4H1 Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC453654 (Scotland)

Abridged Financial Statements

for the Year Ended 31 May 2020

for

4H1 Ltd.

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

G Henderson

Mrs E C Henderson

REGISTERED OFFICE:

14 Rutland Square

Edinburgh

EH1 2BD

REGISTERED NUMBER:

SC453654 (Scotland)

ACCOUNTANTS:

Gibson McKerrell Brown LLP

Chartered Accountants

14 Rutland Square

Edinburgh

Midlothian

EH1 2BD

FIXED ASSETS

Investment property

4

820,916

750,000

CURRENT ASSETS

Debtors

5,388

3,344

Cash at bank

19,526

17,984

24,914

21,328

CREDITORS

Amounts falling due within one year

308,499

262,845

NET CURRENT LIABILITIES

(283,585

)

(241,517

)

TOTAL ASSETS LESS CURRENT LIABILITIES

537,331

508,483

PROVISIONS FOR LIABILITIES

5

56,804

56,804

NET ASSETS

480,527

451,679

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

6

480,427

451,579

SHAREHOLDERS' FUNDS

480,527

451,679

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 31 May 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 October 2020 and were signed on its behalf by:

G Henderson - Director

1.	STATUTORY INFORMATION

4H1 Ltd. 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.

The presentation currency of the financial statements is the Pound 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is attributable to the company's principal activity of investment property holding and letting.

Investment property

Investment properties are properties held to earn rentals and/or for capital appreciation.

Investment properties are initially measured at cost, including transaction costs. Subsequently, investment properties whose fair value can be measured reliably without undue cost or effort, on an on-going basis, are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Investment properties whose fair value cannot be measured reliably without undue cost or effort, on an on-going basis, are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and payables, loans from banks and other third

parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective

evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the

Income Statement. If there is a decrease in the impairment loss arising from an event occurring after the

impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount

does not exceed what the carrying amount would have been had the impairment not previously been recognised.

The impairment reversal is recognised in the Income Statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire

or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to

another party, or (c) control of the asset has been transferred to another party.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities

are derecognised when the liability is extinguished, that is when the contractual obligation is discharged,

cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

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

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2019

750,000

Additions

70,916

At 31 May 2020

820,916

NET BOOK VALUE

At 31 May 2020

820,916

At 31 May 2019

750,000

Fair value at 31 May 2020 is represented by:

£

Valuation in 2017

219,072

Valuation in 2018

113,920

Cost

487,924

820,916

If investment property had not been revalued it would have been included at the following historical cost:

2020

2019

£

£

Cost

417,008

417,008

Investment property was valued on an open market basis on 31 May 2018 by the director following a discussion with Graham & Sibbald, Chartered Surveyors.

5.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

56,804

56,804

Deferred

tax

£

Balance at 1 June 2019

56,804

Deferred tax on revaluation

Balance at 31 May 2020

56,804

6.

RESERVES

Retained earnings are analysed as follows:

31.05.20

31.05.19

£

£

Distributable

204,239

175,391

Non-Distributable

276,188

276,188

480,427

451,579