Company registration number SC597341 (Scotland)
HFD GLASGOW 3 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
HFD GLASGOW 3 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
Notes to the financial statements
3 - 7
HFD GLASGOW 3 LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
16,750,000
16,750,000
Current assets
Stocks
239,494
39,183
Debtors
5
48,525
1,243,310
Cash at bank and in hand
3,371
23,544
291,390
1,306,037
Creditors: amounts falling due within one year
6
(3,947,675)
(3,996,604)
Net current liabilities
(3,656,285)
(2,690,567)
Total assets less current liabilities
13,093,715
14,059,433
Creditors: amounts falling due after more than one year
7
(29,717,418)
(28,665,580)
Net liabilities
(16,623,703)
(14,606,147)
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
(16,623,704)
(14,606,148)
Total equity
(16,623,703)
(14,606,147)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

HFD GLASGOW 3 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
Mr W D Hill
Director
Company registration number SC597341 (Scotland)
HFD GLASGOW 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

HFD Glasgow 3 Limited is a private company limited by shares incorporated in Scotland. The registered office is 177 Bothwell Street, Glasgow, G2 7ER.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors are required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. In satisfaction of this responsibility the directors have considered the company's ability to meet its liabilities as they fall due.true

 

The company meets its day to day working capital requirements through loans, overdraft facilities and support of related companies. The company closely monitors and manages its funding position and liquidity risk throughout the year to ensure that it has access to sufficient funds to meet forecast cash requirements.

 

The current and future financial position of the company, its cash flows and liquidity position have been reviewed by the directors. The company has agreed long term funding with its bankers and continuing support of related companies. The directors are confident that the existing funding facilities will provide sufficient headroom to meet forecast cash requirements.

 

As such, the directors consider that it is appropriate to prepare financial statements on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Turnover represents amounts invoiced during the year for the provision of letting and property management services, exclusive of value added tax. Income which relates to future periods is included in accruals and deferred income.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Stocks

Work in progress is valued at the lower of cost and net realisable value.

 

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads, including interest during the period of construction.

HFD GLASGOW 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

HFD GLASGOW 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of investment property

Investment property is carried at fair value which is based on an open market value. In making their open market value assessment, the directors consider matters such as tenancy, rental yields, recent independent valuations and general market conditions. The directors acknowledge that there is inherent uncertainty in this assessment.

 

The fair value of investment property is outlined at note 4.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
16,750,000

The investment property was professionally valued in August 2021 and the directors consider this to continue to be a fair assessment of the market value of the investment property. An impairment charge was recognised in the prior year to reflect the vacant possession value following the expiration of single tenant lease in December 2023.

HFD GLASGOW 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,246
-
0
Unpaid share capital
1
1
Corporation tax recoverable
227
227
Other debtors
10,097
1,209,937
Prepayments and accrued income
28,954
33,145
48,525
1,243,310
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
49,563
2,399
Other creditors
59,759
2,628,494
Accruals and deferred income
3,838,353
1,365,711
3,947,675
3,996,604
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
29,717,418
28,665,580
8
Loans and overdrafts
2024
2023
£
£
Loans from group undertakings and related parties
29,717,418
28,665,580
Payable after one year
29,717,418
28,665,580

 

 

 

 

 

 

 

 

 

 

HFD GLASGOW 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
1
1
1
1
10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2024
2023
£
£
Other related parties
25,382
5,177
Interest payable
Management charge
2024
2023
2024
2023
£
£
£
£
Other related parties
1,940,228
1,001,155
623,234
1,116,428
2024
2023
Amounts due to related parties
£
£
Other related parties
29,777,177
32,161,625

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
-
1,215,303
11
Parent company

The company is owned by the Hill family 2018 Trust. W Hill is considered to be the ultimate controlling party due to his interest in the Hill Family 2018 Trust.

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