Registered number
04528046
Harris Real Estate Ltd
Filleted Accounts
31 March 2023
Harris Real Estate Ltd
Registered number: 04528046
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 841,750 841,808
Current assets
Stocks 571,726 571,726
Debtors 4 10,357 -
Cash at bank and in hand 85,244 145,460
667,327 717,186
Creditors: amounts falling due within one year 5 (122,584) (176,458)
Net current assets 544,743 540,728
Total assets less current liabilities 1,386,493 1,382,536
Creditors: amounts falling due after more than one year 6 (1,259,892) (1,259,892)
Net assets 126,601 122,644
Capital and reserves
Called up share capital 100 100
Profit and loss account 126,501 122,544
Shareholders' funds 126,601 122,644
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
W Harris Jnr
Director
Approved by the board on 15 March 2024
Harris Real Estate Ltd
Notes to the Accounts
for the year ended 31 March 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 by reducing balance method, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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 the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 841,578 1,293 842,871
At 31 March 2023 841,578 1,293 842,871
Depreciation
At 1 April 2022 - 1,063 1,063
Charge for the year - 58 58
At 31 March 2023 - 1,121 1,121
Net book value
At 31 March 2023 841,578 172 841,750
At 31 March 2022 841,578 230 841,808
4 Debtors 2023 2022
£ £
Trade debtors 10,357 -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 11,027 12,590
Taxation and social security costs 942 13,242
Director's current account 110,615 110,615
Other creditors - 40,011
122,584 176,458
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 1,259,892 1,259,892
7 Other information
Harris Real Estate Ltd is a private company limited by shares and incorporated in England. Its registered office is:
34 Gorringe Park Avenue
Mitcham
Surrey
CR4 2DG
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