HSP Residential Limited - Accounts to registrar (filleted) - small 18.2
HSP Residential Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 28 February 2021 |
| for |
| HSP Residential Limited |
| HSP Residential Limited (Registered number: 11851778) |
| Contents of the Financial Statements |
| for the Year Ended 28 February 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| HSP Residential Limited |
| Company Information |
| for the Year Ended 28 February 2021 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 28 Church Road |
| Stanmore |
| Middlesex |
| HA7 4XR |
| HSP Residential Limited (Registered number: 11851778) |
| Balance Sheet |
| 28 February 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
| NET (LIABILITIES)/ASSETS | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| HSP Residential Limited (Registered number: 11851778) |
| Notes to the Financial Statements |
| for the Year Ended 28 February 2021 |
| 1. | STATUTORY INFORMATION |
| HSP Residential Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 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, modified to include investment property at fair value. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| 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. |
| Going concern |
| Having reviewed the company's financial forecasts and expected future cash flows, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.Thus the going concern basis has been adopted in preparing the financial statements for the year ended 28 February 2021. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 29 February 2020 |
| Additions |
| At 28 February 2021 |
| NET BOOK VALUE |
| At 28 February 2021 |
| At 28 February 2020 |
| HSP Residential Limited (Registered number: 11851778) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2021 |
| 4. | INVESTMENT PROPERTY - continued |
| The fair value of the investment property has been arrived at on the basis of a valuation carried out at 28 February 2021 by the director, S S Popat. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. |
| If investment properties were stated on an historical cost basis rather that the fair value basis, the amount recognised in the accounts would have been £1,385,318 (2020: £1,025,883). |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Taxation and social security |
| Other creditors |
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Other loans more 5yrs instal | 348,653 | 348,653 |
| 7. | SECURED DEBTS |
| Included within other creditors is a mortgage of £348,653 from Belmont Green Finance Limited trading as Vida Homeloans. The loan is over a 25 year term and is interest only, fixed at a rate of 3.69% for the first 5 years. The loan is secured on one of the company's investment properties. |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary Shares | £1 | 100 | 100 |
| 9. | RELATED PARTY DISCLOSURES |
| Included within other creditors at the year end is an amount of £639,103 (2020: £454,370) due to the director S S Popat. This amount has been provided unsecured, interest free and is effectively repayable on demand. |