HB Holiday Accommodations Limited 31/03/2022 iXBRL

HB Holiday Accommodations Limited 31/03/2022 iXBRL

HB HOLIDAY ACCOMMODATIONS LIMITED - Company Information

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Company registration number: 12105285
HB Holiday Accommodations Limited
Unaudited filleted financial statements
31 March 2022
HB Holiday Accommodations Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
HB Holiday Accommodations Limited
Directors and other information
Director Mr K Haig
Company number 12105285
Registered office 1 St. Martin's Row
Albany Road
Cardiff
CF24 3RP
Accountants Rust Group LP
Kings Barn
Thame Road
Warborough
Oxfordshire
OX10 7DA
HB Holiday Accommodations Limited
Statement of financial position
31 March 2022
31/03/22 31/08/21
Note £ £ £ £
Fixed assets
Tangible assets 4 640,000 484,540
_______ _______
640,000 484,540
Current assets
Debtors 5 500 -
Cash at bank and in hand 2,015 5,970
_______ _______
2,515 5,970
Creditors: amounts falling due
within one year 6 ( 456,598) ( 472,501)
_______ _______
Net current liabilities ( 454,083) ( 466,531)
_______ _______
Total assets less current liabilities 185,917 18,009
Provisions for liabilities ( 29,537) -
_______ _______
Net assets 156,380 18,009
_______ _______
Capital and reserves
Called up share capital 100 -
Revaluation reserve 155,460 -
Profit and loss account 820 18,009
_______ _______
Shareholder funds 156,380 18,009
_______ _______
For the period ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 December 2022 , and are signed on behalf of the board by:
Mr K Haig
Director
Company registration number: 12105285
HB Holiday Accommodations Limited
Statement of changes in equity
Period ended 31 March 2022
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 August 2020 - - 9,010 9,010
(Loss)/profit for the period 8,999 8,999
_______ _______ _______ _______
Total comprehensive income for the period - - 8,999 8,999
At 31 August 2021 (as previously reported) - - 18,009 18,009
Prior period adjustments 100 (-) (-) 100
_______ _______ _______ _______
At 31 August 2021 (restated) and 1 August 2021 100 - 18,009 18,109
(Loss)/profit for the period ( 17,189) ( 17,189)
Other comprehensive income for the period:
Revaluation of tangible assets 155,460 155,460
_______ _______ _______ _______
Total comprehensive income for the period - 155,460 ( 17,189) 138,271
_______ _______ _______ _______
At 31 March 2022 100 155,460 820 156,380
_______ _______ _______ _______
HB Holiday Accommodations Limited
Notes to the financial statements
Period ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 1 St. Martin's Row, Albany Road, Cardiff, CF24 3RP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1 August 2021 484,540 484,540
Revaluation 155,460 155,460
_______ _______
At 31 March 2022 640,000 640,000
_______ _______
Depreciation
At 1 August 2021 and 31 March 2022 - -
_______ _______
Carrying amount
At 31 March 2022 640,000 640,000
_______ _______
At 31 August 2021 484,540 484,540
_______ _______
5. Debtors
31/03/22 31/08/21
£ £
Other debtors 500 -
_______ _______
6. Creditors: amounts falling due within one year
31/03/22 31/08/21
£ £
Corporation tax 5,008 2,111
Other creditors 451,590 470,390
_______ _______
456,598 472,501
_______ _______
7. Directors advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
Period ended 31/03/22
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr K Haig ( 469,540) - 19,100 ( 450,440)
_______ _______ _______ _______
Year ended 31/08/21
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr K Haig ( 484,540) 15,000 - ( 469,540)
_______ _______ _______ _______
8. Related party transactions
The Director has made an interest free facility of up to £500,000 available to the company. The loan is repayable at the discretion of the Company or upon notice of not less than one year and one day by the Lender.
HB Holiday Accommodations Limited
The following pages do not form part of the statutory accounts.
HB Holiday Accommodations Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of HB Holiday Accommodations Limited
Period ended 31 March 2022
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the period ended 31 March 2022 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Rust Group LP
Kings Barn
Thame Road
Warborough
Oxfordshire
OX10 7DA