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REGISTERED NUMBER: SC385768















HAP LETTINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023






HAP LETTINGS LIMITED (REGISTERED NUMBER: SC385768)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


HAP LETTINGS LIMITED (REGISTERED NUMBER: SC385768)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,015 5,175

CURRENT ASSETS
Debtors 5 11,390 1,566
Cash at bank 114,284 142,346
125,674 143,912
CREDITORS
Amounts falling due within one year 6 97,654 107,112
NET CURRENT ASSETS 28,020 36,800
TOTAL ASSETS LESS CURRENT
LIABILITIES

34,035

41,975

CREDITORS
Amounts falling due after more than one year 7 (32,642 ) (38,217 )

PROVISIONS FOR LIABILITIES (1,143 ) (983 )
NET ASSETS 250 2,775

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 150 2,675
SHAREHOLDERS' FUNDS 250 2,775

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

HAP LETTINGS LIMITED (REGISTERED NUMBER: SC385768)

BALANCE SHEET - continued
30 JUNE 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 February 2024 and were signed on its behalf by:





J S Hardy - Director


HAP LETTINGS LIMITED (REGISTERED NUMBER: SC385768)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

HAP Lettings Limited is a private company, limited by shares, registered in Scotland. The company's registered office address is 362 Great Western Road, Glasgow, G4 9HT.

The presentation currency of the financial statements is Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There have been no material departures from that standard. The financial statements have been prepared under the historical cost convention.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements.

The directors consider there are no such significant judgements.

Turnover
Turnover represents management fees receivable during the year. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the services have been passed to the buyer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Land and buildings - 2% on cost
Plant and machinery etc - 33.3% on cost and 20% on reducing balance

Plant and machinery etc is included in the financial statements at cost less accumulated depreciation and accumulated impairment losses.

Land and buildings are stated at cost less accumulated depreciation and accumulated impairment losses. If the estimated residual value at the balance sheet date is considered to be equivalent to the cost, no depreciation will be charged.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

HAP LETTINGS LIMITED (REGISTERED NUMBER: SC385768)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued

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 loans to and from related parties

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating lease commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

HAP LETTINGS LIMITED (REGISTERED NUMBER: SC385768)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022 25,283
Additions 2,345
At 30 June 2023 27,628
DEPRECIATION
At 1 July 2022 20,108
Charge for year 1,505
At 30 June 2023 21,613
NET BOOK VALUE
At 30 June 2023 6,015
At 30 June 2022 5,175

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 460 -
Other debtors 8,554 1,566
9,014 1,566

Amounts falling due after more than one year:
Other debtors 2,376 -

Aggregate amounts 11,390 1,566

HAP LETTINGS LIMITED (REGISTERED NUMBER: SC385768)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,773 5,773
Trade creditors 63,372 78,356
Taxation and social security 23,276 18,474
Other creditors 5,233 4,509
97,654 107,112

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 32,642 38,217

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 4,834 10,409

8. LEASING AGREEMENTS
The total amount of non-cancellable operating leases due at the balance sheet date amounted to £5,806 (2022: £12,201)

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2023 and 30 June 2022:

2023 2022
£    £   
J S Hardy
Balance outstanding at start of year 161 161
Amounts advanced 30,400 -
Amounts repaid (26,961 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,600 161

R C Hyndman
Balance outstanding at start of year - -
Amounts advanced 3,600 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,600 -

The above loans which are interest free are repayable on demand.