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Registered number: 10633303
HILL HOUSE REAL ESTATE LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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HILL HOUSE REAL ESTATE LTD
REGISTERED NUMBER:10633303
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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HILL HOUSE REAL ESTATE LTD
REGISTERED NUMBER:10633303
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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J E Gunns
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HILL HOUSE REAL ESTATE LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Hill House Real Estate Ltd is a private company, limited by shares, and incorporated in England and Wales. The Company's registered number is 10633303 and registered office address is Airfield Industrial Estate, Mile Road, Shipdham, Norfolk, IP25 7SD.
The financial statements have been prepared for the year ended 31 December 2024. The comparatives relate to the 10 month period ended 31 December 2023 and are therefore not fully comparable.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in sterling, which is the functional currency of the Company, and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods unless otherwise stated.
The director has considered the Company's position at the time of signing the financial statements. In assessing the appropriateness of the going concern basis, the director has reviewed future trading expectations and considered the Company's trading performance since the year end.
The director expects the Company to have adequate resources to continue in operational existence for the foreseeable future and at least twelve months from the date of signing these financial statements. The director therefore continues to adopt the going concern basis of accounting in preparing the Company's financial statements.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable. Turnover is represented by rents receivable excluding value added tax.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
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HILL HOUSE REAL ESTATE LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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HILL HOUSE REAL ESTATE LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The average monthly number of employees, including directors, during the period was 1 (2023 - 1).
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Freehold investment property
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The investment property was acquired on 7 December 2017. The most recent valuation of £1,285,000 was carried out by an external valuation firm, Lacy Scott & Knight, on 9th February 2023.
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HILL HOUSE REAL ESTATE LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Prepayments and accrued income
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Prior year other debtors have been restated to reallocate bank charges and interest to the Income Statement.
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Creditors: Amounts falling due within one year
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Details regarding secured creditors are provided in note 7.
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Creditors: Amounts falling due after more than one year
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The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:
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Bank loans of £881,106 (2023 - £892,026) are secured by fixed and floating charges over the Company's property. Interest is charged on the loan at a rate of 3.65% above the Bank of England base rate.
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HILL HOUSE REAL ESTATE LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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Related party transactions
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As at 31 December 2024, there was a balance of £84,389 (2023 - £11,848) due to The Food Company (UK) Ltd, an entity under common control. This balance is recorded within other creditors.
As at 31 December 2024, there was a balance of £329,910 (2023 - £320,500) due from Vale Farm Barns Limited, a company under common control. This balance is recorded within other debtors.
As at 31 December 2024, there was a balance of £18,642 (2023 - £9,298) due from J E Gunns, the sole director of the Company. This balance is recorded within other debtors.
During the period rental income of £100,000 (2023 - £84,615) was received from The Food Company (UK) Ltd.
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