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REGISTERED NUMBER: 03368513 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

HOLLIN HILL PROPERTIES LIMITED

HOLLIN HILL PROPERTIES LIMITED (REGISTERED NUMBER: 03368513)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 14


HOLLIN HILL PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Mr Sunil Patel
Mr Shamir Patel





REGISTERED OFFICE: 2nd Floor
29 Dingwall Road
Croydon
Surrey
CR0 2NB





REGISTERED NUMBER: 03368513 (England and Wales)





AUDITORS: Xeinadin Auditing
Beckett House
36 Old Jewry
LONDON
EC2R 8DD

HOLLIN HILL PROPERTIES LIMITED (REGISTERED NUMBER: 03368513)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023

The directors present their strategic report for the year ended 31st December 2023.

REVIEW OF BUSINESS
The results for the period and financial position of the company are as shown in the annexed financial statements.

The total turnover of the company during the year amounted to £3,649,546 (2022: £3,118,421). The company's profit amounted to £870,105 (2022 £357). The management is continuing to review its costs and is also looking at ways to increase the company's profitability. The management anticipates that these steps will help in the improvement of the company's performance in the coming year.

Shareholders' funds at the year end were £8,162,859 (2022: £8,792,754).

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks and uncertainties affecting the company are summarised below:

Liquidity risk

With considered preparation and close monitoring of the trading activity budget, the company remains confident of being able to cover operational expenditure, illustrated by its increased profit margins. Expected interest rate rises are being monitored closely in respect of Bank debt service cover, with financial planning measures considered.


Market risk

The medium-term market stability outlook remains optimistic, added to the fact that the company's trading unit is based in an economically-strong location. Market risk is being monitored over the following 24 months.


Credit risk

Within the hotel industry payments are taken upon booking, or automatically charged to the customer on checkout. The company holds minimal trade debtors, therefore credit risk is considered to be low, due to frequent check and control procedures on debtor levels, together with vigorous recovery action when necessary.

ON BEHALF OF THE BOARD:





Mr Sunil Patel - Director


15th November 2024

HOLLIN HILL PROPERTIES LIMITED (REGISTERED NUMBER: 03368513)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31st December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31st December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

Mr Sunil Patel
Mr Shamir Patel

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Xeinadin Auditing, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr Sunil Patel - Director


15th November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HOLLIN HILL PROPERTIES LIMITED

Opinion
We have audited the financial statements of Hollin Hill Properties Limited (the 'company') for the year ended 31st December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HOLLIN HILL PROPERTIES LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HOLLIN HILL PROPERTIES LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Identify and assess the risk of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and the related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to event or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosure in the financial statements or, if such disclosures are inadequate to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Paul Davies FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Auditing
Beckett House
36 Old Jewry
LONDON
EC2R 8DD

15th November 2024

HOLLIN HILL PROPERTIES LIMITED (REGISTERED NUMBER: 03368513)

INCOME STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3,649,546 3,118,421

Cost of sales (360,922 ) (288,906 )
GROSS PROFIT 3,288,624 2,829,515

Administrative expenses (2,030,867 ) (1,865,641 )
1,257,757 963,874

Other operating income 18,250 18,250
OPERATING PROFIT 4 1,276,007 982,124

Intragroup loan waivers 5 - (956,429 )
1,276,007 25,695

Interest receivable and similar income 394,972 389,468
1,670,979 415,163

Interest payable and similar expenses 6 (532,859 ) (414,806 )
PROFIT BEFORE TAXATION 1,138,120 357

Tax on profit 7 (268,015 ) -
PROFIT FOR THE FINANCIAL YEAR 870,105 357

HOLLIN HILL PROPERTIES LIMITED (REGISTERED NUMBER: 03368513)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 870,105 357


OTHER COMPREHENSIVE INCOME
Revaluation of property (2,000,000 ) -
Income tax relating to other comprehensive
income

500,000

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(1,500,000

)

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(629,895

)
Prior year adjustment (294,586 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

(294,229

)

HOLLIN HILL PROPERTIES LIMITED (REGISTERED NUMBER: 03368513)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 8 9,000,000 11,000,000

CURRENT ASSETS
Stocks 9 16,196 5,500
Debtors 10 14,766,901 13,364,333
Cash at bank and in hand 400,335 778,716
15,183,432 14,148,549
CREDITORS
Amounts falling due within one year 11 (865,269 ) (543,473 )
NET CURRENT ASSETS 14,318,163 13,605,076
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,318,163

