Company registration number 07351127 (England and Wales)
HARVESTGLEN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
HARVESTGLEN LIMITED
COMPANY INFORMATION
Directors
E Abbassian
S Darvish-Kojouri
F Zahab
Secretary
E Abbassian
Company number
07351127
Registered office
Palmers Lodge Swiss Cottage
40 College Crescent
Swiss Cottage
London
NW3 5LB
Accountants
Grunberg & Co Limited
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
HARVESTGLEN LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
HARVESTGLEN LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,393,635
6,622,434
Current assets
Debtors
4
5,854,339
35,229
Cash at bank and in hand
1,079,160
227,632
6,933,499
262,861
Creditors: amounts falling due within one year
5
(333,862)
(1,481,087)
Net current assets/(liabilities)
6,599,637
(1,218,226)
Total assets less current liabilities
12,993,272
5,404,208
Creditors: amounts falling due after more than one year
6
(11,160,530)
(3,605,402)
Provisions for liabilities
(18,843)
(1,531)
Net assets
1,813,899
1,797,275
Capital and reserves
Called up share capital
600
600
Profit and loss reserves
1,813,299
1,796,675
Total equity
1,813,899
1,797,275
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 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.
HARVESTGLEN LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 August 2023 and are signed on its behalf by:
S Darvish-Kojouri
Director
Company Registration No. 07351127
HARVESTGLEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
HarvestGlen Limited is a private company limited by shares incorporated in England and Wales. The registered office is Palmers Lodge Swiss Cottage, 40 College Crescent, Swiss Cottage, London, NW3 5LB.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rent and services apartment income receivable by the company. Turnover is recognised when the rooms are occupied and as services are provided.
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:
Freehold land and buildings
25% of cost over 50 years
Plant and equipment
Enter depreciation rate via StatDB - cd76
Fixtures and fittings
25% on reducing balance
Computers
33% on cost
Refurbishment contracts are depreciated over 10 years
1.4
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 statement of financial position 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.
HARVESTGLEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
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. Financial assets classified as receivable within one year are not amortised.
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 price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
HARVESTGLEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 April 2022
8,366,055
54,465
8,767
8,429,287
Additions
33,514
1,200
7,788
42,502
At 31 March 2023
8,399,569
1,200
54,465
16,555
8,471,789
Depreciation and impairment
At 1 April 2022
1,752,973
46,598
7,282
1,806,853
Depreciation charged in the year
264,954
300
1,966
4,081
271,301
At 31 March 2023
2,017,927
300
48,564
11,363
2,078,154
Carrying amount
At 31 March 2023
6,381,642
900
5,901
5,192
6,393,635
At 31 March 2022
6,613,082
7,867
1,485
6,622,434
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,232
1,319
Other debtors
2,496
32,956
Prepayments and accrued income
98,611
954
104,339
35,229
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
5,750,000
Total debtors
5,854,339
35,229
HARVESTGLEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
384,615
Trade creditors
19,429
10,718
Corporation tax
117,362
154,392
Other creditors
739,713
Accruals and deferred income
197,071
191,649
333,862
1,481,087
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
11,160,530
3,160,230
Other creditors
445,172
11,160,530
3,605,402
The bank loan is secured by a charge on the freehold property owned by the company.
Amounts included above which fall due after five years are as follows:
Payable by instalments
11,160,530
1,621,768
7
Related party transactions
Included in other debtors, are amounts due from related companies relate to entities in which the directors have a material interest. These amounts are repayable on demand.