Company Registration No. 06229672 (England and Wales)
HUNGERHILL DEVELOPMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
HUNGERHILL DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
HUNGERHILL DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,915
4,372
Current assets
Debtors
5
33,711
20,306
Cash at bank and in hand
149,656
180,916
183,367
201,222
Creditors: amounts falling due within one year
6
(180,250)
(197,746)
Net current assets
3,117
3,476
Total assets less current liabilities
6,032
7,848
Creditors: amounts falling due after more than one year
7
(1,458)
(3,279)
Net assets
4,574
4,569
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
4,573
4,568
Total equity
4,574
4,569
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
C Underwood
Director
Company registration number 06229672 (England and Wales)
HUNGERHILL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Hungerhill Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 27-31 Carlton Road, Nottingham, NG3 2DG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Hungerhill Developments Limited is a wholly owned subsidiary of The Renewal Trust and the results of Hungerhill Developments Limited are included in the consolidated financial statements of The Renewal Trust which are available from the registered office.
1.2
Going concern
The consistent reduction of funding and unpaid funds from Nottingham City Council relating to the Management Agreement, has resulted in Directors determining that the company is no longer financially viable. Protracted discussions with Nottingham City Council provided no reassurance and in fact confirms that funding would end in March 2025. As such Directors will take the necessary steps to communicate their intention to end the lease and advise all stakeholders. The lease and management agreement will terminate at the end of January 2025. The process of handing the site back and transferring staff has commenced.true
Taking the above into account the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
HUNGERHILL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
2
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
HUNGERHILL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
4
Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2023 and 31 March 2024
5,829
Depreciation and impairment
At 1 April 2023
1,457
Depreciation charged in the year
1,457
At 31 March 2024
2,914
Carrying amount
At 31 March 2024
2,915
At 31 March 2023
4,372
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
31,499
3,242
Other debtors
2,212
17,064
33,711
20,306
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
32,477
25,195
Amounts owed to group undertakings
33,814
20,238
Taxation and social security
2,830
998
Other creditors
111,129
151,315
180,250
197,746
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,458
3,279
HUNGERHILL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Material uncertainty related to going concern
In forming our opinion, we draw your attention to the disclosures made in note 1.2 of the financial statements concerning the termination of the lease and management agreement at the end of January 2025. In view of the significance of this uncertainty we consider that this should be drawn to your attention but our opinion is not qualified in this respect.
Senior Statutory Auditor:
Melvin Bailey
Statutory Auditor:
Rogers Spencer
Date of audit report:
27 November 2024
10
Financial commitments, guarantees and contingent liabilities
The company has a lease with Nottingham City Council for a period of 30 years from 16 June 2008 for the Stonepit Coppice Allotments, the Gorsey Close Allotments and the Hungerhill Allotments all at St Ann's Nottingham. No rental charge is payable in respect of the lease.
11
Tangible assets
The Allotment Centre was built on the Stonepit Coppice Allotment site in 2013 and the cost of construction of £321,504 was funded entirely by grants. A value has not been included in these accounts due to the limited time remaining on the lease and the fact that a full valuation of the land and buildings has not been undertaken.
12
Events after the reporting date
As noted in 1.2 on 23 July 2024 the directors gave notice to terminate the lease and management agreement for Stonepit Coppice Allotments and Hungerhill Allotments, with effect from the end of January 2025.
13
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
HUNGERHILL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Related party transactions
(Continued)
- 6 -
Hungerhill Developments Limited is a wholly owned subsidiary of The Renewal Trust Limited.
Included in creditors is an intercompany loan balance owed by Hungerhill Developments Limited to The Renewal Trust Limited totalling £33,814 (2023: £20,238).
In addition to the above balance, included in trade creditors is balances totalling £28,364 owed by Hungerhill Developments Limited to The Renewal Trust (2023: £14,385).
During the financial year ending 31 March 2023, a grant of £12,512 was received from The Renewal Trust in order to purchase a site vehicle and carry out maintenance costs at the allotment gardens. At 31 March 2024, £2,915 has been included in creditors in respect of the capital element of this grant.
14
Parent company
The parent company of Hungerhill Developments Limited is The Renewal Trust Limited and its registered office is 27-31 Carlton Road, Nottingham, NG3 2DG.