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REGISTERED NUMBER: 11368250 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st May 2024

for

HGL LIMITED

HGL LIMITED (REGISTERED NUMBER: 11368250)






Contents of the Financial Statements
for the Year Ended 31st May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HGL LIMITED

Company Information
for the Year Ended 31st May 2024







DIRECTORS: Mr C J E Livesey
Mr H J S Livesey





REGISTERED OFFICE: 41 St Thomas's Road
Chorley
Lancashire
PR7 1JE





REGISTERED NUMBER: 11368250 (England and Wales)





ACCOUNTANTS: Abrams Ashton - Chorley Limited
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE

HGL LIMITED (REGISTERED NUMBER: 11368250)

Balance Sheet
31st May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 145,689 145,689
145,689 145,689

CURRENT ASSETS
Debtors 6 67 67
Cash at bank 1,532 464
1,599 531
CREDITORS
Amounts falling due within one year 7 11,585 8,300
NET CURRENT LIABILITIES (9,986 ) (7,769 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

135,703

137,920

CREDITORS
Amounts falling due after more than one
year

8

143,881

140,691
NET LIABILITIES (8,178 ) (2,771 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (8,278 ) (2,871 )
(8,178 ) (2,771 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2024 in accordance with Section 476 of the Companies Act 2006.

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.

HGL LIMITED (REGISTERED NUMBER: 11368250)

Balance Sheet - continued
31st May 2024


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.

The financial statements were approved by the Board of Directors and authorised for issue on 4th February 2025 and were signed on its behalf by:





Mr C J E Livesey - Director


HGL LIMITED (REGISTERED NUMBER: 11368250)

Notes to the Financial Statements
for the Year Ended 31st May 2024

1. STATUTORY INFORMATION

HGL Limited is a private company, limited by shares , registered in England and Wales. 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33.3% on cost

Investment property
Investment properties are properties held to earn rentals, they are initially measured at cost, including transaction costs. Subsequently they are then measured at fair value on an open market basis. Deferred tax is provided on these movements. Gains and losses arising from changes in fair value are included in the Statement of Income and Retained Earnings in the period in which they arise.

Impairment of Assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Rental income
Rental income is measured at the fair value of the consideration received or receivable and represents amounts received for property leases.

HGL LIMITED (REGISTERED NUMBER: 11368250)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1st June 2023
and 31st May 2024 1,019
DEPRECIATION
At 1st June 2023
and 31st May 2024 1,019
NET BOOK VALUE
At 31st May 2024 -
At 31st May 2023 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st June 2023
and 31st May 2024 145,689
NET BOOK VALUE
At 31st May 2024 145,689
At 31st May 2023 145,689

The directors consider there has been no significant change in the value of investment property in the year.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Prepayments 67 67

HGL LIMITED (REGISTERED NUMBER: 11368250)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Related Party Loan 3,600 3,600
Trade creditors 1,120 -
Directors' current accounts 5,133 2,967
Accruals and deferred income 1,732 1,733
11,585 8,300

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Related Party Loan 3,600 3,600
Related Party Loan 140,281 137,091
143,881 140,691

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Related Party Loan 140,281 137,091

9. RELATED PARTY DISCLOSURES

At the 31 May 2024 the company owed £147,480 (2023: £144,290) to B Livesey Ltd, a company that Mr C Livesey has a significant interest in. A commercial rate of interest of 2% above base rate has been charged to the company in respect of this loan. There is no formal repayment date for this loan.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr C Livesey by virtue of his 100% ownership of the company's ordinary share capital.