Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-302023-07-014No description of principal activityfalse4truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 01127372 2023-07-01 2024-06-30 01127372 2022-07-01 2023-06-30 01127372 2024-06-30 01127372 2023-06-30 01127372 2022-07-01 01127372 1 2023-07-01 2024-06-30 01127372 1 2022-07-01 2023-06-30 01127372 10 2023-07-01 2024-06-30 01127372 10 2022-07-01 2023-06-30 01127372 d:Director1 2023-07-01 2024-06-30 01127372 e:FurnitureFittings 2023-07-01 2024-06-30 01127372 e:FreeholdInvestmentProperty 2023-07-01 2024-06-30 01127372 e:FreeholdInvestmentProperty 2024-06-30 01127372 e:FreeholdInvestmentProperty 2023-06-30 01127372 e:CurrentFinancialInstruments 2024-06-30 01127372 e:CurrentFinancialInstruments 2023-06-30 01127372 e:Non-currentFinancialInstruments 2024-06-30 01127372 e:Non-currentFinancialInstruments 2023-06-30 01127372 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-30 01127372 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 01127372 e:Non-currentFinancialInstruments e:AfterOneYear 2024-06-30 01127372 e:Non-currentFinancialInstruments e:AfterOneYear 2023-06-30 01127372 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-06-30 01127372 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-06-30 01127372 e:ShareCapital 2023-07-01 2024-06-30 01127372 e:ShareCapital 2024-06-30 01127372 e:ShareCapital 2022-07-01 2023-06-30 01127372 e:ShareCapital 2023-06-30 01127372 e:ShareCapital 2022-07-01 01127372 e:SharePremium 2023-07-01 2024-06-30 01127372 e:SharePremium 2024-06-30 01127372 e:SharePremium 1 2023-07-01 2024-06-30 01127372 e:SharePremium 2022-07-01 2023-06-30 01127372 e:SharePremium 2023-06-30 01127372 e:SharePremium 2022-07-01 01127372 e:SharePremium 1 2022-07-01 2023-06-30 01127372 e:InvestmentPropertiesRevaluationReserve 2023-07-01 2024-06-30 01127372 e:InvestmentPropertiesRevaluationReserve 2024-06-30 01127372 e:InvestmentPropertiesRevaluationReserve 1 2023-07-01 2024-06-30 01127372 e:InvestmentPropertiesRevaluationReserve 2022-07-01 2023-06-30 01127372 e:InvestmentPropertiesRevaluationReserve 2023-06-30 01127372 e:InvestmentPropertiesRevaluationReserve 2022-07-01 01127372 e:InvestmentPropertiesRevaluationReserve 1 2022-07-01 2023-06-30 01127372 e:OtherMiscellaneousReserve 2023-07-01 2024-06-30 01127372 e:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 01127372 e:RetainedEarningsAccumulatedLosses 2024-06-30 01127372 e:RetainedEarningsAccumulatedLosses 1 2023-07-01 2024-06-30 01127372 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 01127372 e:RetainedEarningsAccumulatedLosses 2023-06-30 01127372 e:RetainedEarningsAccumulatedLosses 2022-07-01 01127372 e:RetainedEarningsAccumulatedLosses 1 2022-07-01 2023-06-30 01127372 d:FRS102 2023-07-01 2024-06-30 01127372 d:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 01127372 d:FullAccounts 2023-07-01 2024-06-30 01127372 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 01127372 2 2023-07-01 2024-06-30 01127372 6 2023-07-01 2024-06-30 01127372 e:ShareCapital 1 2023-07-01 2024-06-30 01127372 e:ShareCapital 1 2022-07-01 2023-06-30 01127372 e:OtherDeferredTax 2024-06-30 01127372 e:OtherDeferredTax 2023-06-30 01127372 f:PoundSterling 2023-07-01 2024-06-30 01127372 e:RetainedEarningsAccumulatedLosses 10 2023-07-01 2024-06-30 01127372 e:RetainedEarningsAccumulatedLosses 10 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Registered number: 01127372









