Registration number:
Hockley Developments Limited
for the Year Ended 30 September 2024
Hockley Developments Limited
Contents
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Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Hockley Developments Limited
Company Information
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Director |
Mr Alan Forsyth |
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Registered office |
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Hockley Developments Limited
(Registration number: 10818756)
Balance Sheet as at 30 September 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Other reserves |
37,893 |
37,893 |
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Retained earnings |
2,609,421 |
1,730,646 |
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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:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Hockley Developments Limited
(Registration number: 10818756)
Balance Sheet as at 30 September 2024
Approved and authorised by the
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Hockley Developments Limited
Statement of Changes in Equity for the Year Ended 30 September 2024
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Share capital |
Other reserves |
Retained earnings |
Total |
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At 1 October 2023 |
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Profit for the year |
- |
- |
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At 30 September 2024 |
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Share capital |
Other reserves |
Retained earnings |
Total |
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At 1 October 2022 |
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Profit for the year |
- |
- |
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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
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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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:
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Asset class |
Depreciation method and rate |
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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.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Hockley Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 October 2023 |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
- |
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At 30 September 2024 |
- |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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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
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.
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Had this class of asset been measured on a historical cost basis, the carrying amount would have been £Nil (2023 - £
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Debtors |
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Current |
Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Hockley Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Other borrowings |
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Current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Other borrowings |
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Bank borrowings
Hockley Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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This facilityis now financed with Santander UK PLC at a nominal interest rate of 5.95%. |
Other borrowings
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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. |
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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 |
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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) |
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Dividends |
Interim dividends paid
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2024 |
2023 |
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Interim dividend of £Nil per each |
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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:
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2024 |
2023 |
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Remuneration |
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Summary of transactions with subsidiaries
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