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Registered number: 12790520

















HECNY PROPERTIES LIMITED
 FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
HECNY PROPERTIES LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 6


 
HECNY PROPERTIES LIMITED
REGISTERED NUMBER:12790520

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 5 
8,100,000
6,271,462

Current assets
  

Debtors Within One Year
 6 
120,030
83,030

Bank and cash balances
  
1,541
471

  
121,571
83,501

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(5,705,006)
(5,662,816)

Net current liabilities
  
 
 
(5,583,435)
 
 
(5,579,315)

Provisions for liabilities
  

Deferred tax
  
(632,840)
(175,705)

Net assets
  
1,883,725
516,442


Capital and reserves
  

Called up share capital 
 8 
1
1

Revaluation reserve
  
1,898,519
527,116

Profit and loss account
  
(14,795)
(10,675)

  
1,883,725
516,442


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 March 2025.




M A Royden
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
HECNY PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Hecny Properties Limited is a limited liability company registered in England and Wales. Its registered
office address is at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, United Kingdom, WD6 1JD.
The principal activity of the Company during the period was that of real estate management.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and VAT. The Company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity. Turnover comprises of ongoing recharge of expenses which are recognised on an accruals basis.

Page 2

 
HECNY PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.4

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 3

 
HECNY PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.7

Basic Financial instruments


The Company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses
in the case of trade and other debtors, and loans to related parties.
Interest bearing borrowings, such as bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method.
Cash and cash equivalents comprise cash balances and call deposits.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgements, estimates, and assumptions that affect the amounts reported for assets and liabilities, income, and expenses. Actual results may differ from these estimates.
One of the critical areas where judgements and estimates have been applied is the valuation of investment property.
Valuation of Investment Property: The investment property is measured at fair value in accordance with the requirements of FRS 102. An external valuation expert was engaged to determine the fair value at the reporting date. The valuation involves significant assumptions and judgements, including market conditions, rental yields, and comparable property transactions, which are inherently subject to estimation uncertainty. Changes in these assumptions may significantly affect the reported fair value of the property.


4.


Employees




The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 4

 
HECNY PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
6,271,462


Surplus on revaluation
1,828,538



At 31 December 2023
8,100,000

The 2023 valuations were made by the external valuer , on an open market value for existing use basis.


2023
2022
£
£


Historic cost
5,568,641
5,568,641


6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
117,332
82,315

Other debtors
2,698
715

120,030
83,030



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
4,608
4,290

Amounts owed to group undertakings
5,681,867
5,636,041

Accruals and deferred income
18,531
22,485

5,705,006
5,662,816


Page 5

 
HECNY PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



9.


Related party transactions

The Company forms part of a wholly-owned group and accordingly has taken advantage of the exemption allowed under section 33.11A of FRS 102 not to disclose transactions with other wholly owned entities within the group.
Transactions with non-wholly owned group entities:
During the year the Company made sales of £271,048 (2022: £129,965) to Oriental Global Logistics Limited, a fellow susbsidiary company in the Group.  At the statement of financial position date, the Company was owed £105,443 (2022: £64,717) from Oriental Global Logistics Limited, which is included within Amounts owed by Group undertakings.
Amounts owed to group undertakings represent an intercompany loan balance due to the ultimate parent company, Hecny Transportation Limited. Interest is payable on the principle amount, and the loan is repayable on demand. Interest expense of £378,757 (2022: £217,187) has been recorded in the Profit and Loss Account for the year.


10.


Controlling party

The immediate parent undertaking is Global Forwarding Limited.
The Directors consider that the ultimate controlling party is Hecny Transportation Limited, a company incorporated in Hong Kong.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 4 March 2025 by Sean Brennan FCCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

 
Page 6