Company Registration No. 11409160 (England and Wales)
HEMAS PROPERTY INVESTMENT LTD
Unaudited accounts
for the year ended 30 June 2022
HEMAS PROPERTY INVESTMENT LTD
Unaudited accounts
Contents
HEMAS PROPERTY INVESTMENT LTD
Company Information
for the year ended 30 June 2022
Directors
Hemantha Rukshan Prabath Fernando Koruwage
Manesha Stella Fernando
Company Number
11409160 (England and Wales)
Registered Office
38 ALVERSTONE AVENUE EAST BARNET
BARNET
EN4 8EB
ENGLAND
Accountants
ZATRS ACCOUNTING LIMITED
29 Debnam Grove
Sittingbourne
Kent
ME10 3FN
HEMAS PROPERTY INVESTMENT LTD
Statement of financial position
as at
30 June 2022
Investment property
804,052
804,052
Cash at bank and in hand
1,983
3,537
Creditors: amounts falling due within one year
(219,036)
(203,162)
Net current liabilities
(198,389)
(199,625)
Total assets less current liabilities
606,259
604,427
Creditors: amounts falling due after more than one year
(610,664)
(615,989)
Net liabilities
(4,405)
(11,562)
Called up share capital
2
2
Profit and loss account
(4,407)
(11,564)
Shareholders' funds
(4,405)
(11,562)
For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2023 and were signed on its behalf by
Hemantha Rukshan Prabath Fernando Koruwage
Director
Company Registration No. 11409160
HEMAS PROPERTY INVESTMENT LTD
Notes to the Accounts
for the year ended 30 June 2022
HEMAS PROPERTY INVESTMENT LTD is a private company, limited by shares, registered in England and Wales, registration number 11409160. The registered office is 38 ALVERSTONE AVENUE EAST BARNET, BARNET, EN4 8EB, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The accounts are presented in £ sterling.
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is
well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the
company has adequate resources to continue in operational existence for the foreseeable future. Thus they
continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
HEMAS PROPERTY INVESTMENT LTD
Notes to the Accounts
for the year ended 30 June 2022
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. 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 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. 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 realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Proposed dividends are only included as liabilities in the statement of financial position when their payment has
been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Land & buildings
10 Years
Plant & machinery
05 Years
Fixtures & fittings
05 Years
Computer equipment
03 Years
Investment properties are included in the statement of financial position at their open market value at the statement of financial position date. The resulting aggregate surplus or deficit is transferred to a revaluation reserve. Depreciation is provided only on those investment properties which are leasehold and where the
unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the statement of financial position to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
HEMAS PROPERTY INVESTMENT LTD
Notes to the Accounts
for the year ended 30 June 2022
4
Tangible fixed assets
Computer equipment
Cost or valuation
At cost
5
Investment property
2022
Fair value at 1 July 2021
804,052
Amounts falling due within one year
7
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
2,696
-
Loans from directors
216,027
203,162
8
Creditors: amounts falling due after more than one year
2022
2021
Bank loans
610,664
615,989
9
Average number of employees
During the year the average number of employees was 0 (2021: 0).