Company registration number 03774069 (England and Wales)
HAMILTON HEATH ESTATES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
HAMILTON HEATH ESTATES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
HAMILTON HEATH ESTATES LIMITED
BALANCE SHEET
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
186,658
60,134
Investment property
4
28,993,054
26,020,000
29,179,712
26,080,134
Current assets
Debtors
5
3,652,918
3,213,535
Cash at bank and in hand
1,579,421
563,410
5,232,339
3,776,945
Creditors: amounts falling due within one year
6
(3,743,749)
(7,281,763)
Net current assets/(liabilities)
1,488,590
(3,504,818)
Total assets less current liabilities
30,668,302
22,575,316
Creditors: amounts falling due after more than one year
7
(16,424,308)
(11,331,508)
Provisions for liabilities
(793,533)
(105,000)
Net assets
13,450,461
11,138,808
Capital and reserves
Called up share capital
8
3,000,100
3,000,100
Non-distributable reserve
11,630,353
9,666,126
Profit and loss reserves
(1,179,992)
(1,527,418)
Total equity
13,450,461
11,138,808
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 12 August 2025 and are signed on its behalf by:
A Chaytow
Director
Company registration number 03774069 (England and Wales)
HAMILTON HEATH ESTATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
Share capital
Non-distributable reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 June 2022
3,000,100
9,814,209
(1,495,117)
11,319,192
Year ended 31 May 2023:
Loss and total comprehensive income
-
-
(180,384)
(180,384)
Transfers
-
(148,083)
148,083
-
Balance at 31 May 2023
3,000,100
9,666,126
(1,527,418)
11,138,808
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
2,311,653
2,311,653
Transfers
-
1,964,227
(1,964,227)
-
Balance at 31 May 2024
3,000,100
11,630,353
(1,179,992)
13,450,461
HAMILTON HEATH ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
Hamilton Heath Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lester House, 19-21 Broad Street, Bury, Lancashire, England, BL9 0DA.
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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Prior period error
The deferred tax liability was incorrectly recognised within debtors in the prior year. The comparative figures have been restated to correct this error and include it within provisions for liabilities. The effect of this error is that current assets and provisions for liabilities have both increased by £105,000. There has been no effect on the prior year result or retained earnings brought forward.
1.3
Turnover
Turnover is recognised at the fair value of the consideration receivable for property rental income recognised evenly over the period of the lease, provided in the normal course of business, and is shown net of VAT. The value of of any lease incentive is taken into account and is spread evenly over the period of the lease.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% straight line per annum
Fixtures and fittings
10% straight line per annum
Motor vehicles
25% straight line per annum
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.
1.5
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 derived from consideration of rental yields and transactions for comparable properties as determined by independent valuers and the directors as considered appropriate. Changes in fair value are recognised in profit or loss.
HAMILTON HEATH ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
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.
1.8
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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.
HAMILTON HEATH ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
HAMILTON HEATH ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
8
HAMILTON HEATH ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023
134,297
Additions
149,274
At 31 May 2024
283,571
Depreciation and impairment
At 1 June 2023
74,163
Depreciation charged in the year
22,750
At 31 May 2024
96,913
Carrying amount
At 31 May 2024
186,658
At 31 May 2023
60,134
4
Investment property
2024
£
Fair value
At 1 June 2023
26,020,000
Additions
354,184
Revaluations
2,618,870
At 31 May 2024
28,993,054
The company owns a number of multi-let commercial properties in North West England as investments. The fair value of the investment properties was determined by a directors' valuation at the balance sheet date, following an external independent valuation performed in July 2023 on a fair value basis.
The historical cost of the investment properties held by the company as at 31 May 2024 was £17,462,616 (2023: £17,108,432).
5
Debtors
2024
2023
as restated
Amounts falling due within one year:
£
£
Trade debtors
62,153
189,666
Amounts owed by group undertakings
2,980,716
1,735,479
Other debtors
610,049
1,288,390
3,652,918
3,213,535
HAMILTON HEATH ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
24,550
4,812
Other borrowings
2,907,270
Trade creditors
77,598
81,284
Amounts owed to group undertakings
2,717,859
2,720,359
Taxation and social security
98,378
93,230
Other creditors
62,460
874,084
Accruals and deferred income
762,904
600,724
3,743,749
7,281,763
The obligations under finance leases are secured on the assets to which they relate.
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
13,391,667
11,325,000
Obligations under finance leases
125,371
6,508
Other borrowings
2,907,270
16,424,308
11,331,508
The above loan is secured over the properties (Irwell Industrial Estate, Eton Business Park, Cowm Top Business Park, Lester House and Phoenix Business Park) and is all repayable within 5 years. Other group companies have given cross guarantees in relation to this bank loan and are also party to continuing debentures.
The balance within other borrowings is due to a pension fund where one of the directors is a trustee. In relation to this loan the company has agreed to provide legal charges over all its properties in favour of the trustees and at any time on or after an event of default, the trustees may enforce such security. It has been agreed that the bank loan security detailed above shall have priority over this loan. The loan was disclosed as falling due within one year in the prior year, but in June 2023 the terms of the agreement were extended with the final repayment date being June 2026.
The obligations under finance leases are secured on the assets to which they relate.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3,000,100
3,000,100
3,000,100
3,000,100
HAMILTON HEATH ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Christopher Moss BSc F.C.A.
Statutory Auditor:
JS. Audit Limited
Date of audit report:
12 August 2025
10
Events after the reporting date
On 7 June 2024, a resolution was passed to reduce the share capital of the company from £3,000,100 to £100,100, with the resulting adjustment increasing distributable reserves by £2,900,000.
11
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director
-
36,763
46,711
(57,763)
25,711
36,763
46,711
(57,763)
25,711
At the balance sheet date the company owed the directors £Nil (2023: £333,833).
12
Parent company
The company's immediate parent undertaking is Hamilton Heath Property (No 2) Limited, a company incorporated in England and Wales. The company's ultimate parent undertaking is Hamilton Heath Group Limited, a company incorporated in England and Wales which is exempt from the requirement to prepare consolidated financial statements.
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