Silverfin false false 31/01/2024 09/01/2023 31/01/2024 N Dordevic 09/01/2023 03 October 2024 The principal activity of the company during the financial period was that of investment in properties.
The company incorporated on 9 January 2023 and commenced trading on that date.
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Company No: 14578379 (England and Wales)

HABAIT LTD

Unaudited Financial Statements
For the financial period from 09 January 2023 to 31 January 2024
Pages for filing with the registrar

HABAIT LTD

Unaudited Financial Statements

For the financial period from 09 January 2023 to 31 January 2024

Contents

HABAIT LTD

STATEMENT OF FINANCIAL POSITION

As at 31 January 2024
HABAIT LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2024
Note 31.01.2024
£
Fixed assets
Investment property 3 949,000
949,000
Current assets
Debtors 4 271
Cash at bank and in hand 11,702
11,973
Creditors: amounts falling due within one year 5 ( 629,743)
Net current liabilities (617,770)
Total assets less current liabilities 331,230
Creditors: amounts falling due after more than one year 6 ( 373,282)
Provision for liabilities 474
Net liabilities ( 41,578)
Capital and reserves
Called-up share capital 8 1
Revaluation reserve ( 1,426 )
Profit and loss account ( 40,153 )
Total shareholder's deficit ( 41,578)

For the financial period ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Habait Ltd (registered number: 14578379) were approved and authorised for issue by the Director. They were signed on its behalf by:

N Dordevic
Director

03 October 2024

HABAIT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 09 January 2023 to 31 January 2024
HABAIT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 09 January 2023 to 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Habait Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £41,578. The company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Revenue is recognised by the company in respect of rental income for the period to which it relates.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, 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.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Period from
09.01.2023 to
31.01.2024
Number
Monthly average number of persons employed by the company during the period, including the director 1

3. Investment property

Investment property
£
Valuation
As at 09 January 2023 845,110
Additions 105,790
Fair value movement (1,900)
As at 31 January 2024 949,000

Valuation

A full market valuation of investment property was completed by director at the Statement of Financial Position date.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

31.01.2024
£
Historic cost 847,010

4. Debtors

31.01.2024
£
Prepayments 271

5. Creditors: amounts falling due within one year

31.01.2024
£
Bank loans (secured) 12,531
Trade creditors 300
Amounts owed to director 506,182
Accruals and deferred income 6,840
Other creditors 103,890
629,743

Bank loans are secured on the investment properties held by the company by way of a fixed and floating charge.

6. Creditors: amounts falling due after more than one year

31.01.2024
£
Bank loans (secured) 373,282

Bank loans are secured on the investment properties held by the company by way of a fixed and floating charge.

7. Deferred tax

31.01.2024
£
At the beginning of financial period 0
Credited to the Profit and Loss Account 474
At the end of financial period 474

The deferred taxation balance is made up as follows:

31.01.2024
£
Revaluation of investment property 474

8. Called-up share capital

31.01.2024
£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1

On incorporation, the company issued 1 £1 ordinary share at par value.

9. Related party transactions

Transactions with the entity's director

31.01.2024
£
Included in other creditors is a balance owed to a director. 506,182

This balance is unsecured and interest free with no fixed repayment terms.

Other related party transactions

31.01.2024
£
Included in other creditors is a balance owed to a company under common control. 103,890

This balance is unsecured and interest free with no fixed repayment terms.