HULBERT PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
HULBERT PROPERTIES LIMITED
REGISTERED NUMBER: 01127372

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
221,861
221,301

Investment property
 5 
10,220,011
10,041,431

  
10,441,872
10,262,732

Current assets
  

Debtors: amounts falling due after more than one year
 6 
2,772,320
2,772,320

Debtors: amounts falling due within one year
 6 
113,904
120,563

Cash at bank and in hand
 7 
142,439
304,854

  
3,028,663
3,197,737

Creditors: amounts falling due within one year
 8 
(2,596,713)
(1,512,441)

Net current assets
  
 
 
431,950
 
 
1,685,296

Total assets less current liabilities
  
10,873,822
11,948,028

Creditors: amounts falling due after more than one year
 9 
-
(1,137,500)

Provisions for liabilities
  

Deferred tax
 11 
(190,250)
(233,000)

  
 
 
(190,250)
 
 
(233,000)

Net assets
  
10,683,572
10,577,528


Capital and reserves
  

Called up share capital 
  
1,603,941
1,603,941

Share premium account
 12 
2,469,456
2,469,456

Investment property reserve
 12 
2,767,385
2,724,635

Profit and loss account
 12 
3,842,790
3,779,496

  
10,683,572
10,577,528


Page 1

 
HULBERT PROPERTIES LIMITED
REGISTERED NUMBER: 01127372
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



G Knowles
Director

Date: 3 December 2024

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
HULBERT PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Share premium account
Investment property fair value reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 July 2022
1,603,941
2,469,456
2,789,635
3,633,561
10,496,593


Comprehensive income for the year

Profit for the year
-
-
-
95,935
95,935

Transfer between reserves
-
-
-
65,000
65,000

Transfer between reserves
-
-
(65,000)
-
(65,000)


Other comprehensive income for the year
-
-
(65,000)
65,000
-


Total comprehensive income for the year
-
-
(65,000)
160,935
95,935


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(15,000)
(15,000)


Total transactions with owners
-
-
-
(15,000)
(15,000)



At 1 July 2023
1,603,941
2,469,456
2,724,635
3,779,496
10,577,528


Comprehensive income for the year

Profit for the year
-
-
-
121,044
121,044

Transfer between reserves
-
-
-
(42,750)
(42,750)

Transfer between reserves
-
-
42,750
-
42,750


Other comprehensive income for the year
-
-
42,750
(42,750)
-


Total comprehensive income for the year
-
-
42,750
78,294
121,044


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(15,000)
(15,000)


Total transactions with owners
-
-
-
(15,000)
(15,000)


At 30 June 2024
1,603,941
2,469,456
2,767,385
3,842,790
10,683,572


The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
HULBERT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Hulbert Properties Limited is a limited liability company incorporated and domiciled in England. 
The company registered office is:
Waterfront One
Waterfront Business Park
Brierley Hill
West Midlands
DY5 1LX
The financial statements are prepared in Sterling (£) which is the functional currency of the company. The financial statements are for a period of 52 weeks to 30 June 2024 (2023: 52 weeks to 30 June 2023).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

Page 4

 
HULBERT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
HULBERT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Site equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
HULBERT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.12

Heritage Assets

Heritage assets are recognised on the balance sheet at historic cost, the directors are of the opinion, that any valuation movement would not be material in the context of these accounts and is incidental to the main activity of the Company. Consequently further disclosures under FRS102 - Heritage Assets are not deemed necessary.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7

 
HULBERT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Employees

2024
2023
£
£

Wages and salaries
48,000
48,500

Social security costs
2,575
2,211

Cost of defined contribution scheme
32,959
32,959

83,534
83,670


The average monthly number of employees, including directors, during the year was 4 (2023 - 4).


4.


