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Registration number: 09656093

Hayrish Asset Management Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 30 June 2023

 

Hayrish Asset Management Limited

(Registration number: 09656093)
Statement of Financial Position as at 30 June 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

5,873

6,292

Current assets

 

Stocks

6

855,937

-

Debtors

7

97,029

269,859

Other financial assets

5

453,376

870,878

Cash at bank and in hand

 

95,159

105,015

 

1,501,501

1,245,752

Creditors: Amounts falling due within one year

8

(262,196)

(104,543)

Net current assets

 

1,239,305

1,141,209

Total assets less current liabilities

 

1,245,178

1,147,501

Provisions for liabilities

(1,468)

(1,195)

Net assets

 

1,243,710

1,146,306

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,243,610

1,146,206

Shareholders' funds

 

1,243,710

1,146,306

For the financial year ending 30 June 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Income Statement has been taken.

Approved and authorised by the Board on 20 October 2023 and signed on its behalf by:
 

 

Hayrish Asset Management Limited

(Registration number: 09656093)
Statement of Financial Position as at 30 June 2023

.........................................
Mr A W Walton
Director

 

Hayrish Asset Management Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. United Kingdom.

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.

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

Reclassification of comparative amounts

The previous year's accounts have been restated so as to disclose the company's short term listed investments within current assets rather than fixed assets, and to reverse out a negative fair value reserve. There is no effect on the profit/loss for the year or on taxation.

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 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the respective functional currency of the entity at the rates prevailing on the reporting date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

 

Hayrish Asset Management Limited

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

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Investments

Investments in equity shares which are publicly traded or where fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit and loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are recognised at cost less impairment.

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 debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

 

Hayrish Asset Management Limited

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

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

Hayrish Asset Management Limited

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

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 July 2022

15,472

15,472

Additions

1,543

1,543

At 30 June 2023

17,015

17,015

Depreciation

At 1 July 2022

9,180

9,180

Charge for the year

1,962

1,962

At 30 June 2023

11,142

11,142

Carrying amount

At 30 June 2023

5,873

5,873

At 30 June 2022

6,292

6,292

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

At 1 July 2022

870,878

870,878

Fair value adjustments

23,341

23,341

Additions

280,837

280,837

Disposals

(701,996)

(701,996)

At 30 June 2023

473,060

473,060

Impairment

At 1 July 2022

58,405

58,405

Reversal of losses

(38,721)

(38,721)

At 30 June 2023

19,684

19,684

Carrying amount

At 30 June 2023

453,376

453,376

 

Hayrish Asset Management Limited

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

6

Stocks

2023
£

2022
£

Work in progress

855,937

-

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

26,491

136,459

Amounts owed by related parties

29,513

25,528

Other debtors

 

27,962

74,423

Prepayments

 

13,063

33,449

 

97,029

269,859

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Trade creditors

 

28,959

39,830

Amounts owed to group undertakings and undertakings in which the company has a participating interest

59,091

-

Taxation and social security

 

65,418

8,641

Accruals and deferred income

 

106,504

44,532

Other creditors

 

2,224

11,540

 

262,196

104,543

9

Parent and ultimate parent undertaking

The company's immediate parent is The Hayrish Group Limited, incorporated in England.

 The ultimate parent is Hayrish Holdings Limited, incorporated in England.