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Registration number: 12466061

Hendon Property Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Hendon Property Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Hendon Property Limited

Company Information

Directors

Mr Luca Bertali

Thomas Rene Nicolle

Valeria Bertali

Registered office

39 Mount Road
Upton
Wirral
Merseyside
CH49 6JA

Accountants

Carbon Accountancy Limited
Chartered Accountants
80-83 Long Lane
London
EC1A 9ET

 

Hendon Property Limited

(Registration number: 12466061)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

973,445

2,148,525

Debtors

5

1,495

436

Cash at bank and in hand

 

589

44,096

 

975,529

2,193,057

Creditors: Amounts falling due within one year

6

(841,145)

(825,710)

Total assets less current liabilities

 

134,384

1,367,347

Creditors: Amounts falling due after more than one year

6

-

(1,954,214)

Net assets/(liabilities)

 

134,384

(586,867)

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

134,382

(586,869)

Shareholders' funds/(deficit)

 

134,384

(586,867)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 November 2024 and signed on its behalf by:
 

.........................................
Mr Luca Bertali
Director

 

Hendon Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
39 Mount Road
Upton
Wirral
Merseyside
CH49 6JA
United Kingdom

These financial statements were authorised for issue by the Board on 26 November 2024.

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.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

 

Hendon Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and net realisable value. The cost of work in progress comprises direct materials and, where applicable, direct labour costs and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stocks are 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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Hendon Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Stocks

2024
£

2023
£

Other inventories

973,445

2,148,525

5

Debtors

Current

2024
£

2023
£

Other debtors

1,495

436

 

1,495

436

 

Hendon Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

10,000

Trade creditors

 

300

9,505

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

133,740

659,114

Taxation and social security

 

42,254

-

Accruals and deferred income

 

1,213

1,213

Other creditors

 

663,638

145,878

 

841,145

825,710

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

-

1,954,214

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

1,954,214

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

10,000

 

Hendon Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Repayments by director
£

At 29 February 2024
£

Thomas Rene Nicolle

Loan from the director

145,878

(16,500)

129,378

Summary of transactions with parent

NB.ITCO Ltd
 

Summary of transactions with entities with joint control or significant interest

Greenshore Development Ltd(Joint Control)
 

Loans from related parties

2024

Parent
£

Entities with joint control or significant influence
£

Total
£

At start of period

145,878

513,236

659,114

Advanced

-

21,024

21,024

Repaid

(12,138)

-

(12,138)

At end of period

133,740

534,260

668,000