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REGISTERED NUMBER: 00348703 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

HOPE PROPERTY MANAGEMENTS LIMITED

HOPE PROPERTY MANAGEMENTS LIMITED (REGISTERED NUMBER: 00348703)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


HOPE PROPERTY MANAGEMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: E L Barlow
A E W Barrett
E L Bates
S A Cooke
M F Knatchbull Hugessen



SECRETARY: L J Beadle



REGISTERED OFFICE: The Coventry Building Society Arena
Judd's Lane
Longford
Coventry
Warwickshire
CV6 6GE



REGISTERED NUMBER: 00348703 (England and Wales)



AUDITORS: Armstrongs Accountancy Ltd
Chartered Accountants and Statutory Auditor
1 & 2 Mercia Village
Torwood Close
Westwood Business Park
Coventry
West Midlands
CV4 8HX



SOLICITORS: Brindley Twist Tafft & James LLP
Lowick Gate
Siskin Drive
Coventry
CV3 4FJ

HOPE PROPERTY MANAGEMENTS LIMITED (REGISTERED NUMBER: 00348703)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 433 1,180
Investment property 5 812,003 726,003
812,436 727,183

CURRENT ASSETS
Debtors 6 9,817 17,744
Cash at bank and in hand 86,182 48,539
95,999 66,283
CREDITORS
Amounts falling due within one year 7 343,077 277,684
NET CURRENT LIABILITIES (247,078 ) (211,401 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

565,358

515,782

CAPITAL AND RESERVES
Called up share capital 8 222 222
Revaluation reserve 9 492,181 406,181
Retained earnings 9 72,955 109,379
SHAREHOLDERS' FUNDS 565,358 515,782

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 22nd October 2024 and were signed on its behalf by:





A E W Barrett - Director


HOPE PROPERTY MANAGEMENTS LIMITED (REGISTERED NUMBER: 00348703)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024

1. STATUTORY INFORMATION

Hope Property Managements 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Valuation of investment property
The investment property is held at fair value, directors are required to use their judgement in estimating the fair value of the investment property. The accounting policy of investment property is to obtain a valuation every 3 years, the last valuation is at 31/03/2024.

Turnover
Turnover is measured at the fair value of the consideration received. The policies adopted for the recognition of turnover are as follows:

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from rental income is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the rental agreement.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

HOPE PROPERTY MANAGEMENTS LIMITED (REGISTERED NUMBER: 00348703)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued

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 - 25% on cost
Computer equipment - 25% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at tits fair value as the reporting date. The surplus or deficit on revaluation is recognised in the profit and loss accounts.

The professional valuation is obtained every 3 years, during the year the investment properties were revalued by Carters Chartered Surveyors, who are RICS certified.

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 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Other operating income
Other operating income reflects fees for the extension and renewal of other property leases.

Gift aid payments
Gift aid payments are recognised as distributions to owners from retained earnings with there being no legal obligation to make payments.

Treating gift aid payments as distributions results in the company recognising a taxation charge on its profits for the year. However, the application of the exception under paragraph 29.14A of FRS 102 provides relief in respect of the accounting for the tax charge. This results in an overall nil impact on the charge for tax in the Income Statement. The exception is only applicable as it is probable that the gift aid payment will be made by the company to the parent charity within 9 months of the reporting date.

HOPE PROPERTY MANAGEMENTS LIMITED (REGISTERED NUMBER: 00348703)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1st April 2023
and 31st March 2024 3,737 23,762 27,499
DEPRECIATION
At 1st April 2023 3,737 22,582 26,319
Charge for year - 747 747
At 31st March 2024 3,737 23,329 27,066
NET BOOK VALUE
At 31st March 2024 - 433 433
At 31st March 2023 - 1,180 1,180

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2023 726,003
Revaluations 86,000
At 31st March 2024 812,003
NET BOOK VALUE
At 31st March 2024 812,003
At 31st March 2023 726,003

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2024 812,003

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 5,080 4,694
Prepayments 4,737 13,050
9,817 17,744

HOPE PROPERTY MANAGEMENTS LIMITED (REGISTERED NUMBER: 00348703)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 269,710 186,406
Other creditors 67,363 33,693
Accrued expenses 6,004 57,585
343,077 277,684

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
222 Ordinary £1 222 222

9. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st April 2023 109,379 406,181 515,560
Profit for the year 45,363 45,363
Payments under gift aid scheme (81,787 ) (81,787 )
Gain/loss on revaluation of
investment properties - 86,000 86,000
At 31st March 2024 72,955 492,181 565,136

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Muhammed Shabbir FCA, FCCA (Senior Statutory Auditor)
for and on behalf of Armstrongs Accountancy Ltd

11. ULTIMATE PARENT COMPANY

The Company is a wholly-owned subsidiary of the Alan Edward Higgs Charity, which is the smallest and largest group in which the results of the Company are consolidated.

The registered office and principal place of business of the Alan Edward Higgs Charity is The Coventry Building Society Arena, Judd's Lane, Longford, Coventry, CV6 6GE.