HOPECREST HOLDINGS LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02273923 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JULY 2021

FOR

HOPECREST HOLDINGS LIMITED

Page

Statement of Financial Position

1

Notes to the Financial Statements

2

to

6

FIXED ASSETS

Investments

5

-

990,000

CURRENT ASSETS

Debtors

6

2,403,822

1,903,658

Cash at bank

30,149

174

2,433,971

1,903,832

CREDITORS

Amounts falling due within one year

7

(5,325

)

(24,857

)

NET CURRENT ASSETS

2,428,646

1,878,975

TOTAL ASSETS LESS CURRENT LIABILITIES

2,428,646

2,868,975

CAPITAL AND RESERVES

Called up share capital

1,120,029

1,120,029

Retained earnings

1,308,617

1,748,946

2,428,646

2,868,975

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 July 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 July 2022 and were signed by:

B M Collins - Director

1.	STATUTORY INFORMATION

HOPECREST HOLDINGS LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

02273923

Registered office:

Blackbox

Beech Lane

Wilmslow

Cheshire

SK9 5ER

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost basis.

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

Preparation of consolidated financial statements

The financial statements contain information about HOPECREST HOLDINGS LIMITED as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

As described in the accounting policies of the financial statements, depreciation of intangible and tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Investments in subsidiaries

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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.

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 are either assessed individually or grouped on the basis of similar credit risk characteristics.

Corporation tax

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment of fixed assets

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.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating 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 largely independent of the cash inflows from other assets or groups of assets.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 2 ) .

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 31 July 2020

990,000

Disposals

(990,000

)

At 30 July 2021

-

NET BOOK VALUE

At 30 July 2021

-

At 30 July 2020

990,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.7.21

30.7.20

£

£

Trade debtors

38,361

-

Amounts owed by group undertakings

-

456

Other debtors

743,467

501,292

Directors' loan accounts

1,619,881

1,396,053

VAT

2,113

-

Prepayments

-

5,857

2,403,822

1,903,658

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.7.21

30.7.20

£

£

Trade creditors

105

-

Amounts owed to group undertakings

-

1,006

Tax

-

21,799

Social security and other taxes

1,527

-

VAT

-

552

Accruals and deferred income

3,693

1,500

5,325

24,857

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

8.	CAPITAL COMMITMENTS

There were none, either contracted, or authorised but not contracted.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 July 2021 and 30 July 2020:

30.7.21

30.7.20

£

£

B M Collins

Balance outstanding at start of year

1,388,155

1,752,156

Amounts advanced

237,726

5,999

Amounts repaid

(6,000

)

(370,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,619,881

1,388,155

J P Collins

Balance outstanding at start of year

7,898

693,029

Amounts repaid

(7,898

)

(685,131

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

7,898

The directors had unsecured interest free loans during the year with no fixed repayment terms.

By virtue of the overdrawn directors' loan accounts, a further liability to taxation exists under section 455 CTA 2010 in the sum of £77,261. It is anticipated that the additional loan in the year will be fully repaid within 9 months of the year-end and therefore no provision for the taxation has been made. The amount of £434,578 has previously been paid under section 455 CTA 2010 in respect of the brought forward loan balance.

10.	EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no material events up to the date of approval of the financial statements by the board.

11.	ULTIMATE PARENT UNDERTAKING

The ultimate parent undertaking is Hopecrest Investments (Crewe) Limited, a company registered in England and Wales.