| Hillrise Homes Limited |
| Notes to the Accounts |
| for the year ended 31 March 2020 |
|
|
| 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). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
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: |
|
|
Freehold buildings |
no charge |
|
Computer equipment |
over three years |
|
|
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. |
|
|
| 2 |
Employees |
2020 |
|
2019 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
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| 3 |
Tangible fixed assets |
|
|
|
|
Freehold land and buildings |
|
Computer equipment |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 April 2019 |
2,125,500 |
|
1,159 |
|
2,126,659 |
|
Disposals |
- |
|
(1,159) |
|
(1,159) |
|
At 31 March 2020 |
2,125,500 |
|
- |
|
2,125,500 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2019 |
- |
|
1,159 |
|
1,159 |
|
On disposals |
- |
|
(1,159) |
|
(1,159) |
|
At 31 March 2020 |
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2020 |
2,125,500 |
|
- |
|
2,125,500 |
|
At 31 March 2019 |
2,125,500 |
|
- |
|
2,125,500 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2020 |
|
2019 |
| £ |
£ |
|
Historical cost |
1,944,730 |
|
1,944,730 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
1,944,730 |
|
1,944,730 |
|
The freehold properties were valued by Andrew Aislabie MRICS in July 2019 on the basis of market value. |
|
|
| 4 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
| £ |
£ |
|
|
Amounts owed to associated undertakings |
|
1,027,930 |
|
1,027,930 |
|
Director's current account |
|
|
|
|
789,076 |
|
787,264 |
|
Taxation and social security costs |
18,343 |
|
15,767 |
|
Other creditors |
1,168 |
|
1,950 |
|
|
|
|
|
|
1,836,517 |
|
1,832,911 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Revaluation reserve |
2020 |
|
2019 |
| £ |
£ |
|
|
At 1 April 2019 |
180,770 |
|
- |
|
Gain on revaluation of land and buildings |
- |
|
180,770 |
|
|
At 31 March 2020 |
180,770 |
|
180,770 |
|
|
|
|
|
|
|
|
|
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| 6 |
Related party transactions |
|
|
The company has borrowed sums from Hillrise Investments Limited, a company under common ownership and control. The loans are interest free and no repayments have been made. At the year end the balance outstanding was £1,027,930 (2019: £1,027,930). |
|
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| 7 |
Other information |
|
|
Hillrise Homes Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is: |
|
The Coach House |
|
Headgate |
|
Colchester |
|
Essex |
|
CO3 3BT |
