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COMPANY REGISTRATION NUMBER: 09351168
Hilltop Finance Limited
Filleted Unaudited Financial Statements
31 January 2025
Hilltop Finance Limited
Statement of Financial Position
31 January 2025
2025
2024
Note
£
£
Fixed assets
Tangible assets
5
96,342
34,892
Current assets
Debtors
6
1,311,302
2,092,471
Cash at bank and in hand
320,004
225,344
------------
------------
1,631,306
2,317,815
Creditors: amounts falling due within one year
7
1,240,604
717,437
------------
------------
Net current assets
390,702
1,600,378
---------
------------
Total assets less current liabilities
487,044
1,635,270
---------
------------
Net assets
487,044
1,635,270
---------
------------
Capital and reserves
Called up share capital
44,100
44,100
Profit and loss account
442,944
1,591,170
---------
------------
Shareholders funds
487,044
1,635,270
---------
------------
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 comprehensive income has not been delivered.
For the year ending 31 January 2025 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 .
Hilltop Finance Limited
Statement of Financial Position (continued)
31 January 2025
These financial statements were approved by the board of directors and authorised for issue on 1 April 2025 , and are signed on behalf of the board by:
D Kelly
Director
Company registration number: 09351168
Hilltop Finance Limited
Notes to the Financial Statements
Year ended 31 January 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Fabrica, 269 Great Ancoats Street, Manchester, M4 7DB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has the adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concerns basis of accounting in preparing the financial statements.
Revenue recognition
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. Revenue from contracts for the provisions of professional services is recognised by the reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of totals costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that is probable will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Equipment
-
33% straight line
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. The factoring arrangement entered into by the company does not meet the criteria for net recognition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 60 (2024: 57 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 February 2024
81,717
34,796
116,513
Additions
53,919
43,733
97,652
---------
--------
---------
At 31 January 2025
135,636
78,529
214,165
---------
--------
---------
Depreciation
At 1 February 2024
62,619
19,002
81,621
Charge for the year
27,557
8,645
36,202
---------
--------
---------
At 31 January 2025
90,176
27,647
117,823
---------
--------
---------
Carrying amount
At 31 January 2025
45,460
50,882
96,342
---------
--------
---------
At 31 January 2024
19,098
15,794
34,892
---------
--------
---------
6. Debtors
2025
2024
£
£
Trade debtors
416,323
296,912
Other debtors
894,979
1,795,559
------------
------------
1,311,302
2,092,471
------------
------------
7. Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
185,861
53,616
Corporation tax
802,782
422,272
Social security and other taxes
82,271
50,937
Other creditors
169,690
190,612
------------
---------
1,240,604
717,437
------------
---------
8. Reserves
An employees Ownership Trust (EOT) was set up on 29 February 2024 and purchased the entire share capital of the company, this resulted in reduction in reserves of £3,612,083 and a corresponding reduction in the cash and cash equivalents.
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2025
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
D Kelly
324,873
( 252,703)
72,170
L Hoddes
295,490
( 217,983)
77,507
R Hoddes
232,984
( 155,477)
77,507
C Hamilton
352,966
( 270,300)
82,666
------------
---------
---------
1,206,313
( 896,463)
309,850
------------
---------
---------
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
D Kelly
324,873
324,873
L Hoddes
295,490
295,490
R Hoddes
232,984
232,984
C Hamilton
352,966
352,966
----
------------
------------
1,206,313
1,206,313
----
------------
------------