Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Investment property | 4 |
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Investments | 5 |
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5,100 | 5,100 | |||
Current assets | ||||
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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532,731 | 561,840 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current assets | 431 | 67,176 | ||
Total assets less current liabilities | 5,531 | 72,276 | ||
Provision for liabilities | 9 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 10 |
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Revaluation reserve |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Hyjan Housing Limited (registered number:
N Kalms
Director |
B Radstone
Director |
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.
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 £.
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.
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.
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.
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.
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.
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.
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.
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 |
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the company during the year, including directors |
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Investment property | |
£ | |
Valuation | |
As at 01 May 2023 |
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As at 30 April 2024 |
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Valuation
The 2024 valuations were made by the directors, on an open market value for existing use basis.
Investments in subsidiaries
2024 | |
£ | |
Cost | |
At 01 May 2023 |
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At 30 April 2024 |
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Carrying value at 30 April 2024 |
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Carrying value at 30 April 2023 |
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2024 | 2023 | ||
£ | £ | ||
Work in progress |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by connected companies |
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Amounts owed by related parties |
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Amounts owed by related parties are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.
2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Amounts owed to connected companies |
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Amounts owed to related parties |
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Accruals |
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Other taxation and social security |
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Amounts owed to related parties are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.
2024 | 2023 | ||
£ | £ | ||
At the beginning of financial year | (
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Charged to the Profit and Loss Account |
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At the end of financial year | (
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The deferred taxation balance is made up as follows:
2024 | 2023 | ||
£ | £ | ||
Revaluation of investment property | (
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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