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Registered Number: 11114325


 

 

 

HGCY LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 January 2022

End date: 31 December 2022
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 December 2022 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Kavyaa Accountancy Limited
31 December 2022



....................................................
Kavyaa Accountancy Limited
26 Barnhurst Path
Watford
Hertfordshire
WD19 6TT
30 September 2023
1
 
 
Notes
 
2022
£
  2021
£
Fixed assets      
Intangible fixed assets 3 47,626   
Tangible fixed assets 4 75,811    1,436 
123,437    1,436 
Current assets      
Stocks 950    950 
Debtors   760 
Cash at bank and in hand (1,302)   6,955 
(352)   8,665 
Creditors: amount falling due within one year (165,517)   (519)
Net current liabilities (165,869)   8,146 
 
Total assets less current liabilities (42,432)   9,582 
Creditors: amount falling due after more than one year (6,926)   (9,056)
Provisions for liabilities (363)  
Net liabilities (49,721)   526 
 

Capital and reserves
     
Called up share capital 5 300    100 
Profit and loss account (50,021)   426 
Shareholder's funds (49,721)   526 
 


For the year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 30 September 2023 and were signed on its behalf by:


-------------------------------
Himanshu Mansukhbhai PATEL
Director
2
General Information
HGCY LIMITED is a private company, limited by shares, registered in , registration number 11114325, registration address 307 Muirfield Road, Watford, WD19 6JZ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 15% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 7 (2021 : 0).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 January 2022  
Additions 52,918    52,918 
Disposals  
At 31 December 2022 52,918    52,918 
Amortisation
At 01 January 2022  
Charge for year 5,292    5,292 
On disposals  
At 31 December 2022 5,292    5,292 
Net book values
At 31 December 2022 47,626    47,626 
At 31 December 2021  


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Fixtures and Fittings   Total
  £   £   £
At 01 January 2022   2,750    2,750 
Additions 40,000    46,000    86,000 
Disposals    
At 31 December 2022 40,000    48,750    88,750 
Depreciation
At 01 January 2022   1,314    1,314 
Charge for year 1,875    9,750    11,625 
On disposals    
At 31 December 2022 1,875    11,064    12,939 
Net book values
Closing balance as at 31 December 2022 38,125    37,686    75,811 
Opening balance as at 01 January 2022   1,436    1,436 


5.

Share Capital

Authorised
300 Class A shares of £1.00 each
Allotted, called up and fully paid
2022
£
  2021
£
300 Class A shares of £1.00 each 300    100 
300    100 

3