12 8 Hockley Developments Limited 10818756 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is to act as the group holding company and provide architectural, management and accountancy services. Digita Accounts Production Advanced 6.30.9574.0 true 10818756 2023-10-01 2024-09-30 10818756 2024-09-30 10818756 core:FurtherSpecificReserve1ComponentTotalEquity 2024-09-30 10818756 core:RetainedEarningsAccumulatedLosses 2024-09-30 10818756 core:ShareCapital 2024-09-30 10818756 core:CurrentFinancialInstruments 2024-09-30 10818756 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 10818756 core:Non-currentFinancialInstruments 2024-09-30 10818756 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 10818756 core:FurnitureFittingsToolsEquipment 2024-09-30 10818756 core:LandBuildings 2024-09-30 10818756 1 2024-09-30 10818756 bus:SmallEntities 2023-10-01 2024-09-30 10818756 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 10818756 bus:FilletedAccounts 2023-10-01 2024-09-30 10818756 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 10818756 bus:RegisteredOffice 2023-10-01 2024-09-30 10818756 bus:Director1 2023-10-01 2024-09-30 10818756 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-10-01 2024-09-30 10818756 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 10818756 core:FurtherSpecificReserve1ComponentTotalEquity 2023-10-01 2024-09-30 10818756 core:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 10818756 core:ShareCapital 2023-10-01 2024-09-30 10818756 core:LandBuildings 2023-10-01 2024-09-30 10818756 core:OfficeEquipment 2023-10-01 2024-09-30 10818756 core:Subsidiary1 2023-10-01 2024-09-30 10818756 core:Subsidiary10 2023-10-01 2024-09-30 10818756 core:Subsidiary11 2023-10-01 2024-09-30 10818756 core:Subsidiary12 2023-10-01 2024-09-30 10818756 core:Subsidiary2 2023-10-01 2024-09-30 10818756 core:Subsidiary3 2023-10-01 2024-09-30 10818756 core:Subsidiary4 2023-10-01 2024-09-30 10818756 core:Subsidiary5 2023-10-01 2024-09-30 10818756 core:Subsidiary6 2023-10-01 2024-09-30 10818756 core:Subsidiary7 2023-10-01 2024-09-30 10818756 core:Subsidiary8 2023-10-01 2024-09-30 10818756 core:Subsidiary9 2023-10-01 2024-09-30 10818756 1 2023-10-01 2024-09-30 10818756 countries:England 2023-10-01 2024-09-30 10818756 2023-09-30 10818756 core:FurtherSpecificReserve1ComponentTotalEquity 2023-09-30 10818756 core:RetainedEarningsAccumulatedLosses 2023-09-30 10818756 core:ShareCapital 2023-09-30 10818756 core:FurnitureFittingsToolsEquipment 2023-09-30 10818756 core:LandBuildings 2023-09-30 10818756 2022-10-01 2023-09-30 10818756 2023-09-30 10818756 core:CurrentFinancialInstruments 2023-09-30 10818756 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 10818756 core:Non-currentFinancialInstruments 2023-09-30 10818756 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 10818756 core:FurnitureFittingsToolsEquipment 2023-09-30 10818756 core:LandBuildings 2023-09-30 10818756 1 2023-09-30 10818756 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-10-01 2023-09-30 10818756 core:FurtherSpecificReserve1ComponentTotalEquity 2022-10-01 2023-09-30 10818756 core:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 10818756 core:ShareCapital 2022-10-01 2023-09-30 10818756 2022-09-30 10818756 core:FurtherSpecificReserve1ComponentTotalEquity 2022-09-30 10818756 core:RetainedEarningsAccumulatedLosses 2022-09-30 10818756 core:ShareCapital 2022-09-30 xbrli:pure iso4217:GBP

Registration number: 10818756

Hockley Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Hockley Developments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 12

 

Hockley Developments Limited

Company Information

Director

Mr Alan Forsyth

Registered office

15 Clarendon Street
Nottingham
NG1 5HR

 

Hockley Developments Limited

(Registration number: 10818756)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

451,159

451,159

Current assets

 

Debtors

5

13,925,275

8,339,795

Cash at bank and in hand

 

12,642

21,209

 

13,937,917

8,361,004

Creditors: Amounts falling due within one year

6

(10,661,780)

(5,942,153)

Net current assets

 

3,276,137

2,418,851

Total assets less current liabilities

 

3,727,296

2,870,010

Creditors: Amounts falling due after more than one year

6

(1,079,981)

(1,101,470)

Net assets

 

2,647,315

1,768,540

Capital and reserves

 

Called up share capital

1

1

Other reserves

37,893

37,893

Retained earnings

2,609,421

1,730,646

Shareholders' funds

 

2,647,315

1,768,540

For the financial year ending 30 September 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 year 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.

