ACCOUNTS - Final Accounts preparation

HOBDEN PROPERTY LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 No description of principal activity2022-04-01false22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07677296 2022-04-01 2023-03-31 07677296 2021-04-01 2022-03-31 07677296 2023-03-31 07677296 2022-03-31 07677296 c:Director1 2022-04-01 2023-03-31 07677296 d:FreeholdInvestmentProperty 2023-03-31 07677296 d:FreeholdInvestmentProperty 2022-03-31 07677296 d:CurrentFinancialInstruments 2023-03-31 07677296 d:CurrentFinancialInstruments 2022-03-31 07677296 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07677296 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 07677296 d:ShareCapital 2023-03-31 07677296 d:ShareCapital 2022-03-31 07677296 d:RevaluationReserve 2023-03-31 07677296 d:RevaluationReserve 2022-03-31 07677296 d:RetainedEarningsAccumulatedLosses 2023-03-31 07677296 d:RetainedEarningsAccumulatedLosses 2022-03-31 07677296 c:OrdinaryShareClass1 2022-04-01 2023-03-31 07677296 c:OrdinaryShareClass1 2023-03-31 07677296 c:OrdinaryShareClass1 2022-03-31 07677296 c:OrdinaryShareClass2 2022-04-01 2023-03-31 07677296 c:OrdinaryShareClass2 2023-03-31 07677296 c:OrdinaryShareClass2 2022-03-31 07677296 c:OrdinaryShareClass3 2022-04-01 2023-03-31 07677296 c:OrdinaryShareClass3 2023-03-31 07677296 c:OrdinaryShareClass3 2022-03-31 07677296 c:OrdinaryShareClass4 2022-04-01 2023-03-31 07677296 c:OrdinaryShareClass4 2023-03-31 07677296 c:OrdinaryShareClass4 2022-03-31 07677296 c:OrdinaryShareClass5 2022-04-01 2023-03-31 07677296 c:OrdinaryShareClass5 2023-03-31 07677296 c:OrdinaryShareClass5 2022-03-31 07677296 c:FRS102 2022-04-01 2023-03-31 07677296 c:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07677296 c:FullAccounts 2022-04-01 2023-03-31 07677296 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07677296 2 2022-04-01 2023-03-31 07677296 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 07677296 d:TaxLossesCarry-forwardsDeferredTax 2022-03-31 07677296 e:PoundSterling 2022-04-01 2023-03-31 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 2023

Hobden Property Limited

Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Hobden Property Limited for the year ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hobden Property Limited for the year ended 31 March 2023 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Hobden Property Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Hobden Property Limited and state those matters that we have agreed to state to the Board of directors of Hobden Property Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hobden Property Limited and its Board of directors, as a body, for our work or for this report.

It is your duty to ensure that Hobden Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hobden Property Limited. You consider that Hobden Property Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Hobden Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kreston Reeves LLP

Chartered Accountants

9 Donnington Park

85 Birdham Road

Chichester

West Sussex

PO20 7AJ

12 December 2023

Page 1

Hobden Property Limited

Registered number: 07677296

Balance sheet

As at 31 March 2023

		2023		2022
Note		£		£

Fixed assets
Investment property	3		1,785,000		1,785,000
			1,785,000		1,785,000
Current assets
Cash at bank and in hand		253,828		197,377
		253,828		197,377
Creditors: amounts falling due within one year	4	(467,772)		(454,961)
Net current liabilities			(213,944)		(257,584)
Total assets less current liabilities			1,571,056		1,527,416
Provisions for liabilities
Deferred tax	6	(239,768)		(239,768)
			(239,768)		(239,768)
Net assets			1,331,288		1,287,648

Capital and reserves
Called up share capital	7	7	7
Revaluation reserve		719,303	719,303
Profit and loss account		611,978	568,338
		1,331,288	1,287,648

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: 12 December 2023

Page 2

Hobden Property Limited

Notes to the financial statements

For the year ended 31 March 2023

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: 9 Donnington Park, 85 Birdham Road, Chichester, West Sussex, PO20 7AJ
Principal place of business: 4a East Street, Littlehampton, West Sussex BN17 6AX.

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.

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.

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.

Page 3

Hobden Property Limited

Notes to the financial statements

For the year ended 31 March 2023

2.Accounting policies (continued)

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.

Page 4

Hobden Property Limited

Notes to the financial statements

For the year ended 31 March 2023

3.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 April 2022	1,785,000
	At 31 March 2023	1,785,000

The 2023 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:
	2023	2022
	£	£

Historic cost

722,270

4.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Amounts owed to related party	11,933	-
Corporation tax	10,236	11,933
Other creditors	441,616	441,553
Accruals and deferred income	3,987	1,475
	467,772	454,961

Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

Hobden Property Limited

Notes to the financial statements

For the year ended 31 March 2023

6.	Deferred taxation

		2023
		£

	At beginning of year	(239,768)
	Charged to profit or loss	-
	At end of year	(239,768)

The provision for deferred taxation is made up as follows:
	2023	2022
	£	£

Capital gains

(239,768)

7.	Share capital
		2023	2022
		£	£

Allotted, called up and fully paid

1 (2022 - 1) Ordinary A share of £1.00	1	1
1 (2022 - 1) Ordinary B share of £1.00	1	1
1 (2022 - 1) Ordinary C share of £1.00	1	1
1 (2022 - 1) Ordinary D share of £1.00	1	1
1 (2022 - 1) Ordinary E share of £1.00	1	1
1 (2022 - 1) Ordinary F share of £1.00	1	1
1 (2022 - 1) Ordinary G share of £1.00	1	1

	7	7

Page 6

Hobden Property Limited

Notes to the financial statements

For the year ended 31 March 2023

Related party transactions

Russex Limited
(A company under the control of D J Hobden)
During the year the company provided Hobden Property Limited with an interest free unsecured loan that is repayable on demand. At the balance sheet date the amount due to Russex Limited was £438,586 (2022 £403,332).
Hobden Commercial Limited
(A company under the control of D J Hobden)
During the year the company provided Hobden Property Limited with an interest free unsecured loan that is repayable on demand. At the balance sheet date the amount due to Hobden Commercial Limited was £11,933 (2022 - £Nil).
D J Hobden
(The director)
During the year the director provided Hobden Property Limited with an interest free unsecured loan that is repayable on demand. At the balance sheet date the amount due to the director was £3,030 (2022 £38,221).

Page 7