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REGISTERED NUMBER: SC606231















HJALLI-MODEL LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024






HJALLI-MODEL LIMITED (REGISTERED NUMBER: SC606231)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


HJALLI-MODEL LIMITED (REGISTERED NUMBER: SC606231)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 2,273,555 2,273,555
Investment property 5 454,550 454,550
2,728,105 2,728,105

CURRENT ASSETS
Cash at bank 3,851 1,138

CREDITORS
Amounts falling due within one year 6 140,151 81,981
NET CURRENT LIABILITIES (136,300 ) (80,843 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,591,805

2,647,262

CREDITORS
Amounts falling due after more than one
year

7

(978,984

)

(1,053,877

)

PROVISIONS FOR LIABILITIES (13,638 ) (10,365 )
NET ASSETS 1,599,183 1,583,020

CAPITAL AND RESERVES
Called up share capital 1,088,001 1,088,001
Non-distributable reserve 40,912 44,185
Retained earnings 470,270 450,834
SHAREHOLDERS' FUNDS 1,599,183 1,583,020

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

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

The director acknowledges her 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.

HJALLI-MODEL LIMITED (REGISTERED NUMBER: SC606231)

BALANCE SHEET - continued
31 JULY 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 April 2025 and were signed by:





M P Olafsdottir - Director


HJALLI-MODEL LIMITED (REGISTERED NUMBER: SC606231)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

Hjalli-Model Limited is a private company, limited by shares, incorporated in Scotland. The registered office is 1-3 Elmwood Avenue, Newton Mearns, Glasgow, Scotland, G77 6EH.

The financial statements are presented in 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.

There were no material departures from the standard.

Preparation of consolidated financial statements
The financial statements contain information about Hjalli-Model Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The director considers there are no such significant judgements.

Investments in subsidiaries
Investments representing shareholdings in unquoted subsidiary undertakings are stated at cost less impairment.

Investment property
All of the company's properties are held for long term investment. Investment properties are accounted for as follows:

(i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable expenditure.

(ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be measured reliably.

(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable reserve in the balance sheet.

(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.

HJALLI-MODEL LIMITED (REGISTERED NUMBER: SC606231)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like loans from banks and other third parties and loans from related parties.

Debt instruments like loans are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3. EMPLOYEES AND DIRECTORS

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

HJALLI-MODEL LIMITED (REGISTERED NUMBER: SC606231)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

4. FIXED ASSET INVESTMENTS
Investment
in group
undertaking
£   
COST
At 1 August 2023
and 31 July 2024 2,273,555
NET BOOK VALUE
At 31 July 2024 2,273,555
At 31 July 2023 2,273,555

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023
and 31 July 2024 454,550
NET BOOK VALUE
At 31 July 2024 454,550
At 31 July 2023 454,550

The fair value of the investment property at 31 July 2024, has been arrived at on the basis of a valuation carried out at that date by the company director, who is not a professionally qualified valuer. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in their location.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 77,031 77,031
Amounts owed to parent 60,000 -
Other creditors 3,120 4,950
140,151 81,981

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 978,984 1,053,877

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 670,859 745,752

HJALLI-MODEL LIMITED (REGISTERED NUMBER: SC606231)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,056,015 1,130,908

The loans are secured by a fixed and floating charge over the assets of the company.

The company's wholly owned subsidiary has provided the lender with a cross guarantee in respect of the above borrowings.