Registration number:
Hockley Developments (Mount Street) Limited
for the Year Ended 30 September 2021
Hockley Developments (Mount Street) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Hockley Developments (Mount Street) Limited
Company Information
Director |
Mr Alan Forsyth |
Registered office |
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Hockley Developments (Mount Street) Limited
(Registration number: 10855081)
Balance Sheet as at 30 September 2021
Note |
2021 |
2020 |
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Current assets |
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Stocks |
- |
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Debtors |
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Cash at bank and in hand |
- |
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Creditors: Amounts falling due within one year |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
(15,523) |
6,539 |
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Shareholders' (deficit)/funds |
(15,423) |
6,639 |
For the financial year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
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 Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Hockley Developments (Mount Street) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
The principal place of business is:
Studio House
Lace Mills
New Basford
Nottingham
NG7 7HX
England
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Hockley Developments (Mount Street) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Hockley Developments (Mount Street) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Stocks |
2021 |
2020 |
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Work in progress |
- |
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Debtors |
Note |
2021 |
2020 |
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Trade debtors |
( |
- |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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- |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Accruals and deferred income |
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Other creditors |
( |
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Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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Hockley Developments (Mount Street) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
- |
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Bank overdrafts |
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- |
Other borrowings |
- |
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Bank borrowings
All development funding was repaid in the period.
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NatWest Bank PLC have provided a bounce back loan to assist the company in dealing with the COVID-19 pandemic. There are no repayments or interest for the initial 12 month period at which point the company intends to opt for the pay as you grow option and extend the repayment terms to 10 years. |
Other borrowings
Other borrowings is denominated in pound sterling (£) with a nominal interest rate of 0%. The carrying amount at year end is £Nil (2020 - £249,994). |
Dividends |
2021 |
2020 |
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£ |
£ |
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Final dividend of £Nil (2020 - £Nil) per ordinary share |
- |
- |
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The director is recommending a final dividend of £Nil (2020 - £Nil) per share totalling £Nil (2020 - £Nil). This dividend has not been accrued in the Balance Sheet.
Hockley Developments (Mount Street) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Related party transactions |
Summary of transactions with parent
£303,664.89 (2020: £44,544 receivable from) was Receivable from Hockley Developments Limited at 30 September 2021, which is included in 'amounts owed to group undertakings' (2019: 'amounts owed by group undertakings'). This amount related to the purchase of 102 Palm Street (£342,788)
Summary of transactions with other related parties
Construction services totalling £1,581,681 (2019: £1,266,821) are included within direct costs. £14,906.22 (2020: £96,618) was outstanding at 30 September 2020 in trade creditors. £16,667 (2020: £21,610) is included in amounts due on contracts, which is included in other creditors.
Parent and ultimate parent undertaking |
The company's immediate parent is