Hean Development Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC581912 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

Hean Development Group Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr W Hean

Mrs S Hean

REGISTERED OFFICE:

6 Logie Mill

Edinburgh

EH7 4HG

REGISTERED NUMBER:

SC581912 (Scotland)

ACCOUNTANTS:

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

FIXED ASSETS

Tangible assets

4

1,167

1,308

CURRENT ASSETS

Debtors

5

5,001

1,583

Cash at bank

48,471

30,528

53,472

32,111

CREDITORS

Amounts falling due within one year

6

48,049

33,097

NET CURRENT ASSETS/(LIABILITIES)

5,423

(986

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,590

322

PROVISIONS FOR LIABILITIES

7

198

222

NET ASSETS

6,392

100

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

6,292

-

SHAREHOLDERS' FUNDS

6,392

100

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 July 2020 and were signed on its behalf by:

Mr W Hean - Director

1.	STATUTORY INFORMATION

Hean Development Group Limited is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information page.

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.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are

considered to have been transferred to the buyer. Turnover from the supply of services represent the value of

services provided under contracts to the extent that there is a right to consideration and is recorded at fair value

of the consideration received or receivable.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is

provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less

residual value, of each asset on a straight line basis over it's expected useful life, as follows:

Plant and Machinery

- 20% on cost

Computer Equipment

- 20% on cost

Residual value represents the estimated amount which would currently be obtained from disposal of an

asset,after deducting estimated costs of disposal, if the asset were already of the age and in the condition

expected at the end of its useful life.

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance

sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is

estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an

impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the

impairment loss is a revaluation decrease.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured

at their settlement value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past

event, it is probable that the company will be required to settle that obligation and a reliable estimate can be

made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present

obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 April 2019

265

1,532

1,797

Additions

88

186

274

At 31 March 2020

353

1,718

2,071

DEPRECIATION

At 1 April 2019

72

417

489

Charge for year

71

344

415

At 31 March 2020

143

761

904

NET BOOK VALUE

At 31 March 2020

210

957

1,167

At 31 March 2019

193

1,115

1,308

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

3,600

-

Other debtors

1,401

1,583

5,001

1,583

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade creditors

1,285

870

Taxation and social security

45,164

29,627

Other creditors

1,600

2,600

48,049

33,097

7.	PROVISIONS FOR LIABILITIES

31.3.20

31.3.19

£

£

Deferred tax

198

222

Deferred

tax

£

Balance at 1 April 2019

222

Provided during year

(24

)

Balance at 31 March 2020

198

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

100

Ordinary

£1

100

100

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £148,996 (2019- £86,339) were paid to the directors.

Transactions with related parties during the year and balances outstanding at the year end were as follows:

Related Party

Type of Transaction

Amount 2020

Amount 2019

Balance receivable from/(payable to) related party as at 31.3.20

Balance receivable from/(payable to) related party as at 31.3.19

Caerus Periousia Limited

Sales

£153,560

£97,500

nil

nil

Recharged expenses

£18,782

£20,496

nil

nil

Gemland Properties (UK) Limited

Sales

£52,500

nil

nil

nil

A director of Hean Development Group Limited is also a director of Caerus Periousia Limited and Gemland

Properties (UK) Limited.

10.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.