Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31No description of principal activityfalsetrue62023-04-016trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00926440 2023-04-01 2024-03-31 00926440 2022-04-01 2023-03-31 00926440 2024-03-31 00926440 2023-03-31 00926440 2022-04-01 00926440 c:Director4 2023-04-01 2024-03-31 00926440 d:PlantMachinery 2023-04-01 2024-03-31 00926440 d:PlantMachinery 2024-03-31 00926440 d:PlantMachinery 2023-03-31 00926440 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00926440 d:MotorVehicles 2023-04-01 2024-03-31 00926440 d:MotorVehicles 2024-03-31 00926440 d:MotorVehicles 2023-03-31 00926440 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00926440 d:FurnitureFittings 2023-04-01 2024-03-31 00926440 d:FurnitureFittings 2024-03-31 00926440 d:FurnitureFittings 2023-03-31 00926440 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00926440 d:OfficeEquipment 2023-04-01 2024-03-31 00926440 d:OfficeEquipment 2024-03-31 00926440 d:OfficeEquipment 2023-03-31 00926440 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00926440 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00926440 d:ComputerSoftware 2024-03-31 00926440 d:ComputerSoftware 2023-03-31 00926440 d:FreeholdInvestmentProperty 2023-04-01 2024-03-31 00926440 d:FreeholdInvestmentProperty 2024-03-31 00926440 d:FreeholdInvestmentProperty 2023-03-31 00926440 d:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 00926440 d:CurrentFinancialInstruments 2024-03-31 00926440 d:CurrentFinancialInstruments 2023-03-31 00926440 d:Non-currentFinancialInstruments 2024-03-31 00926440 d:Non-currentFinancialInstruments 2023-03-31 00926440 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 00926440 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00926440 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 00926440 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 00926440 d:ShareCapital 2023-04-01 2024-03-31 00926440 d:ShareCapital 2024-03-31 00926440 d:ShareCapital 2022-04-01 2023-03-31 00926440 d:ShareCapital 2023-03-31 00926440 d:ShareCapital 2022-04-01 00926440 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 00926440 d:RetainedEarningsAccumulatedLosses 2024-03-31 00926440 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 00926440 d:RetainedEarningsAccumulatedLosses 2023-03-31 00926440 d:RetainedEarningsAccumulatedLosses 2022-04-01 00926440 c:OrdinaryShareClass1 2023-04-01 2024-03-31 00926440 c:OrdinaryShareClass1 2024-03-31 00926440 c:OrdinaryShareClass1 2023-03-31 00926440 c:FRS102 2023-04-01 2024-03-31 00926440 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 00926440 c:FullAccounts 2023-04-01 2024-03-31 00926440 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00926440 4 2023-04-01 2024-03-31 00926440 6 2023-04-01 2024-03-31 00926440 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 00926440 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 00926440 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 00926440 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 00926440 d:OtherDeferredTax 2024-03-31 00926440 d:OtherDeferredTax 2023-03-31 00926440 f:PoundSterling 2023-04-01 2024-03-31 00926440 d:ParentEntities d:SettlementLiabilities 2023-04-01 2024-03-31 00926440 d:ParentEntities d:SettlementLiabilities 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00926440










HONE PROPERTIES MANAGEMENT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
HONE PROPERTIES MANAGEMENT LIMITED
REGISTERED NUMBER: 00926440

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
46,835
48,795

Investments
  
5,025,000
-

Investment property
 7 
-
2,476,973

  
5,071,835
2,525,768

Current assets
  

Debtors: amounts falling due within one year
 8 
18,697
-

Cash at bank and in hand
 9 
137,851
11,059

  
156,548
11,059

Creditors: amounts falling due within one year
 10 
(255,470)
(1,197,125)

Net current liabilities
  
 
 
(98,922)
 
 
(1,186,066)

Total assets less current liabilities
  
4,972,913
1,339,702

Creditors: amounts falling due after more than one year
 11 
(3,000,000)
(1,176,374)

Provisions for liabilities
  

Deferred tax
 12 
(1,252)
(13,470)

Net assets
  
1,971,661
149,858


Capital and reserves
  

Called up share capital 
  
2,113,696
2,941

Profit and loss account
 14 
(142,035)
146,917

  
1,971,661
149,858


Page 1

 
HONE PROPERTIES MANAGEMENT LIMITED
REGISTERED NUMBER: 00926440
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A E A Hone
Director
Date: 26 March 2025

The notes on pages 5 to 14 form part of these financial statements.

Page 2

 
HONE PROPERTIES MANAGEMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2023
2,941
146,917
149,858


Comprehensive income for the year

Loss for the year
-
(288,952)
(288,952)
Total comprehensive income for the year
-
(288,952)
(288,952)


Contributions by and distributions to owners

Shares issued during the year
2,110,755
-
2,110,755


At 31 March 2024
2,113,696
(142,035)
1,971,661


The notes on pages 5 to 14 form part of these financial statements.

