REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
HACKBERRY PROPERTIES UK LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
HACKBERRY PROPERTIES UK LIMITED |
HACKBERRY PROPERTIES UK LIMITED (REGISTERED NUMBER: 07196967) |
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 |
HACKBERRY PROPERTIES UK LIMITED |
COMPANY INFORMATION |
for the Year Ended 29 February 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
36a Station Road |
New Milton |
Hampshire |
BH25 6JX |
HACKBERRY PROPERTIES UK LIMITED (REGISTERED NUMBER: 07196967) |
BALANCE SHEET |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Fair value reserve |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The director acknowledges his 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. |
HACKBERRY PROPERTIES UK LIMITED (REGISTERED NUMBER: 07196967) |
BALANCE SHEET - continued |
29 February 2024 |
The financial statements were approved by the director and authorised for issue on |
HACKBERRY PROPERTIES UK LIMITED (REGISTERED NUMBER: 07196967) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Hackberry Properties UK Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The director continues to monitor the ongoing developments in relation to Coronavirus. At the date of approval of these financial statements, the directors has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities, as they fall due in the foreseeable future, being a period of at least twelve months from the date of these financial statements being approved. Accordingly the company continues to adopt the going concern basis in preparation of these financial statements. The financial statements have been prepared on a going concern basis dependent on the continued support from the holding company and the director. |
Tangible fixed assets |
Plant and machinery etc | - |
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 Profit and Loss account, 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. |
HACKBERRY PROPERTIES UK LIMITED (REGISTERED NUMBER: 07196967) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities and include trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
Financial assets 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 income statement. |
Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. |
Employment benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
Provisions |
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
HACKBERRY PROPERTIES UK LIMITED (REGISTERED NUMBER: 07196967) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 29 February 2024 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
There is a fixed charge over the investment in Known Estates Limited. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
Within other creditors, at the balance sheet date, an amount of £15,397,321 (2023 - £16,723,161) is due to the director of the company. The security for this directors loan is a fixed and floating charge over the assets in the company. |
8. | OTHER FINANCIAL COMMITMENTS |
Hackberry Properties UK Limited is party to a cross-guarantee for loans advanced to fellow subsidiary companies and former fellow subsidiary companies in the R Estates (2010) Limited group. The contingent liability in respect of this guarantee (including the director's loan -see note 8) is £15,397,321 (2023 - £26,987,589). |
9. | RELATED PARTY DISCLOSURES |
During the year, the company provided cross-guarantees, along with the parent company and fellow subsidiary companies, in support of the loans outstanding to fellow subsidiary companies. the company has taken advantage of the exception available under FR102 Section 33.1A 'Related party disclosures' where it has not disclosed transactions with its parent company. |
10. | ULTIMATE CONTROLLING PARTY |
The parent company of Hackberry Properties UK Limited is R Estates (2010) Limited and its registered office is Belmore Park, Hampshire, SO32 1HQ, United Kingdom. |