Registration number:
HAK Properties Limited
for the Year Ended 30 November 2023
HAK Properties Limited
Contents
Company Information |
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Statement of Director's Responsibilities |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
HAK Properties Limited
Company Information
Director |
H Cormie |
Company secretary |
A L Cormie |
Registered office |
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Solicitors |
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Accountants |
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HAK Properties Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
HAK Properties Limited
for the Year Ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of HAK Properties Limited for the year ended 30 November 2023 as set out on pages 4 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance.
This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of HAK Properties Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.
It is your duty to ensure that HAK Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of HAK Properties Limited. You consider that HAK Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of HAK Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
Kirkcaldy
Fife
KY1 1HB
HAK Properties Limited
(Registration number: SC209646)
Balance Sheet as at 30 November 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
|
|
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Investment property |
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|
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Other financial assets |
5,000 |
5,000 |
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|
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Current assets |
|||
Debtors |
|
|
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Cash at bank and in hand |
|
|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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|
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Total assets less current liabilities |
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|
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Provisions for liabilities |
( |
( |
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Net assets |
|
|
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Capital and reserves |
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Called up share capital |
320 |
320 |
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Share premium reserve |
199,882 |
199,882 |
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Revaluation reserve |
167,506 |
187,506 |
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Retained earnings |
304,272 |
266,499 |
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Shareholders' funds |
671,980 |
654,207 |
For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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HAK Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
Scotland
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency is sterling.
Financial instruments
Classification
Basic Financial Assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market value rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic Financial Liabilities
Basic financial liabilities, comprising creditors and accruals, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective rate of interest.
Going concern
The financial statements have been prepared on the going concern basis. The director considers this basis is appropriate as the company is supported by the value of its investments and it continues to meet its working capital requirements as they fall due.
Revenue recognition
Turnover comprises property income and consultancy fee income exclusive of VAT.
Tangible assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.
HAK Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Depreciation
Depreciation is charged so as to write off the cost less residual value of the asset over its useful life at the following rates:
Asset class |
Depreciation method and rate |
Fixtures, fittings and equipment |
20% straight line |
Motor vehicles |
25% straight line |
Investment property
Impairment of fixed assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is recognised directly in other comprehensive income.
The corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Current or deferred taxation assets and liabilities are not discounted.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Hire purchase and leases
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
Investments
Fixed asset investments other than investment properties are stated at cost less impairment.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
HAK Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Other operating income |
2023 |
2022 |
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£ |
£ |
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Dilapidation settlement |
65,000 |
- |
Taxation |
The tax charge on the profit for the year was as follows: |
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2023 |
2022 |
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£ |
£ |
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UK corporation tax |
2,456 |
8,578 |
|
Deferred tax |
(63) |
83 |
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Tax on profit |
2,393 |
8,661 |
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost |
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At 1 December 2022 |
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At 30 November 2023 |
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Depreciation |
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At 1 December 2022 |
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Charge for the year |
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- |
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At 30 November 2023 |
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Carrying amount |
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At 30 November 2023 |
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- |
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At 30 November 2022 |
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- |
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Investment properties |
2023 |
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At 1 December |
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Disposals |
( |
At 30 November |
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The investment properties are stated at fair value, provided by the director, as at 30 November 2023 and at 30 November 2022.
If investment properties had not been revalued they would have been stated at historic cost of £371,268 (2022 £401,268).
HAK Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
||
At 1 December 2022 |
5,000 |
5,000 |
At 30 November 2023 |
5,000 |
5,000 |
Impairment |
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Carrying amount |
||
At 30 November 2023 |
|
5,000 |
Debtors |
2023 |
2022 |
|
Trade debtors |
|
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Prepayments |
|
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Other debtors |
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|
|
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Taxation and social security |
|
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Accruals and deferred income |
|
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Other creditors |
|
|
|
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Provisions for liabilities |
2023 |
2022 |
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£ |
£ |
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Deferred tax |
164 |
227 |
|
Deferred tax |
|||
Balance at 1 December 2022 |
227 |
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Charge / (credit) to profit and loss account during the year |
(63) |
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Balance at 30 November 2023 |
164 |