Company registration number 02010987 (England and Wales)
HILAT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
HILAT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
HILAT LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,816
1,775
Investment property
5
1,501,400
1,501,400
1,503,216
1,503,175
Current assets
Debtors
6
16,894
15,428
Cash at bank and in hand
86,032
75,372
102,926
90,800
Creditors: amounts falling due within one year
7
(143,365)
(171,772)
Net current liabilities
(40,439)
(80,972)
Total assets less current liabilities
1,462,777
1,422,203
Creditors: amounts falling due after more than one year
8
(115,000)
(115,000)
Provisions for liabilities
(155,817)
(155,817)
Net assets
1,191,960
1,151,386
Capital and reserves
Called up share capital
6,000
6,000
Share premium account
199,000
199,000
Revaluation reserve
889,683
889,683
Profit and loss reserves
97,277
56,703
Total equity
1,191,960
1,151,386
HILAT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 2 -
For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 11 July 2025 and are signed on its behalf by:
Mr S E Manton
Director
Company registration number 02010987 (England and Wales)
HILAT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 April 2023
6,000
199,000
927,079
13,750
1,145,829
Year ended 31 March 2024:
Profit
-
-
-
42,953
42,953
Other comprehensive income:
Tax relating to other comprehensive income
-
-
(37,396)
(37,396)
Total comprehensive income
-
-
(37,396)
42,953
5,557
Balance at 31 March 2024
6,000
199,000
889,683
56,703
1,151,386
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
40,574
40,574
Balance at 31 March 2025
6,000
199,000
889,683
97,277
1,191,960
HILAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
1
Accounting policies
Company information
Hilat Limited is a private company limited by shares incorporated in England and Wales. The registered office is 49 Arden Vale Road, Knowle, Solihull, Birmingham, B93 9NW.
1.1
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover in the period represents net rents receivable, by the company in the normal course of business,
excluding value added tax. Turnover is only recognised when the amounts to be recognised are fixed or
determinable and collectability is reasonably assured.
Rental income from operating leases is recognised on a straight line basis over the term of the lease.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% on reducing balance
Computers
33% on cost
Freehold land is not depreciated.
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.
1.4
Investment property
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. Changes in fair value are recognised in profit or loss.
HILAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.5
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 current liabilities.
1.6
Financial instruments
The company only enters into basic financial instrument transactions, that result in the recognition of financial assets and liabilities such as cash, trade and other accounts receivable and payable and loans from banks and other third parties, including related parties.
Basic financial instruments are recognised at amortised cost with the changes recognised in profit and loss.
1.7
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
HILAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
4
1
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2024
146
5,427
5,573
Additions
218
1,411
1,629
At 31 March 2025
364
6,838
7,202
Depreciation and impairment
At 1 April 2024
122
3,676
3,798
Depreciation charged in the year
48
1,540
1,588
At 31 March 2025
170
5,216
5,386
Carrying amount
At 31 March 2025
194
1,622
1,816
At 31 March 2024
24
1,751
1,775
5
Investment property
2025
£
Fair value
At 1 April 2024 and 31 March 2025
1,501,400
Investment property comprises freehold land of £1,400 and freehold property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31st March 2025 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
HILAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
12,141
11,378
Prepayments and accrued income
4,753
4,050
16,894
15,428
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
124
1,420
Corporation tax
14,695
10,025
Social security and other taxes
133
133
VAT
6,160
3,677
Other creditors
7,000
7,000
Directors' loan accounts
109,763
143,937
Accrued expenses
5,490
5,580
-
143,365
171,772
8
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Variable rate loan stock
115,000
115,000