Registered number
13919699
Hill 38 Ltd
Filleted Accounts
29 February 2024
Hill 38 Ltd
Registered number: 13919699
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 145,000 122,565
Current assets
Debtors 4 637 746
Cash at bank and in hand 19,123 19,779
19,760 20,525
Creditors: amounts falling due within one year 5 (165,365) (158,734)
Net current liabilities (145,605) (138,209)
Net liabilities (605) (15,644)
Capital and reserves
Called up share capital 100 100
Revaluation reserve 6 22,435 -
Profit and loss account (23,140) (15,744)
Shareholders' funds (605) (15,644)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Ka Wai Kevin Cheng
Director
Approved by the board on 31 October 2024
Hill 38 Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, which is based on valuation at the end of the period.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 March 2023 122,565
Surplus on revaluation 22,435
At 29 February 2024 145,000
Depreciation
At 29 February 2024 -
Net book value
At 29 February 2024 145,000
At 28 February 2023 122,565
4 Debtors 2024 2023
£ £
Trade debtors 291 725
Other debtors 346 21
637 746
5 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors 165,365 158,734
6 Revaluation reserve 2024 2023
£ £
Gain on revaluation of land and buildings 22,435 -
At 29 February 2024 22,435 -
7 Related party transactions
Included within other creditors is the amount of £161,621 owed to the director (2023 - £155,096). This amount is undated, unsecured, interest free and repayable upon demand.
8 Going Concern
These accounts have been prepared on a going concern basis. The director has confirmed that he will continue to provide financial support to the company until such time as it's position improves.
9 Other information
Hill 38 Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1 The Briars
Waterberry Drive
Waterlooville
Hampshire
PO7 7YH
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