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Registered number: 01906327
Hayer Brothers Group Limited
Unaudited Financial Statements
For the Period 1 February 2022 to 31 July 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01906327
31 July 2023 31 January 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 606,061 1,371,666
606,061 1,371,666
CURRENT ASSETS
Debtors 5 - 6,137
Cash at bank and in hand 98,487 196,586
98,487 202,723
Creditors: Amounts Falling Due Within One Year 6 (14,592 ) (46,392 )
NET CURRENT ASSETS (LIABILITIES) 83,895 156,331
TOTAL ASSETS LESS CURRENT LIABILITIES 689,956 1,527,997
NET ASSETS 689,956 1,527,997
CAPITAL AND RESERVES
Called up share capital 7 360 360
Revaluation reserve 8 125,219 288,500
Other reserves 1,749 1,749
Profit and Loss Account 562,628 1,237,388
SHAREHOLDERS' FUNDS 689,956 1,527,997
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Page 2
For the period ending 31 July 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
Mr Gurdip Singh HAYER
Director
7th June 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Hayer Brothers Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01906327 . The registered office is Colman House, 121 Livery Street, Birmingham, B3 1RS.
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 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 1% Straight Line
Plant & Machinery 25% Reducing Balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. 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.
...CONTINUED
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2.4. Taxation - continued
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 assets reflect 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.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 1 (2022: )
1 -
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost
As at 1 February 2022 1,373,245 247,362 1,620,607
Transfers (777,208 ) - (777,208 )
As at 31 July 2023 596,037 247,362 843,399
Depreciation
As at 1 February 2022 48,064 200,877 248,941
Provided during the period 4,172 11,621 15,793
Disposals (27,396 ) - (27,396 )
As at 31 July 2023 24,840 212,498 237,338
Net Book Value
As at 31 July 2023 571,197 34,864 606,061
As at 1 February 2022 1,325,181 46,485 1,371,666
5. Debtors
31 July 2023 31 January 2022
£ £
Due within one year
Trade debtors - 6,137
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6. Creditors: Amounts Falling Due Within One Year
31 July 2023 31 January 2022
£ £
Trade creditors - 1
Other creditors 850 28,284
Taxation and social security 13,742 18,107
14,592 46,392
7. Share Capital
31 July 2023 31 January 2022
£ £
Allotted, Called up and fully paid 360 360
8. Reserves
Revaluation Reserve
£
As at 1 February 2022 288,500
Revaluation reserve on disposals (163,281 )
As at 31 July 2023 125,219
9. Related Party Transactions
During the year property valued at £586,531 was sold at cost price to Nashhyer Properties Ltd, a shareholder of the company. The shareholding was terminated on 04 July 2023. A dividend of 586,531 equivalent to the sale price was issued to them.Further dividend of £89,020, was also issued to Nashhyer properties Ltd for their drawings.
Further dividend of £42,000 was also issued the existiing shareholders duing the year.
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