Registered number
11316868
HARLECH COURT LIMITED
Filleted Accounts
30 April 2023
HARLECH COURT LIMITED
Registered number: 11316868
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 46,692 58,210
Investment property 4 4,602,260 4,602,260
4,648,952 4,660,470
Current assets
Debtors 5 24,824 33,211
Cash at bank and in hand 15,394 136,699
40,218 169,910
Creditors: amounts falling due within one year 6 (4,428,857) (2,694,355)
Net current liabilities (4,388,639) (2,524,445)
Total assets less current liabilities 260,313 2,136,025
Creditors: amounts falling due after more than one year 7 - (1,691,527)
Net assets 260,313 444,498
Capital and reserves
Called up share capital 100 100
Profit and loss account 260,213 444,398
Shareholder's funds 260,313 444,498
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sajid Ghaffar
Director
Approved by the board on 31 October 2023
HARLECH COURT LIMITED
Notes to the Accounts
for the year ended 30 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 20% reducing balance
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date with changes in fair value measured through profit and loss.
The methods and significant assumptions used to ascertain the fair value at the balance sheet date and fair vale movement in the profit for the year are as follow:
Properties are valued by the directors which are under development and construction at a fair value.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Fixture and fittings etc.
£
Cost
At 1 May 2022 109,562
Additions 155
At 30 April 2023 109,717
Depreciation
At 1 May 2022 51,352
Charge for the year 11,673
At 30 April 2023 63,025
Net book value
At 30 April 2023 46,692
At 30 April 2022 58,210
4 Investment property
Investment
property
£
Fair value
At 1 May 2022 4,602,260
At 30 April 2023 4,602,260
Fair value
At 1 May 2022 4,602,260
At 30 April 2023 4,602,260
Properties are held for investment purposes and as such they are not depreciated. Such properties are not held for consumption but for investment and the directors consider that to depreciate them would not give a true and fair view.
The value of the properties, which have been included at a fair value valuation and have been
considered by the directors.
5 Debtors 2023 2022
£ £
Trade debtors 24,824 14,411
Prepayments and accrued income - 18,800
24,824 33,211
6 Creditors: amounts falling due within one year 2023 2022
£ £
Related party transactions 1,881,517 -
Bank loans and overdrafts - 123,780
Directors' current accounts 2,186,403 2,186,403
VAT and Corporation Tax 1,781 4,217
Other creditors 359,156 379,955
4,428,857 2,694,355
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 1,691,527
8 Director's advances, credits and gurantees
During the period ended, the Director maintained an interest free loan account with the Company. The movement in the loan account were as follows:
Balance b/f 2,186,403
Amounts introduced -
Ammounts withdrawn -
Balance c/f 2,186,403
9 Related party transactions
Included in creditors is a loan of £1,881,517 from DG1 Investments Ltd in which director is a shareholder.
10 Controlling party
The company is controlled by Mr Sajid Ghaffar director and shareholder of the company.
11 Other information
HARLECH COURT LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Harlech Court, 2nd Floor
Bute Terrace
Cardiff
Wales
CF10 2FE
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