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Registered number: 01006287
HICKS DEVELOPMENTS LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 APRIL 2021
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HICKS DEVELOPMENTS LIMITED
REGISTERED NUMBER: 01006287
BALANCE SHEET
AS AT 30 APRIL 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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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.
Page 1
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HICKS DEVELOPMENTS LIMITED
REGISTERED NUMBER: 01006287
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 10 form part of these financial statements.
Page 2
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HICKS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
Hicks Developments Limited is a private company limited by share capital and incorporated in England and Wales (registered number 01006287) under the Companies Act. The address of the principal place of business and registered office is 15 Headley Road, Woodley, Berkshire, RG5 4JB.
2.Accounting policies
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Basis of preparation of financial statements
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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:
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Exemption from preparing consolidated financial statements
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Consolidated financial statements have not been prepared for Hicks Developments Limited and its subsidiary undertaking, in accordance with the exemption given by Section 400 of the Companies Act 2006. The consolidated financial statements of Hicks Holdings (Woodley) Limited incorporate the financial statements of this sub-group.
Turnover represents the total amount, excluding value added tax, receivable by the Company in the ordinary couse of business in respect of developments legally completed in the year.
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 3
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HICKS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
2.Accounting policies (continued)
Investment property is carried at fair value. Changes in fair value are recognised in the Profit and
loss account. Fair value is determined annually by directors and where the directors consider appropiate by external valuers. Valuations are derived from the current market rents and investment property yields for comparable property.
Investments in subsidiaries are measured at cost less accumulated impairment.
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Stocks and work in progress
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Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Net realisable value, where applicable, is based on estimated selling price less estimated costs of completion and disposal.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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 non-puttable ordinary shares.
Short term debtors and creditors are measured at the transaction price, less any impairment. Other
financial instruments 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.
Financial liabilities and equity are classified according to the substance of the financial instrument’s
contractual obligations, rather than the financial instrument’s legal form.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Page 4
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HICKS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
2.Accounting policies (continued)
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Current and deferred taxation
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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;
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax
allowances have been met; and
• Where they relate to timing differences in respect of interests in subsidiaries, associates, branches
and joint ventures and the Company can control the reversal of the timing differences and such
reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
The average monthly number of employees, including the directors, during the year was 7 (2020: 7).
Page 5
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HICKS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
Page 6
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HICKS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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Investments in subsidiary companies
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The following was a subsidiary undertaking of the Company:
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Hicks Sandford Limited has the same registered office as the Company detailed in Note 1.
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Page 7
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HICKS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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Freehold investment property
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The amounts in the following statements relate entirely to freehold investment properties, which have been revalued by the directors on the basis of market value. Cost or valuation at 30 April 2021 is represented by:
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Total revaluations pre - 1 May 2018
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If freehold investment properties had not been revalued they would have been included at an historical cost of £3,384,387 (2020: £3,384,387).
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Stocks and work in progress
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Land held for developments
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Page 8
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HICKS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Taxation and social security
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Accruals and deferred income
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Security
Bank loans and overdrafts of £3,021,087 (2020: £1,335,283) are secured by mortgages over certain freehold property and land held within stocks and work in progress.
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Page 9
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HICKS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Fixed asset timing differences
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Allotted, called up and fully paid
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1,000 (2020 - 1,000) Ordinary shares of £1.00 each
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Ultimate parent undertaking and controlling party
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The ultimate parent undertaking of this company is Hicks Holdings (Woodley) Limited , which is registered in England and Wales.
The Company is controlled by J L Hicks by virtue of his shareholdings in the Company's parent undertaking Hicks Holdings (Woodley) Limited. The smallest and largest undertaking for which the Company is a member and for which group financial statements are prepared is consolidated into Hicks Holdings (Woodley) Limited.
The auditor's report on the financial statements for the year ended 30 April 2021 was unqualified.
The audit report was signed on 31 January 2022 by Michael Farwell MA FCA DChA (Senior statutory auditor) on behalf of James Cowper Kreston.
Page 10
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