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REGISTERED NUMBER: 11378415 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Hakiba Property Ltd

Hakiba Property Ltd (Registered number: 11378415)






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




Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 4


Hakiba Property Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTORS: I W Odongo
Mrs C A Wandera





REGISTERED OFFICE: Charter House, Wyvern Court
Stanier Way
Wyvern Business Park
Derby
Derbyshire
DE21 6BF





REGISTERED NUMBER: 11378415 (England and Wales)





ACCOUNTANTS: M. J. Shapcott & Co. Limited
Chartered Accountants
Charter House, Wyvern Court
Stanier Way
Derby
DE21 6BF

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Hakiba Property Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hakiba Property Ltd for the year ended 31 May 2024 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Hakiba Property Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Hakiba Property Ltd and state those matters that we have agreed to state to the Board of Directors of Hakiba Property Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hakiba Property Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Hakiba Property Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hakiba Property Ltd. You consider that Hakiba Property Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Hakiba Property Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






M. J. Shapcott & Co. Limited
Chartered Accountants
Charter House, Wyvern Court
Stanier Way
Derby
DE21 6BF


26 February 2025

Hakiba Property Ltd (Registered number: 11378415)

Statement of Financial Position
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,127 6,558
Investment property 5 631,291 606,000
640,418 612,558

CURRENT ASSETS
Debtors 6 13,547 26,085
Prepayments and accrued income 229 425
Cash at bank 87,142 36,786
100,918 63,296
CREDITORS
Amounts falling due within one year 7 322,285 266,601
NET CURRENT LIABILITIES (221,367 ) (203,305 )
TOTAL ASSETS LESS CURRENT LIABILITIES 419,051 409,253

CREDITORS
Amounts falling due after more than one year 8 (416,036 ) (420,083 )

PROVISIONS FOR LIABILITIES (1,193 ) -

ACCRUALS AND DEFERRED INCOME (1,536 ) (1,536 )
NET ASSETS/(LIABILITIES) 286 (12,366 )

CAPITAL AND RESERVES
Called up share capital 20 20
Fair value reserve 10 96,184 73,377
Retained earnings (95,918 ) (85,763 )
286 (12,366 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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.

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 26 February 2025 and were signed on its behalf by:



Mrs C A Wandera - Director


Hakiba Property Ltd (Registered number: 11378415)

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

1. STATUTORY INFORMATION

Hakiba Property Ltd 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 (£).


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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Computer equipment - 50% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

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

Hakiba Property Ltd (Registered number: 11378415)

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

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 June 2023 12,171 734 12,905
Additions 3,056 1,199 4,255
At 31 May 2024 15,227 1,933 17,160
DEPRECIATION
At 1 June 2023 5,659 688 6,347
Charge for year 1,363 323 1,686
At 31 May 2024 7,022 1,011 8,033
NET BOOK VALUE
At 31 May 2024 8,205 922 9,127
At 31 May 2023 6,512 46 6,558

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 606,000
Additions 1,291
Revaluations 24,000
At 31 May 2024 631,291
NET BOOK VALUE
At 31 May 2024 631,291
At 31 May 2023 606,000

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2020 25,870
Valuation in 2021 11,507
Valuation in 2022 36,000
Valuation in 2024 24,000
Cost 533,914
631,291

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 533,914 532,623
Aggregate depreciation (53,262 ) (42,610 )

Investment property was valued on an open market basis on 31 May 2024 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 13,547 26,085

Hakiba Property Ltd (Registered number: 11378415)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 4,161 4,062
Other creditors 318,124 262,539
322,285 266,601

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 416,036 420,083

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 411,956 411,956

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Mortgages 411,956 411,836

The Company Directors have given a personal guarantee on the Mortgages which are held on the Properties owned by the Company to the value of the Mortgages.

10. RESERVES
Fair
value
reserve
£   
At 1 June 2023 73,377
Transfers 22,807

At 31 May 2024 96,184