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Registration number: 11656077

Hockley Developments (Palm Street) Limited

Unaudited Filleted Financial Statements

for the Period from 1 October 2023 to 31 October 2024

 

Hockley Developments (Palm Street) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Hockley Developments (Palm Street) Limited

Company Information

Director

Mr Alan Forsyth

Registered office

15 Clarendon Street
Nottingham
NG1 5HR

 

Hockley Developments (Palm Street) Limited

(Registration number: 11656077)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

600

-

Current assets

 

Debtors

5

13,683

380

Cash at bank and in hand

 

6

5

 

13,689

385

Creditors: Amounts falling due within one year

6

(19,098)

(67)

Net current (liabilities)/assets

 

(5,409)

318

Total assets less current liabilities

 

(4,809)

318

Creditors: Amounts falling due after more than one year

6

(36,028)

(36,028)

Net liabilities

 

(40,837)

(35,710)

Capital and reserves

 

Called up share capital

10

10

Retained earnings

(40,847)

(35,720)

Shareholders' deficit

 

(40,837)

(35,710)

For the financial period ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 October 2024
 

.........................................
Mr Alan Forsyth
Director

 

Hockley Developments (Palm Street) Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
15 Clarendon Street
Nottingham
NG1 5HR
England

The principal place of business is:
102-103 Palm Street
Nottingham
NG7 7HS
England

These financial statements were authorised for issue by the director on 31 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Hockley Developments (Palm Street) Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 October 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2023 - 1).

 

Hockley Developments (Palm Street) Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 October 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

600

600

At 31 October 2024

600

600

Amortisation

Carrying amount

At 31 October 2024

600

600

5

Debtors

Current

2024
£

2023
£

Other debtors

13,683

380

 

13,683

380

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

1,481

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

17,549

-

Taxation and social security

 

68

67

 

19,098

67

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

36,028

36,028

 

Hockley Developments (Palm Street) Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 October 2024

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

36,028

36,028

Bank borrowings

Bounce back loan is denominated in pound sterling (£) with a nominal interest rate of Nil (rising to 2.5% from 12 May 2021)%, and the final instalment is due on 12 May 2030. The carrying amount at period end is £36,028 (2023 - £36,028).

NatWest Bank PLC have provided a bounce back loan to assist the company in dealing with the COVID-19 pandemic. There are no repayments or interest for the initial 12 month period at which point the company intends to opt for the pay as you grow option and extend the repayment terms to 10 years.

8

Dividends

 

Hockley Developments (Palm Street) Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 October 2024

9

Related party transactions

Summary of transactions with parent

Hockley Developments Limited is the parent company.
Loans to or from the parent company are unsecured, non-interest bearing and repayable on demand.

£ 17,549 (2023: £0) was payable by Hockley Developments Limited at 31st October 2024, which is included in 'amounts owed by group undertakings'.

Summary of transactions with other related parties

Transactions with companies controlled by the parent company Hockley Developments Limited.



10

Parent and ultimate parent undertaking

The company's immediate parent is Hockley Developments Limited, incorporated in England & Wales.