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Registered number: 12790520 HECNY PROPERTIES LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investment property | 5 |  | 8,210,000 |  | 8,100,000
Current assets |  |  |  |  |
Debtors Within One Year | 6 | 100,274 |  | 120,030 |
Bank and cash balances |  | 651 |  | 1,541 |
|  | 100,925 |  | 121,571 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 7 | (5,688,920) |  | (5,705,006) |
Net current liabilities |  |  | (5,587,995) |  | (5,583,435)
Provisions for liabilities |  |  |  |  |
Deferred tax |  |  | (660,340) |  | (632,840)
Net assets |  |  | 1,961,665 |  | 1,883,725
Capital and reserves |  |  |  |  |
Called up share capital | 8 |  | 1 |  | 1
Revaluation reserve |  |  | 1,981,019 |  | 1,898,519
Profit and loss account |  |  | (19,355) |  | (14,795)
|  |  | 1,961,665 |  | 1,883,725
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 23 February 2026.
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 2024
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. The financial statements are presented in £ sterling, which is the functional currency of the Company. 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 2024 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 2024 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 (2023 - 5).
Page 4
HECNY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 January 2024 | 8,100,000
| Surplus on revaluation | 110,000
| At 31 December 2024 | 8,210,000
The 2024 valuations were made by the external valuer, , on an open market value for existing use basis.
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Historic cost | 5,568,641 | 5,568,641
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 97,575 | 117,332
| Other debtors | 2,699 | 2,698
|  | 100,274 | 120,030
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | - | 4,608
| Amounts owed to group undertakings | 5,665,672 | 5,681,867
| Other taxation and social security | 100 | -
| Accruals and deferred income | 23,148 | 18,531
|  | 5,688,920 | 5,705,006
8. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
Page 5
HECNY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 8.Share capital (continued)
|  | 1 (2023 - 1) Ordinary share of £1 | 1 | 1
9. | Related party transactions
| During the year, the Company made sales of £282,175 (2023 - £271,048) to group entites. At the statement of financial position date, the Company was owed £91,613 (2023 - £105,443) from group entities. During the year, the Company incurred an interest expense of £391,904 (2023 - £378,757) from ultimate parent company. As at the statement of financial position date, the Company owed £5,665,672 (2023 - £5,681,867) to the ultimate parent company. The Company forms part of a wholly-owned group and accordingly has taken advantage of the exemption allowed under section 33.1A of FRS 102 not to disclose transactions with other wholly owned entities within the group.
10. | Controlling party
The immediate parent undertaking is Hecny 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 2024 was unqualified. The audit report was signed on 23 February 2026 by Sean Brennan FCCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.
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