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Registered number: 12166673









HAGAG NOAM LIMITED







UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
HAGAG NOAM LIMITED
 
 
COMPANY INFORMATION


Directors
Nirit Yacobi Bitton (appointed 31 August 2020)
Yam Katz (appointed 27 January 2022)




Registered number
12166673



Registered office
1 Charterhouse Mews

London

EC1M 6BB





 
HAGAG NOAM LIMITED
 

CONTENTS



Page
Directors' Report
1
Profit and Loss Account
2
Balance Sheet
3 - 4
Notes to the Financial Statements
5 - 9


 
HAGAG NOAM LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Under company law the directors must not approve the financial statements unless they are 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 directors are required to:


select suitable accounting policies and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Principal activity

The principal activity of the company in the year under review was that of an investment holding company.

Directors

The directors who served during the year were:

Nirit Yacobi Bitton (appointed 31 August 2020)
Yam Katz (appointed 27 January 2022)

Post balance sheet events

Information relating to events since the end of the year is given in the notes to the financial statements. 

This report was approved by the board on 26 June 2024 and signed on its behalf.
 





N Yacobi Bitton - Director

Page 1

 
HAGAG NOAM LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

Turnover
  
303,761
(31,815)

Other income
  
5,015
5,325

Depreciation and other amounts written off assets
  
(9,192)
(3,652)

Other charges
  
(1,418,521)
(1,146,086)

Loss
  
(1,118,937)
(1,176,228)

Page 2

 
HAGAG NOAM LIMITED
REGISTERED NUMBER: 12166673

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Fixed assets
  

Tangible assets
 4 
33,116
42,308

Investments
 5 
30,000
30,000

Investment property
 6 
25,540,292
25,312,799

  
25,603,408
25,385,107

Current assets
  

Debtors: amounts falling due after more than one year
 7 
124,743
150,243

Debtors: amounts falling due within one year
 7 
107,127
41,470

Cash at bank and in hand
  
1,205,479
946,887

  
1,437,349
1,138,600

Creditors: amounts falling due within one year
 8 
(1,371,839)
(933,721)

Net current assets
  
 
 
65,510
 
 
204,879

Total assets less current liabilities
  
25,668,918
25,589,986

  

Creditors: amounts falling due after more than one year
 9 
(29,949,359)
(28,751,491)

  
(4,280,441)
(3,161,505)

  

  

Net assets excluding pension asset
  
(4,280,441)
(3,161,505)

Net liabilities
  
(4,280,441)
(3,161,505)


Capital and reserves
  

Called up share capital 
 10 
100
100

Other reserves
  
(3,161,604)
(1,985,377)

Profit and loss account
  
(1,118,937)
(1,176,228)

  
(4,280,441)
(3,161,505)


Page 3

 
HAGAG NOAM LIMITED
REGISTERED NUMBER: 12166673
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023



Notes


Average number of employees

The average monthly number of employees, including directors, during the year was 0 (2022 - 0).

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to entities subject to the micro-entities' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 June 2024.




................................................
Nirit Yacobi Bitton
Director

Page 4

 
HAGAG NOAM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


Statutory information

Hagag Noam Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 105 the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis, notwithstanding net current assets of £65,510 (2022: £204,879), which the director believes to be appropriate for the following reason:
Within the creditors due within one year is a loan from the parent company of £5,683,807 (2022: £4,973,087). The parent company will continue to support the business to enable the company to meet its liabilities as they fall due.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
HAGAG NOAM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Trade and other creditors are obligations to pay for services that have been acquired in the ordinary course of business and are measured at historical cost. Accrued expenses are recognised when the amount can be measured reliably.


3.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

Page 6

 
HAGAG NOAM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2023
45,960



At 31 December 2023

45,960



Depreciation


At 1 January 2023
3,652


Charge for the year on owned assets
9,192



At 31 December 2023

12,844



Net book value



At 31 December 2023
33,116



At 31 December 2022
42,308


5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2023
30,000



At 31 December 2023
30,000




Investment details
Black Sheep Coffee Shops Limited

Page 7

 
HAGAG NOAM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Investment property


2023

£



Valuation


At 1 January 2023
25,312,799


Additions at cost
227,493



At 31 December 2023
25,540,292







7.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
124,743
150,243

124,743
150,243


2023
2022
£
£

Due within one year

Trade debtors
41,572
41,470

Other debtors
65,555
-

107,127
41,470



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
497,736
58,536

Other taxation and social security
-
1,083

Other creditors
874,103
874,102

1,371,839
933,721


Page 8

 
HAGAG NOAM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
22,041,771
21,804,206

Other creditors
7,907,588
6,947,285

29,949,359
28,751,491



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



11.


Related party transactions

Included within other creditors (note 9) is a balance of £5,683,807 (2022: £4,973,087) which is due to Hagag-Gaya Holding B.V, a shareholder of the company.
Included within other creditors (note 9) is a balance of £ 2,223,780 (2022: £1,974,198) which is due to Lanar Holdings 2006 Ltd, a shareholder of the company.


12.


Post balance sheet events

This is a non-adjusting event, the directors have not considered any adjustments to the financial statements for the year ended 31 December 2023.


13.


Ultimate controlling party

The ultimate controlling party is Hagag-Gaya Holding B.V., a company incorporated and registered in The
Netherlands.

 
Page 9