| HI-FI PROPERTIES LTD |
| Registered number: |
13246167 |
| Balance Sheet |
| as at 31 March 2025 |
|
| Notes |
|
|
2025 |
|
|
2024 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
1,032,360 |
|
|
1,032,360 |
|
| Current assets |
| Debtors |
4 |
|
100 |
|
|
100 |
| Cash at bank and in hand |
|
|
12,230 |
|
|
4,243 |
|
|
|
12,330 |
|
|
4,343 |
|
| Creditors: amounts falling due within one year |
5 |
|
(428,703) |
|
|
(405,651) |
|
| Net current liabilities |
|
|
|
(416,373) |
|
|
(401,308) |
|
| Total assets less current liabilities |
|
|
|
615,987 |
|
|
631,052 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(683,384) |
|
|
(667,515) |
|
|
|
| Net liabilities |
|
|
|
(67,397) |
|
|
(36,463) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
(67,497) |
|
|
(36,563) |
|
| Shareholders' funds |
|
|
|
(67,397) |
|
|
(36,463) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| M Williams |
| Director |
| Approved by the board on 22 December 2025 |
|
| HI-FI PROPERTIES LTD |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Rental income |
|
Rental income represents the value of rents receivable under occupational leases and lease extension proceeds received during the year. Rental income is credited to the profit and loss account on a straight line basis over the terms of the leases. |
|
|
Investment properties |
|
Investment properties are included at the purchased cost, including directly attributable expenditure. Changes in fair value of the property are recognised through the profit and loss account of the period. Depreciation is not provided in respect of freehold investment properties. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
25% reducing balance |
|
Fixtures, fittings, tools and equipment |
25% reducing balance |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Investment properties |
| £ |
|
Cost |
|
At 1 April 2024 |
1,032,360 |
|
At 31 March 2025 |
1,032,360 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 March 2025 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2025 |
1,032,360 |
|
At 31 March 2024 |
1,032,360 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2025 |
|
2024 |
| £ |
£ |
|
Historical cost |
1,032,360 |
|
1,032,360 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
1,032,360 |
|
1,032,360 |
|
The investment properties were valued on 31 March 2025 by a directors, on an open market existing use basis. |
|
|
| 4 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Other debtors |
100 |
|
100 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Bank loans and overdrafts |
7,398 |
|
30,985 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
407,767 |
|
373,691 |
|
Taxation and social security costs |
1,412 |
|
495 |
|
Other creditors |
12,126 |
|
480 |
|
|
|
|
|
|
428,703 |
|
405,651 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Bank loans |
683,384 |
|
667,515 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2025 |
|
2024 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
690,782 |
|
698,500 |
|
|
|
|
|
|
|
|
|
|
The loans are secured by a fixed and floating charge over the freehold properties of the company in favour of the lenders. |
|
|
| 8 |
Controlling party |
|
|
The company is owned and controlled by the directors. No single director has overall control. |
|
|
| 9 |
Other information |
|
|
HI-FI PROPERTIES LTD is a private company limited by shares and incorporated in England. Its registered office is: |
|
77 Otley Road |
|
Headingley |
|
Leeds |
|
West Yorkshire |
|
LS6 3PS |