Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
|
|
|
1,050,000 | 0 | |||
Current assets | ||||
Stocks |
|
|
||
Debtors | 4 |
|
|
|
Cash at bank and in hand |
|
|
||
6,501 | 572,631 | |||
Creditors: amounts falling due within one year | 5 | (
|
(
|
|
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 | (
|
(
|
|
Net assets/(liabilities) |
|
(
|
||
Capital and reserves | ||||
Called-up share capital | 7 |
|
|
|
Profit and loss account |
|
(
|
||
Total shareholder's funds/(deficit) |
|
(
|
Director's responsibilities:
The financial statements of Harvey Lloyd Developments Ltd (registered number:
K Harvey
Director |
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.
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 £.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
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.
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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
|
|
Investment property | |
£ | |
Valuation | |
As at 01 June 2022 |
|
Additions | 552,935 |
Fair value movement | 497,065 |
As at 31 May 2023 |
|
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 |
2023 | 2022 | ||
£ | £ | ||
VAT recoverable |
|
|
2023 | 2022 | ||
£ | £ | ||
Trade creditors |
|
|
|
Amounts owed to director |
|
|
|
Accruals |
|
|
|
Other creditors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Bank loans (secured) |
|
|
2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
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.