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COMPANY REGISTRATION NUMBER: SC259522
Hays Properties Limited
Filleted Unaudited Abridged Financial Statements
30 November 2022
Hays Properties Limited
Directors' Report
Year Ended 30 November 2022
The directors present their report and the unaudited abridged financial statements of the company for the year ended 30 November 2022 .
Principal Activities
The principal activity of the company during the year was the investment in and rental of property.
Directors
The directors who served the company during the year were as follows:
Mr A Hay
Miss F Hay
Small Company Provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 23 November 2023 and signed on behalf of the board by:
Mr A Hay
Director
Registered office:
Dundee One
River Court
5 West Victoria Dock Road
Dundee
DD1 3JT
Hays Properties Limited
Abridged Statement of Financial Position
30 November 2022
2022
2021
Note
£
£
£
Fixed Assets
Tangible assets
4
713,548
713,548
Current Assets
Debtors
80,825
80,000
Cash at bank and in hand
5,879
33,523
--------
---------
86,704
113,523
Creditors: amounts falling due within one year
193,257
217,093
---------
---------
Net Current Liabilities
106,553
103,570
---------
---------
Total Assets Less Current Liabilities
606,995
609,978
Creditors: amounts falling due after more than one year
415,131
421,693
---------
---------
Net Assets
191,864
188,285
---------
---------
Capital and Reserves
Called up share capital
100
100
Revaluation reserve
274,662
274,662
Profit and loss account
( 82,898)
( 86,477)
---------
---------
Shareholders Funds
191,864
188,285
---------
---------
These abridged 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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged income statement has not been delivered.
For the year ending 30 November 2022 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 abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged income statement and the abridged statement of financial position for the year ending 30 November 2022 in accordance with Section 444(2A) of the Companies Act 2006.
Hays Properties Limited
Abridged Statement of Financial Position (continued)
30 November 2022
These abridged financial statements were approved by the board of directors and authorised for issue on 23 November 2023 , and are signed on behalf of the board by:
Mr A Hay
Director
Company registration number: SC259522
Hays Properties Limited
Notes to the Abridged Financial Statements
Year Ended 30 November 2022
1. General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Dundee One, River Court, 5 West Victoria Dock Road, Dundee, DD1 3JT.
2. Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Investment Properties
Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
This is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
20% straight line
4. Tangible Assets
£
Cost
At 1 December 2021 and 30 November 2022
736,190
---------
Depreciation
At 1 December 2021 and 30 November 2022
22,642
---------
Carrying amount
At 30 November 2022
713,548
---------
At 30 November 2021
713,548
---------
5. Related Party Transactions
At the balance sheet date, £191,626 (2021 - £215,462) was due to the company's directors.