ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

HUB RESIDENTIAL (CARRIED INTEREST) LIMITED - Company Information

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Caseware UK (AP4) 2018.0.111 2018.0.111 2018-12-312018-12-31truetrueNo description of principal activityfalse2018-01-01 07970755 2018-01-01 2018-12-31 07970755 2018-12-31 07970755 2017-12-31 07970755 c:Director2 2018-01-01 2018-12-31 07970755 d:CurrentFinancialInstruments 2018-12-31 07970755 d:CurrentFinancialInstruments 2017-12-31 07970755 d:CurrentFinancialInstruments d:WithinOneYear 2018-12-31 07970755 d:CurrentFinancialInstruments d:WithinOneYear 2017-12-31 07970755 d:ShareCapital 2018-12-31 07970755 d:ShareCapital 2017-12-31 07970755 d:CapitalRedemptionReserve 2018-12-31 07970755 d:CapitalRedemptionReserve 2017-12-31 07970755 d:RetainedEarningsAccumulatedLosses 2018-12-31 07970755 d:RetainedEarningsAccumulatedLosses 2017-12-31 07970755 c:FRS102 2018-01-01 2018-12-31 07970755 c:Audited 2018-01-01 2018-12-31 07970755 c:FullAccounts 2018-01-01 2018-12-31 07970755 c:PrivateLimitedCompanyLtd 2018-01-01 2018-12-31 07970755 c:SmallCompaniesRegimeForAccounts 2018-01-01 2018-12-31 iso4217:GBP

Registered number: 07970755









HUB RESIDENTIAL (CARRIED INTEREST) LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2018
 
HUB RESIDENTIAL (CARRIED INTEREST) LIMITED
REGISTERED NUMBER: 07970755

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2018

2018
2017
Note
£
£

  

Current assets
  

Debtors
 5 
1,843,631
3

Current asset investments
 6 
1,500
1,500

Cash at bank
  
1,130,776
2,845,623

  
2,975,907
2,847,126

Creditors: amounts falling due within one year
 7 
(13,557)
(11,312)

Net current assets
  
 
 
2,962,350
 
 
2,835,814

  

Net assets
  
2,962,350
2,835,814


Capital and reserves
  

Called up share capital 
 8 
3
3

Capital redemption reserve
  
1
1

Profit and loss account
  
2,962,346
2,835,810

  
2,962,350
2,835,814


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 income and retained earnings 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 on 19 March 2019.




................................................
E M Cartwright
Director


The notes on pages 2 to 4 form part of these financial statements.

Page 1
 
HUB RESIDENTIAL (CARRIED INTEREST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018

1.


General information

Hub Residential (Carried Interest) Limited is a private company limited by shares and registered in England and Wales. The address of its registered office is 6 Duke Street, St James's, London, England, SW1Y 6BN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

Following the successful conclusion of the intended developments by the Company, the directors intend to carry out an orderly write down of the company activities and enter into a voluntary liquidation shortly after the audit is concluded. Accordingly, the directors have prepared the financial statements on the basis that the company is no longer a going concern. The directors have reviewed the company’s assets and consider the value of all the assets disclosed in the financial statements to be at the lower of the cost and net realisable value.

 
2.3

Valuation of investments

Other fixed assets are measured at cost less accumulated impairment.

 
2.4

Debtors

Short term debtors are measured at transaction price, less any impairment. 

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.6

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like other debtors and creditors.

 
2.7

Creditors

Short term creditors are measured at the transaction price. 

 
2.8

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

Page 2
 
HUB RESIDENTIAL (CARRIED INTEREST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018

2.Accounting policies (continued)

 
2.9

Taxation

Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


3.


Auditors' remuneration

Fees payable to the Company's auditor for the audit of the Company's annual financial statements totalled £6,000 (2017 - 5,700).


4.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2017 - £NIL).

The average monthly number of employees, including directors, during the year was 0 (2017 - 0).


5.


Debtors

2018
2017
£
£


Other debtors
1,843,631
3

1,843,631
3



6.


Current asset investments

2018
2017
£
£

Current asset investments
1,500
1,500

1,500
1,500


Page 3
 
HUB RESIDENTIAL (CARRIED INTEREST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018

7.


Creditors: Amounts falling due within one year

2018
2017
£
£

Corporation tax
5,757
-

Accruals and deferred income
7,800
11,312

13,557
11,312



8.


Share capital

2018
2017
£
£
Allotted, called up and fully paid



3,001,843 (2017 - 3,013,315) ordinary shares of £0.000001 each
3
3

On 1 June 2018 the company bought back 11,472 ordinary shares of £0.000001 each for a total consideration of £32,873.



9.


Related party transactions

During the year, the company issued two loans of £900,000 each to R Sloss and T Barlow. These loans are repayable by 30 June 2019 and carry an interest charge of 2.5% per annum.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2018 was unqualified.

In their report, the auditors emphasised that following matter without qualifying their report:
We draw attention to note 2.2 of the financial statements which describes the directors' intentions to cease trading in the near future. Our opinion is not modified in respect of this matter.

The audit report was signed on 20 March 2019 by Richard Paul (Senior Statutory Auditor) on behalf of Nyman Libson Paul.

 
Page 4