REGISTERED NUMBER: 03765086 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

HORTPRIDE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Kleinman

H M Soning

J H L Weston

REGISTERED OFFICE:

72/75 Marylebone High Street

London

W1U 5JW

REGISTERED NUMBER:

03765086 (England and Wales)

ACCOUNTANTS:

MGR Weston Kay LLP

Chartered Accountants

55 Loudoun Road

St John's Wood

London

NW8 0DL

BANKERS:

Coutts & Co

440 Strand

London

WC2R 0QS

SOLICITORS:

Kingsley Napley LLP

20 Bonhill Street

London

EC2A 4DN

FIXED ASSETS

Investments

3

67

67

Investment property

4

4,950,618

4,690,000

4,950,685

4,690,067

CURRENT ASSETS

Debtors

5

48,426

48,169

Cash at bank

1,955

48,128

50,381

96,297

CREDITORS

Amounts falling due within one year

6

(411,804

)

(101,775

)

NET CURRENT LIABILITIES

(361,423

)

(5,478

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,589,262

4,684,589

PROVISIONS FOR LIABILITIES

(851,213

)

(851,213

)

NET ASSETS

3,738,049

3,833,376

CAPITAL AND RESERVES

Called up share capital

7

120

120

Retained earnings

3,737,929

3,833,256

SHAREHOLDERS' FUNDS

3,738,049

3,833,376

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 June 2025 and were signed on its behalf by:

H M Soning - Director

1.	ACCOUNTING POLICIES

Company information

Hortpride Limited is a private company limited by shares incorporated in England and Wales. The registered office is 72/75 Marylebone High Street, London, W1U 5JW.

Accounting convention

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover

Turnover represents rental income receivable net of VAT. Turnover is recognised at the point the rent is due from tenants.

Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Joint arrangements

The company has accounted for its share of the income and expenditure and assets and liabilities of the joint arrangement in which it has an interest. Further information is given in note 4 to the accounts.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

3.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 October 2023

and 30 September 2024

67

NET BOOK VALUE

At 30 September 2024

67

At 30 September 2023

67

The company owns 67 ordinary shares of £1 each (67% of the issued share capital) in Edmonlight Limited, which is a nominee and bare trustee for the joint arrangement parties to conduct their joint arrangement. The company has therefore incorporated into its Profit and Loss Account and its Balance Sheet its share of the income and expenditure and assets and liabilities of the joint arrangement at 30 September 2024. The principal activity of the joint arrangement is property investment.

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2023

4,690,000

Additions

260,618

At 30 September 2024

4,950,618

NET BOOK VALUE

At 30 September 2024

4,950,618

At 30 September 2023

4,690,000

The valuation of the investment property was made as at 30 September 2024 by the directors of the company on an open market basis. No depreciation is provided in respect of the property. On an historical cost basis the property would have been included at an original cost of £1,258,791 (2023: £998,173).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.24

30.9.23

£

£

Other debtors

48,426

48,169

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.24

30.9.23

£

£

Taxation and social security

71

1,326

Other creditors

411,733

100,449

411,804

101,775

7.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

30.9.24

30.9.23

value:

£

£

120

Share capital 1

£1

120

120

8.

RESERVES

Included within the reserves balance at the end of the year are distributable amounts of £615,007 (2023:

£710,335) and non-distributable of £3,122,922 (2023: £3,122,922).

9.	RELATED PARTY TRANSACTIONS

Creditors includes an amount of £388,000 (2023: £45,000) owed to a related company which is under common control. The loan is interest free and repayable on demand.

The directors are also directors of the joint arrangement company, Edmonlight Limited.