HB RESIDENCES LIMITED

	Page
Balance Sheet	1
Notes to the Financial Statements	2—3

1. General Information

HB RESIDENCES LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 13738261 . The registered office is 22 Hanover Square, Mayfair, London, United Kingdom, W1S 1JP.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value. The principal accounting policies adopted are set out below.

2.2. Going Concern Disclosure

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

2.3. Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue includes service charges for the services provided to apartment owners. Such revenue is recognized in the period in which the related services are rendered.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

2.4. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.5. Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2.6. Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 16 (2023: NIL)

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HB RESIDENCES LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	531,669	246,108
Amounts owed by group undertakings	543,652	-
Other debtors	168,213	29,068

	1,243,534	275,176

5. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Amounts owed to group undertakings	1,136,867	506,823
Other creditors	352,519	30,349

	1,489,386	537,172

6. Related Party Disclosures

At the year end, the company was owes £888,635 (2023 - £506,823) to EROS Ltd and £248,232(2024 - Nil) to HB Hotels Management Ltd.

At the year end, the company had an outstanding receivable of £543,652 (2023 - Nil) from Eros Services Limited.

7. Controlling Parties

The company's immediate parent undertaking is EROS Ltd .

At 31st Decemeber 2024 the company was 100% owned by EROS Ltd, a company registered in Jersey. The registered office is 13 Castle Street, St Helier, Jersey, JE2 3BT.

Copies of the group accounts may be obtained from the company's registered office.

The ultimate parent company is Calleis Infrastructure Private Ltd, a company registered in India.

8. FRC's Ethical Standard - Provision Available for Small Entities

In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

9. Audit Information

The auditor's report on the accounts of HB RESIDENCES LIMITED for the year ended 31 December 2024 was unqualified.

The auditor's report was signed by Sunil Phakkey (Senior Statutory Auditor) for and on behalf of Pritchard Fellows & Co , Statutory Auditor.

Pritchard Fellows & Co

Chartered Certified Accountants & Reg. Auditors

Avery House

8 Avery Hill Road

London

SE9 2BD

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		2024		2023
	Notes	£	£	£	£
CURRENT ASSETS
Debtors	4	1,243,534		275,176
Cash at bank and in hand		150,079		166,223

		1,393,613		441,399
Creditors: Amounts Falling Due Within One Year	5	(1,489,386 )		(537,172 )

NET CURRENT ASSETS (LIABILITIES)			(95,773 )		(95,773 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(95,773 )		(95,773 )

NET LIABILITIES			(95,773 )		(95,773 )

CAPITAL AND RESERVES
Called up share capital			100		100
Profit and Loss Account			(95,873 )		(95,873 )

SHAREHOLDERS' FUNDS			(95,773)		(95,773)