Hillside Park Freehold (Sunningdale) Limited - Period Ending 2023-03-31

Hillside Park Freehold (Sunningdale) Limited

(Registration number: 06271036)
Statement of Financial Position as at 31 March 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	4	36,154	36,154
Current assets
Cash at bank and in hand		4,911	5,021
Creditors: Amounts falling due within one year	5	(31,861)	(31,499)
Net current liabilities		(26,950)	(26,478)
Net assets		9,204	9,676
Capital and reserves
Called up share capital		13	13
Profit and loss account		9,191	9,663
Shareholders' funds		9,204	9,676

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 25 September 2023 and signed on its behalf by:
 

......................................... Mrs C Bond Director

Hillside Park Freehold (Sunningdale) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: 17 Dukes Ride, Crowthorne, Berkshire, RG45 6LZ.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the ground rent receivable from the applicable residents for the year in question and is derived wholly within the UK.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	0% depreciation, reversionary interest in land only
Long leasehold property	straight line over the period of the lease

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

Due to the nature of the company’s activities there were no employees in the current or previous year.

Hillside Park Freehold (Sunningdale) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4	Tangible assets

	Land and buildings £	Long leasehold land and buildings £	Total £
Cost or valuation
At 1 April 2022	13	36,141	36,154
At 31 March 2023	13	36,141	36,154
Depreciation
Carrying amount
At 31 March 2023	13	36,141	36,154
At 31 March 2022	13	36,141	36,154

The Company is the beneficial owner of the freehold land occupied by the buildings known as Richmond House, Fisher House and Beaufort House of Hillside Park, Sunningdale. Following the extension of the leases relating to 13 freehold purchasers, the value of the freehold has been impaired to reflect its current market value. The freehold cost carried forward therefore represents a nominal value of £1 per flat in respect of the company's reversionary interest in each flat let on 999 year leases. In addition, the company owns the reversion due in 60 years on one flat which is currently valued at £31,363 and due in 150 years on a further flat which is valued at £4,778

5

Creditors

Creditors: amounts falling due within one year

	2023 £	2022 £
Accruals and deferred income	432	426
Other creditors	31,429	31,073
	31,861	31,499