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COMPANY REGISTRATION NUMBER: 02759187

Hexagon Properties Ltd

Filleted Unaudited Financial Statements

31 October 2024

Hexagon Properties Ltd

Statement of Financial Position

31 October 2024

| 2024 | 2023
Note | £ | £ | £

Fixed assets

Tangible assets | 4 |  | 1,269,733 | 1,284,554

Current assets

Stocks | 1,237,876 |  | 1,254,171
Debtors | 5 | 1,761,273 |  | 1,852,638
Cash at bank and in hand | 9,911 |  | 86,344
| ------------ |  | ------------
| 3,009,060 |  | 3,193,153

Creditors: amounts falling due within one year | 6 | ( 1,392,697) |  | ( 1,375,972)
| ------------ |  | ------------
Net current assets |  | 1,616,363 | 1,817,181
|  | ------------ | ------------
Total assets less current liabilities |  | 2,886,096 | 3,101,735

Creditors: amounts falling due after more than one year | 7 |  | ( 1,548,850) | ( 1,565,605)
|  | ------------ | ------------
Net assets |  | 1,337,246 | 1,536,130
|  | ------------ | ------------

Capital and reserves

Called up share capital |  | 2 | 2
Profit and loss account | 8 |  | 1,337,244 | 1,536,128
|  | ------------ | ------------
Shareholders funds |  | 1,337,246 | 1,536,130
|  | ------------ | ------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 16 October 2025 , and are signed on behalf of the board by:

G Ward | M Ward
Director | Director

Company registration number: 02759187

Hexagon Properties Ltd

Notes to the Financial Statements

Year Ended 31st October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Crescent, Ropergate, Pontefract, WF8 1LY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Revenue comprises the fair value of consideration received or receivable, net of value added tax. Revenue is recognised once the value of the transaction can be reliably measured and the significant risks and rewards of ownership have been transferred. Revenue in respect of speculative residential property sales is recognised on the date of legal completion. Revenue in respect of rental income received from investment properties is recognised on a straight-line basis over the term of the lease. The aggregate cost of incentives provided to lessees is recognised as a reduction of rental income over the lease term on a straight-line basis.
Income tax
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. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Plant and machinery | - | 15% reducing balance
| Fixtures and fittings | - | 15% reducing balance
| Motor vehicles | - | 25% reducing balance
| Computer equipment | - | 33% straight line

Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks in respect of land and buildings held for development, including land in the course of development until legal completion of the sale of the asset are initially recorded at cost. Cost comprises the acquisition and development costs excluding interest. Development costs include infrastructure costs and costs of houses built. The cost of land acquisition includes options to purchase land, and the cost of any investigation work prior to purchase. Provision is made, where appropriate, to reduce the value of stocks to estimated realisable value.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Basic financial instruments are recognised at amortised cost. The company holds the following financial assets and liabilities: Cash Short-term trade and other debtors and creditors Long-term bank loans Long-term hire purchase agreements Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit. Long-term bank loans are recorded at the amount of cash advanced plus transaction costs incurred. Long-term hire purchase agreements are recorded at the amount of cash advanced plus transaction costs incurred.
4. Tangible assets

| Freehold Property | Plant and machinery | Fixtures and fittings | Motor vehicles | Computer equipment | Total
| £ | £ | £ | £ | £ | £
Cost |  |  |  |  |  |
At 1 Nov 2023 | 1,200,654 | 192,623 | 1,610 | 116,258 | 7,861 | 1,519,006
Additions | – | – | 1,500 | – | – | 1,500
| ------------ | --------- | -------- | --------- | -------- | ------------
At 31 Oct 2024 | 1,200,654 | 192,623 | 3,110 | 116,258 | 7,861 | 1,520,506
| ------------ | --------- | -------- | --------- | -------- | ------------
Depreciation |  |  |  |  |  |
At 1 Nov 2023 | – | 143,083 | 1,522 | 82,388 | 7,459 | 234,452
Charge for the year | – | 7,439 | 13 | 8,467 | 402 | 16,321
| ------------ | --------- | -------- | --------- | -------- | ------------
At 31 Oct 2024 | – | 150,522 | 1,535 | 90,855 | 7,861 | 250,773
| ------------ | --------- | -------- | --------- | -------- | ------------
Carrying amount |  |  |  |  |  |
At 31 Oct 2024 | 1,200,654 | 42,101 | 1,575 | 25,403 | – | 1,269,733
| ------------ | --------- | -------- | --------- | -------- | ------------
At 31 Oct 2023 | 1,200,654 | 49,540 | 88 | 33,870 | 402 | 1,284,554
| ------------ | --------- | -------- | --------- | -------- | ------------

Certain investment properties held by the company were valued in January/February 2017 and May 2018 by an independent professional valuer (RICS regulated). The valuations obtained account for £1,050,000 (2023 £1,050,000) of the total market valuation disclosed above. The remaining investment properties, with a combined market value of £150,654 (2023 £150,654), were valued by the directors G Ward and M Ward on 25th April 2018.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

| Plant and machinery
| £
At 31st October 2024 | 16,531
| --------
At 31st October 2023 | 19,449
| --------

5. Debtors

| 2024 | 2023
| £ | £
Amounts owed by group undertakings and undertakings in which the company has a participating interest | 1,759,773 | 1,851,136
Other debtors | 1,500 | 1,502
| ------------ | ------------
| 1,761,273 | 1,852,638
| ------------ | ------------

The debtors above include the following amounts falling due after more than one year:

| 2024 | 2023
| £ | £
Amounts owed by group undertakings and undertakings in which the company has a participating interest | 494,419 | 494,419
| --------- | ---------

6. Creditors: amounts falling due within one year

| 2024 | 2023
| £ | £
Bank loans and overdrafts | 7,258 | 7,258
Trade creditors | 6,716 | 1,307
Amounts owed to group undertakings and undertakings in which the company has a participating interest | 1,268,465 | 1,264,001
Corporation tax | 12,121 | 12,121
Social security and other taxes | 68,416 | 67,291
Other creditors | 29,721 | 23,994
| ------------ | ------------
| 1,392,697 | 1,375,972
| ------------ | ------------

7. Creditors: amounts falling due after more than one year

| 2024 | 2023
| £ | £
Bank loans and overdrafts | 1,548,250 | 1,558,692
Other creditors | 600 | 6,913
| ------------ | ------------
| 1,548,850 | 1,565,605
| ------------ | ------------

8. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Included in retained earnings is £402,392 (2023 £402,392) of profits which are not available for distribution as they are unrealised.
9. Directors' advances, credits and guarantees
No advances were made to any director of the company during the year and no amounts in respect of advances to directors were outstanding at the year end. The company has not provided any guarantees on behalf of its directors during the year.
10. Controlling party
The company is a wholly owned subsidiary of Azzure Holdings Limited.