Hutchinson Properties Ltd NI063506 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of property development and rental. Digita Accounts Production Advanced 6.30.9574.0 true true NI063506 2023-04-01 2024-03-31 NI063506 2024-03-31 NI063506 bus:OrdinaryShareClass1 2024-03-31 NI063506 core:CurrentFinancialInstruments 2024-03-31 NI063506 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI063506 bus:SmallEntities 2023-04-01 2024-03-31 NI063506 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI063506 bus:FilletedAccounts 2023-04-01 2024-03-31 NI063506 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI063506 bus:RegisteredOffice 2023-04-01 2024-03-31 NI063506 bus:Director2 2023-04-01 2024-03-31 NI063506 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 NI063506 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI063506 countries:NorthernIreland 2023-04-01 2024-03-31 NI063506 2023-03-31 NI063506 2022-04-01 2023-03-31 NI063506 2023-03-31 NI063506 bus:OrdinaryShareClass1 2023-03-31 NI063506 core:CurrentFinancialInstruments 2023-03-31 NI063506 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI063506

Hutchinson Properties Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Hutchinson Properties Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 5

 

Hutchinson Properties Ltd

(Registration number: NI063506)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

120,000

120,000

Current assets

 

Stocks

5

14,646

12,846

Debtors

6

64

62

Cash at bank and in hand

 

4,477

4,675

 

19,187

17,583

Creditors: Amounts falling due within one year

7

(174,896)

(175,508)

Net current liabilities

 

(155,709)

(157,925)

Net liabilities

 

(35,709)

(37,925)

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

(35,710)

(37,926)

Shareholders' deficit

 

(35,709)

(37,925)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 November 2024
 

.........................................
Mr Harold Hutchinson
Director

 

Hutchinson Properties Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
64 Ballygrooby Road
Moneymore
Magherafelt
Co. Londonderry
BT45 7XD

These financial statements were authorised for issue by the director on 28 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company meets its day to day working capital requirements through the support of its creditors and member. The director expects this to continue and as such considers it to be appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the support outlined.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Hutchinson Properties Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Hutchinson Properties Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Investment properties

2024
£

At 1 April

120,000

At 31 March

120,000

The investment property was valued on 31 March 2024 by the director. The basis of valuation is fair value.

There has been no valuation of investment property by an independent valuer.

5

Stocks

2024
£

2023
£

Work in progress

14,646

12,846

6

Debtors

Current

2024
£

2023
£

Other debtors

64

62

 

64

62

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

-

372

Amounts due to related parties

9

173,573

174,053

Accruals

 

375

655

Income tax liability

948

428

 

174,896

175,508

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

       
 

Hutchinson Properties Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

9

Related party transactions

Other transactions with the director

During the year the company repaid £480 to the director. At the balance sheet date the company owed the director £173,573 (2023 - £174,053). The advance is interest free, unsecured and repayable on demand.