HB Commercial Property Investments Ltd 31/03/2023 iXBRL

HB Commercial Property Investments Ltd 31/03/2023 iXBRL

HB COMMERCIAL PROPERTY INVESTMENTS LIMITED - Company Information

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0 01/04/2022 31/03/2023 2023-03-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 12386792 2022-04-01 2023-03-31 12386792 2023-03-31 12386792 2022-03-31 12386792 2021-04-01 2022-03-31 12386792 2022-03-31 12386792 2021-03-31 12386792 bus:RegisteredOffice 2022-04-01 2023-03-31 12386792 bus:Director1 2022-04-01 2023-03-31 12386792 bus:Director2 2022-04-01 2023-03-31 12386792 bus:Director3 2022-04-01 2023-03-31 12386792 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 12386792 core:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 12386792 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 12386792 core:WithinOneYear 2023-03-31 12386792 core:WithinOneYear 2022-03-31 12386792 core:AfterOneYear 2023-03-31 12386792 core:AfterOneYear 2022-03-31 12386792 core:ShareCapital 2023-03-31 12386792 core:ShareCapital 2022-03-31 12386792 core:RetainedEarningsAccumulatedLosses 2023-03-31 12386792 core:RetainedEarningsAccumulatedLosses 2022-03-31 12386792 core:ShareCapital 2021-03-31 12386792 core:RetainedEarningsAccumulatedLosses 2021-03-31 12386792 core:PreviouslyStatedAmount core:ShareCapital 2023-03-31 12386792 core:RevaluationPropertyPlantEquipmentDeferredTax 2022-03-31 12386792 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 12386792 core:DeferredTaxation 2023-03-31 12386792 bus:Director1 2021-03-31 12386792 bus:Director1 2022-03-31 12386792 bus:Director1 2021-04-01 2022-03-31 12386792 bus:SmallEntities 2022-04-01 2023-03-31 12386792 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 12386792 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 12386792 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12386792 bus:FullAccounts 2022-04-01 2023-03-31
Company registration number: 12386792
HB Commercial Property Investments Ltd
Unaudited filleted financial statements
31 March 2023
HB Commercial Property Investments Ltd
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
HB Commercial Property Investments Ltd
Directors and other information
Directors Mr K Haig
Mr D Haig (Resigned 30 October 2022)
Mr M Woolley (Appointed 30 October 2022)
Company number 12386792
Registered office Unit N, OYO Business Units
Fishers Grove
Portsmouth
Hampshire
PO6 1RN
HB Commercial Property Investments Ltd
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 355,750 355,750
_______ _______
355,750 355,750
Current assets
Debtors 5 100 100
Cash at bank and in hand 5,846 10,564
_______ _______
5,946 10,664
Creditors: amounts falling due
within one year 6 ( 3,629) ( 5,575)
_______ _______
Net current assets 2,317 5,089
_______ _______
Total assets less current liabilities 358,067 360,839
Creditors: amounts falling due
after more than one year 7 ( 281,000) ( 296,000)
Provisions for liabilities 8 ( 4,750) ( 4,750)
_______ _______
Net assets 72,317 60,089
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 72,217 59,989
_______ _______
Shareholder funds 72,317 60,089
_______ _______
For the 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge 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 24 November 2023 , and are signed on behalf of the board by:
Mr K Haig
Director
Company registration number: 12386792
HB Commercial Property Investments Ltd
Statement of changes in equity
Year ended 31 March 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2021 100 17,679 17,779
Profit for the year 42,310 42,310
_______ _______ _______
Total comprehensive income for the year - 42,310 42,310
_______ _______ _______
At 31 March 2022 and 1 April 2022 100 59,989 60,089
Profit for the year 12,228 12,228
_______ _______ _______
Total comprehensive income for the year - 12,228 12,228
_______ _______ _______
At 31 March 2023 100 72,217 72,317
_______ _______ _______
HB Commercial Property Investments Ltd
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit N, OYO Business Units, Fishers Grove, Portsmouth, Hampshire, PO6 1RN.
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
At 1 April 2022 and 31 March 2023 355,750 355,750
_______ _______
Depreciation
At 1 April 2022 and 31 March 2023 - -
_______ _______
Carrying amount
At 31 March 2023 355,750 355,750
_______ _______
At 31 March 2022 355,750 355,750
_______ _______
5. Debtors
2023 2022
£ £
Other debtors 100 100
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 2,869 5,175
Other creditors 760 400
_______ _______
3,629 5,575
_______ _______
7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 281,000 296,000
_______ _______
The creditor of £281,000 represents an interest free shareholder loan with no due date of repayment.
8. Provisions
Deferred tax (note 9) Total
£ £
At 1 April 2022 and 31 March 2023 4,750 4,750
_______ _______
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 8) 4,750 4,750
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Revaluation of tangible assets - 4,750
_______ _______
The deferred tax liability arose on the revaluation of the property asset.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr K Haig - - -
_______ _______ _______
2022
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr K Haig ( 325,000) 29,000 ( 296,000)
_______ _______ _______