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Registration number: SC687371

Hanlea Properties Ltd

Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Hanlea Properties Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 5

 

Hanlea Properties Ltd

(Registration number: SC687371)
Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

445,103

445,103

Current assets

 

Debtors

5

2,075

2,075

Cash at bank and in hand

 

105

5

 

2,180

2,080

Creditors: Amounts falling due within one year

6

(142,232)

(145,630)

Net current liabilities

 

(140,052)

(143,550)

Total assets less current liabilities

 

305,051

301,553

Creditors: Amounts falling due after more than one year

6

(308,520)

(308,520)

Net liabilities

 

(3,469)

(6,967)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(3,470)

(6,968)

Shareholders' deficit

 

(3,469)

(6,967)

For the financial year 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 members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 23 October 2024
 

 

Hanlea Properties Ltd

(Registration number: SC687371)
Statement of Financial Position as at 31 January 2024

.........................................
Mr Billy Shepherd
Director

 

Hanlea Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
10 Challum Crescent
Broughty Ferry
Dundee
Dundee City
DD5 3SY
Scotland

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

 

Hanlea Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 0 (2023 - 0).

4

Investment properties

 

Hanlea Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2024
£

At 1 February

445,103

At 31 January

445,103

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

2024
£

2023
£

Other debtors

2,075

2,075

 

2,075

2,075

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

803

-

Accruals and deferred income

1,134

1,020

Other creditors

140,295

144,610

142,232

145,630

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

308,520

308,520

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

308,520

308,520