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REGISTERED NUMBER: 10835212 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

HGM PROPERTY LIMITED

HGM PROPERTY LIMITED (REGISTERED NUMBER: 10835212)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HGM PROPERTY LIMITED

COMPANY INFORMATION
For The Year Ended 30 June 2024







DIRECTORS: Mr Ryan Hunter
Mr Craig Marsden
Mr Lee Green





REGISTERED OFFICE: 15 Mill Way
Scalby
Scarborough
North Yorkshire
YO13 0BG





REGISTERED NUMBER: 10835212 (England and Wales)





ACCOUNTANTS: Fortus Limited
Business Advisors & Accountants
5&6 Manor Court
Manor Garth
Scarborough
North Yorkshire
YO11 3TU

HGM PROPERTY LIMITED (REGISTERED NUMBER: 10835212)

BALANCE SHEET
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 518 648
Investment property 5 820,000 570,000
820,518 570,648

CURRENT ASSETS
Cash at bank 7,420 92,271

CREDITORS
Amounts falling due within one year 6 171,235 67,448
NET CURRENT (LIABILITIES)/ASSETS (163,815 ) 24,823
TOTAL ASSETS LESS CURRENT LIABILITIES 656,703 595,471

CREDITORS
Amounts falling due after more than
one year

7

(409,068

)

(413,436

)

PROVISIONS FOR LIABILITIES (65,447 ) (34,586 )
NET ASSETS 182,188 147,449

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 9 229,963 171,853
Retained earnings 9 (47,776 ) (24,405 )
SHAREHOLDERS' FUNDS 182,188 147,449

HGM PROPERTY LIMITED (REGISTERED NUMBER: 10835212)

BALANCE SHEET - continued
30 June 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2025 and were signed on its behalf by:





Mr Craig Marsden - Director


HGM PROPERTY LIMITED (REGISTERED NUMBER: 10835212)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2024


1. STATUTORY INFORMATION

HGM Property 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The level of rounding used in the financial statements is to the nearest £1.

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
The turnover shown in the profit and loss account represents the total invoice value of rents receivable during the year. Rental income is recognised in the profit and loss account in the period to which the rents relate.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance

Investment property
Investment properties are properties held to earn rentals or for capital appreciation or both.

Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss in the period in which they arise. Deferred taxation is provided on these gains.

Taxation
Taxation for the year 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.


HGM PROPERTY LIMITED (REGISTERED NUMBER: 10835212)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 July 2023
and 30 June 2024 1,300
DEPRECIATION
At 1 July 2023 652
Charge for year 130
At 30 June 2024 782
NET BOOK VALUE
At 30 June 2024 518
At 30 June 2023 648

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023 570,000
Additions 155,547
Revaluations 94,453
At 30 June 2024 820,000
NET BOOK VALUE
At 30 June 2024 820,000
At 30 June 2023 570,000

HGM PROPERTY LIMITED (REGISTERED NUMBER: 10835212)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2024


5. INVESTMENT PROPERTY - continued

Investment properties included at fair value would have been included on a historical cost basis at:

2024 2023
£ £

Cost 505,695 357,836

The completed investment properties are stated at fair value in accordance with the requirements of Section 1A ''Small Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland''.

The investment properties have been valued by the directors at fair value taking into account existing tenancy arrangements.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 4,618 4,868
Other creditors 166,617 62,580
171,235 67,448

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 409,068 413,436

Amounts falling due in more than five years:

Repayable by instalments
Bank loans falling due after
more than five years 398,013 398,013
398,013 398,013

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 413,686 418,304

The bank borrowings included in creditors due after one year are secured by a first charge over the freehold investment property and personal guarantees by the directors.

HGM PROPERTY LIMITED (REGISTERED NUMBER: 10835212)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2024


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

At 1 July 2023 (24,405 ) 171,853 147,448
Profit for the year 34,739 34,739
Revaluation of property (94,453 ) 94,453 -
Deferred tax on investment
property 36,343 (36,343 ) -
At 30 June 2024 (47,776 ) 229,963 182,187

10. RELATED PARTY DISCLOSURES

Other related party transactions
The bank borrowings are, in part, secured by personal guarantees from the directors.