Silverfin false 31/05/2023 01/06/2022 31/05/2023 K Harvey 09/05/2019 A Lloyd 07/12/2022 30/06/2023 29 September 2023 The principal activity of the Company during the financial year was that of buying and selling their own real estate. 11986624 2023-05-31 11986624 bus:Director1 2023-05-31 11986624 bus:Director2 2023-05-31 11986624 2022-05-31 11986624 core:CurrentFinancialInstruments 2023-05-31 11986624 core:CurrentFinancialInstruments 2022-05-31 11986624 core:Non-currentFinancialInstruments 2023-05-31 11986624 core:Non-currentFinancialInstruments 2022-05-31 11986624 core:ShareCapital 2023-05-31 11986624 core:ShareCapital 2022-05-31 11986624 core:RetainedEarningsAccumulatedLosses 2023-05-31 11986624 core:RetainedEarningsAccumulatedLosses 2022-05-31 11986624 bus:OrdinaryShareClass1 2023-05-31 11986624 2022-06-01 2023-05-31 11986624 bus:FullAccounts 2022-06-01 2023-05-31 11986624 bus:SmallEntities 2022-06-01 2023-05-31 11986624 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 11986624 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 11986624 bus:Director1 2022-06-01 2023-05-31 11986624 bus:Director2 2022-06-01 2023-05-31 11986624 2021-06-01 2022-05-31 11986624 core:Non-currentFinancialInstruments 2022-06-01 2023-05-31 11986624 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 11986624 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11986624 (England and Wales)

HARVEY LLOYD DEVELOPMENTS LTD

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

HARVEY LLOYD DEVELOPMENTS LTD

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

HARVEY LLOYD DEVELOPMENTS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 May 2023
HARVEY LLOYD DEVELOPMENTS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 1,050,000 0
1,050,000 0
Current assets
Stocks 0 552,935
Debtors 4 0 313
Cash at bank and in hand 6,501 19,383
6,501 572,631
Creditors: amounts falling due within one year 5 ( 63,093) ( 89,852)
Net current (liabilities)/assets (56,592) 482,779
Total assets less current liabilities 993,408 482,779
Creditors: amounts falling due after more than one year 6 ( 500,000) ( 500,000)
Net assets/(liabilities) 493,408 ( 17,221)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 493,308 ( 17,321 )
Total shareholder's funds/(deficit) 493,408 ( 17,221)

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Harvey Lloyd Developments Ltd (registered number: 11986624) were approved and authorised for issue by the Director on 29 September 2023. They were signed on its behalf by:

K Harvey
Director
HARVEY LLOYD DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
HARVEY LLOYD DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
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

Harvey Lloyd Developments Ltd (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 C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, 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 director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has 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.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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.

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. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Investment property

Investment property
£
Valuation
As at 01 June 2022 0
Additions 552,935
Fair value movement 497,065
As at 31 May 2023 1,050,000

Valuation

A full market valuation of investment property was completed by [insert date] at the statement of financial position date. As a result of the valuation a number of properties prior period impairments were reversed. The fair value of the group’s residential investment property at 31 May 2023 have been arrived at on the basis of valuations carried out on that date by external valuers having appropriate relevant professional qualifications and recent experience in the location and category of property being valued. The valuations performed which conform to the Valuations Standards of the Royal Institution of Chartered Surveyors and with the International Valuations Standards (IVS) 2013 were arrived at by reference to market evidence of transaction prices for similar properties. The comparison approach was used for all residential properties which involved reviewing recent market evidence from the sales of similar properties during the period.

For commercial investment property, the yield methodology was used which involved applying market derived capitalisation yields to current and market derived future income streams with appropriate adjustments for income voids arising from vacancies or rent free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions.

Historic cost

If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 552,935 0

4. Debtors

2023 2022
£ £
VAT recoverable 0 313

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,870 1,282
Amounts owed to director 41,693 66,483
Accruals 2,650 2,800
Other creditors 16,880 19,287
63,093 89,852

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

2023 2022
£ £
Bank loans (secured) 500,000 500,000

The long term bank loan is secured by a fixed charge over the trade and assets of the company.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

The company has taken advantage of the exemption in section 1AC.35 of FRS 102 to not disclose related party transactions with wholly owned subsidiaries within the group.

At the end of the period £41,693 (2022: £66,484) was owed to a director. The loan is interest free and has no set date for repayment.

At the period end the company owed £7,326 (2022: £9,733) to a company under common control. The loan is interest free and has no set date for repayment.