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Registered number: 11518096
HNSG Properties Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
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—7
Page 1
Accountants' Report
Report to the directors on the preparation of the unaudited statutory accounts of HNSG Properties Limited For The Year Ended 31 March 2024
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of HNSG Properties 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 HNSG Properties 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 HNSG Properties Limited and state those matters that we have agreed to state to the directors of HNSG Properties 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 HNSG Properties Limited and its directors as a body for our work or for this report.
It is your duty to ensure that HNSG 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 or loss of HNSG Properties Limited . You consider that HNSG 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 HNSG 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 financial statements.
Signed
2 August 2024
Synergy Accountancy Services LLP
Chartered Certified Accountants
378 Walsall Road
Perry Barr
Birmingham
B42 2LX
Page 1
Page 2
Balance Sheet
Registered number: 11518096
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 867 1,020
Investment Properties 5 717,102 717,102
717,969 718,122
CURRENT ASSETS
Debtors 6 36,566 33,814
Cash at bank and in hand 1,857 3,163
38,423 36,977
Creditors: Amounts Falling Due Within One Year 7 (382,705 ) (373,695 )
NET CURRENT ASSETS (LIABILITIES) (344,282 ) (336,718 )
TOTAL ASSETS LESS CURRENT LIABILITIES 373,687 381,404
Creditors: Amounts Falling Due After More Than One Year 8 (325,933 ) (338,369 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (217 ) (194 )
NET ASSETS 47,537 42,841
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 47,437 42,741
SHAREHOLDERS' FUNDS 47,537 42,841
Page 2
Page 3
For the year ending 31 March 2024 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 Nassir Ghanchi
Director
2 August 2024
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
HNSG Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11518096 . 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 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.
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:
Fixtures & Fittings 15% Reducing Balance
2.4. 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.
2.5. 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 April 2023 1,200
As at 31 March 2024 1,200
Depreciation
As at 1 April 2023 180
Provided during the period 153
As at 31 March 2024 333
Net Book Value
As at 31 March 2024 867
As at 1 April 2023 1,020
5. Investment Property
31 March 2024
£
Fair Value
As at 1 April 2023 and 31 March 2024 717,102
6. Debtors
31 March 2024 31 March 2023
£ £
Due within one year
Trade debtors 5,496 5,896
Other debtors - Zyn Properties Ltd 31,070 27,918
36,566 33,814
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Page 6
7. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 March 2023
£ £
Bank loans and overdrafts 14,330 10,252
Corporation tax 1,143 5,440
Other creditors - Prime Production Ltd 175,000 175,000
Accruals and deferred income 9,594 1,800
Directors' loan accounts 182,638 181,203
382,705 373,695
8. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 31 March 2023
£ £
Bank loans 325,933 338,369
Of the creditors falling due after more than one year the following amounts are due after more than five years.
31 March 2024 31 March 2023
£ £
Bank loans 268,613 297,360
9. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured with a fixed and floating charge on all the property or undertaking of the company.
31 March 2024 31 March 2023
£ £
Bank loans and overdrafts 340,263 348,621
10. Share Capital
31 March 2024 31 March 2023
£ £
Allotted, Called up and fully paid 100 100
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11. Related Party Transactions
Included in Other Debtors is an interest-free loan, repayable on demand, amounting to £27,918 (2022 - £27,918) to a company in which the shareholders have a common interest.
Included in Other Creditors is an interest-free loan, repayable on demand, amounting to £175,000 (2023 - £175,000) to a company in which one of the shareholders has a common interest.
The opening balance on the directors' current account was £178,300. The total debits and credits in the director's loan account were £Nil (2023 - £1,761) and £954 (2023 - £2,519) respectively. The balance at 31 March 2024 was £179,254.
The opening balance on the directors' current account was £2,903. The total debits and credits in the director's loan account were £Nil (2023 - £Nil) and £481 (2023 - £456) respectively. The balance at 31 March 2024 was £3,384.
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