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Registration number: 00688240

R.Hagger Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

R.Hagger Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 8

 

R.Hagger Limited

Company Information

Directors

Mr PR Hagger

Mrs SE Rawlins

Company secretary

Mrs SE Rawlins

Registered office

6 Church Hill School Mews
Hernhill
Faversham
Kent
ME13 9JR

 

R.Hagger Limited

(Registration number: 00688240)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

525,000

525,000

Current assets

 

Cash at bank and in hand

 

8,477

5,969

Creditors: Amounts falling due within one year

5

(19,221)

(15,197)

Net current liabilities

 

(10,744)

(9,228)

Total assets less current liabilities

 

514,256

515,772

Provisions for liabilities

(101,253)

(76,952)

Net assets

 

413,003

438,820

Capital and reserves

 

Called up share capital

5,000

5,000

Revaluation reserve

303,757

328,058

Retained earnings

104,246

105,762

Shareholders' funds

 

413,003

438,820

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 October 2023 and signed on its behalf by:
 

........................................
Mr PR Hagger
Director

   
     
 

R.Hagger Limited

Statement of Changes in Equity for the Year Ended 30 April 2023

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 May 2022

5,000

328,058

105,762

438,820

Profit for the year

-

-

11,484

11,484

Other comprehensive income

-

(24,301)

-

(24,301)

Total comprehensive income

-

(24,301)

11,484

(12,817)

Dividends

-

-

(13,000)

(13,000)

At 30 April 2023

5,000

303,757

104,246

413,003

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 May 2021

5,000

328,058

106,448

439,506

Profit for the year

-

-

12,314

12,314

Dividends

-

-

(13,000)

(13,000)

At 30 April 2022

5,000

328,058

105,762

438,820

 

R.Hagger Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

R.Hagger Limited is a private company, linited by shares, registered in England and Wales. The company’s registered number is 00688240 and registered office address is as follows:


6 Church Hill School Mews
Hernhill
Faversham
Kent
ME13 9JR
 

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements are prepared on a going concern basis and there are no material uncertainties that cast significant doubt on the Company's ability to continue as a going concern.

 

R.Hagger Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

Judgements

No judgements have been made in the process of applying the accounting policies that have had a significant effect on the amounts recognised in the financial statements.

No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been made.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

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.

Finance income and costs policy

Interest income is recognised in the profit and loss account using the effective interest method

Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

R.Hagger Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

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;

Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

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.

Investment property

Investment property is carried at fair value determined annually by the directors and 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 profit or loss.

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.

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.

 

R.Hagger Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

Provisions

Provisions are made where an event has taken place that gives the Company legal or constructive obligation, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision in the Balance sheet.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Investment properties

2023
£

At 1 May

525,000

At 30 April

525,000

There has been no valuation of investment property by an independent valuer.
 

If the investment properties had been accounted for under the historic cost accounting rule, the properties will be measured at cost of £119,990.

If the investment properties were to be sold at the current revaluation amount, corporation tax totalling £101,252.50 would be payable.
 

 

R.Hagger Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

6

14,624

10,398

Taxation and social security

 

2,694

2,888

Accruals and deferred income

 

1,903

1,911

 

19,221

15,197

6

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Directors current account

14,624

10,398