Registered number
13203067
Hoover Building Investment Ltd
Unaudited Filleted Accounts
29 February 2024
TEMPLETONS (HOLDINGS) LIMITED
CHARTERED ACCOUNTANTS
309 HOE STREET
WALTHAMSTOW
LONDON E17 9BG
Hoover Building Investment Ltd
Registered number: 13203067
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 1,440,000 1,440,000
Current assets
Debtors 4 404,850 398,850
Cash at bank and in hand 4,892 11,966
409,742 410,816
Creditors: amounts falling due within one year 5 (825,481) (834,761)
Net current liabilities (415,739) (423,945)
Total assets less current liabilities 1,024,261 1,016,055
Creditors: amounts falling due after more than one year 6 (997,740) (997,740)
Provisions for liabilities (3,294) (3,294)
Net assets 23,227 15,021
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 14,042 14,042
Profit and loss account 9,085 879
Shareholder's funds 23,227 15,021
The director is 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 director acknowledges his 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.
Lewis Leslie Martindale
Director
Approved by the board on 9 January 2025
Hoover Building Investment Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention 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).
Turnover
Turnover represents rent receivable during the year.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Invesrtment Properties at valuation
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Investments
Investment
Properties
Cost/ Valuation £
1,440,000
At 29 February 2024 1,440,000
4 Debtors 2024 2023
£ £
Amounts owed by associate companies ( see notes 8 below) 404,850 398,850
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 156 183
Amounts owed to associate company ( see notes 8 below) 809,503 829,503
Taxation and social security costs 2,150 213
Other creditors 13,672 4,862
825,481 834,761
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 997,740 997,740
The banks loans are secured by a mortgage over the assets of the company.
7 Revaluation reserve 2024 2023
£ £
At 1 March 2023 14,042 -
Gain on revaluation of land and buildings - 17,336
Deferred taxation arising on the revaluation of land and buildings - (3,294)
At 29 February 2024 14,042 14,042
This related to the gain arising on revaluation of the company's Investment properties, as at 29 February 2024 . The valuation was carried out by the company director based on market values. The director is not aware of any material change in value since the date of the valuation.
8 Related party transactions
i) At the year end, Flats4all Ltd owed £809,503 ( 2023 - £ 829,503) to Hoover Building Investment Ltd, a company in which Mr L Martindale is also a shareholder and director. This amount is disclosed under creditors in notes 5 above.
ii) At the year end Hoover Building Investment Ltd owed £354,849 ( 2023- £ 348,849) to Be One Property Limited , a company in which Mr L Martindale is also a shareholder and director. This amount is disclosed under debtors in notes 4 above.
iii) At the year end Hoover Building Investment Ltd owed £50,000 ( 2023 - £ 50,000) to Cars4all Services Ltd, a company in which Mr L Martindale is also a shareholder and director. This amount is disclosed under debtors in notes 4 above.
9 Controlling party
The company was under the control of Mr Lewis Leslie Martindale , a shareholder and director throughout the year.
10 Other information
Hoover Building Investment Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Ellerman House Office 2
Redburn Industrial Estate
Woodall Road
Enfield
EN3 4LQ
Hoover Building Investment Ltd 13203067 false 2023-03-01 2024-02-29 2024-02-29 VT Final Accounts July 2024 Lewis Leslie Martindale No description of principal activity 13203067 2022-03-01 2023-02-28 13203067 core:RevaluationReserve core:LandBuildings 2022-03-01 2023-02-28 13203067 core:RevaluationReserve 2022-03-01 2023-02-28 13203067 core:WithinOneYear 2023-02-28 13203067 core:AfterOneYear 2023-02-28 13203067 core:ShareCapital 2023-02-28 13203067 core:OtherReservesSubtotal 2023-02-28 13203067 core:RetainedEarningsAccumulatedLosses 2023-02-28 13203067 core:RevaluationReserve 2022-02-28 13203067 2023-03-01 2024-02-29 13203067 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 13203067 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 13203067 bus:Director40 2023-03-01 2024-02-29 13203067 1 2023-03-01 2024-02-29 13203067 2 2023-03-01 2024-02-29 13203067 core:RevaluationReserve core:LandBuildings 2023-03-01 2024-02-29 13203067 core:RevaluationReserve 2023-03-01 2024-02-29 13203067 countries:England 2023-03-01 2024-02-29 13203067 bus:FRS102 2023-03-01 2024-02-29 13203067 bus:FilletedAccounts 2023-03-01 2024-02-29 13203067 2024-02-29 13203067 core:WithinOneYear 2024-02-29 13203067 core:AfterOneYear 2024-02-29 13203067 core:ShareCapital 2024-02-29 13203067 core:OtherReservesSubtotal 2024-02-29 13203067 core:RetainedEarningsAccumulatedLosses 2024-02-29 13203067 core:RevaluationReserve 2024-02-29 13203067 2023-02-28 13203067 core:RevaluationReserve 2023-02-28 iso4217:GBP xbrli:pure