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COMPANY REGISTRATION NUMBER: 04680088
HORNSEY ESTATES LIMITED
Filleted Unaudited Financial Statements
31 March 2024
HORNSEY ESTATES LIMITED
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,221,929
2,219,441
Current assets
Debtors
6
8,215
8,215
Cash at bank and in hand
757,712
2,100,068
---------
------------
765,927
2,108,283
Creditors: amounts falling due within one year
7
1,848,498
3,261,259
------------
------------
Net current liabilities
1,082,571
1,152,976
------------
------------
Total assets less current liabilities
1,139,358
1,066,465
------------
------------
Net assets
1,139,358
1,066,465
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
1,139,356
1,066,463
------------
------------
Shareholders funds
1,139,358
1,066,465
------------
------------
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 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 .
HORNSEY ESTATES LIMITED
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 6 January 2025 , and are signed on behalf of the board by:
D Fluss
Director
Company registration number: 04680088
HORNSEY ESTATES 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 and Wales. The address of the registered office is Hallswelle Road, 1 Hallswelle House, London, NW11 0DH.
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 and represents amounts receivable for rents.
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.
Tangible assets
Tangible assets are recorded at cost. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, 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 equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Fixtures & fittings
-
25% reducing balance
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Long leasehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
2,219,391
4,885
2,224,276
Additions
2,500
2,500
------------
-------
------------
At 31 March 2024
2,221,891
4,885
2,226,776
------------
-------
------------
Depreciation
At 1 April 2023
4,835
4,835
Charge for the year
12
12
------------
-------
------------
At 31 March 2024
4,847
4,847
------------
-------
------------
Carrying amount
At 31 March 2024
2,221,891
38
2,221,929
------------
-------
------------
At 31 March 2023
2,219,391
50
2,219,441
------------
-------
------------
6. Debtors
2024
2023
£
£
Other debtors
8,215
8,215
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,200,442
2,703,385
Corporation tax
24,302
18,454
Social security and other taxes
3,489
Amount due to related undertaking
561,017
509,946
Other creditors
62,737
25,985
------------
------------
1,848,498
3,261,259
------------
------------