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REGISTERED NUMBER: 10801029 (England and Wales)






















Financial Statements

for the Year Ended 31 March 2024

for

Hudgell (Property) Limited

Hudgell (Property) Limited (Registered number: 10801029)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Hudgell (Property) Limited

Company Information
for the year ended 31 March 2024







DIRECTOR: N Hudgell





REGISTERED OFFICE: No 2 At The Dock
46 Humber Street
Hull
East Riding
HU1 1TU





REGISTERED NUMBER: 10801029 (England and Wales)





AUDITORS: Bennett Brooks & Co Limited
Chartered Accountants
& Statutory Auditors
St George's Court
Winnington Avenue
Northwich
Cheshire
CW8 4EE

Hudgell (Property) Limited (Registered number: 10801029)

Statement of Financial Position
31 March 2024

2024 2023
Notes £ £
FIXED ASSETS
Investments 4 100 100
Investment property 5 5,919,293 5,438,461
5,919,393 5,438,561

CURRENT ASSETS
Debtors 6 2,787,021 1,687,718
Cash at bank 166,308 1,073,955
2,953,329 2,761,673
CREDITORS
Amounts falling due within one year 7 (1,988,018 ) (1,525,638 )
NET CURRENT ASSETS 965,311 1,236,035
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,884,704

6,674,596

CREDITORS
Amounts falling due after more than one year 8 (2,194,312 ) (2,304,313 )

PROVISIONS FOR LIABILITIES 11 (296,825 ) (222,541 )
NET ASSETS 4,393,567 4,147,742

CAPITAL AND RESERVES
Called up share capital 3,675,430 3,675,430
Retained earnings 718,137 472,312
SHAREHOLDERS' FUNDS 4,393,567 4,147,742

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

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 26 March 2025 and were signed by:





N Hudgell - Director


Hudgell (Property) Limited (Registered number: 10801029)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Hudgell (Property) Limited is a private company, limited by shares, incorporated and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company is exempt by virtue of section 400 of the Companies Act from the requirement to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the director is 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.

The following critical accounting judgements have been used in these financial statements

Valuation of Investment property
Investment properties have been valued at an open market value based on valuations performed by third party experts at a specific date. The director uses judgement to apply any material changes from the date of the valuation to the balance sheet date.

Turnover
Turnover represents net services representing rental income, excluding value added tax in the UK and is recognised over the term of the rental agreement on a weekly or monthly basis as appropriate.

Turnover also includes the provision of consultancy services.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
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 fair value at the reporting date, any changes in fair value are recognised in profit or loss and presented within "Other operating gains/(losses)".

When an investment property is sold, the profit or loss on disposal, which is the difference between the carrying value and the sale proceeds is presented within "Other operating income/expense".

Taxation
Taxation for the year 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 statement of financial position date.


Hudgell (Property) Limited (Registered number: 10801029)

Notes to the Financial Statements - continued
for the year ended 31 March 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 statement of financial position 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 year 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.

Share capital
Ordinary shares are classed as equity.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 April 2023
and 31 March 2024 100
NET BOOK VALUE
At 31 March 2024 100
At 31 March 2023 100

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Kingston Developments 1882 Ltd
Registered office: No 2 At The Dock,46 Humber Street,Hull,East Yorkshire,HU1 1TU
Nature of business: property development
%
Class of shares: holding
Ordinary A shares 38.00
2024 2023
£ £
Aggregate capital and reserves 180,181 112,201
Profit for the year 67,980 112,101

Whilst holding only 38% of the share capital of Kingston Developments 1882 Ltd, by virtue of the voting rights Hudgell (Property) Limited has effective control of 51%.

Hudgell (Property) Limited (Registered number: 10801029)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 April 2023 5,438,461
Additions 217,282
Revaluations 263,550
At 31 March 2024 5,919,293
NET BOOK VALUE
At 31 March 2024 5,919,293
At 31 March 2023 5,438,461

The valuations of the investment properties in 2021, 2023 and 2024 were determined by an independent, professionally-qualified (RICS) valuer. The assumptions used in this valuation were that the properties were subject to their existing tenancies (if applicable), assuming individual sales rather than the sale of the entire portfolio, and individual marketing periods of up to 12 months per property.

