Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 4 |
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| 1 | 1 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 278,516 | 354,546 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current liabilities | (567,911) | (432,948) | ||
| Total assets less current liabilities | (567,910) | (432,947) | ||
| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital | 7 |
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| Profit and loss account | (
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| Total shareholder's deficit | (
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The notes on pages 12 to 16 form part of these financial statements.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements of Hobhouse Court Lettings Limited (registered number:
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P Piwnica
Director |
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.
Hobhouse Court Lettings Limited (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 35 Ballards Lane, London, N3 1XW, 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 £.
The company is dependent on the financial performance and support of Hobhouse Residential S.A. from whom the company has received a letter of financial support.
The director has made enquiries as to the financial position and performance of its parent company. As disclosed in the parent company's most recent financial statements, the parent company has a solvent balance sheet and has sufficient cash reserves to finance the subsidiary. After making enquiries of the directors of the parent undertaking, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.
| Land and buildings |
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.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Profit or Loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and 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.
Estimates and underlying assumptions are reviewed on an ongoing basis and are based on historical experience and other relevant factors, including expectations of future events that are considered reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.
In preparing these financial statements, the directors have made the following key judgments and estimates:
Estimation of Property Service Charges: The company relies on managing agents and appointed surveyors to provide budgeted estimates for property-related service charges, including utilities such as electricity, gas, and water. These estimates are used to accrue costs in the financial statements. Actual costs are typically confirmed after the reporting period once final invoices are received. As such, there is a degree of estimation uncertainty associated with these accruals, which may result in adjustments in subsequent periods.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the company during the year, including the director |
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| Land and buildings | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 January 2024 |
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| At 31 December 2024 |
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| Accumulated depreciation | |||
| At 01 January 2024 |
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| At 31 December 2024 |
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| Net book value | |||
| At 31 December 2024 | 1 | 1 | |
| At 31 December 2023 | 1 | 1 |
| 2024 | 2023 | ||
| £ | £ | ||
| Prepayments and accrued income |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors |
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| Amounts owed to group undertakings |
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| Accruals and deferred income |
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| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Commitments
At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases to the parent company equating to 72% (2023 - 72%) of net rent received. As the amount payable is contingent on future rental receipts, net of direct costs, the minimum amount payable cannot be calculated.
The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
The company is party to a cross guarantee for the bank borrowings of the group. The borrowings are secured by way of a fixed and floating charge over the assets of the company.
The audit report was signed by Catalina Feier FCA on behalf of BKL Audit LLP.
Parent Company:
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| 38-40 Boulevard Joseph II, 1840 Luxembourg, Luxembourg |