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Registration number: 11034586

Hilton Co Ventures Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Hilton Co Ventures Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Hilton Co Ventures Ltd

Company Information

Director

Mr Kristopher William Hilton

Registered office

49 Northfield Road
Beverley
East Yorkshire
HU17 7HW

Bankers

HSBC Bank
Merit House

Accountants

Flexibility Professional Services (UK) Ltd
Cherry Tree Court
36 Ferensway
Hull
East Yorkshire
HU2 8NH

 

Hilton Co Ventures Ltd

(Registration number: 11034586)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,248

1,404

Investment property

5

438,000

438,000

 

439,248

439,404

Current assets

 

Debtors

6

2,034

118

Cash at bank and in hand

 

12,808

4,148

 

14,842

4,266

Creditors: Amounts falling due within one year

7

(63,059)

(63,059)

Net current liabilities

 

(48,217)

(58,793)

Total assets less current liabilities

 

391,031

380,611

Creditors: Amounts falling due after more than one year

7

(302,072)

(302,072)

Provisions for liabilities

(8,250)

(8,250)

Net assets

 

80,709

70,289

Capital and reserves

 

Called up share capital

8

50,914

50,914

Non-distributable reserve

35,169

35,169

Retained earnings

(5,374)

(15,794)

Shareholders' funds

 

80,709

70,289

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.

 

Hilton Co Ventures Ltd

(Registration number: 11034586)
Balance Sheet as at 31 March 2024

Approved and authorised by the director on 30 November 2024
 

.........................................
Mr Kristopher William Hilton
Director

 

Hilton Co Ventures Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
49 Northfield Road
Beverley
East Yorkshire
HU17 7HW
United Kingdom

The principal place of business is:
49 Northfield Road
Beverley
East Yorkshire
HU17 7HW
United Kingdom

These financial statements were authorised for issue by the director on 30 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 financial statements have been prepared on a going concern basis.

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.

 

Hilton Co Ventures Ltd

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

Tax

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Investment property

0% on cost

Freehold property

10% on cost

Investment property

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRS102, as follows:

No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the Non-distributable reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

 

Hilton Co Ventures Ltd

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

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 amortised cost using the effective interest method, 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.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Hilton Co Ventures Ltd

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 April 2023

1,560

1,560

At 31 March 2024

1,560

1,560

Depreciation

At 1 April 2023

156

156

Charge for the year

156

156

At 31 March 2024

312

312

Carrying amount

At 31 March 2024

1,248

1,248

At 31 March 2023

1,404

1,404

Included within the net book value of land and buildings above is £1,248 (2023 - £1,404) in respect of freehold land and buildings.
 

 

Hilton Co Ventures Ltd

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

5

Investment properties

2024
£

At 1 April

438,000

At 31 March

438,000

The directors have attributed a fair value to the property based on their understanding of the local market and by references to valuation provided to Precise Mortgages and The Mortgage Works.

6

Debtors

Current

2024
£

2023
£

Other debtors

2,034

118

 

2,034

118

 

Hilton Co Ventures Ltd

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

1,140

1,140

Other creditors (including Directors' loan accounts)

61,919

61,919

63,059

63,059

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

302,072

302,072

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £1 of £1 each

50,914

50,914

50,914

50,914

       
 

Hilton Co Ventures Ltd

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

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Tangible assets
2024
£

Total amount of revalued assets

438,000

Amount of revaluation brought forward

35,169

Total carrying amount of assets had they not been revalued

402,831

Deferred tax has been applied to the revaluation of investment property, with the net value posted to the non-distributable reserve and the deferred tax element credited to the Deferred Tax provision.

 

Hilton Co Ventures Ltd

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

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

302,072

302,072

Bank borrowings

Precise Mortgages is denominated in GBP with a nominal interest rate of 3.19%, and the final instalment is due on 1 October 2039. The carrying amount at year end is £153,025 (2023 - £153,025).

First charge pledged over 16 Eden Road, Beverley, HU17 7HD.

The Mortgage Works is denominated in GBP with a nominal interest rate of 3.13%, and the final instalment is due on 30 September 2047. The carrying amount at year end is £149,047 (2023 - £149,047).

First charge over 5 The Paddock, Beverley, HU17 7HQ.

11

Related party transactions

Summary of transactions with associates

Rogerson Hilton Ltd
 

Loans from related parties

2024

Associates
£

Key management
£

Total
£

At start of period

25,182

57,409

82,591

At end of period

25,182

57,409

82,591

2023

Associates
£

Key management
£

Total
£

At start of period

90,000

209,232

299,232

Advanced

5,182

-

5,182

Repaid

(70,000)

(161,383)

(231,383)

Interest transactions

-

9,560

9,560

At end of period

25,182

57,409

82,591

Terms of loans from related parties

 

Hilton Co Ventures Ltd

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

The directors have financially supported the company during the period to assist with purchase of investment property. There are no formal terms in place for this funding in respect of repayment and a nominal interest charge has been applied to the funding provided by the directors.