REGISTERED NUMBER: |
HGC INVESTMENTS LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2022 |
REGISTERED NUMBER: |
HGC INVESTMENTS LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2022 |
HGC INVESTMENTS LTD (REGISTERED NUMBER: 11656088) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 November 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
HGC INVESTMENTS LTD |
COMPANY INFORMATION |
for the year ended 30 November 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
100 Boldmere Road |
Sutton Coldfield |
West Midlands |
B73 5UB |
HGC INVESTMENTS LTD (REGISTERED NUMBER: 11656088) |
BALANCE SHEET |
30 November 2022 |
30/11/22 | 30/11/21 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Fair value reserve | 9 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
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. |
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 |
HGC INVESTMENTS LTD (REGISTERED NUMBER: 11656088) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 November 2022 |
1. | STATUTORY INFORMATION |
HGC Investments Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
As at the 30 November 2022, the balance sheet reflects net current liabilities amounting to £12,045,947. However included within creditors due within one year is £13,200,353 due to the parent company. The parent company has given their assurance that they will continue to support the company and will not request repayment of the balance until other creditors have been settled. As such the directors consider the going concern basis of preparation to be appropriate. |
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 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Income |
Interest income is recognised in the income statement in the period to which it relates. Dividend income is recognised as the company's right to receive payment is established. |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
HGC INVESTMENTS LTD (REGISTERED NUMBER: 11656088) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 November 2022 |
2. | ACCOUNTING POLICIES - continued |
Investments are recognised initially at cost which is normally the transaction price including transaction costs. Subsequently, they are measured at fair value through the income statement if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment. |
The investment in the Prudential Investment Plan is valued be reference to the unit price at the year end with the fair value adjustment through the income statement. |
The investments in the Barclays advisory and discretionary portfolios comprise of a number of investments in cash, short term maturity bonds, developed government bonds, investment grade bonds, high yield and emerging market bonds, developed market equities, emerging market equity, commodities, real estate, alternative trading strategies and multi class and other investments. The cash balances are reflected under cash and bank and are recorded at transaction price. The other classes of investment are reflected under other investments, the portfolio is valued by reference to the market values provided in the investment report at the balance sheet date with the fair value adjustment through the income statement. Deferred tax is reserved accordingly on the Barclays investments fair value gains. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Investments |
£ |
COST OR VALUATION |
At 1 December 2021 |
Additions |
Disposals | ( |
) |
Revaluations | ( |
) |
At 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
At 30 November 2021 |
Cost or valuation at 30 November 2022 is represented by: |
Investments |
£ |
Valuation in 2019 | 377,249 |
Valuation in 2020 | 1,904,808 |
Valuation in 2021 | 1,739,623 |
Valuation in 2022 | (1,707,551 | ) |
Cost | 12,907,416 |
15,221,545 |
HGC INVESTMENTS LTD (REGISTERED NUMBER: 11656088) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 November 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/11/22 | 30/11/21 |
£ | £ |
Other debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/11/22 | 30/11/21 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to group undertakings |
Corporation tax payable |
Other creditors |
Directors' loan accounts |
Accrued expenses |
7. | SECURED DEBTS |
Bank loans are secured by way of a charge over the company's investment portfolios. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/11/22 | 30/11/21 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
9. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 December 2021 | 3,702,431 |
Deficit for the year | ( |
) | ( |
) |
Transfer between reserves | 1,494,439 | (1,494,439 | ) | - |
At 30 November 2022 | 2,657,400 |
HGC INVESTMENTS LTD (REGISTERED NUMBER: 11656088) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 November 2022 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 November 2022 and 30 November 2021: |
30/11/22 | 30/11/21 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
No interest is charged on loans from directors. Amounts are repayable on demand. |
11. | PARENT COMPANY |
A M Clack Limited, a company registered in England & Wales is regarded as the parent company. The registered office address for A M Clack Limited is 100 Boldmere Road, Sutton Coldfield, West Midlands, B73 5UB. |