REGISTERED NUMBER: 10943166 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

HASTINGS HOUSING COMPANY LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

S J Dodson

SECRETARY:

D Saxby

REGISTERED OFFICE:

Muriel Matters House

Breeds Place

Hastings

East Sussex

TN34 3UY

REGISTERED NUMBER:

10943166 (England and Wales)

SENIOR STATUTORY AUDITOR:

Simon Lawrence FCCA

AUDITORS:

Ashdown Hurrey Auditors Ltd

Statutory Auditor

20 Havelock Road

Hastings

East Sussex

TN34 1BP

FIXED ASSETS

Investment property

4

5,002,120

6,518,600

CURRENT ASSETS

Debtors

5

37,376

4,732

Cash at bank

97,882

100,854

135,258

105,586

CREDITORS

Amounts falling due within one year

6

882,771

593,538

NET CURRENT LIABILITIES

(747,513

)

(487,952

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,254,607

6,030,648

CREDITORS

Amounts falling due after more than one year

7

(5,489,398

)

(5,489,398

)

PROVISIONS FOR LIABILITIES

-

(262,362

)

NET (LIABILITIES)/ASSETS

(1,234,791

)

278,888

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(1,234,792

)

278,887

SHAREHOLDERS' FUNDS

(1,234,791

)

278,888

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 May 2026 and were signed by:

S J Dodson - Director

1.	STATUTORY INFORMATION

Hastings Housing Company Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

In preparing the financial statements, the directors are required to make an assessment of the ability of the company to continue as a going concern. The directors have considered all available evidence for the company which covers the 12 month period from the date of signing these financial statements.

The company has a negative balance sheet and the directors have therefore assessed that the company is not a going concern and will cease to trade within 12 months from the date of the signing of the financial statements. The company intends to transfer the properties held to Hastings Borough Council. The majority of the amounts owed by the company at the balance sheet date are to its parent entity and these liabilities will be fully settled with the transfer of the properties.

Turnover

Turnover represents rental and service charge income received. Turnover is recognised when the company issues a rental request in line with the rental agreements.

Investment property

Investment property is shown at the most recent valuation. The property is valued on an annual basis by a third party who are experienced in valuing similar property. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

6,518,600

Additions

46,012

Revaluations

(1,562,492

)

At 31 March 2025

5,002,120

NET BOOK VALUE

At 31 March 2025

5,002,120

At 31 March 2024

6,518,600

Fair value at 31 March 2025 is represented by:

£

Valuation in 2021

998,249

Valuation in 2022

32,000

Valuation in 2023

9,100

Valuation in 2024

10,100

Valuation in 2025

(1,562,492

)

Cost

5,515,163

5,002,120

If the investment properties had not been revalued they would have been included at the following historical cost:

31.3.25

31.3.24

£

£

Cost

5,515,163

5,469,151

Investment Properties were valued on a fair value basis on 31 March 2026 by Wilks Head & Eve Chartered Surveyors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

37,376

4,286

Other debtors

-

446

37,376

4,732

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

39,348

-

Amounts owed to group undertakings

839,222

563,439

Deferred income

-

22,875

Accrued expenses

4,201

7,224

882,771

593,538

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Other loans more 5yrs non-inst

5,489,398

5,489,398

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

5,489,398

5,489,398

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Simon Lawrence FCCA (Senior Statutory Auditor)

for and on behalf of Ashdown Hurrey Auditors Ltd

9.	RELATED PARTY DISCLOSURES

Hastings Borough Council holds 100% of the share capital in Hastings Housing Company Ltd.

The company has an outstanding loan from Hastings Borough Council. The total capital outstanding at the balance sheet date was £5,489,398 (2024: £5,489,398). Interest is charged at the EU rate on a daily basis to comply with State Aid rules. During the year interest of £286,636 (2024: £285,933) was charged to Hastings Housing Company Ltd.

Hastings Borough Council provides property management services to the company in respect of the properties with the company. During the year £29,417 (2024: £23,739) was charged by HBC.

As at the balance sheet date unpaid interest and management charges totalling £839,222 (2024: £563,439) was owed to Hastings Borough Council.

10.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many 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.

11.	POST BALANCE SHEET EVENTS

The company is likely to cease to trade within 12 months of the signing of the financial statements. The intention of company is to transfer l the properties held to Hastings Borough Council. The transfer of the properties will settle the outstanding liabilities owed to the parent entity.