Company Registration No. 03897322 (England and Wales)
HUNGERHILL TRADING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
HUNGERHILL TRADING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
HUNGERHILL TRADING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
25,482
32,056
Investment property
5
675,000
630,000
700,482
662,056
Current assets
Debtors
6
20,049
10,393
Cash at bank and in hand
111,316
73,705
131,365
84,098
Creditors: amounts falling due within one year
7
(44,558)
(36,323)
Net current assets
86,807
47,775
Total assets less current liabilities
787,289
709,831
Creditors: amounts falling due after more than one year
8
(167,557)
(159,454)
Provisions for liabilities
(168,750)
(157,500)
Net assets
450,982
392,877
Capital and reserves
Called up share capital
9
50,001
50,001
Profit and loss reserves
400,981
342,876
Total equity
450,982
392,877

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:
E Davidson
Director
Company registration number 03897322 (England and Wales)
HUNGERHILL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Hungerhill Trading 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 Trading Limited is a wholly owned subsidiary of The Renewal Trust and the results of Hungerhill Trading Limited are included in the consolidated financial statements of The Renewal Trust which are available from the registered office.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus 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.

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:

Fixtures, fittings & equipment
10%, 20% straight line & estimated useful life

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.

HUNGERHILL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

HUNGERHILL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
4
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 April 2023 and 31 March 2024
96,548
Depreciation and impairment
At 1 April 2023
64,492
Depreciation charged in the year
6,574
At 31 March 2024
71,066
Carrying amount
At 31 March 2024
25,482
At 31 March 2023
32,056
5
Investment property
2024
£
Fair value
At 1 April 2023
630,000
Revaluations
45,000
At 31 March 2024
675,000

The company owns the freehold land and buildings at 3 Hawkesworth Street, St Anns, Nottingham. It was purchased in 2003 for £137,500 using funds provided by ERDF who also provided funding for improvements.

During 2024, a valuation has been carried out by WA Barnes LLP. The market value of the property was indicated at £675,000 which has been reflected in the financial statements.

HUNGERHILL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
14,658
4,465
Other debtors
5,391
5,928
20,049
10,393
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
17,502
10,883
Other creditors
27,056
25,440
44,558
36,323
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
167,557
159,454
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
50,001
50,001
50,001
50,001
10
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.

Senior Statutory Auditor:
Melvin Bailey
Statutory Auditor:
Rogers Spencer
Date of audit report:
27 November 2024
11
Financial commitments, guarantees and contingent liabilities

The company has two leases with Nottingham City Council. One is for a period of 125 years from 8 July 2009 for 27-31 Carlton Road, Nottingham and the other is for a period of 25 years from 1 January 2000 for the John Folman Business Centre, St Anns, Nottingham. No rental charge is payable in respect of the leases.

HUNGERHILL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
12
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Hungerhill Trading Limited is a wholly owned subsidiary of The Renewal Trust.

 

Included in other creditors, amounts falling due after more than one year is an intercompany balance owed to The Renewal Trust totalling £167,557 (2023: £159,454).

 

In addition to the above balance, included in trade creditors is balances totalling £13,764 owed by Hungerhill Trading Limited to The Renewal Trust (2023: £5,589).

13
Parent company

The parent company of Hungerhill Trading Limited is The Renewal Trust Limited and its registered office is 27-31 Carlton Road, Nottingham, NG3 2DG.

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