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COMPANY REGISTRATION NUMBER: 10925001
HFS Housing Limited
Filleted Unaudited Financial Statements
31 December 2024
HFS Housing Limited
Financial Statements
Year ended 31 December 2024
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
HFS Housing Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of HFS Housing Limited
Year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of HFS Housing Limited for the year ended 31 December 2024, which comprise the statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of HFS Housing Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of HFS Housing Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than HFS Housing Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that HFS Housing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of HFS Housing Limited. You consider that HFS Housing 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 financial statements of HFS Housing 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 financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
4 June 2025
HFS Housing Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
338,034
324,327
Current assets
Debtors
5
394
516
Cash at bank and in hand
3,755
5,867
-------
-------
4,149
6,383
Creditors: amounts falling due within one year
6
233,391
234,289
---------
---------
Net current liabilities
229,242
227,906
---------
---------
Total assets less current liabilities
108,792
96,421
Creditors: amounts falling due after more than one year
7
29,303
36,416
Provisions
9,525
6,921
---------
--------
Net assets
69,964
53,084
---------
--------
Capital and reserves
Called up share capital
5
5
Share premium account
2,592
2,592
Fair value reserve
40,580
29,240
Profit and loss account
26,787
21,247
--------
--------
Shareholders funds
69,964
53,084
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
HFS Housing Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 3 June 2025 , and are signed on behalf of the board by:
Mr G R Storey
Mr H F Storey
Director
Director
Company registration number: 10925001
HFS Housing Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Initial Business Centre, Wilson Business Park, Manchester, M40 8WN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the rents received or receivable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date .
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
4. Tangible assets
Investment Property
Equipment
Total
£
£
£
Cost or valuation
At 1 January 2024
324,000
888
324,888
Revaluations
14,000
14,000
---------
----
---------
At 31 December 2024
338,000
888
338,888
---------
----
---------
Depreciation
At 1 January 2024
561
561
Charge for the year
293
293
---------
----
---------
At 31 December 2024
854
854
---------
----
---------
Carrying amount
At 31 December 2024
338,000
34
338,034
---------
----
---------
At 31 December 2023
324,000
327
324,327
---------
----
---------
The directors have considered the carrying value of the investment property at the year end date, and their considered opinion is that the total value of £338,000, is a fair approximation of the open market value at 31 December 2024. The historical cost of the investment property was £287,901.
5. Debtors
2024
2023
£
£
Other debtors
394
516
----
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
1,335
2,560
Unsecured Loan
7,113
6,906
Shareholder loans
133,724
133,724
Other creditors
91,219
91,099
---------
---------
233,391
234,289
---------
---------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Unsecured loan
29,303
36,416
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2023: £6,655) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.