HSCPM Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03259200 (England and Wales)

HURFORD SALVI CARR PROPERTY

MANAGEMENT LIMITED

Audited Financial Statements

for the Year Ended 31 July 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

P D Driscoll

S G Hurford

Secretary:

J M Howard

Registered office:

3 Castle Gate

Castle Street

Hertford

Hertfordshire

SG14 1HD

Registered number:

03259200 (England and Wales)

Independent auditors:

Haines Watts

Chartered Accountants and Statutory Auditor

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Fixed assets

Tangible assets

4

26,041

31,260

Investments

5

69,301

69,301

95,342

100,561

Current assets

Debtors

6

398,660

415,535

Cash at bank

134,510

184,316

533,170

599,851

Creditors

Amounts falling due within one year

7

500,612

537,216

Net current assets

32,558

62,635

Total assets less current liabilities

127,900

163,196

Creditors

Amounts falling due after more than one year

8

218,333

229,526

Net liabilities

(90,433

)

(66,330

)

Capital and reserves

Called up share capital

10

4

4

Retained earnings

(90,437

)

(66,334

)

Shareholders' funds

(90,433

)

(66,330

)

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 Board of Directors and authorised for issue on 19 December 2022 and were signed on its behalf by:

S G Hurford - Director

1.	Statutory information

Hurford Salvi Carr Property Management Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

A summary of principal accounting policies, all of which have been consistently applied throughout the year and the preceding year, is set out below.

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.

Going concern

One of the major reasons for the Company showing a net current liability is due to a material balance owed to a related party within Creditors: amounts falling due within one year. This is explained further in note 8. Excluding this loan, the Company has been and is able to meet its current liabilities as they fall due.

After considering the above and having reviewed the Company's forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements. To bolster the working capital reserves the directors have secured overdraft facilities with their bank which has been provided on a rolling basis and reviewed by the directors and bank every 12 months.

Preparation of consolidated financial statements

The financial statements contain information about Hurford Salvi Carr Property Management Limited as an individual Company and do not contain consolidated financial information as the parent of a group. The Company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are 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.

Depreciation and amortisation

There is estimation uncertainty in calculating depreciation and amortisation on fixed assets, as they are being written down on a straight line basis over their estimated useful economic life, which may not match their actual useful life.

Valuation of investments

There is estimation uncertainty in calculating impairment of investments, as they are being held at cost less impairment.

Management fees

Management fees are the turnover for the period which comprises of management fees receivable for services rendered net of VAT and trade discounts (if any). Property management income is recognised when the service is provided. Surveying income is recognised based on stage of completion. Insurance commission is recognised on the date at which the associated policy is effective from.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 20% and 25% straight line

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	Employees and directors

The average number of employees during the year was 44 (2021 - 47 ) .

4.	Tangible fixed assets

Fixtures

and

fittings

£

Cost

At 1 August 2021

49,072

Additions

7,861

At 31 July 2022

56,933

Depreciation

At 1 August 2021

17,812

Charge for year

13,080

At 31 July 2022

30,892

Net book value

At 31 July 2022

26,041

At 31 July 2021

31,260

5.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 August 2021

and 31 July 2022

69,301

Net book value

At 31 July 2022

69,301

At 31 July 2021

69,301

The Company's investments at the Balance Sheet date in the share capital of companies include the following:

Ashby Building Surveyors

Registered office: United Kingdom

Nature of business: Quantity Surveyors

%

Class of shares:

holding

Ordinary

100.00

Ashby and Horner Limited

Registered office: United Kingdom

Nature of business: Property Management

%

Class of shares:

holding

Ordinary

100.00

Block Management Online Limited

Registered office: United Kingdom

Nature of business: Property Management

%

Class of shares:

holding

Ordinary

100.00

London Debt Collectors Limited

Registered office: United Kingdom

Nature of business: Collection Agency

%

Class of shares:

holding

Ordinary

100.00

Keneth Peters Asset Management Limited

Registered office: United Kingdom

Nature of business: Property Management

%

Class of shares:

holding

Ordinary

100.00

6.

Debtors: amounts falling due within one year

2022

2021

£

£

Trade debtors

187,799

214,180

Amounts owed by group undertakings

160,529

139,514

Other debtors

50,332

61,841

398,660

415,535

7.

Creditors: amounts falling due within one year

2022

2021

£

£

Trade creditors

181,705

180,327

Taxation and social security

106,457

113,334

Other creditors

212,450

243,555

500,612

537,216

8.

Creditors: amounts falling due after more than one year

2022

2021

£

£

Amounts owed to group undertakings

190,000

191,193

Other creditors

28,333

38,333

218,333

229,526

£190,000 (2021: £191,193) is owed to the parent company, Hurford Salvi Carr Management Limited.The loan is held at transaction price, is unsecured and interest-free. The parent company has confirmed that the loan is not repayable within the next 12 months.

9.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

101,640

101,640

Between one and five years

104,940

136,905

206,580

238,545

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

4

Ordinary

£1

4

4

11.	Disclosure under Section 444(5B) of the Companies Act 2006

The Auditors' Report was unqualified.

Nicola Pearson (Senior Statutory Auditor)

for and on behalf of Haines Watts

12.	Other financial commitments

The Company entered into a charge (debenture agreement) at 30 January 2018 with Lloyds Bank Plc. The charge consists of fixed and floating charges which cover all the property or undertakings of the Company. More details can be found on Companies House website.

13.	Related party disclosures

Included in note 7 within trade creditors is an amount of £99,984 (2021: £99,984) owed to a related party, Hurford Salvi Carr Limited, for transactions occurring within the normal course of business.

14.	Ultimate controlling party

The immediate and ultimate parent company is Hurford Salvi Carr Management Limited, a company incorporated in the United Kingdom.

There is no single identifiable controlling party.