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Registration number: 04365744

Hyde Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 September 2024

 

Hyde Developments Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Hyde Developments Limited

(Registration number: 04365744)
Balance Sheet as at 29 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

876,986

877,349

Current assets

 

Debtors

5

182,206

158,849

Cash at bank and in hand

 

806

53

 

183,012

158,902

Creditors: Amounts falling due within one year

6

(260,219)

(223,393)

Net current liabilities

 

(77,207)

(64,491)

Total assets less current liabilities

 

799,779

812,858

Creditors: Amounts falling due after more than one year

6

(226,702)

(252,555)

Provisions for liabilities

(102,629)

(102,629)

Net assets

 

470,448

457,674

Capital and reserves

 

Called up share capital

18,666

18,666

Revaluation reserve

437,522

437,522

Retained earnings

14,260

1,486

Shareholders' funds

 

470,448

457,674

For the financial year ending 29 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 his 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 and 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.

 

Hyde Developments Limited

(Registration number: 04365744)
Balance Sheet as at 29 September 2024

Approved and authorised by the director on 25 March 2025
 

.........................................
Mr Adam Mannion
Director

 

Hyde Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
270 Hyde Road
Gorton
Manchester
M12 5FH
England

These financial statements were authorised for issue by the director on 25 March 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of 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 current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Hyde Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024

Tangible assets

Tangible assets are stated in the balance sheet 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

Furniture, fixtures and fittings

15% Reducing balance

Other tangilbe assets

15% Reducing balance

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment 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.

 

Hyde Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Hyde Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 30 September 2023

970,150

4,064

14,996

989,210

At 29 September 2024

970,150

4,064

14,996

989,210

Depreciation

At 30 September 2023

95,150

3,263

13,448

111,861

Charge for the year

-

131

232

363

At 29 September 2024

95,150

3,394

13,680

112,224

Carrying amount

At 29 September 2024

875,000

670

1,316

876,986

At 29 September 2023

875,000

801

1,548

877,349

Included within the net book value of land and buildings above is £875,000 (2023 - £875,000) in respect of long leasehold land and buildings.
 

5

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

8

130,011

110,011

Other debtors

 

52,195

48,838

   

182,206

158,849

 

Hyde Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

24,188

24,821

Taxation and social security

 

24,338

46,065

Accruals and deferred income

 

850

850

Other creditors

 

210,843

151,657

 

260,219

223,393

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £24,188(2023 - £24,821).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

226,702

252,555

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £226,702 (2023 - £252,555).

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

226,702

252,555

Current loans and borrowings

2024
£

2023
£

Bank borrowings

24,188

24,821

8

Related party transactions

 

Hyde Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024

Transactions with the director

2024

At 30 September 2023
£

Advances to director
£

Repayments by director
£

At 29 September 2024
£

Mr Adam Mannion

48,839

19,856

(16,500)

52,195