Registered number
11228131
HGMG Properties Ltd
Filleted Accounts
29 February 2024
HGMG Properties Ltd
Registered number: 11228131
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £ £ £
Fixed assets
Tangible assets 3 388,620 388,620
Current assets
Cash at bank and in hand 625 1,420
Creditors: amounts falling due within one year 4 (28,207) (39,412)
Net current liabilities (27,582) (37,992)
Total assets less current liabilities 361,038 350,628
Creditors: amounts falling due after more than one year 5 (305,328) (307,148)
Net assets 55,710 43,480
Capital and reserves
Share premium 100 100
Profit and loss account 55,610 43,380
Shareholder's funds 55,710 43,480
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K Gracias
Director
Approved by the board on 16 April 2024
HGMG Properties Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 March 2023 388,620
At 29 February 2024 388,620
Depreciation
At 29 February 2024 -
Net book value
At 29 February 2024 388,620
At 28 February 2023 388,620
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,124 2,172
Trade creditors 600 1,200
Taxation and social security costs 2,874 2,502
Other creditors 22,609 33,538
28,207 39,412
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 305,328 307,148
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
K Gracias
Directors loan (33,538) 10,929 - (22,609)
(33,538) 10,929 - (22,609)
7 Controlling party
The controlling party is K Gracias
8 Other information
HGMG Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Bryn Hill Farm
Graig Road
Lisvane
Cardiff
CF14 0UF
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