Registered number
11228131
HGMG Properties Ltd
Filleted Accounts
28 February 2023
HGMG Properties Ltd
Registered number: 11228131
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £ £ £
Fixed assets
Tangible assets 3 388,620 388,620
Current assets
Cash at bank and in hand 1,420 1,472
Creditors: amounts falling due within one year 4 (39,412) (56,314)
Net current liabilities (37,992) (54,842)
Total assets less current liabilities 350,628 333,778
Creditors: amounts falling due after more than one year 5 (307,148) (300,957)
Net assets 43,480 32,821
Capital and reserves
Share premium 100 100
Profit and loss account 43,380 32,721
Shareholder's funds 43,480 32,821
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K Gracias
Director
Approved by the board on 23 November 2023
HGMG Properties Ltd
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 March 2022 388,620
At 28 February 2023 388,620
Depreciation
At 28 February 2023 -
Net book value
At 28 February 2023 388,620
At 28 February 2022 388,620
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 2,172 10,185
Trade creditors 1,200 600
Taxation and social security costs 2,502 2,476
Other creditors 33,538 43,053
39,412 56,314
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 307,148 300,957
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
K Gracias
Directors loan (43,053) 9,515 - (33,538)
(43,053) 9,515 - (33,538)
7 Controlling party
The controlling party is K Gracias
8 Other information
HGMG Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Bryn Hill Farm
Graig Road
Lisvane
Cardiff
CF14 0UF
HGMG Properties Ltd 11228131 false 2022-03-01 2023-02-28 2023-02-28 VT Final Accounts April 2022 K Gracias No description of principal activity 11228131 2021-03-01 2022-02-28 11228131 core:WithinOneYear 2022-02-28 11228131 core:AfterOneYear 2022-02-28 11228131 core:SharePremium 2022-02-28 11228131 core:RetainedEarningsAccumulatedLosses 2022-02-28 11228131 2022-03-01 2023-02-28 11228131 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 11228131 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 11228131 bus:Director40 2022-03-01 2023-02-28 11228131 2 2022-03-01 2023-02-28 11228131 bus:Director1 2022-03-01 2023-02-28 11228131 bus:Director1 1 2022-03-01 2023-02-28 11228131 countries:England 2022-03-01 2023-02-28 11228131 bus:FRS102 2022-03-01 2023-02-28 11228131 bus:FullAccounts 2022-03-01 2023-02-28 11228131 2023-02-28 11228131 core:WithinOneYear 2023-02-28 11228131 core:AfterOneYear 2023-02-28 11228131 core:SharePremium 2023-02-28 11228131 core:RetainedEarningsAccumulatedLosses 2023-02-28 11228131 core:LandBuildings 2023-02-28 11228131 bus:Director1 1 2023-02-28 11228131 2022-02-28 11228131 core:LandBuildings 2022-02-28 11228131 bus:Director1 1 2022-02-28 iso4217:GBP xbrli:pure