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Company No: 07595673 (England and Wales)

HYJAN INVESTMENTS (HOLDINGS) LIMITED

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

HYJAN INVESTMENTS (HOLDINGS) LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

HYJAN INVESTMENTS (HOLDINGS) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
HYJAN INVESTMENTS (HOLDINGS) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 7,470 9,960
Tangible assets 4 116,152 68,061
Investment property 5 471,500 471,500
595,122 549,521
Current assets
Stocks 6 978,593 4,074,539
Debtors 7 771,200 1,090,632
Cash at bank and in hand 207,279 261,630
1,957,072 5,426,801
Creditors: amounts falling due within one year 8 ( 1,954,976) ( 4,815,687)
Net current assets 2,096 611,114
Total assets less current liabilities 597,218 1,160,635
Creditors: amounts falling due after more than one year 9 ( 361,389) ( 334,604)
Provision for liabilities 10 ( 52,666) ( 27,741)
Net assets 183,163 798,290
Capital and reserves
Called-up share capital 11 220 220
Revaluation reserve 72,348 83,223
Profit and loss account 110,595 714,847
Total shareholder's funds 183,163 798,290

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 Investments (Holdings) Limited (registered number: 07595673) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

N Kalms
Director
B Radstone
Director

14 October 2024

HYJAN INVESTMENTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
HYJAN INVESTMENTS (HOLDINGS) 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 Investments (Holdings) 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 £.

The principal activity of the company is the development of building projects.

Turnover

Turnover comprises revenue on sale of properties when completion of sales contracts occurs during the accounting period.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 25 % reducing balance
Research and development

In the research phase of an internal project, it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

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:

Vehicles 2 - 5 years straight line
Fixtures and fittings 25 % reducing balance

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

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

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

Leases

The company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 directors, on an open market value for existing use basis.

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 first in, first out 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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Other operating income

Other operating income is recognised by the Company in respect of rental income during the year.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 17 15

3. Intangible assets

Development costs Total
£ £
Cost
At 01 May 2023 15,870 15,870
At 30 April 2024 15,870 15,870
Accumulated amortisation
At 01 May 2023 5,910 5,910
Charge for the financial year 2,490 2,490
At 30 April 2024 8,400 8,400
Net book value
At 30 April 2024 7,470 7,470
At 30 April 2023 9,960 9,960

4. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 May 2023 161,637 55,351 216,988
Additions 111,919 5,871 117,790
Disposals ( 105,547) 0 ( 105,547)
At 30 April 2024 168,009 61,222 229,231
Accumulated depreciation
At 01 May 2023 110,179 38,748 148,927
Charge for the financial year 64,643 5,056 69,699
Disposals ( 105,547) 0 ( 105,547)
At 30 April 2024 69,275 43,804 113,079
Net book value
At 30 April 2024 98,734 17,418 116,152
At 30 April 2023 51,458 16,603 68,061

5. Investment property

Investment property
£
Valuation
As at 01 May 2023 471,500
As at 30 April 2024 471,500

Valuation

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

Historic cost

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

2024 2023
£ £
Historic cost 375,036 375,036

6. Stocks

2024 2023
£ £
Stocks 978,593 4,074,539

7. Debtors

2024 2023
£ £
Trade debtors 148,300 214,168
Amounts owed by connected companies 223,427 6,232
Amounts owed by related parties 382,825 823,248
Prepayments 10,881 16,663
Other debtors 5,767 30,321
771,200 1,090,632

Amounts owed by connected companies and 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 5,556 5,556
Trade creditors 77,444 109,964
Amounts owed to connected companies 444,262 709,129
Amounts owed to related parties 600,454 354,599
Accruals 21,120 22,765
Other taxation and social security 50,106 84,241
Obligations under finance leases and hire purchase contracts 47,292 55,675
Other creditors 708,742 3,473,758
1,954,976 4,815,687

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

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

2024 2023
£ £
Bank loans 28,660 34,216
Other loans 278,459 260,156
Obligations under finance leases and hire purchase contracts 54,270 40,232
361,389 334,604

The other loans of £278,459 (2023: £260,156) are secured against an investment property.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Other loans 278,459 260,156

10. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 27,741) ( 18,233)
Charged to the Profit and Loss Account ( 24,925) ( 9,508)
At the end of financial year ( 52,666) ( 27,741)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 29,038) 0
Revaluation of investment property ( 24,116) ( 27,741)
Other timing differences 488 0
( 52,666) ( 27,741)

11. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
220 Ordinary shares of £ 1.00 each 220 220

12. Financial commitments

Pensions

The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 3,224 2,233