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REGISTERED NUMBER: 06286870 (England and Wales)

















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

HANDOVER LIMITED

HANDOVER LIMITED (REGISTERED NUMBER: 06286870)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


HANDOVER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr M Paun
Mr J Nagrecha





SECRETARY: Mr A Nagrecha





REGISTERED OFFICE: Unit 4 Watling Gate
297-303 Edgware Road
Colindale
London
NW9 6NB





REGISTERED NUMBER: 06286870 (England and Wales)





ACCOUNTANTS: STGCA LLP t/a Sterling
Chartered Accountants
505 Pinner Road
Harrow
Middlesex
HA2 6EH

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
HANDOVER LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Handover Limited for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Handover Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Handover Limited and state those matters that we have agreed to state to the Board of Directors of Handover Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Handover Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Handover Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Handover Limited. You consider that Handover Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Handover Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






STGCA LLP t/a Sterling
Chartered Accountants
505 Pinner Road
Harrow
Middlesex
HA2 6EH


26 November 2024

HANDOVER LIMITED (REGISTERED NUMBER: 06286870)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 11,188 12,135
Investment property 5 3,955,000 4,250,000
3,966,188 4,262,135

CURRENT ASSETS
Debtors 6 60,998 36,290
Cash at bank and in hand 80,095 89,495
141,093 125,785
CREDITORS
Amounts falling due within one year 7 124,001 144,473
NET CURRENT ASSETS/(LIABILITIES) 17,092 (18,688 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,983,280

4,243,447

CREDITORS
Amounts falling due after more than one year 8 (1,340,930 ) (1,368,973 )

PROVISIONS FOR LIABILITIES 10 (230,106 ) (317,290 )
NET ASSETS 2,412,244 2,557,184

CAPITAL AND RESERVES
Called up share capital 4 4
Revaluation reserve 11 1,566,511 1,774,754
Retained earnings 11 845,729 782,426
SHAREHOLDERS' FUNDS 2,412,244 2,557,184

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HANDOVER LIMITED (REGISTERED NUMBER: 06286870)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:





Mr J Nagrecha - Director


HANDOVER LIMITED (REGISTERED NUMBER: 06286870)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Handover Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net rental and service charge income receivable, excluding value added tax.Turnover is recognised as amounts receivable to the date of the balance sheet.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Computer equipment - 25% on reducing balance

Investment property
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost.

Subsequent to initial recognition:

investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in the period that they arise.


Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HANDOVER LIMITED (REGISTERED NUMBER: 06286870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Interest receivable and interest payable
Interest receivable and interest payable are recognised in profit or loss as they accrue, using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023 20,915 12,015 32,930
Additions 1,987 - 1,987
At 31 March 2024 22,902 12,015 34,917
DEPRECIATION
At 1 April 2023 10,980 9,815 20,795
Charge for year 2,384 550 2,934
At 31 March 2024 13,364 10,365 23,729
NET BOOK VALUE
At 31 March 2024 9,538 1,650 11,188
At 31 March 2023 9,935 2,200 12,135

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 4,250,000
Revaluations (295,000 )
At 31 March 2024 3,955,000
NET BOOK VALUE
At 31 March 2024 3,955,000
At 31 March 2023 4,250,000

HANDOVER LIMITED (REGISTERED NUMBER: 06286870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2010 (143,564 )
Valuation in 2014 200,000
Valuation in 2016 2,800,000
Valuation in 2017 (1,166,974 )
Valuation in 2019 150,000
Valuation in 2023 250,000
Valuation in 2024 (295,000 )
Cost 2,160,538
3,955,000

During the year the directors updated the valuation of the Investment property based on the directors' knowledge of the local property and rental markets. The market value of the investment property at 31 March 2024 is not significantly different to that stated above.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 60,998 28,875
Tax - 7,415
60,998 36,290

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 47,544 56,479
Trade creditors 341 964
Tax 9,075 13,662
VAT 12,777 8,960
Other creditors 15,002 15,672
Deferred income 30,508 39,483
Accrued expenses 8,754 9,253
124,001 144,473

HANDOVER LIMITED (REGISTERED NUMBER: 06286870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 47,544 3,325
Bank loans - 2-5 years 1,100,950 1,153,212
Shareholder's Loan 192,436 212,436
1,340,930 1,368,973

9. SECURED DEBTS

Included within creditors falling due after more than one year is a bank loan for £1,196,038 (2023: £1,213,015) which is secured by way of a charge over the investment property. The loan is fully repayable on the 5th year anniversary and the current rate of interest charged is base rate plus 2.2%.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 230,106 317,290

Deferred
tax
£   
Balance at 1 April 2023 317,290
Movement (87,184 )
Balance at 31 March 2024 230,106

11. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 782,426 1,774,754 2,557,180
Deficit for the year (144,940 ) (144,940 )
Revaluation adjustment 208,243 (208,243 ) -
At 31 March 2024 845,729 1,566,511 2,412,240

Retained earnings is made of undistributable profit and loss reserves of £1,566,511 (2023: £1,774,754)