REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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HOPE PROPERTY MANAGEMENTS LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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FOR |
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HOPE PROPERTY MANAGEMENTS LIMITED |
HOPE PROPERTY MANAGEMENTS LIMITED (REGISTERED NUMBER: 00348703) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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HOPE PROPERTY MANAGEMENTS LIMITED |
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COMPANY INFORMATION |
for the year ended 31 March 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditor |
One Eastwood |
Harry Weston Road |
Binley Business Park |
Coventry |
CV3 2UB |
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SOLICITORS: |
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Lowick Gate |
Siskin Drive |
Coventry |
CV3 4FJ |
HOPE PROPERTY MANAGEMENTS LIMITED (REGISTERED NUMBER: 00348703) |
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BALANCE SHEET |
31 March 2020 |
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2020 | 2019 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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HOPE PROPERTY MANAGEMENTS LIMITED (REGISTERED NUMBER: 00348703) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Hope Property Managements Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents rental income and proceeds from the sale of properties. |
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Other operating income |
Other operating income reflects fees for the extension and renewal of other property leases. |
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Gift aid payments |
Gift aid payments are recognised as distributions to owners from retained earnings with there being no legal obligation to make payment's |
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This is a change in accounting policy applicable from periods commencing 01 April 2019 and has been retrospectively applied with comparative figures being restated. Further details can be found in Note 5. |
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The change in accounting policy for gift aid payments also results in the company recognising a taxation charge on its profits for the year. However, the application of the exception under paragraph 29.14A of FRS 102 provides relief in respect of the accounting for the tax charge. This results in an overall nil impact on the charge for tax in the Income Statement. This exception is only applicable as it is probable that the gift aid payment will be made by the company to the parent charity within 9 months of the reporting date. |
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Tangible fixed assets |
Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management. |
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Repairs and maintenance costs are charged to the Income Statement in the period in which they are incurred. |
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Depreciation is calculated so as to write off the cost of tangible fixed assets by equal installments over their estimated useful lives as follows:- |
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Fixtures and fittings | - | 25% straight line |
Computer Equipment | - | 25% straight line |
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Any gains and losses on the disposal of tangible fixed assets are recognised in the Income Statement in the period that the disposal takes place. |
HOPE PROPERTY MANAGEMENTS LIMITED (REGISTERED NUMBER: 00348703) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Stock of properties |
Properties are valued at cost plus the cost of any improvements. This valuation is reduced if it is considered that the value of the property has fallen below its original cost. |
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Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in other administrative expenses. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
as | restated |
£ | £ |
Other debtors |
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Rent debtor | 6,149 | 7,835 |
Prepayments |
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HOPE PROPERTY MANAGEMENTS LIMITED (REGISTERED NUMBER: 00348703) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
as | restated |
£ | £ |
Other creditors |
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A E Higgs Charity | 261,923 | 177,126 |
Accrued expenses |
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Loan interest receivable | 738 | - |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: |
as
restated |
£ | £ |
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Ordinary shares | 1 | 222 | 222 |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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11. | ULTIMATE PARENT COMPANY |
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The company is a wholly-owned subsidiary of The Alan Edward Higgs Charity, which is the smallest and largest group in which the results of the company are consolidated. |
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The registered office and principal place of business of The Alan Edward Higgs Charity is The Ricoh Arena, Judd's Lane, Longford, Coventry, CV6 6GE. |