Hastings Estates Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 08061722

HASTINGS ESTATES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2024

HASTINGS ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	5		1,156,449	1,156,734

Current assets

Debtors	6	587,003	438,573
Cash at bank and in hand		9,837	1,328
		----------	----------
		596,840	439,901

Creditors: amounts falling due within one year	7	615,434		433,925
		----------		----------
Net current (liabilities)/assets			( 18,594)	5,976
			-------------	-------------
Total assets less current liabilities			1,137,855	1,162,710

Creditors: amounts falling due after more than one year	8		322,747	355,415

Provisions

Taxation including deferred tax	190,581	189,362
	-------------	-------------
Net assets	624,527	617,933
	-------------	-------------

Capital and reserves

Called up share capital	10	100	100
Other reserves	11	617,089	617,089
Profit and loss account	11	7,338	744
		----------	----------
Shareholders funds		624,527	617,933
		----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

HASTINGS ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 29 September 2025 , and are signed on behalf of the board by:

A Shaikh
Director

Company registration number: 08061722

HASTINGS ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Century House, 100 Menzies Road, Hastings, TN38 9BB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of properties as required by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

In accordance with the director's responsibilities, the director has considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the director has considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The director has reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis in preparing these financial statements.

Revenue recognition

Turnover represents amounts receivable from gross rents charged to tenants and the invoiced value of other goods and services supplied, net of value added tax. Rents received prior to the period to which they relate are accounted for as deferred income and released to the profit & loss account in the period to which the rent relates. Rental income is recognised as space is provided to tenants.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. The company does not depreciate its freehold and although this policy is in accordance with FRS 102, it is a departure from the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount in respect of this which might otherwise have been shown cannot be separately identified or or quantified.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	20% straight line

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

4. Tax on profit/(loss)

Major components of tax expense/(income)

	2024	2023
	£	£

Deferred tax:

Origination and reversal of timing differences	1,219	( 989)
	-------	----
Tax on profit/(loss)	1,219	( 989)
	-------	----

5. Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost or revaluation
At 1 January 2024 and 31 December 2024	1,156,416	9,665	1,166,081
	-------------	-------	-------------
Depreciation
At 1 January 2024	–	9,347	9,347
Charge for the year	–	285	285
	-------------	-------	-------------
At 31 December 2024	–	9,632	9,632
	-------------	-------	-------------
Carrying amount
At 31 December 2024	1,156,416	33	1,156,449
	-------------	-------	-------------
At 31 December 2023	1,156,416	318	1,156,734
	-------------	-------	-------------

In the opinion of the director, the carrying value of the property as at 31 December 2024, which is based on the director's valuation, is not significantly different from the open market fair value of the property.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold property
	£
At 31 December 2024
Aggregate cost	356,519
Aggregate depreciation	–
	----------
Carrying value	356,519
	----------

At 31 December 2023
Aggregate cost	356,519
Aggregate depreciation	–
	----------
Carrying value	356,519
	----------

6. Debtors

	2024	2023
	£	£
Trade debtors	1,714	3,375
Amounts due from related parties	566,206	403,173
Other debtors	19,083	32,025
	----------	----------
	587,003	438,573
	----------	----------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	33,030	30,153
Trade creditors	7,850	9,061
Accruals and deferred income	22,254	32,098
Social security and other taxes	3,063	2,705
Amounts owed to related parties	424,299	235,300
Other creditors	124,938	124,608
	----------	----------
	615,434	433,925
	----------	----------

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	322,747	355,415
	----------	----------

A bank loan of £325,685 (2023: £349,920) is secured over the company's property.

Included within creditors: amounts falling due after more than one year is an amount of £166,022 (2023: £211,997) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions	190,581	189,362
	----------	----------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	7	79
Revaluation of tangible assets	190,574	190,574
Deferred tax - tax losses	–	( 1,291)
	----------	----------
	190,581	189,362
	----------	----------

10. Called up share capital

Authorised share capital

2024		2023
No.	£	No.	£

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

11. Reserves

Other reserves (non-distributable) - This reserve is used to record changes in the fair value of properties, net of deferred tax provisions on revaluation gains. Profit and loss account - This reserve records retained earnings and accumulated losses.

12. Related party transactions

The company is exempt from disclosing related party transactions with other companies that are wholly owned within the group. At 31 December 2024, debtors included amounts due from related parties amounting to £566,206 (2023: £403,173), in respect of loans to companies under common control. The loans are interest free, unsecured and repayable on demand. At 31 December 2024, creditors, amounts falling due within one year, included amounts due to related parties amounting to £424,299 (2023: £235,300), in respect of loans either from companies under common control or from close family members of the ultimate controlling party. The loans are interest free, unsecured and repayable on demand. During the year, the company incurred charges of £17,000 (2023: £60,000) and was credited with income of £36,266 (2023: £30,000), from transactions with companies under common control.

13. Controlling party

The company is a wholly owned subsidiary of Chelsea Real Properties Limited, a company registered in England & Wales. The ultimate controlling party is A Shaikh . The registered office of Chelsea Real Properties Limited, is Century House, 100 Menzies Road, Hastings TN38 9BB.