Heritage asset





Unlisted investments

£



Cost 


At 1 July 2023
221,301


Additions
560



At 30 June 2024
221,861




Heritage assets relate to glassware held and displayed in a local museum.

Page 8

 
HULBERT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
10,041,431


Additions at cost
178,580



At 30 June 2024
10,220,011

The 2024 valuations were made by the directors on the basis that there has been no material increase or decrease in value to those introduced within the 2022 financial statements, on an open market value for existing use basis.

2024
2023
£
£

Revaluation reserves


At 1 July 2023
2,724,635
2,789,635

Deferred tax relating to fair value adjustments
42,750
(65,000)

At 30 June 2024
2,767,385
2,724,635




Page 9

 
HULBERT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
2,772,320
2,772,320

2,772,320
2,772,320


2024
2023
£
£

Due within one year

Trade debtors
47,632
49,375

Other debtors
32,511
16,001

Prepayments and accrued income
33,761
55,187

113,904
120,563



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
142,439
304,854

142,439
304,854



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
2,243,750
1,158,333

Trade creditors
26,728
22,676

Corporation tax
18,000
29,500

Other taxation and social security
23,082
26,249

Other creditors
77,280
90,553

Accruals and deferred income
207,873
185,130

2,596,713
1,512,441


Bank loans were renegotiated, extending the loan facility of circa £2.2m for a further twelve months. 

Page 10

 
HULBERT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
1,137,500

-
1,137,500


The following liabilities were secured:

2024
2023
£
£



Bank loans
2,243,750
2,295,833

2,243,750
2,295,833

Details of security provided:

Bank borrowings are secured by all asset fixed and floating charges dated 12 October 2018 and in favour of Svenska Handelsbanken Ab (Publ).


10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Amounts falling due within one year
2,243,750
1,158,333

Amounts falling due 1-2 years
-
1,137,500

2,243,750
2,295,833


The bank loan has a maturity dates of 12 months from inception, interest is charged at 2.95% over base rate. The loan is secured by fixed and floating all asset charges. 
Bank loans were renegotiated, extending the loan facility of circa £2.2m for a further twelve months.

Page 11

 
HULBERT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Deferred taxation




2024
2023


£

£






At beginning of year
(233,000)
(168,000)


Charged to profit or loss
42,750
(65,000)



At end of year
(190,250)
(233,000)

The deferred tax balance is made up as follows:

2024
2023
£
£


Deferred tax arising on fair value reserves
(190,250)
(233,000)

(190,250)
(233,000)

Comprising:

Liability
(190,250)
(233,000)

(190,250)
(233,000)



Deferred tax liabilities will fluctuate depending on tax rates and changes in fair value reserves, the liability will only crystallise on the disposal of the asset.


12.


Reserves

Share premium account

Includes any premiums received on issue of share capital.

Other reserves

Represents the gains and losses on remeasurement of the Company's freehold investment properties at fair value less any associated deferred tax arising thereon.

Profit & loss account

The profit and loss account includes all current and prior periods retained profits and losses.

Page 12

 
HULBERT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Capital commitments


At 30 June 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
-
87,520

-
87,520


14.


Pension commitments

The Company has made contributions to employee pension schemes amounting to £32,959 (2023: £32,959). Amounts due at the year end £Nil (2023: £Nil).


15.


Related party transactions

Throughout the year the Company has maintained balances with related parties. The amounts due at the year end are as follows:


2024
2023
£
£

Balances due (to)/from companies with directors in common
11,391
(18,859)
11,391
(18,859)


16.


Controlling party

The ultimate parent company is Arthur Knowles Limited, a company registered in England and Wales. G Knowles, together with family interests, has a 100% interest in the issued share capital of Arthur Knowles Limited. The financial statements of Arthur Knowles Limited are available from Waterfront One, Waterfront Business Park, Brierley Hill, West Midlands, DY5 1LX.

 
Page 13