Silverfin false 31/12/2021 31/12/2021 01/01/2021 A Harvey 12/03/2010 R Jankel 12/03/2010 D Rhodes 11/01/2019 B Sarner 12/03/2010 01 September 2022 The principal activity of the Company during the financial year was that of property investment and trading. 07187501 2021-12-31 07187501 bus:Director1 2021-12-31 07187501 bus:Director2 2021-12-31 07187501 bus:Director3 2021-12-31 07187501 bus:Director4 2021-12-31 07187501 2020-12-31 07187501 core:CurrentFinancialInstruments 2021-12-31 07187501 core:CurrentFinancialInstruments 2020-12-31 07187501 core:Non-currentFinancialInstruments 2021-12-31 07187501 core:Non-currentFinancialInstruments 2020-12-31 07187501 core:ShareCapital 2021-12-31 07187501 core:ShareCapital 2020-12-31 07187501 core:RevaluationReserve 2021-12-31 07187501 core:RevaluationReserve 2020-12-31 07187501 core:RetainedEarningsAccumulatedLosses 2021-12-31 07187501 core:RetainedEarningsAccumulatedLosses 2020-12-31 07187501 core:CostValuation 2020-12-31 07187501 core:CostValuation 2021-12-31 07187501 core:ProvisionsForImpairmentInvestments 2020-12-31 07187501 core:ProvisionsForImpairmentInvestments 2021-12-31 07187501 2019-12-31 07187501 bus:OrdinaryShareClass1 2021-12-31 07187501 2021-01-01 2021-12-31 07187501 bus:FullAccounts 2021-01-01 2021-12-31 07187501 bus:SmallEntities 2021-01-01 2021-12-31 07187501 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 07187501 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 07187501 bus:Director1 2021-01-01 2021-12-31 07187501 bus:Director2 2021-01-01 2021-12-31 07187501 bus:Director3 2021-01-01 2021-12-31 07187501 bus:Director4 2021-01-01 2021-12-31 07187501 2020-01-01 2020-12-31 07187501 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 07187501 bus:OrdinaryShareClass1 2020-01-01 2020-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07187501 (England and Wales)

HARKALM PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2021
Pages for filing with the registrar

HARKALM PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2021

Contents

HARKALM PROPERTIES LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2021
HARKALM PROPERTIES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2021
DIRECTORS A Harvey
R Jankel
D Rhodes
B Sarner
SECRETARY A Harvey
REGISTERED OFFICE 35 Ballards Lane
London
N3 1XW
United Kingdom
COMPANY NUMBER 07187501 (England and Wales)
CHARTERED ACCOUNTANTS Berg Kaprow Lewis LLP
35 Ballards Lane
London
N3 1XW
HARKALM PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2021
HARKALM PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2021
Note 2021 2020
£ £
Fixed assets
Investment property 3 5,398,365 5,398,365
Investments 4 50 50
5,398,415 5,398,415
Current assets
Stocks 5 451,965 451,965
Debtors 6 261,054 465,039
Cash at bank and in hand 158,688 78,287
871,707 995,291
Creditors
Amounts falling due within one year 7 ( 522,731) ( 547,674)
Net current assets 348,976 447,617
Total assets less current liabilities 5,747,391 5,846,032
Creditors
Amounts falling due after more than one year 8 ( 2,653,466) ( 2,912,968)
Provision for liabilities 9 ( 247,271) ( 182,537)
Net assets 2,846,654 2,750,527
Capital and reserves
Called-up share capital 10 100 100
Revaluation reserve 924,350 989,084
Profit and loss account 1,922,204 1,761,343
Total shareholders' funds 2,846,654 2,750,527

For the financial year ending 31 December 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Harkalm Properties Limited (registered number: 07187501) were approved and authorised for issue by the Board of Directors on 01 September 2022. They were signed on its behalf by:

A Harvey
Director
HARKALM PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2021
HARKALM PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2021
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Harkalm Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows 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 who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2021 2020
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Investment property

Investment property
£
Valuation
As at 01 January 2021 5,398,365
As at 31 December 2021 5,398,365

4. Fixed asset investments

Investments in associates Total
£ £
Carrying value before impairment
At 01 January 2021 50 50
At 31 December 2021 50 50
Provisions for impairment
At 01 January 2021 0 0
At 31 December 2021 0 0
Carrying value at 31 December 2021 50 50
Carrying value at 31 December 2020 50 50

5. Stocks

2021 2020
£ £
Stocks 451,965 451,965

6. Debtors

2021 2020
£ £
Trade debtors 700 5,803
Other debtors 260,354 459,236
261,054 465,039

7. Creditors: amounts falling due within one year

2021 2020
£ £
Bank loans 254,828 243,207
Trade creditors 10,583 6,125
Other creditors 201,811 238,451
Corporation tax 29,732 47,615
Other taxation and social security 25,777 12,276
522,731 547,674

8. Creditors: amounts falling due after more than one year

2021 2020
£ £
Bank loans 2,653,466 2,912,968

9. Deferred tax

2021 2020
£ £
At the beginning of financial year ( 182,537) ( 182,537)
Charged to the Profit and Loss Account ( 64,734) 0
At the end of financial year ( 247,271) ( 182,537)

10. Called-up share capital

2021 2020
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 0.01 each 100 100