24,605,076

CREDITORS
Amounts falling due after more than one year 12 (12,552,263 ) (12,709,281 )

PROVISIONS FOR LIABILITIES 16 (2,603,041 ) (3,103,041 )
NET ASSETS 8,162,859 8,792,754

CAPITAL AND RESERVES
Called up share capital 17 653,600 653,600
Revaluation reserve 18 2,743,533 4,243,533
Retained earnings 18 4,765,726 3,895,621
SHAREHOLDERS' FUNDS 8,162,859 8,792,754

The financial statements were approved by the Board of Directors and authorised for issue on 15th November 2024 and were signed on its behalf by:





Mr Sunil Patel - Director


HOLLIN HILL PROPERTIES LIMITED (REGISTERED NUMBER: 03368513)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST DECEMBER 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st January 2022 653,600 4,189,850 6,119,134 10,962,584
Prior year adjustment - (294,586 ) - (294,586 )
As restated 653,600 3,895,264 6,119,134 10,667,998

Changes in equity
Total comprehensive income - 357 - 357
Prior year adjustment - - (1,875,601 ) (1,875,601 )
Balance at 31st December 2022 653,600 3,895,621 4,243,533 8,792,754

Changes in equity
Total comprehensive income - 870,105 (1,500,000 ) (629,895 )
Balance at 31st December 2023 653,600 4,765,726 2,743,533 8,162,859

HOLLIN HILL PROPERTIES LIMITED (REGISTERED NUMBER: 03368513)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,291,389 192,673
Interest paid (286,341 ) (245,742 )
Interest element of finance lease payments
paid

(246,518

)

(169,064

)
Net cash from operating activities 758,530 (222,133 )

Cash flows from investing activities
Interest received 394,972 389,468
Net cash from investing activities 394,972 389,468

Cash flows from financing activities
New loans in year - 5,300,000
Loan repayments in year (202,237 ) (5,704,568 )
Amounts owed by group undertakings (1,394,833 ) (122,924 )
Capital repayments in year 66,116 (66,559 )
Net cash from financing activities (1,530,954 ) (594,051 )

Decrease in cash and cash equivalents (377,452 ) (426,716 )
Cash and cash equivalents at beginning of
year

2

777,047

1,203,763

Cash and cash equivalents at end of year 2 399,594 777,047

HOLLIN HILL PROPERTIES LIMITED (REGISTERED NUMBER: 03368513)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2023 2022
£    £   
Profit before taxation 1,138,120 357
Finance costs 532,859 414,806
Finance income (394,972 ) (389,468 )
1,276,007 25,695
Increase in stocks (10,696 ) (162 )
(Increase)/decrease in trade and other debtors (7,735 ) 101,856
Increase in trade and other creditors 33,813 65,284
Cash generated from operations 1,291,389 192,673

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 400,335 778,716
Bank overdrafts (741 ) (1,669 )
399,594 777,047
Year ended 31st December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 778,716 1,206,112
Bank overdrafts (1,669 ) (2,349 )
777,047 1,203,763


HOLLIN HILL PROPERTIES LIMITED (REGISTERED NUMBER: 03368513)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 778,716 (378,381 ) 400,335
Bank overdrafts (1,669 ) 928 (741 )
777,047 (377,453 ) 399,594
Debt
Finance leases (7,204,057 ) (66,116 ) (7,270,173 )
Debts falling due within 1 year (200,556 ) (2,646 ) (203,202 )
Debts falling due after 1 year (5,249,974 ) 204,884 (5,045,090 )
(12,654,587 ) 136,122 (12,518,465 )
Total (11,877,540 ) (241,331 ) (12,118,871 )

HOLLIN HILL PROPERTIES LIMITED (REGISTERED NUMBER: 03368513)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Hollin Hill Properties 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 (£).


The principal place of business is 53 Piccadilly, York, YO1 9NU.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts receivable for services and goods, excluding value added tax.

Tangible fixed assets
Long leasehold property includes a leasehold hotel which is carried at its revalued amount, being fair value at the date of valuation and impairment losses. Revaluations are performed by professional qualified valuers with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period.

Any revaluation increase in the carrying amount of long leasehold property is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously expended.

Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against revaluation reserve in equity; decreases exceeding the balance in revaluation reserve relating to an asset are recognised in profit or loss. The use of a policy of revaluation provided more relevant and reliable information about the value of the property owned by the company.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


HOLLIN HILL PROPERTIES LIMITED (REGISTERED NUMBER: 03368513)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued
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.

