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Registration number: 12469149

Hockley Developments (Mansfield Road) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Hockley Developments (Mansfield Road) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Hockley Developments (Mansfield Road) Limited

Company Information

Director

Mr Alan Forsyth

Registered office

15 Clarendon Street
Nottingham
NG1 5HR

 

Hockley Developments (Mansfield Road) Limited

(Registration number: 12469149)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

-

5,502,014

Debtors

5

10,574

255,016

Cash at bank and in hand

 

-

122

 

10,574

5,757,152

Creditors: Amounts falling due within one year

6

(1,044,515)

(5,748,424)

Net (liabilities)/assets

 

(1,033,941)

8,728

Capital and reserves

 

Called up share capital

10

10

Retained earnings

(1,033,951)

8,718

Shareholders' (deficit)/funds

 

(1,033,941)

8,728

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.

Approved and authorised by the director on 9 April 2025
 

.........................................
Mr Alan Forsyth
Director

 

Hockley Developments (Mansfield Road) 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

The principal place of business is:
Sherwood Library
Mansfield Road
Nottingham
NG5 4AB
England

These financial statements were authorised for issue by the director on 9 April 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.

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.

 

Hockley Developments (Mansfield Road) Limited

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

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

Hockley Developments (Mansfield Road) Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Stocks

2024
£

2023
£

Work in progress

-

5,502,014

5

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

8

-

800

Other debtors

 

10,574

254,216

   

10,574

255,016

 

Hockley Developments (Mansfield Road) 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

-

1,029,122

Trade creditors

 

-

1,274,004

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

8

1,036,902

3,424,919

Taxation and social security

 

7,613

1,379

Other creditors

 

-

19,000

 

1,044,515

5,748,424

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

(425,000)

Other borrowings

-

1,454,122

-

1,029,122

Bank borrowings

Together Loan is denominated in £ with a nominal interest rate of 12.5%, and the final instalment is due on 30 September 2025. The carrying amount at year end is £Nil (2023 - £1,454,122).

 

Hockley Developments (Mansfield Road) Limited

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

8

Related party transactions

Summary of transactions with parent

Hockley Developments Limited is the parent company.
Loans to or from the parent company are unsecured, non-interest bearing and repayable on demand.

£1,036,912 was payable to Hockley Developments Limited at 30 September 2024. To write this amount off it is anticipated that Hockley Developments will discharge the debt of this in exchange for the land value. This will then mean that Mansfield road as a business has no debt. At year end this was the option that is in hand. (£3,406,919.18) 30th September 2023 which is included in 'amounts owed to group undertakings'.

Summary of transactions with subsidiaries

9

Parent and ultimate parent undertaking

The company's immediate parent is Hockley Developments Limited, incorporated in England & Wales.