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Registered number: 10781827













Hotspot Investments Limited

Financial statements
Information for filing with the registrar

31 May 2024




 
Hotspot Investments Limited


Balance sheet
At 31 May 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,144
2,039

  
1,144
2,039

Current assets
  

Stocks
  
5,114,660
4,671,315

Debtors
 5 
9,079
569,173

Cash at bank and in hand
  
790
2,598

  
5,124,529
5,243,086

Creditors: amounts falling due within one year
 6 
(7,361,238)
(5,322,083)

Net current liabilities
  
 
 
(2,236,709)
 
 
(78,997)

Total assets less current liabilities
  
(2,235,565)
(76,958)

  

Net liabilities
  
(2,235,565)
(76,958)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(2,235,665)
(77,058)

Shareholders' deficit
  
(2,235,565)
(76,958)


1

 
Hotspot Investments Limited

    
Balance sheet (continued)
At 31 May 2024

The director considers 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 director acknowledges his 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 comprehensive income 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 on 23 May 2025.




J A Bunce
Director

Company registered number: 10781827
The notes on pages 3 to 6 form part of these financial statements. 

2

 
Hotspot Investments Limited
 
 

Notes to the financial statements
Year ended 31 May 2024

1.


General information

The company is a private company limited by shares, incorporated and domiciled in the United Kingdom and registered in England. The address of the registered office is Rosebury Farm, Crouch Lane, Goffs Oak, Waltham Cross, England, EN7 6TH.

2.Accounting policies

 
2.1

Statement of compliance

The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland' (FRS 102) and the Companies Act 2006.

  
2.2

Going concern

The company is reliant upon the continuing support of the director, who agrees not to withdraw funds to the detriment of other creditors. On this basis, the director considers it appropriate to prepare financial statements on a going concern basis.

 
2.3

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.
Turnover represents the total value of work done to date on new build properties, excluding Value Added Tax, recharged during the year. Turnover and profit on sales of property and freehold interests are included in the accounts where completion has taken place by the end of the financial period.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

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.

 
2.6

Borrowing costs

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

3

 
Hotspot Investments Limited
 

 
Notes to the financial statements
Year ended 31 May 2024

2.Accounting policies (continued)

 
2.7

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as set out below.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
Straight line
Computer equipment
-
25%
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.

 
2.8

Stocks and work in progress

Stock is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost relates to the costs of land and work done to date, excluding Value Added Tax.
 


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

4

 
Hotspot Investments Limited
 
 

Notes to the financial statements
Year ended 31 May 2024

4.


Tangible fixed assets





Motor vehicles
Computer equipment
Total

£
£
£



Cost 


At 1 June 2023
725
2,999
3,724



At 31 May 2024

725
2,999
3,724



Depreciation


At 1 June 2023
290
1,395
1,685


Charge for the year
145
750
895



At 31 May 2024

435
2,145
2,580



Net book value



At 31 May 2024
290
854
1,144



At 31 May 2023
435
1,604
2,039


5.


Debtors

2024
2023
£
£


Other debtors
9,079
521,538

Prepayments and accrued income
-
47,635

9,079
569,173


5

 
Hotspot Investments Limited
 
 

Notes to the financial statements
Year ended 31 May 2024

6.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank loans
4,585,929
2,496,241

Trade creditors
86,055
137,098

Other creditors
2,666,478
2,669,716

Accruals and deferred income
22,776
19,028

7,361,238
5,322,083


The bank loan is secured against Plots 2 and 3 of the development site, included in stock.

 
6