Registered number
01311246
Hunt Developments Group Limited
Unaudited Filleted Accounts
30 April 2024
Hunt Developments Group Limited
Registered number: 01311246
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 6,830,400 6,591,312
Investments 5 1,491,316 1,355,585
8,321,716 7,946,897
Current assets
Debtors 6 4,104 52,905
Cash at bank and in hand 426,167 189,677
430,271 242,582
Creditors: amounts falling due within one year 7 (1,213,075) (1,402,284)
Net current liabilities (782,804) (1,159,702)
Total assets less current liabilities 7,538,912 6,787,195
Creditors: amounts falling due after more than one year 8 (528,067) (675,899)
Provisions for liabilities (804,594) (703,574)
- Deferred tax 10
Net assets 6,206,251 5,407,722
Capital and reserves
Called up share capital 50,000 50,000
Profit and loss account 6,156,251 5,357,722
Shareholder's funds 6,206,251 5,407,722
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N A Hunt
Director
Approved by the board on 12 January 2025
Hunt Developments Group Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention, as modified for the revaluation of investments and properties, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
These accounts present information about Hunt Developments Group Limited and not about its group. Group accounts are not prepared as the company is part of a small group.
Turnover
Turnover comprises rents receivable, management fees and re-charged property costs.
Tangible fixed assets
Investment property is included at fair value. Gains are recognised in profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Plant and machinery and vehicles are stated at cost less depreciation. These assets are depreciated over 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at fair value. Changes in fair value are included in the profit and loss account. Fair value is determined by reference to the underlying company accounts net asset values.
Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in "other operating income" within profit and loss in the same period as the related expenditure. The company has not benefited from any other forms of government assistance.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 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. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Taxation 2024 2023 £
£ £
Current corporation tax on the profit for the year 75,989 -
Deferred taxation :
Charge/(credit) for year (Note 10) 101,020 (81,696)
177,009 (81,696)
4 Tangible fixed assets
Investment properties Plant and machinery etc Motor vehicles Total Total
£ £ £ £ £
Cost / Fair value
At 1 May 2023 6,508,529 215,560 8,790 6,732,879
Surplus on revaluation 544,210 - - 544,210
Disposal (262,010) - - (262,010)
At 30 April 2024 6,790,729 215,560 8,790 7,015,079
Depreciation
At 1 May 2023 - 132,777 8,790 141,567
Charge for the year - 43,112 - 43,112
At 30 April 2024 - 175,889 8,790 184,679
Net book value
At 30 April 2024 6,790,729 39,671 - 6,830,400
At 30 April 2023 6,508,529 82,783 - 6,591,312
The basis of valuation is market value which is equivalent to fair value.
5 Investments
Investments in Investments in
subsidiary subsidiary
undertakings undertakings
£ £
Fair value
At 1 May 2023 1,355,585
Revaluation 135,731
At 30 April 2024 1,491,316
The initially recognised fair value upon acquisition of the subsidiary was £798,687.
6 Debtors 2024 2023
£ £
Trade debtors 2,369 4,257
Value added tax - 46,896
Other debtors 1,735 1,752
4,104 52,905
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans 136,428 130,633
Trade creditors 6,521 127,845
Corporation tax 75,989 -
Other taxation and social security costs 19,781 1,102
Other creditors 969,460 1,138,030
Accruals 4,896 4,674
1,213,075 1,402,284
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 528,067 675,899
9 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 664,495 806,532
The bank loan is secured by a charge on the properties.
10 Deferred taxation 2024 2023
£ £
At 1 May 2023 703,574 785,270
Transfer to the profit and loss account 101,020 (81,696)
At 30 April 2024 804,594 703,574
The provision for deferred taxation represents the corporation tax which would be payable should the Company sell its freehold property for the value shown in these accounts. The rate of tax used when calculating the provision is 25% (2023:25%)
11 Related party transactions
A rent and management charge of £74,950 (2023: £79,350) was charged to Leaside Estate Ltd, which is 50% owned, in the year.
12 Controlling party
The company is a wholly owned subsidiary of Hunt Development Holdings Limited.
The registered address and place of business is:
19 Parkside Business Centre
Plumpton Road
Hoddesdon
Hertfordshire
EN11 0ES
13 Other information
Hunt Developments Group Limited is a private company limited by shares and incorporated in England. Its registered office is:
19 Parkside Business Centre
Plumpton Road
Hoddesdon
Hertfordshire
EN11 0ES
14 Subsidiary and associated undertakings
The company owns 50% of the following company:
Name Country Capital and Profit/(Loss)
incorporated reserves for year
Leaside Estate Limited UK 1,771 231
The company owns 100% of the following company:
Name Country Capital and Profit/(Loss)
incorporated reserves for year
Hunt NAH Ltd UK 1,491,316 135,731
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