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COMPANY REGISTRATION NUMBER: SC392136
Hyland Enterprise & Housing Ltd.
Filleted Unaudited Financial Statements
For the year ended
30 April 2024
Hyland Enterprise & Housing Ltd.
Financial Statements
Year ended 30 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Hyland Enterprise & Housing Ltd.
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
221,103
221,377
Current assets
Debtors
6
87,102
78,988
Cash at bank and in hand
40,191
34,533
---------
---------
127,293
113,521
Creditors: amounts falling due within one year
7
147,106
133,809
---------
---------
Net current liabilities
19,813
20,288
---------
---------
Total assets less current liabilities
201,290
201,089
---------
---------
Net assets
201,290
201,089
---------
---------
Hyland Enterprise & Housing Ltd.
Statement of Financial Position (continued)
30 April 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
110
110
Revaluation reserve
10,000
10,000
Profit and loss account
191,180
190,979
---------
---------
Shareholders funds
201,290
201,089
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 April 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 January 2025 , and are signed on behalf of the board by:
Mr T P Hyland
Director
Company registration number: SC392136
Hyland Enterprise & Housing Ltd.
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 3 (The Garage) Mount Vernon Avenue, Blairhill, Coatbridge, North Lanarkshire, ML5 1NR, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on the going concern basis reflecting the continuing support of the directors, who intend to ensure there are sufficient funds to meet the company's working capital requirement for the foreseeable future.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Equipment
-
30% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are 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 profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Investment properties
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 May 2023 and 30 April 2024
220,404
158
1,242
221,804
---------
----
-------
---------
Depreciation
At 1 May 2023
35
392
427
Charge for the year
19
255
274
---------
----
-------
---------
At 30 April 2024
54
647
701
---------
----
-------
---------
Carrying amount
At 30 April 2024
220,404
104
595
221,103
---------
----
-------
---------
At 30 April 2023
220,404
123
850
221,377
---------
----
-------
---------
The properties held have been reclassified investment property as a result of transition to FRS 102. The impact has been to transfer the property cost value of £210,404 from freehold property to investment property. In addition, the standard requires that investment properties are measured at their fair value at each reporting date. There was an increase in the fair value of £10,000 following revaluation at 31 March 2015. There was no material difference in the fair value in the year to 30th April 2024.
6. Debtors
2024
2023
£
£
Trade debtors
8,896
782
Other debtors
78,206
78,206
--------
--------
87,102
78,988
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
27,276
4,990
Social security and other taxes
5,322
9,026
Other creditors
114,508
119,793
---------
---------
147,106
133,809
---------
---------
8. Directors' advances, credits and guarantees
The director's loan account was not in debit at any time during the year.
9. Related party transactions
The company was under the control of Mr Hyland throughout the current and previous year. Mr Hyland served as a director in the current and previous year and is the majority shareholder.