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Company No: 10281029 (England and Wales)

HYJAN HOUSING LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

HYJAN HOUSING LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

HYJAN HOUSING LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
HYJAN HOUSING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Investment property 4 5,000 5,000
Investments 5 100 100
5,100 5,100
Current assets
Stocks 6 285,385 228,241
Debtors 7 245,810 316,642
Cash at bank and in hand 1,536 16,957
532,731 561,840
Creditors: amounts falling due within one year 8 ( 532,300) ( 494,664)
Net current assets 431 67,176
Total assets less current liabilities 5,531 72,276
Provision for liabilities 9 ( 1,250) ( 1,250)
Net assets 4,281 71,026
Capital and reserves
Called-up share capital 10 100 100
Revaluation reserve 3,750 3,750
Profit and loss account 431 67,176
Total shareholder's funds 4,281 71,026

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Hyjan Housing Limited (registered number: 10281029) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

N Kalms
Director
B Radstone
Director

09 October 2024

HYJAN HOUSING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
HYJAN HOUSING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

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

General information and basis of accounting

Hyjan Housing Limited (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 £.

Prior year adjustment

During 2023 financial year, an amount of £81,569 was incorrectly posted to Stock in the Statement of Financial Position and so therefore the closing stock balance was understated.

An adjustment of £81,569 was made to the 2023 financial year to increase the Stock in the Statement of Financial Position. This subsequently decreased the Cost of Sales in the Statement of Comprehensive Income.

As a result, the corporation tax liability in the Statement of Financial Position has been updated as the taxation due for the 2023 financial year has increased by £15,393.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

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 other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

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. Prior year adjustment

During 2023 financial year, an amount of £81,569 was incorrectly posted to Stock in the Statement of Financial Position and so therefore the closing stock balance was understated.

An adjustment of £81,569 was made to the 2023 financial year to increase the Stock in the Statement of Financial Position. This subsequently decreased the Cost of Sales in the Statement of Comprehensive Income.

As a result, the corporation tax liability in the Statement of Financial Position has been updated as the taxation due for the 2023 financial year has increased by £15,393.

As previously reported Adjustment As restated
Year ended 30 April 2023 £ £ £
Stocks 146,672 81,569 228,241
Other taxation and social security (46,838) (15,393) (62,231)
Profit and loss reserves 1,000 66,176 67,176

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

4. Investment property

Investment property
£
Valuation
As at 01 May 2023 5,000
As at 30 April 2024 5,000

Valuation

The 2024 valuations were made by the directors, on an open market value for existing use basis.

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 May 2023 100
At 30 April 2024 100
Carrying value at 30 April 2024 100
Carrying value at 30 April 2023 100

6. Stocks

2024 2023
£ £
Work in progress 285,385 228,241

7. Debtors

2024 2023
£ £
Trade debtors 1,740 0
Amounts owed by connected companies 242,835 316,642
Amounts owed by related parties 1,235 0
245,810 316,642

Amounts owed by connected companies are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

Amounts owed by related parties are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 123,031 120,030
Trade creditors 19,991 0
Amounts owed to connected companies 369,402 309,402
Amounts owed to related parties 1,183 0
Accruals 3,300 3,000
Other taxation and social security 15,393 62,232
532,300 494,664

Amounts owed to connected companies are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

Amounts owed to related parties are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 1,250) 0
Charged to the Profit and Loss Account 0 ( 1,250)
At the end of financial year ( 1,250) ( 1,250)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Revaluation of investment property ( 1,250) ( 1,250)

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100