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Registered number: 03472187









HILLEARD DEVELOPMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
HILLEARD DEVELOPMENTS LIMITED
REGISTERED NUMBER: 03472187

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
                                                                        Note
£
£

Fixed assets
  

Tangible assets
 6 
7,770
2,049

  
7,770
2,049

Current assets
  

Stocks
 7 
108,925
-

Debtors: amounts falling due within one year
 8 
178,414
115,324

Cash at bank and in hand
 9 
119,456
185,672

  
406,795
300,996

Creditors: amounts falling due within one year
 10 
(395,752)
(239,442)

Net current assets
  
 
 
11,043
 
 
61,554

Total assets less current liabilities
  
18,813
63,603

Creditors: amounts falling due after more than one year
 11 
(14,661)
(24,913)

  

Net assets
  
4,152
38,690


Capital and reserves
  

Called up share capital 
 13 
100
100

Profit and loss account
  
4,052
38,590

  
4,152
38,690


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.
Page 1

 
HILLEARD DEVELOPMENTS LIMITED
REGISTERED NUMBER: 03472187
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024


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 
on
 27 January 2025.




S J Hilleard Esq
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
HILLEARD DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Hilleard Developments Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Charles Lake House, Claire Causeway, Crossways Business Park,  Dartford, DA2 6QA.
The principal activity of the company during the year continued to be that of property development. 

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

Going concern

The company meets its day to day working capital requirement from borrowings made by bankers, the directors expect this support to continue for the foreseeable future.

Page 3

 
HILLEARD DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Page 4

 
HILLEARD DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

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, on a reducing balance basis.

Depreciation is provided on the following bases:

Motor Vehicles
-
25%
reducing balance
Office Equipment
-
15%
reducing balance

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.

  
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include subcontracted labour.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss

 
2.6

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.

 
2.7

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.

 
2.8

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.

Page 5

 
HILLEARD DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

Borrowing costs

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

 
2.12

Taxation

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.


 
2.13

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.


3.


Other operating income

2024
2023
£
£

Net rents receivable
-
5,500

-
5,500


Page 6

 
HILLEARD DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 3).


5.


Taxation


2024
2023
£
£


Current tax on profits for the year
1,534
4,742

Adjustments in respect of previous periods
(1,000)
-

Total current tax
534
4,742

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of19 (2023 - 19%).



Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 7

 
HILLEARD DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Tangible fixed assets





Motor Vehicles
Office Equipment
Total

£
£
£



Cost or valuation


At 1 February 2023
3,800
2,727
6,527


Additions
7,800
-
7,800



At 31 January 2024

11,600
2,727
14,327



Depreciation


At 1 February 2023
2,331
2,147
4,478


Charge for the year
1,992
87
2,079



At 31 January 2024

4,323
2,234
6,557



Net book value



At 31 January 2024
7,277
493
7,770



At 31 January 2023
1,469
580
2,049


7.


Stocks

2024
2023
£
£

Work in progress
108,925
-

108,925
-


Page 8

 
HILLEARD DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

8.


Debtors

2024
2023
£
£


Trade debtors
23,556
6,144

Other debtors
154,858
109,180

178,414
115,324



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
119,456
185,672

Less: bank overdrafts
(3)
(3)

119,453
185,669



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
3
3

Bank loans
9,504
9,252

Trade creditors
75,540
21,623

Corporation tax
30,300
27,460

Other taxation and social security
183,039
92,357

Other creditors
90,191
75,655

Accruals and deferred income
7,175
13,092

395,752
239,442


Bank loans and overdrafts include £24,165 (2023 - £34,165) that is secured over properties owned by the company.


11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
14,661
24,913


Page 9

 
HILLEARD DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

12.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
9,504
9,252

Amounts falling due 1-2 years

Bank loans
9,745
9,485

Amounts falling due 2-5 years

Bank loans
4,916
15,428

24,165
34,165



13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



33 "A" Ordinary Shares shares of £1.00 each
33
33
28 "B" Ordinary Shares shares of £1.00 each
28
28
34 "C" Ordinary Shares shares of £1.00 each
34
34
5 "D" Ordinary Shares shares of £1.00 each
5
5

100

100



14.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,643 (2023 - £1,584). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date and are included in other creditors.


15.


Transactions with directors

Included within debtors due within one year is an amount due from the directors totalling £57,901 (2023: £20,973).

Page 10

 
HILLEARD DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

16.Directors' personal guarantees

The directors have given personal guarantees limited to £220,000 in respect of certain borrowings of the company. 

 
Page 11