REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST NOVEMBER 2022 TO 31ST MARCH 2024 |
FOR |
HNA VEHICLES LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST NOVEMBER 2022 TO 31ST MARCH 2024 |
FOR |
HNA VEHICLES LTD |
HNA VEHICLES LTD (REGISTERED NUMBER: 09835115) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Period 1st November 2022 to 31st March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
HNA VEHICLES LTD |
COMPANY INFORMATION |
for the Period 1st November 2022 to 31st March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
HNA VEHICLES LTD (REGISTERED NUMBER: 09835115) |
BALANCE SHEET |
31st March 2024 |
2024 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
HNA VEHICLES LTD (REGISTERED NUMBER: 09835115) |
BALANCE SHEET - continued |
31st March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
HNA VEHICLES LTD (REGISTERED NUMBER: 09835115) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Period 1st November 2022 to 31st March 2024 |
1. | STATUTORY INFORMATION |
HNA Vehicles Limited is a private company, limited by shares, registered in England and Wales, registration number 09835115. The registered address is 100 Barbirolli Square, Manchester, M2 3BD. The principal place of business is James Nasmyth Way, Eccles, M30 0SF. |
2. | ACCOUNTING POLICIES |
Going concern |
The concept of going concern is an underlying assumption in the production of financial statements. As there are considerable net liabilities there is a question mark over going concern. Although there is no formal |
agreement in place the directors has indicated they will continue to provide financial support to the company |
for at least the next 12 months. |
Turnover |
Turnover represents amounts recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. Turnover principally consists of food, drink and admission charges, which are recognised at the point of which the goods or services are provided, rental income which is recognised on a straight-line basis over the lease term and machine income, where net takings are recognised as earned. |
Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below. |
Depreciation is provided on the following basis: |
Motor Vehicles | - | 10% Reducing Balance |
Plant & Machinery | - | 25% Reducing Balance |
Office Equipment | - | 25% Reducing Balance |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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. |
HNA VEHICLES LTD (REGISTERED NUMBER: 09835115) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1st November 2022 to 31st March 2024 |
2. | ACCOUNTING POLICIES - continued |
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 period 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they stated at cost. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank. |
Operating leases |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st November 2022 |
Additions |
At 31st March 2024 |
DEPRECIATION |
At 1st November 2022 |
Charge for period |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st October 2022 |
HNA VEHICLES LTD (REGISTERED NUMBER: 09835115) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1st November 2022 to 31st March 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£ | £ |
Trade debtors |
Other debtors | ( |
) |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2022 |
£ | £ |
Bank loans |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Non-cancellable | operating leases |
2024 | 2022 |
£ | £ |
Within one year |
Between one and five years |
HNA VEHICLES LTD (REGISTERED NUMBER: 09835115) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1st November 2022 to 31st March 2024 |
10. | SECURED DEBTS |
A negative pledge, fixed and floating charge was taken on 27th January 2017 in respect of AIB Group (UK) PLC. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2022 |
value: | £ | £ |
Ordinary | £1.00 | 100 | 100 |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the year end, the company owed to director £16,611 (2021 - £2,452). This balance relates to an interest free loan account. |
13. | RELATED PARTY DISCLOSURES |
Included in other creditors are loans owed to companies under common control, amounting to: £ 84,866 (2022: £ 105,587) |
Included in other debtors are loans due from companies under common control, amounting to: £ 17,312 (2022: £ NIL) |