REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2023 |
for |
Hala Management Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2023 |
for |
Hala Management Limited |
Hala Management Limited (Registered number: 04120291) |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Hala Management Limited |
Company Information |
for the Year Ended 30 June 2023 |
Director: |
Registered office: |
Registered number: |
Accountants: |
Chartered accountants |
85 Church Road |
Hove |
East Sussex |
BN3 2BB |
Hala Management Limited (Registered number: 04120291) |
Balance Sheet |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 4 |
Investment property | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors: amounts falling due within one year |
7 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors: amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) |
Net liabilities | ( |
) | ( |
) |
Hala Management Limited (Registered number: 04120291) |
Balance Sheet - continued |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Capital and reserves |
Called up share capital | 9 |
Fair value reserve | 10 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
The director acknowledges his 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. |
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 director and authorised for issue on |
Hala Management Limited (Registered number: 04120291) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | Statutory information |
The presentation currency of the financial statements is in Pound Sterling (£) and rounding is to the nearest (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
Deferred tax is recognised on revalued investment properties using the rates and allowances that apply to the sale of the asset at the period end. |
Rental income |
Rental income from operating leases (net of any incentives given to the leases) is recognised on a straight-line basis over the lease term. |
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. |
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. |
Investment property is revalued at its fair value at each reporting date and any changes in fair value are recognised in profit or loss. |
The investment property fair value of £3,450,000 (2022 - £2,544,600) was determined by the director |
based on the market value of similar properties in the area. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
Hala Management Limited (Registered number: 04120291) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
2. | Accounting policies - continued |
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. |
Other investments |
Other investments are initially recorded at cost and revalued at their fair value each reporting date. Any changes in fair value are recognised in the Profit and Loss Account. |
3. | Employees and directors |
The average number of employees during the year was NIL (2022 - NIL). |
4. | Fixed asset investments |
Investments (neither listed nor unlisted) were as follows: |
2023 | 2022 |
£ | £ |
Motor Vehicles | 250,000 | - |
5. | Investment property |
Total |
£ |
Fair value |
At 1 July 2022 |
Additions |
Disposals | ( |
) |
Revaluations | 577,126 |
At 30 June 2023 |
Net book value |
At 30 June 2023 |
At 30 June 2022 |
The investment property fair value of £3,450,000 (2022- £2,544,600) was determined by the director based on the market value of similar properties in the area. |
Hala Management Limited (Registered number: 04120291) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
8. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans |
Other creditors |
Creditors include liabilities of £3,545,967 (2022 £2,696,425) which are secured by the assets to which they relate. |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 10,000 | 10,000 |
Hala Management Limited (Registered number: 04120291) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
10. | Reserves |
Fair |
value |
reserve |
£ |
At 1 July 2022 |
Transfer | 441,711 |
At 30 June 2023 |
11. | Related party disclosures |
At the year end, the company owed the directors £55,726 (2022: £13,857). |