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Company Registration No. 12806372 (England and Wales)
Hope Properties Limited Unaudited accounts for the year ended 31 August 2024
Hope Properties Limited Unaudited accounts Contents
Page
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Hope Properties Limited Company Information for the year ended 31 August 2024
Director
ADENIJI, Julius Olusegun
Company Number
12806372 (England and Wales)
Registered Office
5 Laurie Gray Avenue Chatham ME5 9DF England
Accountants
Ease Accounting Associates UK Limited Chartered Accountants Base Point Dartford Business Park 54 Victoria Road DARTFORD Kent DA1 5FS
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Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Hope Properties Limited for the year ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hope Properties Limited for the year ended 31 August 2024 as set out on pages 5 - 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Hope Properties Limited, as a body, in accordance with the terms of our engagement letter dated 17 March 2025. Our work has been undertaken solely to prepare for your approval the accounts of Hope Properties Limited and state those matters that we have agreed to state to the Board of Directors of Hope Properties Limited, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hope Properties Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Hope Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Hope Properties Limited. You consider that Hope Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Hope Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Ease Accounting Associates UK Limited Chartered Accountants Chartered Accountants Base Point Dartford Business Park 54 Victoria Road DARTFORD Kent DA1 5FS 8 May 2025
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Hope Properties Limited Statement of financial position as at 31 August 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Investment property
564,100 
- 
Current assets
Cash at bank and in hand
- 
1,000 
Creditors: amounts falling due within one year
(280)
- 
Net current (liabilities)/assets
(280)
1,000 
Total assets less current liabilities
563,820 
1,000 
Creditors: amounts falling due after more than one year
(570,317)
- 
Net (liabilities)/assets
(6,497)
1,000 
Capital and reserves
Called up share capital
1,000 
1,000 
Profit and loss account
(7,497)
- 
Shareholders' funds
(6,497)
1,000 
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 8 May 2025 and were signed on its behalf by
ADENIJI, Julius Olusegun Director Company Registration No. 12806372
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Hope Properties Limited Notes to the Accounts for the year ended 31 August 2024
1
Statutory information
Hope Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 12806372. The registered office is 5 Laurie Gray Avenue, Chatham, ME5 9DF, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
The financial statements have been prepared on a going concern basis, notwithstanding that the company’s shareholder funds show a negative balance as at the reporting date. The directors have assessed the financial position of the company and have prepared a cash flow forecast for at least the next 12 months from the date of approval of these financial statements. Based on this assessment, the directors are confident that the company has adequate resources to continue its operations and meet its liabilities as they fall due. Key considerations include: • Support from Creditors: The directors have obtained assurances from key creditors that payment terms will remain favourable to support the company’s liquidity position. • Profitability and Cash Flow: The company is expected to generate sufficient cash flow from operations to cover its ongoing obligations. • Director Support (if applicable): The directors are committed to providing financial support to the company, if necessary, to ensure it continues as a going concern. • Access to Financing (if applicable): The company has access to additional financing facilities, which remain undrawn at the reporting date. The directors have no intention to liquidate the company or to cease trading. Consequently, they believe it is appropriate to prepare the financial statements on a going concern basis. This conclusion is supported by the company's track record, future projections, and plans for improving financial performance and strengthening its balance sheet.
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Hope Properties Limited Notes to the Accounts for the year ended 31 August 2024
Business Overview
The company was incorporated on 11 August 2020. However, it commenced active trading in April 2024 following the acquisition of two residential buy-to-let properties between April and May 2024. The company’s principal activity is the acquisition and letting of investment properties to generate rental income and long-term capital growth. This financial period, ending 31 August 2024, represents the company’s first year of active operations. During this initial trading period, the company recorded a small loss, primarily due to start-up costs, legal and financing expenses, and the short trading window before the year-end. Rental income began to flow in the latter part of the period. The directors are confident in the company’s future prospects. With properties now tenanted and generating consistent income, the business is expected to become profitable in the next financial year and to deliver long-term growth and value.
4
Investment property
2024 
£ 
Additions
564,100 
At 31 August 2024
564,100 
Investment property comprises land and buildings held to earn rental income and/or for capital appreciation. The investment property is measured at cost in accordance with FRS 102 Section 16 and Section 1A. The company has elected not to revalue investment properties to fair value and instead holds them at historical cost. No depreciation is charged on the investment property as it comprises land and buildings acquired under an interest-only mortgage and is considered to have an indefinite useful life. The directors assess the property annually for any indicators of impairment.
5
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Accruals
280 
- 
6
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
392,902 
- 
Loans from directors
177,415 
- 
570,317 
- 
7
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000 
1,000 
8
Average number of employees
During the year the average number of employees was 0 (2023: 0).
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