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Registered number: 11535014
Hemmi Property Limited
Unaudited Financial Statements
For The Year Ended 31 August 2023
Synergy Accountancy Services LLP
Chartered Certified Accountants
378 Walsall Road
Perry Barr
Birmingham
B42 2LX
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountants' Report
Report to the directors on the preparation of the unaudited statutory accounts of Hemmi Property Limited For The Year Ended 31 August 2023
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hemmi Property Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Hemmi Property Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Hemmi Property Limited and state those matters that we have agreed to state to the directors of Hemmi Property Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hemmi Property Limited and its directors as a body for our work or for this report.
It is your duty to ensure that Hemmi Property 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 or loss of Hemmi Property Limited . You consider that Hemmi Property 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 Hemmi Property 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 financial statements.
Signed
9 April 2024
Synergy Accountancy Services LLP
Chartered Certified Accountants
378 Walsall Road
Perry Barr
Birmingham
B42 2LX
Page 1
Page 2
Balance Sheet
Registered number: 11535014
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 190,000 190,000
190,000 190,000
CURRENT ASSETS
Cash at bank and in hand 32,316 29,357
32,316 29,357
Creditors: Amounts Falling Due Within One Year 5 (62,183 ) (61,661 )
NET CURRENT ASSETS (LIABILITIES) (29,867 ) (32,304 )
TOTAL ASSETS LESS CURRENT LIABILITIES 160,133 157,696
Creditors: Amounts Falling Due After More Than One Year 6 (135,206 ) (134,993 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,464 ) (4,464 )
NET ASSETS 20,463 18,239
CAPITAL AND RESERVES
Called up share capital 8 100 100
Revaluation reserve 19,032 19,032
Profit and Loss Account 1,331 (893 )
SHAREHOLDERS' FUNDS 20,463 18,239
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Page 3
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss Hemisha Prajapat
Director
9 April 2024
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Hemmi Property Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11535014 . The registered office is 378 Walsall Road, Perry Barr, Birmingham, B42 2LX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises rental income receivable in the year.
Rental income is recognised from the point they are available for letting, net of any voids.
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. Taxation
The tax currently payable is based on taxable profit for the year. 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.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 2)
1 2
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4. Tangible Assets
Investment Properties
£
Cost or Valuation
As at 1 September 2022 190,000
As at 31 August 2023 190,000
Net Book Value
As at 31 August 2023 190,000
As at 1 September 2022 190,000
Investment properties have been revalued at year end by the director using her own experience and expertise. The director believes this to be an appropriate value for the rental market in the area where the property is situated.
5. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors (1 ) -
Other creditors 61,872 61,661
Taxation and social security 312 -
62,183 61,661
6. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 135,206 134,993
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2023 2022
£ £
Bank loans 135,206 134,993
7. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured by a legal charge over the property.
2023 2022
£ £
Bank loans and overdrafts 135,206 134,993
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8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
9. Related Party Transactions
The opening balance on the directors' current account was £69,172. The total debits and credits in the directors' loan account were £10,000 (2021 - £408) and £1,468 (2021- £3,333) respectively. The balance at 31 August 2022 was £60,640.
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