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Registration number: 06366930

HPS Estate Agents Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

HPS Estate Agents Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

HPS Estate Agents Limited

Company Information

Director

D Murray

Registered office

2-4 Newbegin
Hornsea
East Yorkshire
HU18 1AG

 

HPS Estate Agents Limited

(Registration number: 06366930)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

26,003

32,713

Current assets

 

Stocks

5

850

950

Debtors

6

6,024

15,236

Cash at bank and in hand

 

26

-

 

6,900

16,186

Creditors: Amounts falling due within one year

7

(165,824)

(141,012)

Net current liabilities

 

(158,924)

(124,826)

Net liabilities

 

(132,921)

(92,113)

Capital and reserves

 

Called up share capital

108

108

Retained earnings

(133,029)

(92,221)

Shareholders' deficit

 

(132,921)

(92,113)

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 her 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 24 June 2025
 

.........................................
D Murray
Director

 

HPS Estate Agents 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 and Wales and the company registration number is 06366930.

The address of its registered office is:
2-4 Newbegin
Hornsea
East Yorkshire
HU18 1AG

These financial statements were authorised for issue by the director on 24 June 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.

The financial statements are presented in sterling and are rounded to the nearest pound.

Going concern

The director understands that there is doubt over the going concern of the company due to the insolvent position of the balance sheet. This is largely caused by loans and amounts from related parties, for which it has been confirmed that repayment will not be sought until the company is in a position to able to repay the amounts.

The director has agreed to continue to support the entity in fulfilling any debts and are satisfied that the company can continue as a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of property 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.

Tax

The tax expense for the period comprises 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.

 

HPS Estate Agents Limited

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

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Office equipment

25% reducing balance

Property improvements

6 year straight line

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 property selling services provided in the ordinary course of business.

Trade debtors are recognised initially at the transaction price less any bad debts. A provision for the bad debts 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.

 

HPS Estate Agents Limited

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

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 3 (2023 - 4).

 

HPS Estate Agents Limited

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

4

Tangible assets

Improvements to property
 £

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 October 2023

17,612

15,576

25,870

59,058

At 30 September 2024

17,612

15,576

25,870

59,058

Depreciation

At 1 October 2023

-

6,272

20,073

26,345

Charge for the year

2,935

2,326

1,449

6,710

At 30 September 2024

2,935

8,598

21,522

33,055

Carrying amount

At 30 September 2024

14,677

6,978

4,348

26,003

At 30 September 2023

17,612

9,304

5,797

32,713

5

Stocks

2024
£

2023
£

Other inventories

850

950

6

Debtors

2024
£

2023
£

Trade debtors

5,136

12,635

Other debtors

-

1,716

Prepayments

888

885

6,024

15,236

 

HPS Estate Agents Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

7,232

5,928

Trade creditors

 

3,629

1,280

Taxation and social security

 

3,616

990

Accruals and deferred income

 

2,366

1,714

Other creditors

 

148,981

131,100

 

165,824

141,012

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

7,232

5,928

Bank overdrafts are secured.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £4,490 (2023 - £6,258).

10

Related party transactions

Summary of transactions with other related parties

Keith Murray (Shareholder)
At the year end, the amount due to K Murray was £126,581 (2023: £130,981). The amount is unsecured, interest free and repayable on demand.