HiCorp 78 Limited 07165945 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is letting of own property. Digita Accounts Production Advanced 6.30.9574.0 true 07165945 2023-06-01 2024-05-31 07165945 2024-05-31 07165945 bus:OrdinaryShareClass1 2024-05-31 07165945 core:RetainedEarningsAccumulatedLosses 2024-05-31 07165945 core:ShareCapital 2024-05-31 07165945 core:CurrentFinancialInstruments 2024-05-31 07165945 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 07165945 core:Non-currentFinancialInstruments 2024-05-31 07165945 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 07165945 1 2024-05-31 07165945 bus:SmallEntities 2023-06-01 2024-05-31 07165945 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 07165945 bus:FullAccounts 2023-06-01 2024-05-31 07165945 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 07165945 bus:RegisteredOffice 2023-06-01 2024-05-31 07165945 bus:CompanySecretaryDirector1 2023-06-01 2024-05-31 07165945 bus:Director1 2023-06-01 2024-05-31 07165945 bus:Director3 2023-06-01 2024-05-31 07165945 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 07165945 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 07165945 core:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 07165945 core:ShareCapital 2023-06-01 2024-05-31 07165945 1 2023-06-01 2024-05-31 07165945 countries:EnglandWales 2023-06-01 2024-05-31 07165945 2023-05-31 07165945 core:RetainedEarningsAccumulatedLosses 2023-05-31 07165945 core:ShareCapital 2023-05-31 07165945 2022-06-01 2023-05-31 07165945 2023-05-31 07165945 bus:OrdinaryShareClass1 2023-05-31 07165945 core:CurrentFinancialInstruments 2023-05-31 07165945 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 07165945 core:Non-currentFinancialInstruments 2023-05-31 07165945 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 07165945 1 2023-05-31 07165945 core:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 07165945 core:ShareCapital 2022-06-01 2023-05-31 07165945 2022-05-31 07165945 core:RetainedEarningsAccumulatedLosses 2022-05-31 07165945 core:ShareCapital 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07165945

HiCorp 78 Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

HiCorp 78 Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 10

 

HiCorp 78 Limited

Company Information

Directors

Mr Nicholas John Benson

Mrs Victoria Mary Steane

Mr William Benson

Company secretary

Mrs Victoria Mary Steane

Registered office

Pilgrim House
10 Bishop Street
Town Hall Square
Leicester
LE1 6AF

 

HiCorp 78 Limited

(Registration number: 07165945)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

7,124,000

7,124,000

Current assets

 

Debtors

5

343,563

271,667

Cash at bank and in hand

 

495,284

375,258

 

838,847

646,925

Creditors: Amounts falling due within one year

6

(851,337)

(766,117)

Net current liabilities

 

(12,490)

(119,192)

Total assets less current liabilities

 

7,111,510

7,004,808

Creditors: Amounts falling due after more than one year

6

(482,000)

(780,065)

Net assets

 

6,629,510

6,224,743

Capital and reserves

 

Called up share capital

7

1,000

1,000

Retained earnings

6,628,510

6,223,743

Shareholders' funds

 

6,629,510

6,224,743

For the financial year ending 31 May 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 29 May 2025 and signed on its behalf by:
 

.........................................
Mr Nicholas John Benson
Director

 

HiCorp 78 Limited

Statement of Changes in Equity for the Year Ended 31 May 2024

Share capital
£

Retained earnings
£

Total
£

At 1 June 2023

1,000

6,223,743

6,224,743

Profit for the year

-

677,734

677,734

Dividends

-

(272,967)

(272,967)

At 31 May 2024

1,000

6,628,510

6,629,510

Share capital
£

Retained earnings
£

Total
£

At 1 June 2022

1,000

5,612,522

5,613,522

Profit for the year

-

708,687

708,687

Dividends

-

(97,466)

(97,466)

At 31 May 2023

1,000

6,223,743

6,224,743

 

HiCorp 78 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
Pilgrim House
10 Bishop Street
Town Hall Square
Leicester
LE1 6AF

These financial statements were authorised for issue by the Board on 29 May 2025.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

HiCorp 78 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

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

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

HiCorp 78 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension
fund and the company has no legal or constructive obligation to pay further contributions even if the
fund does not hold sufficient assets to pay all employees the benefits relating to employee service in
the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they
are due. If contribution payments exceed the contribution due for service, the excess is recognised as
a prepayment.

Pension
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in the year.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Investment properties

2024
£

At 1 June

7,124,000

At 31 May

7,124,000

Investment properties are revalued annually and the aggregate surplus or deficit is transferred to a revaluation reserve. The directors consider that this policy results in the accounts showing a true and fair view. Depreciation is only one of the factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified nor quantified. The investment properties are the subject of leases to third parties for a period of 22 years.

 

HiCorp 78 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

5

Debtors

Current

2024
£

2023
£

Trade debtors

272,880

237,330

Prepayments

35,717

-

Other debtors

34,966

34,337

 

343,563

271,667

 

HiCorp 78 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

291,713

290,131

Trade creditors

 

318

104

Taxation and social security

 

275,940

227,233

Accruals and deferred income

 

283,366

247,816

Other creditors

 

-

833

 

851,337

766,117

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

482,000

780,065

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

1,000

1,000

1,000

1,000

         

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

482,000

780,065

 

HiCorp 78 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

8

Loans and borrowings (continued)

2024
£

2023
£

Current loans and borrowings

Bank borrowings

290,185

283,897

Other borrowings

1,528

6,234

291,713

290,131

Bank borrowings

Bank borrowings is denominated in £ with a nominal interest rate of 3.70%, and the final instalment is due on 30 June 2025. The carrying amount at year end is £772,185 (2023 - £1,063,962).

The company has granted a charge on all its assets to secure the bank loans.

9

Related party transactions

 

HiCorp 78 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

9

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

5,000

5,000