REGISTERED NUMBER: 07106854 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

HOVE LETS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A B Bennett

D S Hartley

S F Hardwick

A H Haagman

D L Willis

REGISTERED OFFICE:

Cornelius House

178-180 Church Road

Hove

East Sussex

BN3 2DJ

REGISTERED NUMBER:

07106854 (England and Wales)

ACCOUNTANTS:

Parkers

Cornelius House

178-180 Church Road

Hove

East Sussex

BN3 2DJ

FIXED ASSETS

Intangible assets

4

-

-

Investment property

5

1,377,599

1,377,599

1,377,599

1,377,599

CURRENT ASSETS

Debtors

6

1,320,042

1,129,136

Cash at bank and in hand

1,052

1,837

1,321,094

1,130,973

CREDITORS

Amounts falling due within one year

7

354,868

521,802

NET CURRENT ASSETS

966,226

609,171

TOTAL ASSETS LESS CURRENT LIABILITIES

2,343,825

1,986,770

CREDITORS

Amounts falling due after more than one year

8

(1,050,465

)

(671,700

)

PROVISIONS FOR LIABILITIES

(96,653

)

(96,653

)

NET ASSETS

1,196,707

1,218,417

CAPITAL AND RESERVES

Called up share capital

150

150

Share premium

39,950

39,950

Fair value reserve

10

363,762

363,762

Retained earnings

792,845

814,555

SHAREHOLDERS' FUNDS

1,196,707

1,218,417

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29th September 2025 and were signed on its behalf by:

A B Bennett - Director

1.	STATUTORY INFORMATION

Hove Lets Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

The investment properties were valued on an open market basis by the directors.

No other significant judgements have had to be made by the directors in preparing these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

The goodwill relates to amounts paid in connection with the acquisition of businesses in 2010 and 2013. The goodwill is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2024

and 31st December 2024

235,500

AMORTISATION

At 1st January 2024

and 31st December 2024

235,500

NET BOOK VALUE

At 31st December 2024

-

At 31st December 2023

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st January 2024

and 31st December 2024

1,377,599

NET BOOK VALUE

At 31st December 2024

1,377,599

At 31st December 2023

1,377,599

Fair value at 31st December 2024 is represented by:

£

Valuation in 2024

460,415

Cost

917,184

1,377,599

If investment property had not been revalued it would have been included at the following historical cost:

2024

2023

£

£

Cost

917,184

917,184

Investment property was valued on an open market basis on 31st December 2024 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

1,320,042

1,129,136

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

-

106,581

Taxation and social security

17,811

30,310

Other creditors

337,057

384,911

354,868

521,802

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

1,050,465

671,700

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,050,465

389,837

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

1,050,465

742,166

10.

RESERVES

Fair

value

reserve

£

At 1st January 2024

and 31st December 2024

363,762

11.	RELATED PARTY DISCLOSURES

At the year end the company was owed £1,305,426 (2023 : £1,114,426) from Hove Lets Investments Limited, a company with common directors and shareholders. The company was also owed £14,499 (2023 : £14,499) from Village Green (UK) Limited, a company with common directors and shareholders.

The company also owed £NIL (2023 : £40,000) to Brighton & Hove Properties Limited, £NIL (2023 : £90,000) to Lincoln Holland Holdings Limited, £254,606 (2023: £25,406) to Hartley Bennett Limited (formerly HLI2 Ltd) and £50,000 (2023: £50,000) to HLI3 Ltd. All of these companies have common shareholders with Hove Lets Limited.