1 01/04/2023 31/03/2024 2024-03-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-04-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 00639050 2023-04-01 2024-03-31 00639050 2024-03-31 00639050 2023-03-31 00639050 2022-04-01 2023-03-31 00639050 2023-03-31 00639050 2022-03-31 00639050 core:Subsidiary1 2023-04-01 2024-03-31 00639050 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 00639050 bus:RegisteredOffice 2023-04-01 2024-03-31 00639050 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 00639050 bus:Agent1 2023-04-01 2024-03-31 00639050 bus:Director1 2023-04-01 2024-03-31 00639050 bus:Director2 2023-04-01 2024-03-31 00639050 bus:Director3 2023-04-01 2024-03-31 00639050 bus:Director4 2023-04-01 2024-03-31 00639050 bus:CompanySecretary1 2023-04-01 2024-03-31 00639050 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 00639050 core:FurnitureFittingsToolsEquipment 2023-03-31 00639050 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 00639050 core:FurnitureFittingsToolsEquipment 2024-03-31 00639050 core:WithinOneYear 2024-03-31 00639050 core:WithinOneYear 2023-03-31 00639050 core:AfterOneYear 2024-03-31 00639050 core:AfterOneYear 2023-03-31 00639050 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 00639050 core:HedgingReserve 2022-04-01 2023-03-31 00639050 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 00639050 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 00639050 core:ShareCapital 2024-03-31 00639050 core:ShareCapital 2023-03-31 00639050 core:HedgingReserve 2024-03-31 00639050 core:HedgingReserve 2023-03-31 00639050 core:RetainedEarningsAccumulatedLosses 2024-03-31 00639050 core:RetainedEarningsAccumulatedLosses 2023-03-31 00639050 core:ShareCapital 2022-03-31 00639050 core:PreviouslyStatedAmount core:ShareCapital 2024-03-31 00639050 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00639050 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 00639050 core:Non-currentFinancialInstruments 2024-03-31 00639050 core:Non-currentFinancialInstruments 2023-03-31 00639050 core:Subsidiary1 2022-04-01 2023-03-31 00639050 core:FurnitureFittingsToolsEquipment 2023-03-31 00639050 bus:SmallEntities 2023-04-01 2024-03-31 00639050 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 00639050 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 00639050 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00639050 bus:FullAccounts 2023-04-01 2024-03-31 00639050 core:OtherMiscellaneousReserve 2022-03-31 00639050 core:OtherMiscellaneousReserve 2022-04-01 2023-03-31 00639050 core:EntityControlledByKeyManagementPersonnel1 2023-04-01 2024-03-31 00639050 core:EntityControlledByKeyManagementPersonnel1 2022-04-01 2023-03-31 00639050 core:EntityControlledByKeyManagementPersonnel2 2023-04-01 2024-03-31 00639050 core:EntityControlledByKeyManagementPersonnel3 2023-04-01 2024-03-31 00639050 core:EntityControlledByKeyManagementPersonnel3 2022-04-01 2023-03-31 00639050 core:EntityControlledByKeyManagementPersonnel1 2023-03-31 00639050 core:EntityControlledByKeyManagementPersonnel2 2024-03-31 00639050 core:EntityControlledByKeyManagementPersonnel3 2024-03-31 00639050 core:EntityControlledByKeyManagementPersonnel3 2023-03-31 00639050 core:WithinOneYear 2023-04-01 2024-03-31 00639050 core:AfterOneYear 2023-04-01 2024-03-31 00639050 core:EntityControlledByKeyManagementPersonnel4 2024-03-31 00639050 core:EntityControlledByKeyManagementPersonnel4 2023-04-01 2024-03-31 00639050 core:OtherMiscellaneousReserve 2023-03-31 00639050 core:OtherMiscellaneousReserve 2024-03-31 00639050 core:RetainedEarningsAccumulatedLosses 2022-03-31
Company registration number: 00639050
Hitchin Arcade Limited
Unaudited filleted financial statements
31 March 2024
Hitchin Arcade Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Hitchin Arcade Limited
Directors and other information
Directors Mr M W Seaman-Hill
Mr J J Hill
Mr T W Shadbolt
Mr M A Shadbolt
Secretary Mr J J Hill
Company number 00639050
Registered office First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Accountants Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
SG5 1NQ
Bankers HSBC
1 Market Place
Hitchin
Hertfordshire
SG5 1DR
Handelsbanken
Ground Floor
252 Capability Green
Luton
Bedfordshire
LU1 3LU
Hitchin Arcade Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Hitchin Arcade Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hitchin Arcade Limited for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Hitchin Arcade Limited, as a body, in accordance with the terms of our engagement letter dated 25 April 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Hitchin Arcade Limited and state those matters that we have agreed to state to the board of directors of Hitchin Arcade Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hitchin Arcade Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Hitchin Arcade Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hitchin Arcade Limited. You consider that Hitchin Arcade Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Hitchin Arcade Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
SG5 1NQ
29 November 2024
Hitchin Arcade Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 2,665,752 2,512,173
Investments 6 45,108 45,108
_______ _______
2,710,860 2,557,281
Current assets
Debtors 7 136,829 128,408
Cash at bank and in hand 267,743 138,154
_______ _______
404,572 266,562
Creditors: amounts falling due
within one year 8 ( 138,528) ( 127,061)
_______ _______
Net current assets 266,044 139,501
_______ _______
Total assets less current liabilities 2,976,904 2,696,782
Creditors: amounts falling due
after more than one year 9 ( 373,684) ( 205,263)
