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Company registration number: 00349268
Hitchin Estates Limited
Unaudited filleted financial statements
30 September 2024
Hitchin Estates Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Hitchin Estates Limited
Directors and other information
Directors Mr A R Wallace
Mrs D Wallace
Secretary Mr A R Wallace
Company number 00349268
Registered office Spinney Lodge
Westmill Lane
Ickleford
Hertfordshire
SG5 3RN
Accountants Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Bankers NatWest
12 High Street
Hitchin
Hertfordshire
SG5 1YY
Hitchin Estates Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Hitchin Estates Limited
Year ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hitchin Estates Limited for the year ended 30 September 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Hitchin Estates Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Hitchin Estates Limited and state those matters that we have agreed to state to the board of directors of Hitchin Estates Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hitchin Estates Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Hitchin Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Hitchin Estates Limited. You consider that Hitchin Estates Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Hitchin Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
28 February 2025
Hitchin Estates Limited
Statement of financial position
30 September 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 320,000 320,000
Investments 6 10,000 10,000
_______ _______
330,000 330,000
Current assets
Debtors 7 65,885 11,096
Cash at bank and in hand 51,234 26,511
_______ _______
117,119 37,607
Creditors: amounts falling due
within one year 8 ( 126,331) ( 16,554)
_______ _______
Net current (liabilities)/assets ( 9,212) 21,053
_______ _______
Total assets less current liabilities 320,788 351,053
_______ _______
Net assets 320,788 351,053
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Fair value reserve 305,212 305,212
Profit and loss account 14,576 44,841
_______ _______
Shareholders funds 320,788 351,053
_______ _______
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 February 2025 , and are signed on behalf of the board by:
Mr A R Wallace
Director
Company registration number: 00349268
Hitchin Estates Limited
Notes to the financial statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England & wales. The address of the registered office is Spinney Lodge, Westmill Lane, Ickleford, Hertfordshire, SG5 3RN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover represents the rents of properties which are included on an accruals basis.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Short leasehold investment property
£
Valuation
At 1 October 2023 and 30 September 2024 320,000
_______
Carrying amount
At 30 September 2024 320,000
_______
At 30 September 2023 320,000
_______
The fair value of the short leasehold investment properties have been arrived at on the basis of valuations carried out by the directors of the company. The valuations were made on an open market value, value evidence basis for existing use on 30th September 2024.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Short leasehold investment property Total
£ £
At 30 September 2024
Aggregate cost 14,788 14,788
Aggregate depreciation - -
_______ _______
Carrying amount 14,788 14,788
_______ _______
At 30 September 2023
Aggregate cost 14,788 14,788
Aggregate depreciation - -
_______ _______
Carrying amount 14,788 14,788
_______ _______
6. Investments
Other investments other than loans
£
Cost
At 1 October 2023 and 30 September 2024 10,000
_______
Impairment
At 1 October 2023 and 30 September 2024 -
_______
Carrying amount
At 30 September 2024 10,000
_______
At 30 September 2023 10,000
_______
7. Debtors
2024 2023
£ £
Rents in arrears 4,579 2,314
Other debtors 61,306 8,782
_______ _______
65,885 11,096
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Rents in advance 3,788 2,913
Social security and other taxes 2,275 2,275
Other creditors 120,268 11,366
_______ _______
126,331 16,554
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 200 200
Later than 1 year and not later than 5 years 800 800
Later than 5 years 6,450 6,650
_______ _______
7,450 7,650
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr A R Wallace - ( 110,000) ( 110,000)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr A R Wallace - - -
_______ _______ _______
The above existing loan is unsecured, interest free and repayable on demand.