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COMPANY REGISTRATION NUMBER: 4496964
HARRINGTON HOUSE ESTATES LIMITED
Filleted Unaudited Financial Statements
5 April 2023
HARRINGTON HOUSE ESTATES LIMITED
Statement of Financial Position
5 April 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
4
2,049,785
2,050,102
Current assets
Debtors
5
1,208
1,208
Cash at bank and in hand
89,877
77,464
--------
--------
91,085
78,672
Creditors: amounts falling due within one year
6
617,662
651,314
---------
---------
Net current liabilities
526,577
572,642
------------
------------
Total assets less current liabilities
1,523,208
1,477,460
Creditors: amounts falling due after more than one year
7
178,300
178,300
Provisions
Taxation including deferred tax
109,139
109,191
------------
------------
Net assets
1,235,769
1,189,969
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,235,669
1,189,869
------------
------------
Shareholders funds
1,235,769
1,189,969
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 5th April 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
HARRINGTON HOUSE ESTATES LIMITED
Statement of Financial Position (continued)
5 April 2023
These financial statements were approved by the board of directors and authorised for issue on 22 November 2023 , and are signed on behalf of the board by:
Mr.N. Mackey
Director
Company registration number: 4496964
HARRINGTON HOUSE ESTATES LIMITED
Notes to the Financial Statements
Year ended 5th April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Alex House, 260-268 Chapel Street, Salford, Manchester, M3 5JZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income tax
Taxation expense for the year comprises current and deferred tax recognised in the period. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is also recognised in other comprehensive income or directly in equity respectively. Current or deferred tax assets and liabilities are not discounted. Current tax is the amount of income tax payable in respect of the taxable profit for the period or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
Tangible assets
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Furniture & Fittings
-
15% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 6th April 2022 and 5th April 2023
2,047,985
14,898
2,620
2,065,503
------------
--------
-------
------------
Depreciation
At 6th April 2022
14,143
1,258
15,401
Charge for the year
113
204
317
------------
--------
-------
------------
At 5th April 2023
14,256
1,462
15,718
------------
--------
-------
------------
Carrying amount
At 5th April 2023
2,047,985
642
1,158
2,049,785
------------
--------
-------
------------
At 5th April 2022
2,047,985
755
1,362
2,050,102
------------
--------
-------
------------
Tangible assets held at valuation
The investment properties were valued by the director on 5th April 2023.
5. Debtors
2023
2022
£
£
Other debtors
1,208
1,208
-------
-------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Social security and other taxes
10,955
13,533
Other creditors
606,707
637,781
---------
---------
617,662
651,314
---------
---------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
178,300
178,300
---------
---------
8. Director's advances, credits and guarantees
Included within other creditors above is an amount of £393,292 (2022: £409,131) owed to the director. No interest has been charged and the amount is repayable on demand.
9. Related party transactions
The company was under the control of Mr and Mrs Mackey throughout the current and previous year. Mr Mackey is the managing director.