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COMPANY REGISTRATION NUMBER: 03150046
Andrew Hillas Properties Limited
Filleted Unaudited Financial Statements
30 September 2024
Andrew Hillas Properties Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
15,821,396
15,555,362
Current assets
Debtors
6
846,709
713,848
Cash at bank and in hand
958
59,547
---------
---------
847,667
773,395
Creditors: amounts falling due within one year
7
513,316
382,986
---------
---------
Net current assets
334,351
390,409
-------------
-------------
Total assets less current liabilities
16,155,747
15,945,771
Creditors: amounts falling due after more than one year
8
1,990,000
2,070,000
Provisions
Taxation including deferred tax
1,247,826
1,249,059
-------------
-------------
Net assets
12,917,921
12,626,712
-------------
-------------
Andrew Hillas Properties Limited
Statement of Financial Position (continued)
30 September 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
2,000
2,000
Other reserves
9
5,002,442
5,002,442
Profit and loss account
9
7,913,479
7,622,270
-------------
-------------
Shareholders funds
12,917,921
12,626,712
-------------
-------------
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 income and retained earnings has not been delivered.
For the 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.
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 .
These financial statements were approved by the board of directors and authorised for issue on 16 June 2025 , and are signed on behalf of the board by:
Miss C A A Hillas
Director
Company registration number: 03150046
Andrew Hillas Properties Limited
Notes to the Financial Statements
Year ended 30 September 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 Otley Mills, Ilkley Road, Otley, West Yorkshire, LS21 1QS.
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
The company recognises revenue on an accruals basis (net of VAT if applicable), when the amount of revenue can be reliably measured and it is probable that the future economic benefits will flow to the company. Revenue comprises rental income arising from investment property leased out and which is recognised in the profit and loss account on a straight line basis over the term of the lease.
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant & machinery
-
12% straight line
Fixtures & fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 11 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
15,467,394
120,816
9,443
46,340
15,643,993
Additions
269,351
15,318
284,669
-------------
---------
-------
--------
-------------
At 30 September 2024
15,736,745
136,134
9,443
46,340
15,928,662
-------------
---------
-------
--------
-------------
Depreciation
At 1 October 2023
66,711
2,131
19,789
88,631
Charge for the year
10,169
1,828
6,638
18,635
-------------
---------
-------
--------
-------------
At 30 September 2024
76,880
3,959
26,427
107,266
-------------
---------
-------
--------
-------------
Carrying amount
At 30 September 2024
15,736,745
59,254
5,484
19,913
15,821,396
-------------
---------
-------
--------
-------------
At 30 September 2023
15,467,394
54,105
7,312
26,551
15,555,362
-------------
---------
-------
--------
-------------
Investment property is valued on an opening market existing use basis. In the opinion of the directors there were no changes to the value of the properties during the year.
6. Debtors
2024
2023
£
£
Trade debtors
110,062
115,293
Amounts owed by group undertakings and undertakings in which the company has a participating interest
727,004
573,859
Other debtors
9,643
24,696
---------
---------
846,709
713,848
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
121,846
80,000
Trade creditors
20,768
13,647
Corporation tax
124,216
70,258
Social security and other taxes
20,419
27,632
Other creditors
226,067
191,449
---------
---------
513,316
382,986
---------
---------
Creditors falling due within one year includes the following amounts on which security has been given by the company:
2024
2023
£
£
Bank loans and overdrafts
80,000
80,000
Other creditors
5,581
--------
--------
80,000
85,581
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,990,000
2,070,000
------------
------------
Creditors falling due after one year includes the following amounts on which security has been given by the company:
2024
2023
£
£
Bank loans and overdrafts
1,990,000
2,070,000
------------
------------
9. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses which are distributable. Fair value reserve - This reserve records the revaluation of investment properties net of deferred tax provisions, which are un-distributable.
10. Directors' advances, credits and guarantees
The directors loan accounts remained in credit throughout the year. There were no guarantees in the year.
11. Related party transactions
The company was under the control of the directors throughout the current and previous year through their ownership of Hillas Group Limited, the company's parent. No other transactions are required to be disclosed under the FRS 102.
12. Controlling party
The company is a wholly owned subsidiary of Hillas Group Limited, a company registered in England and Wales.