Provisions for liabilities ( 2,710) ( 2,310)
_______ _______
Net assets 2,600,510 2,489,209
_______ _______
Capital and reserves
Called up share capital 8 8
Fair value reserve 1,584,724 1,584,724
Profit and loss account 1,015,778 904,477
_______ _______
Shareholders funds 2,600,510 2,489,209
_______ _______
For the 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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr J J Hill Mr T W Shadbolt
Director Director
Company registration number: 00639050
Hitchin Arcade Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 April 2022 8 1,965,541 805,976 2,771,525
Profit/(loss) for the year ( 282,316) ( 282,316)
Other comprehensive income for the year:
Fair value adjustment of fixed assets - ( 456,117) 456,117 -
Tax relating to components of other comprehensive income 75,300 ( 75,300) -
_______ _______ _______ _______
Total comprehensive income for the year - ( 380,817) 98,501 ( 282,316)
_______ _______ _______ _______
At 31 March 2023 and 1 April 2023 8 1,584,724 904,477 2,489,209
Profit/(loss) for the year 111,301 111,301
_______ _______ _______ _______
Total comprehensive income for the year - - 111,301 111,301
_______ _______ _______ _______
At 31 March 2024 8 1,584,724 1,015,778 2,600,510
_______ _______ _______ _______
Hitchin Arcade Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is First Floor, 99 Bancroft, Hitchin, Hertfordshire, SG5 1NQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover represents rents receivable, car park income and costs recharged during the year excluding value added tax where appropriate.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Furniture and equipment - 10 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Freehold investment properties Fixtures and equipment Total
£ £ £
Cost/Valuation
At 1 April 2023 2,500,000 14,680 2,514,680
Additions 154,913 - 154,913
_______ _______ _______
At 31 March 2024 2,654,913 14,680 2,669,593
_______ _______ _______
Depreciation
At 1 April 2023 - 2,507 2,507
Charge for the year - 1,334 1,334
_______ _______ _______
At 31 March 2024 - 3,841 3,841
_______ _______ _______
Carrying amount
At 31 March 2024 2,654,913 10,839 2,665,752
_______ _______ _______
At 31 March 2023 2,500,000 12,173 2,512,173
_______ _______ _______
Investment property
The fair value of the freehold investment properties has been arrived at on the basis of valuations carried out by the directors of the company. The valuations were made on an open market value basis for existing use on 31 March 2024.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold investment properties Total
£ £
At 31 March 2024
Aggregate cost 1,070,189 1,070,189
Aggregate depreciation - -
_______ _______
Carrying amount 1,070,189 1,070,189
_______ _______
At 31 March 2023
Aggregate cost 915,275 915,275
Aggregate depreciation - -
_______ _______
Carrying amount 915,275 915,275
_______ _______
6. Investments
Shares in group undertaking Loans to group undertaking Total
£ £ £
Cost
At 1 April 2023 and 31 March 2024 100 45,008 45,108
_______ _______ _______
Impairment
At 1 April 2023 and 31 March 2024 - - -
_______ _______ _______
Carrying amount
At 31 March 2024 100 45,008 45,108
_______ _______ _______
At 31 March 2023 100 45,008 45,108
_______ _______ _______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Viabond Limited First Floor Offices, 99 Bancroft, Hitchin, Hertfordshire SG5 1NQ Ordinary 100
The results and capital and reserves for the period of the trading companies are as follows:
Capital and Profit/(loss)
reserves for the
period
2024 2023 2024 2023
£ £ £ £
Subsidiary undertakings
Viabond Limited 142,742 136,099 6,643 3,309
7. Debtors
2024 2023
£ £
Rent, insurance, car parking and service charge arrears 46,254 38,147
Other debtors 90,575 90,261
_______ _______
136,829 128,408
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans 31,579 31,579
Rent, insurance, car parking and service charge arrears 23,749 24,861
Corporation tax 39,464 22,643
Social security and other taxes 6,660 7,202
Other creditors 37,076 40,776
_______ _______
138,528 127,061
_______ _______
The bank loan is secured by a first legal charge over the freehold investment properties.
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans 373,684 205,263
_______ _______
The bank loan is secured by a first legal charge over the freehold investment properties.
10. Pension commitments
The company's annual commitment under the scheme is for contributions of £550 (2023 £490).Included in other creditors are amounts due to the pension scheme of £- (2023 £20).
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Messrs John Shilcock - rent collection fees - 24,036 - ( 3,934)
John Shilcock Limited - rent collection fees 26,287 - ( 2,604) -
Walnut Tree Holdings Limited - professional fees 24,096 22,993 ( 19,008) ( 22,033)
_______ _______ _______ _______
At 31 March 2024 £ 68,811 (2023 £-) was owed to the company by John Shilcock Limited , a company in which certain directors have an interest. The amount owed represents net rents collected by John Shilcock Limited as managing agents, retained to cover future expenses . The amount is unsecured, interest free and repayable on demand.At 31 March 2024 £- (2023 £76,003) was owed to the company by Messrs John Shilcock, a partnership in which certain directors have an interest. The amount owed represents net rents collected by Messrs John Shilcock as managing agents, retained to cover future expenses. The amount is unsecured, interest free and repayable on demand.
12. Controlling party
The directors via their family companies own 62.5% of the share capital and therefore control the company.