Registered number
03917399
HOWGRAN (UK) PROPERTIES LIMITED
Report and Unaudited Accounts
31 July 2023
TEMPLETONS (UK) LIMITED
CHARTERED ACCOUNTANTS
309 HOE STREET
WALTHAMSTOW
LONDON E17 9BG
HOWGRAN (UK) PROPERTIES LIMITED
Registered number: 03917399
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,516,463 3,167,603
Current assets
Debtors 4 159,577 147,547
Cash at bank and in hand 33,480 32,793
193,057 180,340
Creditors: amounts falling due within one year 5 (41,098) (96,454)
Net current assets 151,959 83,886
Total assets less current liabilities 2,668,422 3,251,489
Provisions for liabilities (293,231) (417,255)
Net assets 2,375,191 2,834,234
Capital and reserves
Called up share capital 100 100
Revaluation reserve 6 1,242,845 1,771,580
Profit and loss account 1,132,246 1,062,554
Shareholders' funds 2,375,191 2,834,234
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mr Andre Grant
Director
Approved by the board on 29 January 2024
HOWGRAN (UK) PROPERTIES LIMITED
Notes to the Accounts
for the year ended 31 July 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 rental of properties.
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:
Plant and machinery 15% on reducing balance
Investment Properties are revalued at the year end by the company's Directors based on open market values.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost/ Valuation
At 1 August 2022 3,160,000 54,595 3,214,595
Additions 2,760 - 2,760
Surplus on revaluation (652,760) - (652,760)
At 31 July 2023 2,510,000 54,595 2,564,595
Depreciation
At 1 August 2022 - 46,992 46,992
Charge for the year - 1,140 1,140
At 31 July 2023 - 48,132 48,132
Net book value
At 31 July 2023 2,510,000 6,463 2,516,463
At 31 July 2022 3,160,000 7,603 3,167,603
Freehold land and buildings: 2023 2022
£ £
Historical cost 975,623 972,863
Cumulative depreciation based on historical cost - -
975,623 972,863
4 Debtors 2023 2022
£ £
Amounts owed by associated company 147,547 147,547
Other debtors ( see note 8 below) 12,030 -
159,577 147,547
5 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax 17,815 79,950
Other taxes and social security costs 3,647 1,787
Other creditors 19,636 14,717
41,098 96,454
6 Revaluation reserve 2023 2022
£ £
At 1 August 2022 1,771,580 1,771,580
Loss on revaluation of land and buildings (652,760) -
Deferred taxation arising on the revaluation of land and buildings 124,025 -
At 31 July 2023 1,242,845 1,771,580
This related to the gain arising on the revaluation of the company's investment properties as at
31 July 2023, based on a valuation conducted by the directors of the company based on
market values. The directors are not aware of any material change in value since the date of
valuation.
7 Related parties
AG acquisitions Limited
AG acquisitions owns 50 % shares in Howgran (UK) Properties Limited.
At the year end Howgran (UK) Properties was owed £147,547 (2022- £147,547) by AG acquisitions Limited and is disclosed under amount owed to associated company in notes 4 above.
8 Transaction with Directors
a) During the year , Mr A Grant who is a Director of the company throughout the year , has charged the company £21,175 (2022- £14,382) for management services provided during the year.
b) The Directors loan account was overdrawn at the year end by £11,997 (2022- £1,731 in credit) and is disclosed under other debtors and other creditors ibn notes 4 and 5 above respectively.
9 Controlling party
There is no ultimate controlling party.
10 Other information
HOWGRAN (UK) PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
56 High Road
Tottenham
London
N15 6JU
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