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Company No: 00752951 (England and Wales)

HOEFORD BUSINESS PARK LTD

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

HOEFORD BUSINESS PARK LTD

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

HOEFORD BUSINESS PARK LTD

COMPANY INFORMATION

For the financial year ended 30 September 2024
HOEFORD BUSINESS PARK LTD

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2024
DIRECTORS Mr. W. S. C. Cartmell
Ms. J. E. Cartmell
Mr. W. B Cartmell (Resigned 21 November 2023)
Ms. L. M. Tewkesbury
REGISTERED OFFICE 25 Bramley Grove
Tenterden
TN30 7FB
United Kingdom
COMPANY NUMBER 00752951 (England and Wales)
ACCOUNTANT Verallo
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
HOEFORD BUSINESS PARK LTD

BALANCE SHEET

As at 30 September 2024
HOEFORD BUSINESS PARK LTD

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 24,400 32,534
Investment property 4 1,500,000 3,600,000
1,524,400 3,632,534
Current assets
Debtors 5 327,204 675,797
Cash at bank and in hand 336,620 714,859
663,824 1,390,656
Creditors: amounts falling due within one year 6 ( 3,517,846) ( 2,332,350)
Net current liabilities (2,854,022) (941,694)
Total assets less current liabilities (1,329,622) 2,690,840
Creditors: amounts falling due after more than one year 7 0 ( 1,583,351)
Net (liabilities)/assets ( 1,329,622) 1,107,489
Capital and reserves
Called-up share capital 8 2,822,500 2,822,500
Fair value reserve ( 2,100,000 ) 0
Profit and loss account ( 2,052,122 ) ( 1,715,011 )
Total shareholder's (deficit)/funds ( 1,329,622) 1,107,489

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.

Directors' responsibilities:

The financial statements of Hoeford Business Park Ltd (registered number: 00752951) were approved and authorised for issue by the Board of Directors on 22 April 2025. They were signed on its behalf by:

Ms. J. E. Cartmell
Director
HOEFORD BUSINESS PARK LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
HOEFORD BUSINESS PARK LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hoeford Business Park Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 25 Bramley Grove , Tenterden, TN30 7FB , United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £1,329,622. Post year-end the company has sold the investment property and will continue to be supported through loans from the Parent Company. The parent company has agreed that the support will continue to be available for at least 12 months from the date of signing these financial statements and that all future liabilities will be met. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Change in accounting policies

In the prior period the depreciation accounting policy for the asset class Plant and machinery was changed from 20% reducing balance to 25% reducing balance as the directors felt that this was a true reflection of the assets useful economic life.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 October 2023 38,798 38,798
At 30 September 2024 38,798 38,798
Accumulated depreciation
At 01 October 2023 6,264 6,264
Charge for the financial year 8,134 8,134
At 30 September 2024 14,398 14,398
Net book value
At 30 September 2024 24,400 24,400
At 30 September 2023 32,534 32,534

4. Investment property

Investment property
£
Valuation
As at 01 October 2023 3,600,000
Fair value movement (2,100,000)
As at 30 September 2024 1,500,000

The valuations of investment properties were made as at 30 September 2024 by the directors on a fair value basis. No depreciation is provided in respect of these properties.

5. Debtors

2024 2023
£ £
Trade debtors 100,733 260,972
Prepayments and accrued income 55,134 34,366
Other debtors 171,337 380,459
327,204 675,797

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 1,658,475 550,000
Trade creditors 117,769 114,937
Amounts owed to Group undertakings 1,528,948 1,522,918
Accruals and deferred income 154,171 102,262
Other taxation and social security 17,957 10,757
Other creditors 40,526 31,476
3,517,846 2,332,350

The aggregate amount of creditors for which security has been given amounted to £1,592,000 (2023 - £500,000)

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 0 1,583,351

The aggregate amount of creditors for which security has been given amounted to £nil (2023 - £1,501,016)

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2,822,500 Ordinary shares of £ 1.00 each 2,822,500 2,822,500

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 0 35,800

10. Ultimate controlling party

The immediate and ultimate parent undertaking is Wickham Laboratories Holdings Limited, a company registered in England and Wales. The directors consider there is no ultimate controlling party.