Company Registration No. 03621082 (England and Wales)
Hd1 Developments Limited
Unaudited accounts
for the year ended 31 August 2025
Hd1 Developments Limited
Unaudited accounts
Contents
Hd1 Developments Limited
Company Information
for the year ended 31 August 2025
Company Number
03621082 (England and Wales)
Registered Office
St. Georges Quarter
New North Parade
Huddersfield
HD1 5JP
Accountants
Smart Accounts & Tax Ltd
Bay Hall
Miln Road Birkby
Huddersfield
West Yorkshire
HD1 5EJ
Hd1 Developments Limited
Statement of financial position
as at 31 August 2025
Investment property
2,870,000
2,870,000
Cash at bank and in hand
40,897
46,837
Creditors: amounts falling due within one year
(41,569)
(87,615)
Net current assets/(liabilities)
6,296
(19,671)
Total assets less current liabilities
2,876,953
2,850,986
Creditors: amounts falling due after more than one year
(6,887,954)
(6,905,628)
Net liabilities
(4,011,001)
(4,054,642)
Called up share capital
100
100
Profit and loss account
(4,011,101)
(4,054,742)
Shareholders' funds
(4,011,001)
(4,054,642)
For the year ending 31 August 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 22 May 2026 and were signed on its behalf by
S H Jan
Director
Company Registration No. 03621082
Hd1 Developments Limited
Notes to the Accounts
for the year ended 31 August 2025
Hd1 Developments Limited is a private company, limited by shares, registered in England and Wales, registration number 03621082. The registered office and principal place of business is St. Georges Quarter, New North Parade, Huddersfield, HD1 5JP.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 August 2025 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 September 2023.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
Hd1 Developments Limited
Notes to the Accounts
for the year ended 31 August 2025
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the profit and loss account. As noted at note 5 to the financial statements investment properties have not been revalued since 2022 as the director believes that the 2022 valuations are appropriate to use as reasonable estimates of open market values at 31 August 2024.
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Hd1 Developments Limited
Notes to the Accounts
for the year ended 31 August 2025
The accounts are presented in £ sterling.
Turnover shown in the Profit and Loss Account represents rental and car park income receivable during the year excluding Value Added Tax
Going concern
The financial statements have been prepared on the going concern concept which is reliant on the continued support of the company's director, a company controlled by the director and two companies controlled by the director's family members. During the year the company made a profit of £43,641. The company's balance sheet shows net liabilities of £4,011,001 including its major assets being investment properties which are not readily realisable. These properties have been included in the balance sheet at their estimated aggregate open market value at 31 August 2025 of £2,870,000, as disclosed at note 5 to the financial statements.
There are no formal loan agreements in place in respect of loans payable by the company to the director, to Cross Rail Hotels Limited (a company controlled by the director), to Energy Plus Limited and to Energi Asia DMCC (both companies controlled by M I Puri and his family members). These loans are therefore repayable on demand, however, the lenders have formally confirmed in writing that repayment of the loans has been postponed until periods more than 12 months after the date of approval of these financial statements. On this basis the loans have been classified as long term liabilities in the balance sheet.
This leaves the company with net current liabilities of £6,296 at 31 August 2025. The company requires working capital support from the director and his associates to enable it to meet its day to day commitments. M I Puri Group has provided written confirmation that he can and will provide this support to the company.
Accordingly the financial statements have been prepared on a going concern basis.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any
impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the
following bases:
Fixtures & fittings
25% reducing balance
Computer equipment
33.33% straight line
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to
terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Hd1 Developments Limited
Notes to the Accounts
for the year ended 31 August 2025
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Hd1 Developments Limited
Notes to the Accounts
for the year ended 31 August 2025
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 September 2024
202,788
895
203,683
At 31 August 2025
202,788
895
203,683
At 1 September 2024
202,131
895
203,026
At 31 August 2025
202,131
895
203,026
At 31 August 2025
657
-
657
At 31 August 2024
657
-
657
Fair value at 1 September 2024
2,870,000
At 31 August 2025
2,870,000
Investment Property
Two of the investment properties were valued at their open market value by Mark Hanson FRICS of Hanson Chartered Surveyors at 1 August 2022. The director has confirmed that this valuation is appropriate to use as a reasonable estimate of both properties open market values as at 31 August 2024 and 31 August 2025.
The third investment property was valued at its open market value by Sloan Property Services Limited, Estate Agents, Surveyors and Valuers at 25 July 2022. The director has confirmed that this valuation is appropriate to use as a reasonable estimate of the property's open market value as at 31 August 2024 and 31 August 2025.
Amounts falling due within one year
Accrued income and prepayments
1,382
15,521
7
Creditors: amounts falling due within one year
2025
2024
Trade creditors
8,923
17,812
Taxes and social security
17,491
17,094
Hd1 Developments Limited
Notes to the Accounts
for the year ended 31 August 2025
8
Creditors: amounts falling due after more than one year
2025
2024
Trade creditors
6,887,954
6,905,628
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Transactions with related parties
Related party transactions
The director's loan to the company at 31 August 2025 in the amount of £5,601,732 (2024: £5,547,068) is included in other creditors falling due after more than one year. The loan is due to Mr S H Jan. This loan is secured against one of the company's investment properties and is currently interest free. The director has formally confirmed that repayment of this loan has been postponed until periods more than 12 months after the date of approval of these financial statements.
Other debtors include an amount of £2,587 (2024: £2,587) due from HD1 Limited, a company under common control.
Other debtors include an amount of £2,999 (2024: £2,999) due from Energi Europe Limited. The share capital of this company is beneficially owned by Mr M I Puri.
Included in other creditors falling due after more than one year is an amount of £199,220 (2024: £190,299) due to Cross Rail Hotels Limited, which is a company under common control. This loan is unsecured and currently interest free. The
company has formally confirmed that repayment of this loan has been postponed until periods more than 12 months after the date of approval of these financial statements.
Other creditors due after more than one year includes loans of £158,688 (2024: £239,947) due to Energy Plus Limited and £928,314 (2024: £928,314) due to Energi Asia DMCC. Energy Plus Limited and Energi Asia DMCC are beneficially owned by Mr M I Puri and his family members. These loans are unsecured and currently interest free. Both Energy Plus Limited and Energi Asia DMCC have formally confirmed that repayment of these loans have been postponed until periods more than 12 months after the date of approval of these financial statements.
This company is controlled by Mr S H Jan.
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Average number of employees
During the year the average number of employees was 2 (2024: 3).