Company registration number 00683791 (England and Wales)
HARHILL DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
HARHILL DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HARHILL DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT 25 MARCH 2023
25 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
4,500,000
4,500,000
Current assets
Debtors
5
2,072
11,157
Investments
6
66
Cash at bank and in hand
28,795
10,572
30,867
21,795
Creditors: amounts falling due within one year
7
(273,905)
(267,736)
Net current liabilities
(243,038)
(245,941)
Total assets less current liabilities
4,256,962
4,254,059
Provisions for liabilities
(910,082)
(789,691)
Net assets
3,346,880
3,464,368
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
3,346,780
3,464,268
Total equity
3,346,880
3,464,368
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 25 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 November 2023 and are signed on its behalf by:
L Coleman
Director
Company Registration No. 00683791
HARHILL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2023
- 2 -
1
Accounting policies
Company information
Harhill Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 43 Ingram Avenue, London, NW11 6TG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rental income in respect of the investment properties, property development and management.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
HARHILL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
HARHILL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 MARCH 2023
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 26 March 2022
58,300
Disposals
(58,300)
At 25 March 2023
Depreciation and impairment
At 26 March 2022
58,300
Eliminated in respect of disposals
(58,300)
At 25 March 2023
Carrying amount
At 25 March 2023
At 25 March 2022
4
Investment property
2023
£
Fair value
At 26 March 2022 and 25 March 2023
4,500,000
The fair value of the investment properties have been arrived at on the basis of valuations carried out by the directors of the company. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties and the directors consider that the carrying amounts of the investment properties approximates to their fair value.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
2,072
11,157
6
Current asset investments
2023
2022
£
£
Other investments
66
HARHILL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 MARCH 2023
- 5 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
21,808
15,909
Other creditors
252,097
251,827
273,905
267,736