0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 422,000 422,000 422,000 xbrli:pure xbrli:shares iso4217:GBP 10636457 2023-03-01 2024-02-29 10636457 2024-02-29 10636457 2023-02-28 10636457 2022-03-01 2023-02-28 10636457 2023-02-28 10636457 2022-02-28 10636457 bus:Director1 2023-03-01 2024-02-29 10636457 core:WithinOneYear 2024-02-29 10636457 core:WithinOneYear 2023-02-28 10636457 core:AfterOneYear 2024-02-29 10636457 core:AfterOneYear 2023-02-28 10636457 core:ShareCapital 2024-02-29 10636457 core:ShareCapital 2023-02-28 10636457 core:RetainedEarningsAccumulatedLosses 2024-02-29 10636457 core:RetainedEarningsAccumulatedLosses 2023-02-28 10636457 core:LandBuildings core:OwnedOrFreeholdAssets 2024-02-29 10636457 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 10636457 bus:Director1 2023-02-28 10636457 bus:Director1 2024-02-29 10636457 bus:Director1 2022-02-28 10636457 bus:Director1 2023-02-28 10636457 bus:Director1 2022-03-01 2023-02-28 10636457 bus:SmallEntities 2023-03-01 2024-02-29 10636457 bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 10636457 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 10636457 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 10636457 bus:FullAccounts 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 10636457
HB Developments Limited
Filleted Unaudited Financial Statements
29 February 2024
HB Developments Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Investment property
4
422,000
422,000
Current assets
Debtors
5
269,968
243,081
Cash at bank and in hand
2,021
9,892
---------
---------
271,989
252,973
Creditors: amounts falling due within one year
6
298,186
264,342
---------
---------
Net current liabilities
26,197
11,369
---------
---------
Total assets less current liabilities
395,803
410,631
Creditors: amounts falling due after more than one year
7
298,786
308,612
Provisions
18,350
18,350
---------
---------
Net assets
78,667
83,669
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
78,567
83,569
--------
--------
Shareholders funds
78,667
83,669
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 29 February 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
HB Developments Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 15 November 2024 , and are signed on behalf of the board by:
Mr H S Bindra
Director
Company registration number: 10636457
HB Developments Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Agincourt Villas, Uxbridge Road, Hillingdon, UB10 0NX, Middlesex.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Investment property
Investment property is initially recorded 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. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
4. Investment property
Freehold property
£
Cost
At 1 March 2023 and 29 February 2024
422,000
---------
Depreciation
At 1 March 2023 and 29 February 2024
---------
Carrying amount
At 29 February 2024
422,000
---------
At 28 February 2023
422,000
---------
The property was revalued by the director at the year end and is considered by him to be reflective of the true and fair value at the balance sheet date.
5. Debtors
2024
2023
£
£
Other debtors
269,968
243,081
---------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
22,247
22,247
Corporation tax
46
Other creditors
275,939
242,049
---------
---------
298,186
264,342
---------
---------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
298,786
308,612
---------
---------
8. Secured debt:
Included within other creditors are liabilities of £293,488 (2023: £293,488) which have been secured on the assets of the company.
9. Non-distributable reserves
Included within profit and loss account is non-distributable reserves for the sum of £78,230 (2023: £78,230)
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr H S Bindra
( 15,458)
( 3,281)
( 18,739)
--------
-------
--------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr H S Bindra
( 12,589)
( 2,869)
( 15,458)
--------
-------
--------
11. Related party transactions
The company was under the control of the director. At the balance sheet date other creditors include an interest free loan of Mr Manoj Kumar Khanna has extended a loan for the sum of £217,400 (2023: £217,400) and £26,000 (2023 - £26,000) from Jaz Property Management Limited in which Mr T S Bindra is 100% shareholder. These loans were taken to finance the purchase of the investment property. These loans will become payable at the sale of the investment property or when the company can afford to repay it. At the balance sheet date other debtors include an interest free loan of £153,981(2023 - £153,981) to Cyanic Limited in which Mr H S Bindra is 50% shareholder and another interest free loan of £65,100 (2023 - £65,100) to JSV Properties Limited. Another loan of £50,000 (2023: £50,000) to MKH Real Estate Limited in which Mr H S Bindra is 40% shareholder. These loans are interest free and repayable on demand.