IRIS Accounts Production v24.1.0.578 SC442228 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4422282022-12-31SC4422282023-12-31SC4422282023-01-012023-12-31SC4422282021-12-31SC4422282022-01-012022-12-31SC4422282022-12-31SC442228ns15:Scotland2023-01-012023-12-31SC442228ns14:PoundSterling2023-01-012023-12-31SC442228ns10:Director12023-01-012023-12-31SC442228ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC442228ns10:SmallEntities2023-01-012023-12-31SC442228ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-31SC442228ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC442228ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC442228ns10:FullAccounts2023-01-012023-12-31SC442228ns10:Director22023-01-012023-12-31SC442228ns10:RegisteredOffice2023-01-012023-12-31SC442228ns5:CurrentFinancialInstruments2023-12-31SC442228ns5:CurrentFinancialInstruments2022-12-31SC442228ns5:Non-currentFinancialInstruments2023-12-31SC442228ns5:Non-currentFinancialInstruments2022-12-31SC442228ns5:ShareCapital2023-12-31SC442228ns5:ShareCapital2022-12-31SC442228ns5:FurtherSpecificReserve3ComponentTotalEquity2023-12-31SC442228ns5:FurtherSpecificReserve3ComponentTotalEquity2022-12-31SC442228ns5:RetainedEarningsAccumulatedLosses2023-12-31SC442228ns5:RetainedEarningsAccumulatedLosses2022-12-31SC442228ns5:FurnitureFittings2023-01-012023-12-31SC442228ns5:FurnitureFittings2022-12-31SC442228ns5:FurnitureFittings2023-12-31SC442228ns5:FurnitureFittings2022-12-31SC442228ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC442228ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC442228ns5:CurrentFinancialInstruments2023-01-012023-12-31SC442228ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-12-31SC442228ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-12-31SC442228ns5:Secured2023-12-31SC442228ns5:Secured2022-12-31SC442228ns5:RetainedEarningsAccumulatedLosses2022-12-31SC442228ns5:FurtherSpecificReserve3ComponentTotalEquity2022-12-31SC442228ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-31
REGISTERED NUMBER: SC442228 (Scotland)



















H&M CORDERO LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2023






H&M CORDERO LIMITED (REGISTERED NUMBER: SC442228)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


H&M CORDERO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Michael Andrew Lamb
Mrs Herine Wai-Yee Lamb





REGISTERED OFFICE: 9 Royal Crescent
Glasgow
G3 7SP





REGISTERED NUMBER: SC442228 (Scotland)





ACCOUNTANTS: Whitelaw Wells
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

H&M CORDERO LIMITED (REGISTERED NUMBER: SC442228)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 781 289
Investment property 4 220,000 220,000
220,781 220,289

CURRENT ASSETS
Debtors 5 8,402 8,135
Cash at bank 48,026 69,926
56,428 78,061
CREDITORS
Amounts falling due within one year 6 1,702 2,172
NET CURRENT ASSETS 54,726 75,889
TOTAL ASSETS LESS CURRENT
LIABILITIES

275,507

296,178

CREDITORS
Amounts falling due after more than one
year

7

104,928

116,573
NET ASSETS 170,579 179,605

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 9 (25,538 ) (25,538 )
Retained earnings 9 196,115 205,141
SHAREHOLDERS' FUNDS 170,579 179,605

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

H&M CORDERO LIMITED (REGISTERED NUMBER: SC442228)

BALANCE SHEET - continued
31 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:





Michael Andrew Lamb - Director


H&M CORDERO LIMITED (REGISTERED NUMBER: SC442228)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover and revenue recognition
The turnover shown in the profit and loss account represents the rental income receivable during the year, exclusive of Value Added Tax. A sale is recognised at the point when rental income is recognised on the basis of rent due for the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment and Fittings - 15% on cost

Investment property
Investment properties are shown at their fair value. The surplus or deficit arising from the annual revaluation is recognised in the Profit and Loss account for the period. The movement is subsequently transferred to the fair value reserve.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in fair value reserve together with the fair value movement.

This is in accordance with FRS 102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance.

Financial instruments
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


H&M CORDERO LIMITED (REGISTERED NUMBER: SC442228)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


1. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

3. TANGIBLE FIXED ASSETS
Equipment
and
Fittings
£   
COST
At 1 January 2023 3,454
Additions 549
At 31 December 2023 4,003
DEPRECIATION
At 1 January 2023 3,165
Charge for year 57
At 31 December 2023 3,222
NET BOOK VALUE
At 31 December 2023 781
At 31 December 2022 289

H&M CORDERO LIMITED (REGISTERED NUMBER: SC442228)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 220,000
NET BOOK VALUE
At 31 December 2023 220,000
At 31 December 2022 220,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2022 (16,980 )
Valuation in 2020 (14,548 )
Cost 251,528
220,000

The investment property was revalued on an open market basis by the director on 31 December 2020 and the valuation remains unchanged at 31 December 2023.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Deferred tax asset 7,584 5,936
Tax recoverable 12 -
VAT - 1,354
Prepayments and accrued income 806 845
8,402 8,135

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Corporation Tax - 349
Social security and other taxes 143 98
Directors' currents accounts - 281
Accrued expenses 1,559 1,444
1,702 2,172

The loan from directors is interest free and repayable on demand.

H&M CORDERO LIMITED (REGISTERED NUMBER: SC442228)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans more 5 yr by instal 104,928 116,573

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 104,928 116,573

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 104,928 116,573

The bank loan is secured by a standard security over the company's investment property.

9. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2023 205,141 (25,538 ) 179,603
Deficit for the year (7,026 ) (7,026 )
Dividends (2,000 ) (2,000 )
At 31 December 2023 196,115 (25,538 ) 170,577

10. RELATED PARTY DISCLOSURES

The loan balance due to the directors amounted to £NIL (2022 : £281) at the year end.