Page 3

 
HONE PROPERTIES MANAGEMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022
2,941
682,125
685,066


Comprehensive income for the year

Loss for the year
-
(535,208)
(535,208)
Total comprehensive income for the year
-
(535,208)
(535,208)


At 31 March 2023
2,941
146,917
149,858


The notes on pages 5 to 14 form part of these financial statements.

Page 4

 
HONE PROPERTIES MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Hone Landscapes Limited (00926440) is a private company limited by shares and incorporated in England and Wales. Its registered office is Suite 1, The Granary, Hone's Yard, 1 Waverley Lane, Farnham, Surrey, GU9 8BB. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
HONE PROPERTIES MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, reducing balance and straight line methods.

Depreciation is provided on the following basis:

Plant and machinery
-
20% on reducing balance
Motor vehicles
-
25% on reducing balance
Fixtures and fittings
-
10% on straight line
Office equipment
-
25% on straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually and derived from the current market value of comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 6

 
HONE PROPERTIES MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 7

 
HONE PROPERTIES MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 6).


4.


Intangible assets




Computer software

£



Cost


At 1 April 2023
4,346



At 31 March 2024

4,346



Amortisation


At 1 April 2023
4,346



At 31 March 2024

4,346



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 8

 
HONE PROPERTIES MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
10,714
26,780
55,837
31,408
124,739


Additions
-
-
-
12,271
12,271


Disposals
(9,508)
(20,665)
-
-
(30,173)



At 31 March 2024

1,206
6,115
55,837
43,679
106,837



Depreciation


At 1 April 2023
10,097
26,306
20,679
18,862
75,944


Charge for the year on owned assets
35
53
5,584
7,856
13,528


Disposals
(9,066)
(20,404)
-
-
(29,470)



At 31 March 2024

1,066
5,955
26,263
26,718
60,002



Net book value



At 31 March 2024
140
160
29,574
16,961
46,835



At 31 March 2023
617
474
35,158
12,545
48,794

Page 9

 
HONE PROPERTIES MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
5,025,000



At 31 March 2024
5,025,000





7.


Investment property


Freehold investment property

£





At 1 April 2023
2,476,973


Additions at cost
2,615,000


Disposals
(5,025,000)


Surplus on revaluation
(66,973)



At 31 March 2024
-

On the 27th March 2024 the company purchased the property letting business operated personally by the then director, Christopher Hone.  On the same day, the company sold the investment property portfolio to individual subsidiary companies.







If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
2,429,165
2,429,165

Page 10

 
HONE PROPERTIES MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Debtors

2024
2023
£
£


Trade debtors
3,109
-

Other debtors
15,588
-

18,697
-



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
137,851
11,059

137,851
11,059



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
50,000
1,157,500

Trade creditors
114,011
19,835

Corporation tax
-
5,183

Other taxation and social security
-
10,096

Other creditors
77,973
533

Accruals and deferred income
13,486
3,978

255,470
1,197,125


A new bank loan was entered into on the 27th March 2024 for £3,050,000. The loan term is 5 years  from this date with a final payment due on the 27th March 2029 of £2,800,000.  £50,000 is payable each year of the loan term.  The interest rate is variable based upon a partial amortising facility which commenced at 7.991%. 
There is a floating charge registered by Handelsbanken PLC covering all the property and undertaking of the company.

Page 11

 
HONE PROPERTIES MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
3,000,000
-

Other creditors
-
1,176,374


Page 12

 
HONE PROPERTIES MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Deferred taxation




2024


£






At beginning of year
(13,470)


Charged to profit or loss
12,218



At end of year
(1,252)

2024
2023
£
£


Accelerated capital allowances
(11,709)
(12,199)

Capital gains
-
(1,271)

Losses carried forward
10,457
-

(1,252)
(13,470)


13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,113,696 (2023 - 2,941) Ordinary shares of £1 each
2,113,696
2,941


During the year 2,110,755 ordinary £1 shares were issued at par.


14.


Reserves

Profit and loss account

This reserve represents both the accumulated distributable reserves of the company and the non-distributable element which arises from the accumulated gains and losses on the fair value adjustment of the investment property.


15.


Related party transactions

During the year the director loan of £929,625 (2023 - £932,270) was settled by the parent company HF Properties Holding Limited in consideration of shares to Christopher Hone on a 1:1 basis.  
During the year, whilst a director, Christopher Hone assumed the liability from the company for the loan due to the director's son, Robert Hone.  In consideration of this agreement Christopher Hone received shares in the company to the value of the loan.  

Page 13

 
HONE PROPERTIES MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Controlling party

The immediate parent company is HF Properties Holding Limited. The registered office address is Hone Properties, The Granary, 1 Waverley Lane, Farnham, Surrey, GU9 8BB.
The ultimate controlling party is HF Properties Holding LP. The registered office address is Suite 1, The Granary Hone's Yard, 1 Waverley Lane, Farnham, Surrey, GU9 8BB.

 
Page 14