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REGISTERED NUMBER: 11851778 (England and Wales)









Financial Statements

for the Year Ended 29 February 2024

for

HSP Residential Limited

HSP Residential Limited (Registered number: 11851778)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


HSP Residential Limited

Company Information
for the Year Ended 29 February 2024







DIRECTOR: S S Popat





REGISTERED OFFICE: 36 Railway Approach
Harrow
Middlesex
HA3 5AA





REGISTERED NUMBER: 11851778 (England and Wales)





ACCOUNTANTS: Parker Cavendish
Chartered Accountants
28 Church Road
Stanmore
Middlesex
HA7 4XR

HSP Residential Limited (Registered number: 11851778)

Statement of Financial Position
29 February 2024

2024 2023
Notes £    £   
FIXED ASSETS
Investment property 4 2,115,000 1,500,000

CURRENT ASSETS
Debtors 5 224,196 125,014
Cash at bank 9,498 79,782
233,694 204,796
CREDITORS
Amounts falling due within one year 6 (1,740,296 ) (1,057,309 )
NET CURRENT LIABILITIES (1,506,602 ) (852,513 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

608,398

647,487

CREDITORS
Amounts falling due after more than one
year

7

(532,900

)

(532,900

)

PROVISIONS FOR LIABILITIES (22,486 ) (22,486 )
NET ASSETS 53,012 92,101

CAPITAL AND RESERVES
Called up share capital 100 100
Other reserves 76,519 76,519
Retained earnings (23,607 ) 15,482
SHAREHOLDERS' FUNDS 53,012 92,101

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 November 2024 and were signed by:




S S Popat - Director


HSP Residential Limited (Registered number: 11851778)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

HSP Residential 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, modified to include investment property at fair value.

Turnover
Turnover represents rent receivable. Income is recognised over the period of the tenancy agreement.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 1,500,000
Additions 615,000
At 29 February 2024 2,115,000
NET BOOK VALUE
At 29 February 2024 2,115,000
At 28 February 2023 1,500,000

HSP Residential Limited (Registered number: 11851778)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. INVESTMENT PROPERTY - continued

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2023 99,005
Cost 2,015,995
2,115,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,015,995 1,400,995

Investment property was valued on an open market basis on 29 February 2024 by the director .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 224,196 125,014

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security - 4,355
Other creditors 1,740,296 1,052,954
1,740,296 1,057,309

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 532,900 532,900

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 532,900 532,900

8. SECURED DEBTS

Included within other creditors due within one year is a balance of £317,035 due to Together Commercial Finance Limited, provided for the purchase of an investment property in October 2023. The loan is over a 12 month term and interest is charged at a rate of 0.85% per month of the total loan facility. The loan is secured on the company's investment properties. The loan was settled in July 2024.

Included within other creditors due in more than one year is a mortgage of £532,900 received from Charter Court Financial Services Limited in September 2021. The loan is over a 25 year term and is interest only, fixed at a rate of 2.89% for the first 2 years. Interest will then be calculated at 5.40% plus the Bank of England base rate. The loan is secured on one of the company's investment properties.

HSP Residential Limited (Registered number: 11851778)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

9. RELATED PARTY DISCLOSURES

Included within other creditors at the year end is an amount of £885,081 (2023: £929,954) due to the director S S Popat. This amount has been provided unsecured, interest free and is repayable on demand.

Included within other creditors at the year end is an amount of £120,000 (2023: £120,000) due to Karuna Care (TLC) Limited, a company in which S S Popat is a director. The loan has been provided unsecured, interest free and is repayable on demand.

Included within other creditors at the year end is an amount of £415,000 (2023: £nil) due to Rockley Dene Homes Limited, a company in which S S Popat was a director of in the year but resigned after the year end on 11 October 2024. The loan has been provided unsecured, interest free and is repayable on demand.

Included within other debtors at the year end is an amount of £160,157 (2023: £116,445) due from HSP Chesham Limited, a company in which S S Popat is a director. This amount has been provided unsecured, interest free and is repayable on demand.

Included within other debtors at the year end is an amount of £53,680 (2023: £nil) due from Popaty EMA Limited, a company in which S S Popat is a director. This amount has been provided unsecured, interest free and is repayable on demand.