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REGISTERED NUMBER: SC490776 (Scotland)



















H & B COLLECTION LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2024






H & B COLLECTION LTD (REGISTERED NUMBER: SC490776)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


H & B COLLECTION LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Tsz Man Wong





SECRETARY: Ka Leong Lee





REGISTERED OFFICE: 9 Royal Crescent
Glasgow
G3 7SP





REGISTERED NUMBER: SC490776 (Scotland)





ACCOUNTANTS: CW
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

H & B COLLECTION LTD (REGISTERED NUMBER: SC490776)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,856 4,285
Investment property 5 509,202 509,202
513,058 513,487

CURRENT ASSETS
Debtors 6 193,194 191,241
Cash at bank 55,654 67,151
248,848 258,392
CREDITORS
Amounts falling due within one year 7 176,628 189,927
NET CURRENT ASSETS 72,220 68,465
TOTAL ASSETS LESS CURRENT
LIABILITIES

585,278

581,952

CREDITORS
Amounts falling due after more than one
year

8

(274,125

)

(287,300

)

PROVISIONS FOR LIABILITIES (51,313 ) (51,311 )
NET ASSETS 259,840 243,341

H & B COLLECTION LTD (REGISTERED NUMBER: SC490776)

BALANCE SHEET - continued
31 MARCH 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 10 217,252 217,252
Retained earnings 10 42,488 25,989
259,840 243,341

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 director acknowledges his 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.

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.

1 the director and authorised for issue on 2 December 2024 and were signed by:





Tsz Man Wong - Director


H & B COLLECTION LTD (REGISTERED NUMBER: SC490776)

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


1. STATUTORY INFORMATION

H & B Collection Ltd is a private company, limited by shares , registered in Scotland. 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 and revenue recognition
The turnover shown in the profit and loss account represents the rental income receivable for the year. Income is recognised on the basis of rent due for the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment and Fittings - 10% on reducing balance

Investment property
Investment properties are shown at their fair value. The surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market is not considered to be permanent.

This is in accordance with FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve together with the fair value movement.

Financial instruments
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.

H & B COLLECTION LTD (REGISTERED NUMBER: SC490776)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 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 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Loans and borrowings
Loans and borrowings are initially recorded at the transaction price, including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Equipment
and
Fittings
£   
COST
At 1 April 2023
and 31 March 2024 7,979
DEPRECIATION
At 1 April 2023 3,694
Charge for year 429
At 31 March 2024 4,123
NET BOOK VALUE
At 31 March 2024 3,856
At 31 March 2023 4,285

H & B COLLECTION LTD (REGISTERED NUMBER: SC490776)

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


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 509,202
NET BOOK VALUE
At 31 March 2024 509,202
At 31 March 2023 509,202

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2021 268,212
Cost 240,990
509,202

The investment properties were revalued on an open market by the director on 31 March 2024.
.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 600 600
Other loan 190,000 190,000
Prepayments 2,594 641
193,194 191,241

Other loans are repayable on demand and subject to a charge for interest.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 16,367
Corporation Tax 3,868 1,499
Director's current account 170,992 169,992
Accrued expenses 1,768 2,069
176,628 189,927

H & B COLLECTION LTD (REGISTERED NUMBER: SC490776)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

The loan from director is repayable on demand and is subject to a charge for interest.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loan > one year - 16,367
Bank loan : 2 to 5 years - 49,101
Bank loan > 5 years 274,125 221,832
274,125 287,300

Amounts falling due in more than five years:

Repayable by instalments
Bank loan > 5 years 274,125 221,832

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loan < one year - 16,367
Bank loan > one year 274,125 287,300
274,125 303,667

The bank loan is secured by standard security over the company's investment properties

10. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 April 2023 25,989 217,252 243,241
Profit for the year 16,499 16,499
At 31 March 2024 42,488 217,252 259,740

H & B COLLECTION LTD (REGISTERED NUMBER: SC490776)

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


11. RELATED PARTY DISCLOSURES

The loan balance due to the director amounted to £170,992 (2023 : £169,992) at the year end.