 

Hockley Developments Limited

(Registration number: 10818756)
Balance Sheet as at 30 September 2024

Approved and authorised by the director on 21 March 2025
 


Mr Alan Forsyth
Director

 

Hockley Developments Limited

Statement of Changes in Equity for the Year Ended 30 September 2024

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 October 2023

1

37,893

1,730,646

1,768,540

Profit for the year

-

-

878,775

878,775

At 30 September 2024

1

37,893

2,609,421

2,647,315

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 October 2022

1

37,893

1,159,619

1,197,513

Profit for the year

-

-

571,027

571,027

At 30 September 2023

1

37,893

1,730,646

1,768,540

 

Hockley Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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

These financial statements were authorised for issue by the director on 21 March 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.

The company also have now adopted a mechanism for realising income from its associated SPVs when the profits have been realised as apose to an ongoing manangement fee. This is recognised in the accounts from 30th September 2021. Profits shares made in the SPVs will be transfered to Hockley Developments as appropriate

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.

 

Hockley Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office and computer equipment

4 years on a straight line basis

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

 

Hockley Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 year, was 12 (2023 - 8).

 

Hockley Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

440,000

14,750

454,750

At 30 September 2024

440,000

14,750

454,750

Depreciation

At 1 October 2023

-

3,591

3,591

At 30 September 2024

-

3,591

3,591

Carrying amount

At 30 September 2024

440,000

11,159

451,159

At 30 September 2023

440,000

11,159

451,159

Included within the net book value of land and buildings above is £440,000 (2023 - £440,000) in respect of freehold land and buildings.
 

 

Hockley Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Revaluation

The fair value of the company's Land and buildings was revalued on 12 June 2019 by an independent valuer.

The companies freehold property was valued in June 2019 as part of the refinance of this property, which took place in December 2019. While this valuation was prepared for the banks purposes, the director, who has several years of experience in the industry and has dealt with hundreds of property sale transactions, believes this valuation of £440,000 is a fair value for the freehold land and buildings. know as 15 Clarendon Street, Nottingham.

. The name and qualification of the independent valuer are undisclosed as the valuation was not provided for the purposes of the accounts.
.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £Nil (2023 - £160,058).

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

8,472,717

4,817,758

Amounts owed by related parties

9

5,190,229

3,380,010

Other debtors

 

262,329

142,027

   

13,925,275

8,339,795

 

Hockley Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

471,768

1,483

Trade creditors

 

80,541

58,487

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

9

2,803,446

158,902

Taxation and social security

 

790,042

1,020,761

Accruals and deferred income

 

6,511,200

4,700,000

Other creditors

 

4,783

2,520

 

10,661,780

5,942,153

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

1,079,981

1,101,470

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

159,080

195,569

Other borrowings

920,901

905,901

1,079,981

1,101,470

Current loans and borrowings

2024
£

2023
£

Bank borrowings

470,285

-

Other borrowings

1,483

1,483

471,768

1,483

Bank borrowings

 

Hockley Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Freehold property loan is denominated in pound sterling (£) with a nominal interest rate of 5.95%%, and the final instalment is due on 30 September 2030. The carrying amount at year end is £129,779 (2023 - £160,059).

This facilityis now financed with Santander UK PLC at a nominal interest rate of 5.95%.

Other borrowings

Related party loan is denominated in pound sterling (£) with a nominal interest rate of 0%, and the final instalment is due on 30 September 2025. The carrying amount at year end is £180,461 (2023 - £225,375).

Fast Property Sale Limited, a company owned by the director and shareholder, had loaned the company funds totalling £180,460.84 to facilitate the acquisition of several sites and assist with working capital as at 30th September 2024 The balance regularly fluctuates over the year, however £225,375 was owed outstanding at 30 September 2023, which is included in other loans.

Growth loan notes is denominated in pound sterling (£) with a nominal interest rate of 12%, and the final instalment is due on 30 September 2023. The carrying amount at year end is £920,901 (2023 - £905,901).

The company has issued loan notes to investors to facilitate growth. The interest payable on these loan notes is 12%. These loan notes are due for repayment within 24 months of 18 September 2025. £920,901 was outstanding at 30 September 2023

Directors loan is denominated in pound sterling (£) with a nominal interest rate of 12%, and the final instalment is due on 30 September 2024. The carrying amount at year end is £217,381 (2023 - £89,381).

The director has introduced funds into the company to facilitate growth. The total balance owing to the director at 30 September 2024 was £217,381.39. (89,318.39 - was outstanding in 2023)

8

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil per each Ordinary

-

-

 

 

9

Related party transactions

 

Hockley Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

10,871

-

Summary of transactions with subsidiaries