Abbreviated Company Accounts - HANAGID LTD

Registered Number 09020933

HANAGID LTD

Abbreviated Accounts

31 May 2015

HANAGID LTD Registered Number 09020933

Abbreviated Balance Sheet as at 31 May 2015

	Notes	2015
		£
Fixed assets
Tangible assets	2	369,591
Investments	3	24,300
		393,891
Current assets
Cash at bank and in hand		95,669
		95,669
Creditors: amounts falling due within one year		(301,998)
Net current assets (liabilities)		(206,329)
Total assets less current liabilities		187,562
Creditors: amounts falling due after more than one year		(237,500)
Total net assets (liabilities)		(49,938)
Capital and reserves
Called up share capital		2
Profit and loss account		(49,940)
Shareholders' funds		(49,938)

For the year ending 31 May 2015 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 17 January 2016

And signed on their behalf by:
I Mocton, Director

HANAGID LTD Registered Number 09020933

Notes to the Abbreviated Accounts for the period ended 31 May 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Tangible assets depreciation policy
Tangible fixed assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. 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:

Investment Properties:

In accordance with the Company's stated accounting policy no depreciation have been provided in respect of freehold or long leasehold properties which are held for investments.

This departure from the requirements of the Companies Act 2006 for all properties to be depreciated is necessary, as the Directors consider that this accounting policy results in the accounts giving a true and fair view

Leases having an unexpired term of less than twenty years are amortised evenly over the remaining period of the lease.

Investment properties are included in the balance sheet at historical cost which is not in accordance with the Statement of Accounting Practice No 12, and FRSSE, which requires such properties to be stated at their open market value.

The effect of this departure on the financial statements is not readily quantifiable

2Tangible fixed assets

	£
Cost
Additions	369,591
Disposals	-
Revaluations	-
Transfers	-
At 31 May 2015	369,591
Depreciation
Charge for the year	-
On disposals	-
At 31 May 2015	-
Net book values
At 31 May 2015	369,591

Tangible fixed assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. 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:

Investment Properties:

In accordance with the Company's stated accounting policy no depreciation have been provided in respect of freehold or long leasehold properties which are held for investments.

This departure from the requirements of the Companies Act 2006 for all properties to be depreciated is necessary, as the Directors consider that this accounting policy results in the accounts giving a true and fair view

Leases having an unexpired term of less than twenty years are amortised evenly over the remaining period of the lease.

Investment properties are included in the balance sheet at historical cost which is not in accordance with the Statement of Accounting Practice No 12, and FRSSE, which requires such properties to be stated at their open market value.

The effect of this departure on the financial statements is not readily quantifiable

3Fixed assets Investments
Unquoted Investments at cost.

The Directors are of the pinion that the market value of this investment is equal to its cost price.