Comparative figures have been restated to correct a historic error. Capital and reserves at 31 March 2024 have been adjusted from £15,245 to £12,755.
5. Related Party Transactions
A loan of £166,624 to wholly owned subsidiary, HSRT Property Investments Limited, is included within non-current assets. This loan is interest free and repayable on demand.
A loan of £170,000 from connected company Water Hole Limited, is included within non-current liabilities. The company is connected by way of common control. This loan is interest free and repayable on demand.
A loan of £599,698 from connected company SJV Group Limited is included within non-current liabilities. The company is connected by way of common control. This loan is interest free and repayable on demand.
A loan of £3,370,500 from related party MacNeil Limited is included within non-current liabilities. The company is connected by way of close familial relationship. This loan is interest free and repayable on demand.
6. Impairment of Investment Property
During the financial year, the company recognised an impairment los of £46,511 in relation to its investment in a property development project, held under contstruction, after the developing company entered administration. The carrying amount of the underlying asset has been written down to £1, representing management's best estimate of its recoverable value at the balance sheet date. The resulting impairment charge of £46,511 has been recognised in the profit and loss account. Management will continue to moniror the situation and will reassess the recoverable amount should further information become available.