Company registration number SC584897 (Scotland)
HEG HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
HEG HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
HEG HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Cash at bank and in hand
109,765
69,177
Creditors: amounts falling due within one year
4
(48,680)
(32,321)
Net current assets
61,085
36,856
Capital and reserves
Called up share capital
5
200
200
Profit and loss reserves
60,885
36,656
Total equity
61,085
36,856

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 16 August 2024 and are signed on its behalf by:
Mr D Howat
Director
Company Registration No. SC584897
HEG HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

HEG Holdings Limited is a private company limited by shares incorporated in Scotland. The registered office is 3 Wellington Sqaure, Ayr, Ayrshire, United Kingdom, KA7 1EN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

HEG HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
30,953
16,670
4
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
30,953
16,670
Other creditors
17,727
15,651
48,680
32,321
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200
2024-03-312023-04-01false16 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMrs S HowatMr A HowatMr D HowatMrs E HowatfalsefalseSC5848972023-04-012024-03-31SC5848972024-03-31SC5848972023-03-31SC584897core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-31SC584897core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-31SC584897core:CurrentFinancialInstruments2024-03-31SC584897core:CurrentFinancialInstruments2023-03-31SC584897core:ShareCapital2024-03-31SC584897core:ShareCapital2023-03-31SC584897core:RetainedEarningsAccumulatedLosses2024-03-31SC584897core:RetainedEarningsAccumulatedLosses2023-03-31SC584897bus:Director32023-04-012024-03-31SC5848972022-04-012023-03-31SC584897core:UKTax2023-04-012024-03-31SC584897core:UKTax2022-04-012023-03-31SC584897bus:PrivateLimitedCompanyLtd2023-04-012024-03-31SC584897bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-31SC584897bus:FRS1022023-04-012024-03-31SC584897bus:AuditExemptWithAccountantsReport2023-04-012024-03-31SC584897bus:Director12023-04-012024-03-31SC584897bus:Director22023-04-012024-03-31SC584897bus:Director42023-04-012024-03-31SC584897bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP