-31 13115346 d:Non-currentFinancialInstruments 2024-01-31 13115346 d:Non-currentFinancialInstruments 2023-01-31 13115346 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 13115346 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 13115346 d:ShareCapital 2024-01-31 13115346 d:ShareCapital 2023-01-31 13115346 d:RetainedEarningsAccumulatedLosses 2024-01-31 13115346 d:RetainedEarningsAccumulatedLosses 2023-01-31 13115346 c:OrdinaryShareClass1 2023-02-01 2024-01-31 13115346 c:OrdinaryShareClass1 2024-01-31 13115346 c:OrdinaryShareClass1 2023-01-31 13115346 c:FRS102 2023-02-01 2024-01-31 13115346 c:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 13115346 c:FullAccounts 2023-02-01 2024-01-31 13115346 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 13115346 e:PoundSterling 2023-02-01 2024-01-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13115346










Hillstone Homes Property Developers Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 January 2024

 
Hillstone Homes Property Developers Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Hillstone Homes Property Developers Limited for the year ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hillstone Homes Property Developers Limited for the year ended 31 January 2024 which comprise  the 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 at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Hillstone Homes Property Developers Limited, as a body, in accordance with the terms of our engagement letter dated 8 April 2024Our work has been undertaken solely to prepare for your approval the financial statements of Hillstone Homes Property Developers Limited and state those matters that we have agreed to state to the Board of directors of Hillstone Homes Property Developers Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hillstone Homes Property Developers Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Hillstone Homes Property Developers 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 Hillstone Homes Property Developers Limited. You consider that Hillstone Homes Property Developers Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Hillstone Homes Property Developers 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.

  



Kreston Reeves LLP
Chartered Accountants
37 St Margaret's Street
Canterbury
Kent
CT1 2TU
18 October 2024
Page 1

 
Hillstone Homes Property Developers Limited
Registered number: 13115346

Balance sheet
As at 31 January 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
  
177,810
161,755

Current assets
  

Stocks
  
12,211,839
6,411,760

Debtors
 5 
167,377
102,240

Cash at bank and in hand
  
282,513
150,424

  
12,661,729
6,664,424

Creditors: amounts falling due within one year
 6 
(12,800,537)
(6,822,384)

Net current liabilities
  
 
 
(138,808)
 
 
(157,960)

  

Net assets
  
39,002
3,795


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
38,902
3,695

  
39,002
3,795


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 year 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 income and retained earnings 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: 




M Hill
Director
Date: 18 October 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
Hillstone Homes Property Developers Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

1.


General information

Hillstone Homes Property Developments limited is a private company limited by shares and is incorporated in England and Wales with the registration number 13115346. The address of the registered office is Boldrewood Farm, Old Ham Lane, Lenham, Maidstone, Kent, ME17 2LT. 
The financial statements are presented in pounds sterling and rounded to the nearest 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

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of property
-  Revenue from the sale of goods is recognised when all of the following conditions are satisfied:-
-  the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and 
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Construction costs
Revenue is only recognised on a construction contract where the outcome can be estimated reliably. Revenue and cost are recognised by reference to the stage of completion of contract activity at the balance sheet date. This is measured by surveys of work performed to date. 
Contracts are only treated as construction contracts when they are specifically negotiated for the construction of a development or property. When it is probable that the total costs of construction will exceed total contract revenue, the expected loss is recognised as an expense in the profit or loss account immediately. 

Page 3

 
Hillstone Homes Property Developers Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

2.Accounting policies (continued)

 
2.3

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
Hillstone Homes Property Developers Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Reducing balance method
Motor vehicles
-
20%
Reducing balance method
Fixtures and fittings
-
20%
Reducing balance method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

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.

 
2.8

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.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Page 5

 
Hillstone Homes Property Developers Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.10

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.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 6

 
Hillstone Homes Property Developers Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

2.Accounting policies (continued)

 
2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.13

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.


3.


Employees

The average monthly number of employees, including directors, during the year was 18 (2023 - 9).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 February 2023
136,449
65,695
-
202,144


Additions
17,615
14,495
28,398
60,508



At 31 January 2024

154,064
80,190
28,398
262,652



Depreciation


At 1 February 2023
27,290
13,099
-
40,389


Charge for the year on owned assets
25,355
13,418
5,680
44,453



At 31 January 2024

52,645
26,517
5,680
84,842



Net book value



At 31 January 2024
101,419
53,673
22,718
177,810



At 31 January 2023
109,159
52,596
-
161,755

Page 7

 
Hillstone Homes Property Developers Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

5.


Debtors

2024
2023
£
£

Due after more than one year

Prepayments and accrued income
68,858
40,208

Due within one year

Other debtors
68,878
49,665

Prepayments and accrued income
19,780
12,367

Deferred taxation
9,861
-

167,377
102,240



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
12,155,383
6,537,611

Trade creditors
538,954
269,467

Other taxation and social security
22,913
11,852

Other creditors
14,726
2,954

Accruals and deferred income
68,561
500

12,800,537
6,822,384



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



8.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £10,634 (2023 - £4,984). At the balance sheet date, other creditors included a pension creditor of £1,688 (2023 - £1,665).


Page 8