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Registered number: SC750568
HFD WILLOW HOUSE LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2025
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HFD WILLOW HOUSE LIMITED
REGISTERED NUMBER: SC750568
BALANCE SHEET
AS AT 30 JUNE 2025
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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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Investment property reserve
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
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 statement of comprehensive income 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:
The notes on pages 3 to 12 form part of these financial statements.
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HFD WILLOW HOUSE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
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Investment property revaluation reserve
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Comprehensive income for the year
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Total comprehensive income for the year
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Transfer from profit and loss account
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Transfer to Investment property revaluation reserve
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 3 to 12 form part of these financial statements.
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HFD WILLOW HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
HFD Willow House Limited (Company number: SC750568) is a private company limited by shares incorporated in Scotland. The registered office is 177 Bothwell Street, Glasgow, G2 7ER.
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The financial statements are prepared in sterling, which is the presentational and functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis following an assessment by the directors'. The assessment included consideration of the company's ability to meet its financial obligations as they fall due for a minimum period of 12 months from the date of approving the financial statements. The directors concluded a fundamental aspect of their assessment being the occupancy levels of Willow House which have been forecasted to increase over the next 12 months and therefore the company is able to meet bank facility and other financial obligations as they fall due.
The company has received a letter of support from HFD Group Limited confirming that they and other related group companies won't recall any balances within 12 months and will also provide funds if required.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
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HFD WILLOW HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
Finance costs are charged to the Statement of Comprehensive Income 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 the Statement of Comprehensive Income in the year in which they are incurred.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Assets under construction are not depreciated until the asset is available for use and then reallocated to the appropriate category.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
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. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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HFD WILLOW HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
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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.
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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
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HFD WILLOW HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Judgements in applying accounting policies and key sources of estimation uncertainty
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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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of investment properties
An independent valuation of land and buildings was undertaken in October 2025 by a RICS regulated practice on a market value basis. The valuation conformed to International Valuation Standards and was based on recent market data transactions performed on arm's length terms as at October 2025.
The valuation report has been used by management to inform the measurement of the valuation of investment properties in these financial statements as at 30 June 2025.
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The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL).
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HFD WILLOW HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Assets under construction
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Transfers between classes
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HFD WILLOW HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Freehold investment property
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Transfers between classes
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A professional 3rd party valuation of the investment property was carried out by JLL, RICS Registered Valuers, the value in this report as at October 2025 was £3,900,000.
The directors have concluded that this updated valuation represents the fair value of the investment properties held and is appropriate as of 30 June 2025.
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Amounts owed by related parties
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Prepayments and accrued income
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Cash and cash equivalents
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HFD WILLOW HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Creditors: Amounts falling due within one year
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Amounts owed to related parties
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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HFD WILLOW HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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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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The bank loan is secured by a bond and floating charge over the assets and undertakings of the company and a first ranking standard security over the company's heritable properties.
The loan is repayable by payments of £76,575 each, on each quarterly repayment date, followed by a final payment of all sums outstanding on the Termination date in December 2029. Interest is accrued at a rate of 2.35% over SONIA.
Other loans include an amount of £2,142,572 from a parent undertaking. The loan is unsecured and repayable in February 2028. Interest is accrued at a rate of Bank of England base rate + 1.75%.
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Allotted, called up and fully paid
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1 (2024 - 1) Ordinary share of £1.00
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HFD WILLOW HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
Investment property revaluation reserve
The investment property reserve represents unrealised surplus or deficit arising from the revaluation of investment properties. This reserve is non-distributable.
Profit and loss account
The profit and loss reserves represents cumulative profits and losses, less any dividends paid.
14.Other financial commitments
During the year, the companies for which the company provides financial guarantees to its bankers extended their loan facilities, resulting in an increase in total bank loans to £18,000,000 of which HFD Willow House Limited facility increased to £3,063,000. The conditions within the previous loan agreement remain unchanged, ensuring that in the event of HFD Duart House Limited, HFD Phoenix House Limited, HFD International House Limited, HFD Mercury House Limited or HFD Avondale House Limited failing to repay their bank loans, the company will satisfy this debt. At 30 June 2025, this debt was £14,190,150 (2024: £9,118,678).
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Related party transactions
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During the year, the company entered into transactions with related parties in the normal course of business. These transactions included:
Purchases from related parties: £443,213 (2024: £708,792)
Interest receivable to related parties was £86,987 (2024: £114,160).
Interest payable to related parties was £116,431 (2024: £164,128).
Amounts receivable from related parties: £239,740 (2024: £Nil)
Amounts payable to related parties < 1 year: £778,001 (2024: £772,881)
Amounts payable to related parties > 1 year: £2,142,572 (2024: £2,142,572)
All transactions were conducted on an arm’s length basis and on normal commercial terms. No guarantees were given or received in respect of related party balances, and no provisions have been made for doubtful debts in respect of amounts owed by related parties.
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The company's immediate and ultimate parent undertaking at the the reporting date was HFD Willow House Holdings Limited.
The Hill 2011 Trust and The Alexander Trust and their members are considered to be the ultimate controlling party due to their majority shareholding in HFD Willow House Holdings Limited.
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HFD WILLOW HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
The auditor's report on the financial statements for the year ended 30 June 2025 was unqualified.
The audit report was signed on 23 December 2025 by James Hamilton (Senior Statutory Auditor) on behalf of Johnston Carmichael LLP.
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