Significant accounting estimates
The preparation of the financial statements in accordance with UK GAAP requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. 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 if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

Significant estimates and assumptions are made in particular with regard to determining the valuation of the company's hotel included in Tangible Fixed Assets. In line with many other company's in the industry, the hotel value is derived from assumed future trading results which are discounted using interest rates provided by commercial property experts.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 767,617 597,849
Social security costs 8,221 10,584
775,838 608,433

The average number of employees during the year was as follows:
2023 2022

Office and administration 2 2
Others 51 60
53 62

HOLLIN HILL PROPERTIES LIMITED (REGISTERED NUMBER: 03368513)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

3. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 2,016 2,688
Other operating leases 373,920 269,018
Auditors' remuneration 4,500 3,050

5. LOANS WAIVED
2023 2022
£    £   
Intragroup loan waivers - (956,429 )

Loans waived relate to loans made to group entities being written off in order to simplify group accounting.

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 286,341 245,742
Leasing 246,518 169,064
532,859 414,806

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 268,015 -
Tax on profit 268,015 -

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Revaluation of property (2,000,000 ) 500,000 (1,500,000 )

HOLLIN HILL PROPERTIES LIMITED (REGISTERED NUMBER: 03368513)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

7. TAXATION - continued

2022
Gross Tax Net
£    £    £   
Revaluation of property
Movement of profit and loss reserve
- - -

8. TANGIBLE FIXED ASSETS
Long
leasehold
£   
COST OR VALUATION
At 1st January 2023 11,000,000
Revaluations (2,000,000 )
At 31st December 2023 9,000,000
NET BOOK VALUE
At 31st December 2023 9,000,000
At 31st December 2022 11,000,000

Cost or valuation at 31st December 2023 is represented by:

Long
leasehold
£   
Valuation in 2022 3,993,151
Cost 5,006,849
9,000,000

If Long leasehold property had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 5,006,849 5,006,849

Long leasehold property were valued on an open market basis on 31st December 2023 by Sunil Patel,director .

9. STOCKS
2023 2022
£    £   
Stock 16,196 5,500

HOLLIN HILL PROPERTIES LIMITED (REGISTERED NUMBER: 03368513)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

10. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 63,808 53,768
Amounts owed by group undertakings 66,644 66,782
Other debtors and prepayments 75,747 78,052
206,199 198,602

Amounts falling due after more than one year:
Amounts owed by group undertakings 14,560,702 13,165,731

Aggregate amounts 14,766,901 13,364,333

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 13) 203,943 202,225
Trade creditors 146,849 110,011
Finance lease 3,266 35,020
Tax 268,015 -
Social security and other taxes 16,724 7,015
VAT 62,966 76,395
Other creditors and accruals 121,592 80,917
Accruals and deferred income 41,914 31,890
865,269 543,473

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 13) 5,045,090 5,249,974
Finance leases (see note 14) 7,270,173 7,204,057
Other creditors 2 - 5 years 73,000 73,000
Other creditors over 5 years 164,000 182,250
12,552,263 12,709,281

HOLLIN HILL PROPERTIES LIMITED (REGISTERED NUMBER: 03368513)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

13. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 741 1,669
Bank loans 203,202 200,556
203,943 202,225

Amounts falling due between two and five years:
Bank loans - 2-5 years 5,045,090 5,249,974

14. LEASING AGREEMENTS

Minimum lease payments under finance leases fall due as follows:

Finance leases
2023 2022
£    £   
Net obligations repayable:
Between one and five years 14,065 -
In more than five years 7,256,108 7,204,057
7,270,173 7,204,057

15. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 5,248,292 5,450,530

Metro Bank Plc holds a debenture from the company, supported by charges, debentures and guarantees from other companies within the Axcel Group.

16. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 2,603,041 3,103,041

HOLLIN HILL PROPERTIES LIMITED (REGISTERED NUMBER: 03368513)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

16. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1st January 2023 3,103,041
Provided during year (500,000 )
Balance at 31st December 2023 2,603,041

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
53,600 Ordinary 'A' £1 53,600 53,600
600,000 Ordinary 'B' £1 600,000 600,000
653,600 653,600

18. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st January 2023 3,895,621 4,243,533 8,139,154
Profit for the year 870,105 870,105
Revaluation - (2,000,000 ) (2,000,000 )
Deferred tax - 500,000 500,000
At 31st December 2023 4,765,726 2,743,533 7,509,259

19. RELATED PARTY DISCLOSURES

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.