Hillgrove Developments Limited - Period Ending 2021-11-30

Hillgrove Developments Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 8

Hillgrove Developments Limited

(Registration number: 05240041)
Balance Sheet as at 30 November 2021

	Note	2021 £	2020 £
Fixed assets
Investments	4	250	250
Current assets
Debtors	5	1,132,974	1,488,666
Cash at bank and in hand		1,588,301	951,243
		2,721,275	2,439,909
Creditors: Amounts falling due within one year	6	(113,794)	(2,271)
Net current assets		2,607,481	2,437,638
Net assets		2,607,731	2,437,888
Capital and reserves
Called up share capital	7	1,100	1,100
Retained earnings		2,606,631	2,436,788
Shareholders' funds		2,607,731	2,437,888

For the financial year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 9 May 2022
 

......................................... A R Williams Director

Hillgrove Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
10 Wrens Court
48 Victoria Road
Sutton Coldfield
B72 1SY

These financial statements were authorised for issue by the director on 9 May 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Hillgrove Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 2).

4	Investments

	2021 £	2020 £
Investments in subsidiaries	200	200
Investments in associates	50	50
	250	250

Hillgrove Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Subsidiaries	£
Cost or valuation
At 1 December 2020	910,201
Provision
At 1 December 2020	910,001
Carrying amount
At 30 November 2021	200
At 30 November 2020	200

Associates	£
Cost
At 1 December 2020	50
Provision
Carrying amount
At 30 November 2021	50
At 30 November 2020	50

Hillgrove Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking		Holding	Proportion of voting rights and shares held
			2021	2020

Subsidiary undertakings
AWNM Developments Ltd		A Ordinary £1 shares	100%	100%

Associates
Coplan Estates (Sidcup) Limited		Ordinary £1 shares	25%	25%

The registered office address of the subsidiary undertaking is:
10 Wrens Court, 48 Victoria Road, Sutton Coldfield, B72 1SY, England

The registered office address of the associate undertaking is:
38 Churton Strret, London, SW1V 2LP, England

Subsidiary undertakings

AWNM Developments Ltd The principal activity of AWNM Developments Ltd was that of a dormant entity. The profit for the financial period of AWNM Developments Ltd was £Nil and the aggregate amount of capital and reserves at the end of the period was £201.

Associates

Coplan Estates (Sidcup) Limited The principal activity of Coplan Estates (Sidcup) Limited is property development. Its financial period end is 30 June. The profit for the financial period of Coplan Estates (Sidcup) Limited was £66,989 and the aggregate amount of capital and reserves at the end of the period was £(244,268).

Hillgrove Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

5

Debtors

	Note	2021 £	2020 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	9	-	762,250
Loans to other related parties	9	952,689	657,873
Other debtors		180,285	68,543
		1,132,974	1,488,666
Less non-current portion		(628,251)	(1,278,435)
		504,723	210,231

Details of non-current trade and other debtors

£Nil (2020: £762,250) of loan to Coplan Estates (Sidcup) Limited is classified as non current.

£447,966 (2020: £447,966) of loan to Swale Capital Management Ltd is classified as non current.

£180,285 (2020: £68,219) of recoverable Corporation Tax is classified as non current.

Hillgrove Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

6

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Amounts owed to group undertakings and undertakings in which the company has a participating interest	50	-
Taxation and social security	112,066	1,316
Accruals and deferred income	1,678	955
	113,794	2,271

7	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary shares of £1 each	1,100	1,100	1,100	1,100

8

Dividends

		2021		2020
		£		£
Interim dividend of £181.82 (2020 - £Nil) per ordinary share		200,000		-

Hillgrove Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

9	Related party transactions

Transactions with directors

2021	At 1 December 2020 £	Advances to directors £	Repayments by directors £	At 30 November 2021 £
Unsecured, interest-free loans, repayable on demand	209,907	344,815	(50,000)	504,722

2020	At 1 December 2019 £	Advances to director £	Repayments by director £	At 30 November 2020 £
Unsecured, interest-free loans, repayable on demand	209,907	-	-	209,907

Loans to related parties

2021	Entities with joint control or significant influence £	Subsidiary £	Associates £	Total £
At start of period	447,966	-	762,250	1,210,216
Repaid	-	-	(762,250)	(762,250)
At end of period	447,966	-	-	447,966

2020	£	£	£	£
At start of period	418,185	115,279	762,250	1,295,714
Advanced	29,781	-	-	29,781
Repaid	-	(115,279)	-	(115,279)
At end of period	447,966	-	762,250	1,210,216

Summary of transactions with entities with joint control or significant interest

Swale Capital Management Ltd:
 During the year, a loan existed between the companies.
 The loan is unsecured; repayment dates are determined by reference to the financial performance of the borrower.
 

Summary of transactions with all associates

Coplan Estates (Sidcup) Limited:
 During the year, the loan between the companies was repaid.
 The loan was unsecured, interest-free and without fixed repayment terms.