HGC Properties Limited Filleted accounts for Companies House (small and micro)

HGC PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04180773

HGC PROPERTIES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2019

HGC PROPERTIES LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2019

CONTENTS	PAGE

Officers and professional advisers	1

Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of HGC PROPERTIES LIMITED	2

Statement of financial position	3

Notes to the financial statements	5

HGC PROPERTIES LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Mr D W Harper
	Mr S J Green
	Mr S Charnock

Company secretary	Mr D W Harper

Registered office	Rock Villa
	Prospect Place
	Barnard Castle
	County Durham
	DL12 8HQ

Accountants	Allen Sykes Ltd
	Chartered Accountants
	17 Galgate
	Barnard Castle
	County Durham
	DL12 8EQ

Bankers	Barclays Bank plc
	27 - 31 High Row
	Darlington
	County Durham
	DL3 7QW

	Lloyds Bank plc
	27 High Street
	Stockton-on-Tees
	TS18 1SG

HGC PROPERTIES LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HGC PROPERTIES LIMITED

YEAR ENDED 31st MARCH 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of HGC Properties Limited for the year ended 31st March 2019, which comprise the 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of HGC Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of HGC Properties Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or or assume responsibility to anyone other than HGC Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that HGC Properties Limited 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 HGC Properties Limited. You consider that HGC Properties Limited 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 HGC Properties Limited. 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.

Allen Sykes Ltd Chartered Accountants

17 Galgate Barnard Castle County Durham DL12 8EQ

18 December 2019

HGC PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2019

	2019		2018
Note	£	£	£

FIXED ASSETS

Tangible assets	4		1,100,000	1,100,000

CURRENT ASSETS

Cash at bank and in hand	24,414		25,873

CREDITORS: amounts falling due within one year	5	57,486		56,580
		---------		---------
NET CURRENT LIABILITIES			33,072	30,707
			-------------	-------------
TOTAL ASSETS LESS CURRENT LIABILITIES			1,066,928	1,069,293

CREDITORS: amounts falling due after more than one year	6	111,471	141,921
		-------------	-------------
NET ASSETS		955,457	927,372
		-------------	-------------

CAPITAL AND RESERVES

Called up share capital	100	100
Revaluation reserve	374,208	374,208
Profit and loss account	581,149	553,064
	----------	----------
SHAREHOLDERS FUNDS	955,457	927,372
	----------	----------

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 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 March 2019 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 .

HGC PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 17 December 2019 , and are signed on behalf of the board by:

Mr D W Harper	Mr S J Green
Director	Director

Company registration number: 04180773

HGC PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2019

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Rock Villa, Prospect Place, Barnard Castle, County Durham, DL12 8HQ.

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 financial assets and liabilities and 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.

Revenue recognition

The turnover shown in the profit and loss account represents rents receivable for the year and the proceeds of sale of properties where applicable.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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 profit or loss.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. TANGIBLE ASSETS

	Investment property
	£
Cost
At 1st April 2018 and 31st March 2019	1,100,000
	-------------
Depreciation
At 1st April 2018 and 31st March 2019	–
	-------------
Carrying amount
At 31st March 2019	1,100,000
	-------------
At 31st March 2018	1,100,000
	-------------

Investment properties were valued on 31st March 2019 on an open market basis at the amounts shown above by the directors.

5. CREDITORS: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	30,346	28,801
Corporation tax	7,995	8,511
Social security and other taxes	15,706	15,706
Other creditors	3,439	3,562
	---------	---------
	57,486	56,580
	---------	---------

Obligations under loans are secured on the property to which they relate.

6. CREDITORS: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	111,471	141,921
	----------	----------

Included within creditors: amounts falling due after more than one year is an amount of £25,934 (2018: £100,630) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Obligations under loans are secured on the property to which they relate.