Company registration number 11402917 (England and Wales)
HW REAL ESTATE UK LTD.
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
HW REAL ESTATE UK LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HW REAL ESTATE UK LTD.
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
7,400,000
7,400,000
Current assets
Debtors
4
24,076
Cash at bank and in hand
75,134
5,475
99,210
5,475
Creditors: amounts falling due within one year
5
(855,198)
(651,334)
Net current liabilities
(755,988)
(645,859)
Total assets less current liabilities
6,644,012
6,754,141
Creditors: amounts falling due after more than one year
6
(3,176,413)
(3,252,359)
Provisions for liabilities
(794,217)
(801,874)
Net assets
2,673,382
2,699,908
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
7
2,673,282
2,699,808
Total equity
2,673,382
2,699,908
The director of the company has 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 28 April 2025 and are signed on its behalf by:
Mr J E Wilms
Director
Company registration number 11402917 (England and Wales)
HW REAL ESTATE UK LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
HW Real Estate UK Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is British Cables Company Ltd, Delaunays Road, Blackley, Manchester, M9 8FP.
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
Turnover
Property rental income represents the value of all rental income during the year. Such income is recognised at the point at which the company has fulfilled its contractual obligations to its tenants.
1.3
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. The surplus or deficit on revaluation is recognised in profit or loss.
1.4
Cash and cash equivalents
Cash at bank and in hand 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.
1.5
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.
HW REAL ESTATE UK LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
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.
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.
1.6
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.
1.7
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.
1.8
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.
HW REAL ESTATE UK LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
3
3
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
7,400,000
Investment property comprises the freehold property known as Ashenhurst Works, Blackley, Manchester, M9 8ES (title number GM813587). The fair value of the investment property has been arrived at on the basis of a valuation carried out on 3 November 2022 by Eddisons, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
The directors consider this valuation still the be appropriate as at 31 December 2024.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
24,076
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
7,203
Other taxation and social security
5,750
16,500
Other creditors
693,436
439,788
Accruals and deferred income
156,012
187,843
855,198
651,334
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
3,176,413
3,252,359
HW REAL ESTATE UK LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
7
Profit and loss reserves
The profit and loss reserve includes £2,457,372 (2023: £2,475,372) of non-distributable reserves.
8
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:
Paul Locker BSc(Hons) FCA
Statutory Auditor:
MHA
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Category
Description of
Income
Expenditure
transaction
2024
2023
2024
2023
£
£
£
£
Other related parties
Rent received
165,000
10
Parent company
The company is a subsidiary of HW Real Estate International GmbH & Co. KG, a company incorporated in Germany.
HW Real Estate International GmbH & Co. KG is a subsidiary of HW-Verwaltung, another company incorporated in Germany with a registered office of Fröndenberger Str. 27-29, D-58706 Menden. HW-Verwaltung GmbH is owned and controlled by J E Wilms, who is considered to be the ultimate controlling party.