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REGISTERED NUMBER: 12166410 (England and Wales)









HEGAN HOMES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023






HEGAN HOMES LIMITED (REGISTERED NUMBER: 12166410)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HEGAN HOMES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: S D Hegan
Mrs L Hegan





REGISTERED OFFICE: Station House
50 North Street
Havant
Hampshire
PO9 1QU





REGISTERED NUMBER: 12166410 (England and Wales)





ACCOUNTANTS: Morris Crocker
Chartered Accountants
Station House
North Street
Havant
Hampshire
PO9 1QU

HEGAN HOMES LIMITED (REGISTERED NUMBER: 12166410)

BALANCE SHEET
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,520 11,040
Tangible assets 5 13,553 4,468
Investment property 6 2,095,486 1,605,260
2,114,559 1,620,768

CURRENT ASSETS
Debtors 7 822 1,319
Cash at bank 9,204 10,609
10,026 11,928
CREDITORS
Amounts falling due within one year 8 895,642 534,313
NET CURRENT LIABILITIES (885,616 ) (522,385 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,228,943

1,098,383

CREDITORS
Amounts falling due after more than one
year

9

(1,215,655

)

(1,066,320

)

PROVISIONS FOR LIABILITIES (48,332 ) (36,811 )
NET LIABILITIES (35,044 ) (4,748 )

CAPITAL AND RESERVES
Called up share capital 100 100
Other reserves 144,996 156,596
Retained earnings (180,140 ) (161,444 )
(35,044 ) (4,748 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HEGAN HOMES LIMITED (REGISTERED NUMBER: 12166410)

BALANCE SHEET - continued
31 AUGUST 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 January 2024 and were signed on its behalf by:




S D Hegan - Director



Mrs L Hegan - Director


HEGAN HOMES LIMITED (REGISTERED NUMBER: 12166410)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1. STATUTORY INFORMATION

Hegan Homes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represent rents receivable during the period. Rental income is recognised on the basis of amounts due in the period.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Franchise fees are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

Trade and other debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method


HEGAN HOMES LIMITED (REGISTERED NUMBER: 12166410)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern
The company has the continued financial support of its directors, who have agreed not to request repayment of their loans until the company has the funds available. On this basis the directors of Hegan Homes Limited considers it appropriate to prepare accounts on the going concern basis. The financial statements do not include any adjustments that would result in the company suffering further trading losses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 September 2022
and 31 August 2023 27,600
AMORTISATION
At 1 September 2022 16,560
Charge for year 5,520
At 31 August 2023 22,080
NET BOOK VALUE
At 31 August 2023 5,520
At 31 August 2022 11,040

HEGAN HOMES LIMITED (REGISTERED NUMBER: 12166410)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2022 27,344
Additions 19,824
At 31 August 2023 47,168
DEPRECIATION
At 1 September 2022 22,876
Charge for year 10,739
At 31 August 2023 33,615
NET BOOK VALUE
At 31 August 2023 13,553
At 31 August 2022 4,468

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022 1,605,260
Additions 490,226
At 31 August 2023 2,095,486
NET BOOK VALUE
At 31 August 2023 2,095,486
At 31 August 2022 1,605,260

Fair value at 31 August 2023 is represented by:
£   
Valuation in 2021 43,349
Valuation in 2022 149,979
Cost 1,902,158
2,095,486

Investment property was valued by the directors at fair value as at 31 August 2023.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 822 1,319

HEGAN HOMES LIMITED (REGISTERED NUMBER: 12166410)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 562 72
Other creditors 895,080 534,241
895,642 534,313

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 883,645 883,645
Other creditors 332,010 182,675
1,215,655 1,066,320

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 883,645 883,645

10. SECURED DEBTS

The loans are secured by a first legal charge over the properties to which they relate.