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COMPANY REGISTRATION NUMBER: 10823625
H & H Yadav Properties Limited
Filleted Unaudited Financial Statements
30 November 2023
H & H Yadav Properties Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
11,275,436
11,143,307
Current assets
Debtors
6
21,800
19,116
Cash at bank and in hand
403,307
539,371
---------
---------
425,107
558,487
Creditors: amounts falling due within one year
7
242,564
196,068
---------
---------
Net current assets
182,543
362,419
-------------
-------------
Total assets less current liabilities
11,457,979
11,505,726
Creditors: amounts falling due after more than one year
8
1,624,024
1,671,667
Provisions
632,333
632,333
-------------
-------------
Net assets
9,201,622
9,201,726
-------------
-------------
Capital and reserves
Called up share capital
200
200
Share premium account
9
6,268,902
6,268,902
Profit and loss account
9
2,932,520
2,932,624
------------
------------
Shareholders funds
9,201,622
9,201,726
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
H & H Yadav Properties Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 22 August 2024 , and are signed on behalf of the board by:
Mr H YADAV
Mrs H YADAV
Director
Director
Company registration number: 10823625
H & H Yadav Properties Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Bruce Grove, London, N17 6RA, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Valuation of investment property: The valuation of the company's investment property is inherently subjective due to, among other factors, the nature of the property, its location and the expected future rental revenues from that particular property. As a result, the valuation the company places on its investment property is subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market.
Revenue recognition
Turnover represents rents receivable from letting of investment properties during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
4. Employee numbers
The average number of persons employed by the company during the year was Nil.
5. Tangible assets
Investment property
Fixtures and fittings
Total
£
£
£
Cost
At 1 December 2022
11,141,000
7,293
11,148,293
Additions
132,706
132,706
-------------
-------
-------------
At 30 November 2023
11,273,706
7,293
11,280,999
-------------
-------
-------------
Depreciation
At 1 December 2022
4,986
4,986
Charge for the year
577
577
-------------
-------
-------------
At 30 November 2023
5,563
5,563
-------------
-------
-------------
Carrying amount
At 30 November 2023
11,273,706
1,730
11,275,436
-------------
-------
-------------
At 30 November 2022
11,141,000
2,307
11,143,307
-------------
-------
-------------
The investment property was valued by the directors at the balance sheet date, with reference to the market value of similar properties in the area, and in their opinion the fair value is £11,273,706 (2022 - £11,141,000). The historical cost of the property was £7,575,550.
6. Debtors
2023
2022
£
£
Other debtors
21,800
19,116
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
134,997
54,870
Corporation tax
47,508
64,062
Social security and other taxes
1,081
125
Other creditors
58,978
77,011
---------
---------
242,564
196,068
---------
---------
Included under creditors falling due within one year is an amount £134,997 (2022 - £54,870) building society loans secured by a fixed charge over the company's investment properties and a personal guarantee provided by the directors.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,624,024
1,671,667
------------
------------
Included under creditors falling due after more than one year is an amount £1,624,024 (2022 - £1,671,667) building society loans secured by a fixed charge over the company's investment properties and a personal guarantee provided by the directors.
The loans are repayable by instalments, which fall due for payment after more than five years from the reporting date.
The interest rate payable on the loan is 2.99% over the Bank base rate.
9. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Included in profit and loss reserve are distributable profits of £944,620 (2022 - £944,724) and non-distributable profits of £1,987,900 (2022 - £1,987,900) in respect of revaluation gains on investment properties.
10. Directors' advances, credits and guarantees
The directors have provided a personal guarantee to the building society in respect of the company's loan. The guarantee is limited to £1,700,000 plus interest and costs. The amount of liability at the balance sheet date was £1,759,021 (2022 - £1,724,474).
11. Related party transactions
Included in creditors due within one year, is a balance of £5,065 (2022 - £22,424) owed to the directors. No interest is charged in respect of this balance.