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  HEADGEAR INVESTMENTS LIMITED
   
   
   
  UNAUDITED FINANCIAL STATEMENTS
   
   
  FOR THE YEAR ENDED 31 DECEMBER 2023
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  HEADGEAR INVESTMENTS LIMITED
  FINANCIAL STATEMENTS
  FOR THE YEAR ENDED 31 DECEMBER 2023
       
       
  DIRECTORS
       
  A A Duma
  S Debson
       
       
  SECRETARY
       
  A A Duma
       
  REGISTERED OFFICE
       
  10 Greville House
Lower Road
Harrow on the Hill
Middlesex
HA2 0HB
       
       
  COMPANY REGISTERED NUMBER
       
  03297518
       
       
  BANKERS
       
  Metro Bank
       
  ACCOUNTANTS
       
  D.M.Wise Limited
  Chartered Certified Accountants
  10 Greville House
Lower Road
Harrow on the Hill
Middlesex
HA2 0HB
       
       
  CONTENTS
       
  Pages
       
  2 Abridged Statement of Financial Position  
       
  3-5 Notes to the Financial Statements  
       
     
  page 1
  HEADGEAR INVESTMENTS LIMITED
  Company registered number: 03297518
  ABRIDGED STATEMENT OF FINANCIAL POSITION AT 31 December 2023
    Note 2023 2022
      £ £ £
  FIXED ASSETS
  Investment property   2,700,000 2,700,000
  CURRENT ASSETS    
  Debtors   692 616
  Financial assets 4 300,264 237,088
  Cash at bank and in hand   25,859 20,955
      326,815 258,659
  CREDITORS: Amounts falling due within one year 5 192,101 203,317
  NET CURRENT ASSETS   134,714 55,342
  TOTAL ASSETS LESS CURRENT LIABILITIES   2,834,714 2,755,342
           
  PROVISIONS FOR LIABILITIES 6 (421,087) (413,968)
  NET ASSETS   £2,413,627 £2,341,374
       
  CAPITAL AND RESERVES
  Called up share capital   195 195
  Share premium account   77,330 77,330
  Revaluation reserve   1,813,930 1,813,930
  Retained earnings   522,172 449,919
  SHAREHOLDERS' FUNDS   £2,413,627 £2,341,374
       
       
  In approving these financial statements as directors of the company we hereby confirm the following:
       
  For the year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
       
  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: 1) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and 2) preparing financial statements that give a true and fair view of the state of affairs of the company at at the end of each financial year and of its profit or loss for the 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 the financial statements, so far as they are applicable to the company.
 
 
       
  These financial statements have been prepared in accordance with the provisions of the Companies Act 2006 relating to small companies
       
  All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 December 2023 in accordance with Section 444 (2A) of the Companies Act 2006
       
  In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered
  The financial statements were approved and authorised for issue by the board of directors on 25 September 2024
       
  Signed on behalf of the board of directors
  A A Duma, Director
       
  page 2
  HEADGEAR INVESTMENTS LIMITED
  NOTES TO THE ACCOUNTS
  FOR THE YEAR ENDED 31 DECEMBER 2023
       
 
1. SIGNIFICANT ACCOUNTING POLICIES
       
         
1a. Statement of compliance
         
  Headgear Investments Limited is a Limited Company incorporated in United Kingdom.
         
  Registered office:
  10 Greville House
Lower Road
Harrow on the Hill
Middlesex
HA2 0HB
         
  These financial statements are the first financial statements that comply with FRS 102.
         
  Basis of accounting
         
  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" and the Companies Act 2006.
  The financial statements have been prepared under the historical cost convention. The presentation currency is £ sterling.
         
1c. Revenue recognition
         
  Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
         
1d. Taxation
         
  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 temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary 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. The measurement of deferred tax liabilities and assets 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 relate 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.
         
 
         
 
       
1e. Investment property
       
  Investment properties are initially recognised at cost, properties whose fair value can be measured reliably are subsequently measured at fair value. The surplus or deficit on revaluation is recognised in the profit
and loss account accumulated in the profit and loss reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
       
  page 3
  HEADGEAR INVESTMENTS LIMITED
  NOTES TO THE ACCOUNTS (CONT.)
  FOR THE YEAR ENDED 31 DECEMBER 2023
       
 
1. SIGNIFICANT ACCOUNTING POLICIES (CONT.)
         
1f. Short term debtors and creditors
         
  Debtors and creditors receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit and loss.
         
         
1g. Cash and cash equivalents
         
  Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. For the purpose of statement of cash flows, bank overdrafts which are repayable on demand form an integral part of the Company's cash management are included as a component of cash and cash equivalents.
         
 
       
       
2. DIRECTORS AND EMPLOYEES
       
  The average weekly number of employees during the year were as follows:
    2023 2022
    No. No.
  Management and administration 2 2
   
       
3. FIXED ASSETS
    Investment Total
    property  
       
    £ £
  Cost or valuation
  At 1 January 2023 2,700,000 2,700,000
  At 31 December 2023 2,700,000 2,700,000
   
  Provision for depreciation,
  amortisation and impairment
  At 31 December 2023 - -
   
  Net Book Value
       
  At 31 December 2023 2,700,000 2,700,000
  At 31 December 2022 2,700,000 2,700,000
   
       
       
4. FINANCIAL ASSETS 2023 2022
    £ £
  Listed investments 224,214 161,038
  Unlisted investments 76,050 76,050
    £300,264 £237,088
   
  page 4
  HEADGEAR INVESTMENTS LIMITED
  NOTES TO THE ACCOUNTS (CONT.)
  FOR THE YEAR ENDED 31 DECEMBER 2023
       
       
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
    2023 2022
    £ £
  Shareholder's loan 172,207 185,343
  Corporation tax 11,741 10,427
  Other creditors 2,195 2,195
  Accruals and deferred income 5,958 5,352
    £192,101 £203,317
   
     
6. PROVISIONS FOR LIABILITIES
     
    Deferred tax
    £
  At 1 January 2023 413,968
  Additions during the year 7,119
  At 31 December 2023 421,087
   
  The provision for deferred taxation is made up of future chargeable gains.
       
       
7. RELATED PARTY TRANSACTIONS
       
  Included in creditors at 31 December 2023 is an amount of £172,207 (2022 - £185,343) representing amounts loaned to the company by a shareholder. The loan is provided interest free and is repayable on demand.
       
  Also included in creditors at 31 December 2023 ia an amount £200 (2022 - £200) owed to director of the company. This balance had been advanced to the company on an interest free basis and is repayable on demand.
       
       
       
  page 5