REGISTERED NUMBER: |
Financial Statements for the Period 31 August 2022 to 30 January 2024 |
for |
Hb Developments (Nw) Limited |
REGISTERED NUMBER: |
Financial Statements for the Period 31 August 2022 to 30 January 2024 |
for |
Hb Developments (Nw) Limited |
Hb Developments (Nw) Limited (Registered number: 13576699) |
Contents of the Financial Statements |
for the Period 31 August 2022 to 30 January 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Hb Developments (Nw) Limited |
Company Information |
for the Period 31 August 2022 to 30 January 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
116 Duke Street |
Liverpool |
Merseyside |
L1 5JW |
Hb Developments (Nw) Limited (Registered number: 13576699) |
Balance Sheet |
30 January 2024 |
30.1.24 | 30.8.22 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Hb Developments (Nw) Limited (Registered number: 13576699) |
Notes to the Financial Statements |
for the Period 31 August 2022 to 30 January 2024 |
1. | STATUTORY INFORMATION |
Hb Developments (Nw) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company is operating at the early stage of their development and despite the losses and net liability, the directors believe that the company is a going concern as they have adequate funding to complete the development and sell the properties at a profit. |
The accounts are prepared for period that is over 12 months therefore not comparable to the prior year. |
Significant judgements and estimates |
There are no judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements. |
Turnover |
Turnover is derived from ordinary activities and is measured at the fair value of the consideration received or receivable from management fees, excluding discounts, rebates, value added tax and other sales taxes. The company recognises revenue in the period which the service is accrued. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Financial instruments |
Other loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
Intercompany loans (being repayable on demand) are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Hb Developments (Nw) Limited (Registered number: 13576699) |
Notes to the Financial Statements - continued |
for the Period 31 August 2022 to 30 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2022 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.1.24 | 30.8.22 |
£ | £ |
Amounts owed by associates |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.1.24 | 30.8.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to associates | 969,209 | 1,058,511 |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.1.24 | 30.8.22 |
£ | £ |
Bank loans |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.1.24 | 30.8.22 |
£ | £ |
Bank loans | 6,265,288 | 908,727 |
United trust bank Limited provide finance and holds a charge over the land and buildings included in Work in progress |
Hb Developments (Nw) Limited (Registered number: 13576699) |
Notes to the Financial Statements - continued |
for the Period 31 August 2022 to 30 January 2024 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
The prior period financial statements have not been audited. Sufficient appropriate audit evidence regarding opening balances has been obtained. |
for and on behalf of |
9. | RELATED PARTY DISCLOSURES |
Included in creditors is £969,209 (2022: £1,058,511) and included in debtors £33,375 (2022: Nil) due to/from companies which share a director with HB Developments (NW) Limited. The loans are interest free and repayable on demand. |