Fair value at 31 March 2024 is represented by:
£
Valuation in 2021 (39,533 )
Valuation in 2023 560,745
Valuation in 2024 263,550
Cost 5,134,531
5,919,293

6. DEBTORS
2024 2023
£ £
Amounts falling due within one year:
Other debtors 2,754,939 1,039,938
Prepayments & accrued income 32,082 28,780
2,787,021 1,068,718

Amounts falling due after more than one year:
Other debtors - 619,000

Aggregate amounts 2,787,021 1,687,718

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts (see note 9) 110,000 110,000
Amounts owed to group undertakings - 1,379,649
Tax 22,032 29,429
Other creditors 1,352,743 100
Directors' current accounts 495,932 80
Accrued expenses 7,311 6,380
1,988,018 1,525,638

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Other creditors are represented by amounts owed to companies under common control - see note 12.

Hudgell (Property) Limited (Registered number: 10801029)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans (see note 9) 1,844,711 1,954,711
Other loans (see note 9) 349,601 349,602
2,194,312 2,304,313

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 349,601 349,602

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 110,000 110,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 110,000 121,667

Amounts falling due between two and five years:
Bank loans - 2-5 years 1,734,711 1,833,044

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Other loans more 5yrs non-inst 349,601 349,602

There are two bank loans, both of which are over a period of 60 months with an interest rate of 2.2% and 2.9% over the Bank of England base rate.

There are two other loans, both of which are for a period of 60 months and are interest only with an interest rate of 2.9% and 3.4% over the Bank of England base rate.

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 1,954,711 2,064,711
Other loans 349,601 349,602
2,304,312 2,414,313

Both the bank loans and other loans are secured against property owned by the company.

11. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 296,825 222,541

Hudgell (Property) Limited (Registered number: 10801029)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

11. PROVISIONS FOR LIABILITIES - continued

Deferred tax
£
Balance at 1 April 2023 222,541
Charge to Income Statement during year 74,284
Balance at 31 March 2024 296,825

The deferred tax liability is in respect of the revalued investment properties.

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jason Leach FCA (Senior Statutory Auditor)
for and on behalf of Bennett Brooks & Co Limited

13. RELATED PARTY DISCLOSURES

Included within other debtors is a balance with Kingston Developments 1882 Limited, a company under common control, of £809,068 (2023 £809,068).

Included within other debtors is a balance with Preston Road Developments Limited,, a company under common control, of £666 (2023 £666).

Neil Hudgell Limited, a company under common control transferred £3,000 to the company in the period and received £40,000 from the company. At the year end a balance of £1,342,649 (2023 £1,379,649) was due to Neil Hudgell Limited.

Tribal Bar Limited, a company under common control received £3,000 from the company in the period. At the year end a balance of £3,000 (2023 £Nil) was due from Tribal Bar Limited.

CHFP Developments Limited, a company under common control received £83,638 from the company in the period. At the year end a balance of £83,638 (2023 £Nil) was due from CHFP Developments Limited.

Brainworks (Food) Limited, a company under common control received £21,120 from the company in the period. At the year end a balance of £21,120 (2023 £Nil) was due from Brainworks (Food) Limited.

14. ULTIMATE CONTROLLING PARTY

Up until 8 December 2023 Neil Hudgell Group Limited was regarded by the director as being the company's ultimate parent company. The registered address is No 2 @ The Dock, 46 Humber Street, Hull, HU1 1TU. Following a group reorganisation dated 8 December 2023, the company's ultimate parent company became Hudgell Property Holdings Limited. The immediate parent continues to be Neil Hudgell Group Limited.

The ultimate controlling party is N Hudgell.