ACCOUNTS - Final Accounts preparation

HOBDEN PROPERTY LIMITED - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.22020-04-01falseNo description of principal activity2truetrue 07677296 2020-04-01 2021-03-31 07677296 2019-04-01 2020-03-31 07677296 2021-03-31 07677296 2020-03-31 07677296 c:Director1 2020-04-01 2021-03-31 07677296 d:FreeholdInvestmentProperty 2021-03-31 07677296 d:FreeholdInvestmentProperty 2020-03-31 07677296 d:CurrentFinancialInstruments 2021-03-31 07677296 d:CurrentFinancialInstruments 2020-03-31 07677296 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 07677296 d:CurrentFinancialInstruments d:WithinOneYear 2020-03-31 07677296 d:ShareCapital 2021-03-31 07677296 d:ShareCapital 2020-03-31 07677296 d:RevaluationReserve 2021-03-31 07677296 d:RevaluationReserve 2020-03-31 07677296 d:RetainedEarningsAccumulatedLosses 2021-03-31 07677296 d:RetainedEarningsAccumulatedLosses 2020-03-31 07677296 c:OrdinaryShareClass1 2020-04-01 2021-03-31 07677296 c:OrdinaryShareClass1 2021-03-31 07677296 c:OrdinaryShareClass1 2020-03-31 07677296 c:OrdinaryShareClass2 2020-04-01 2021-03-31 07677296 c:OrdinaryShareClass2 2021-03-31 07677296 c:OrdinaryShareClass2 2020-03-31 07677296 c:OrdinaryShareClass3 2020-04-01 2021-03-31 07677296 c:OrdinaryShareClass3 2021-03-31 07677296 c:OrdinaryShareClass3 2020-03-31 07677296 c:OrdinaryShareClass4 2020-04-01 2021-03-31 07677296 c:OrdinaryShareClass4 2021-03-31 07677296 c:OrdinaryShareClass4 2020-03-31 07677296 c:OrdinaryShareClass5 2020-04-01 2021-03-31 07677296 c:OrdinaryShareClass5 2021-03-31 07677296 c:OrdinaryShareClass5 2020-03-31 07677296 c:FRS102 2020-04-01 2021-03-31 07677296 c:AuditExempt-NoAccountantsReport 2020-04-01 2021-03-31 07677296 c:FullAccounts 2020-04-01 2021-03-31 07677296 c:PrivateLimitedCompanyLtd 2020-04-01 2021-03-31 07677296 2 2020-04-01 2021-03-31 07677296 d:TaxLossesCarry-forwardsDeferredTax 2021-03-31 07677296 d:TaxLossesCarry-forwardsDeferredTax 2020-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07677296

Hobden Property Limited

Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 March 2021

Hobden Property Limited

Registered number: 07677296

Balance sheet

As at 31 March 2021

		2021		2020
Note		£		£

Fixed assets
Investment property	3		1,700,000		1,700,000
			1,700,000		1,700,000
Current assets
Cash at bank and in hand		132,634		195,107
		132,634		195,107
Creditors: amounts falling due within one year	4	(441,095)		(542,808)
Net current liabilities			(308,461)		(347,701)
Total assets less current liabilities			1,391,539		1,352,299
Provisions for liabilities
Deferred tax	6	(166,073)		(166,073)
			(166,073)		(166,073)
Net assets			1,225,466		1,186,226

Capital and reserves
Called up share capital	7	7	7
Revaluation reserve		811,657	811,657
Profit and loss account		413,802	374,562
		1,225,466	1,186,226

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

D J Hobden

Director

Date: 8 December 2021

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Hobden Property Limited

Notes to the financial statements

For the year ended 31 March 2021

1.	General information

Hobden Property Limited is a private company, limited by shares and incorporated in England and Wales in the United Kingdom, registered number: 07677296.
Registered office:
A2 Yeoman Gate, Yeoman Way, Worthing, West Sussex BN13 3QZ.
Principal place of business:
41 Beach Road, Littlehampton, West Sussex BN17 5JD.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis. While the impact of the Covid-19 virus has been assessed by the directors, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company's trade, its customers and suppliers. However, taking into consideration the UK Government's response and the company's planning, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Investment property

Investment property is carried at fair value, determined by D J Hobden, who is internal to the company, and is derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income.

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Hobden Property Limited

Notes to the financial statements

For the year ended 31 March 2021

2.Accounting policies (continued)

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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Hobden Property Limited

Notes to the financial statements

For the year ended 31 March 2021

3.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 April 2020	1,700,000
	At 31 March 2021	1,700,000

The 31 March 2021 valuations were made by D J Hobden, who is internal to the company, on an open market value for existing use basis.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2021	2020
	£	£

	Historic cost	722,270	722,270
		722,270	722,270

4.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Corporation tax	9,205	11,068
Other creditors	430,540	530,540
Accruals and deferred income	1,350	1,200
	441,095	542,808

Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).

6.	Deferred taxation

		2021
		£

	At beginning of year	(166,073)
	Utilised in year	-
	At end of year	(166,073)

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Hobden Property Limited

Notes to the financial statements

For the year ended 31 March 2021

6.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:
	2021	2020
	£	£

	Deferred capital gains	(166,073)	(166,073)
		(166,073)	(166,073)

7.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

1 (2020 - 1) Ordinary A share of £1.00	1	1
1 (2020 - 1) Ordinary B share of £1.00	1	1
1 (2020 - 1) Ordinary C share of £1.00	1	1
1 (2020 - 1) Ordinary D share of £1.00	1	1
1 (2020 - 1) Ordinary E share of £1.00	1	1
1 (2020 - 1) Ordinary F share of £1.00	1	1
1 (2020 - 1) Ordinary G share of £1.00	1	1

	7	7

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