REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
HERMANUS PROPERTIES LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
HERMANUS PROPERTIES LIMITED |
HERMANUS PROPERTIES LIMITED (REGISTERED NUMBER: 07607791) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
HERMANUS PROPERTIES LIMITED |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
HERMANUS PROPERTIES LIMITED (REGISTERED NUMBER: 07607791) |
Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Other reserves | 7 | ( |
) | ( |
) |
Retained earnings | 7 | ( |
) | ( |
) |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
HERMANUS PROPERTIES LIMITED (REGISTERED NUMBER: 07607791) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Hermanus Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the historical cost basis, and are prepared in sterling, as the company is registered in England and Wales. The functional currency of the entity is Kenyan Shilling. Kenya is considered to be the primary economic environment in which the company operates. |
Financial instruments |
Loans made by the company are initially measured at cost, and are subsequently reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss account. |
Profit shares relating to loans are recognised only when they can be measured with sufficient reliability and certainty. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are recognised in other comprehensive income. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
Other debtors includes a loan of £172,989 (2023: £168,973) that may fall due for repayment after more than one year. |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 250,000 | 250,000 |
HERMANUS PROPERTIES LIMITED (REGISTERED NUMBER: 07607791) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
7. | RESERVES |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 May 2023 | ( |
) | ( |
) | (86,589 | ) |
Deficit for the year | ( |
) | ( |
) |
Foreign currency retranslation | - | 4,846 | 4,846 |
At 30 April 2024 | ( |
) | ( |
) | (83,773 | ) |
8. | RELATED PARTY DISCLOSURES |
At the year end, loans of £208,715 (2023 £203,869) had been made to Kiloran Development Group LLP, a limited liability partnership incorporated in Kenya. The director G McCorkell is a partner of Kiloran Development Group LLP. The loans have been made to assist the borrower to develop land in return for profit shares. The loans are repayable on completion of the sale of the underlying developments. At the year end, a provision of £35,726 (2023 £34,897) had been made against the loans to reflect potential impairment. |
There was no remuneration paid to the directors in the year (2023 £NIL). |