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Registered number: 05965698









I & M HARWOOD (LINCS) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
I & M HARWOOD (LINCS) LIMITED
 
 
COMPANY INFORMATION


Directors
I Harwood 
M E Harwood 




Company secretary
M E Harwood



Registered number
05965698



Registered office
7 The Close

Norwich

England

NR1 4DJ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
I & M HARWOOD (LINCS) LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 7


 
I & M HARWOOD (LINCS) LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF I & M HARWOOD (LINCS) LIMITED
FOR THE YEAR ENDED 31 OCTOBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of I & M Harwood (Lincs) Limited for the year ended 31 October 2023 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of I & M Harwood (Lincs) Limited, as a body, in accordance with the terms of our engagement letter dated 11 February 2022Our work has been undertaken solely to prepare for your approval the financial statements of I & M Harwood (Lincs) Limited  and state those matters that we have agreed to state to the Board of directors of I & M Harwood (Lincs) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than I & M Harwood (Lincs) Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that I & M Harwood (Lincs) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of I & M Harwood (Lincs) Limited. You consider that I & M Harwood (Lincs) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of I & M Harwood (Lincs) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  





MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ

8 February 2024
Page 1

 
I & M HARWOOD (LINCS) LIMITED
REGISTERED NUMBER: 05965698

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
161,000
160,000

  
161,000
160,000

Current assets
  

Debtors: amounts falling due within one year
 5 
271
327

Cash at bank and in hand
  
207
20,265

  
478
20,592

Creditors: amounts falling due within one year
 6 
(81,508)
(100,615)

Net current liabilities
  
 
 
(81,030)
 
 
(80,023)

Total assets less current liabilities
  
79,970
79,977

Provisions for liabilities
  

Deferred tax
  
(2,087)
(1,397)

Net assets
  
77,883
78,580


Capital and reserves
  

Called up share capital 
  
120
120

Investment property fair value reserve
 8 
6,262
5,953

Profit and loss account
 8 
71,501
72,507

  
77,883
78,580


Page 2

 
I & M HARWOOD (LINCS) LIMITED
REGISTERED NUMBER: 05965698
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 February 2024.






I Harwood
Director

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
I & M HARWOOD (LINCS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

The Company is a private company limited by shares.  It is both incorporated and domiciled in England and Wales.  The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ.
The Company's principal activity is the letting of property and the Company's principal place of business is Norwich, Norfolk.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised by the Company in respect of property rented out in the period.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
I & M HARWOOD (LINCS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.5

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
I & M HARWOOD (LINCS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 November 2022
160,000


Surplus on revaluation
1,000



At 31 October 2023
161,000

The 2023 valuations were made by the directors.





5.


Debtors

2023
2022
£
£


Trade debtors
163
327

Prepayments
108
-

271
327



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
449
27,239

Other creditors
78,408
70,663

Accruals and deferred income
2,651
2,713

81,508
100,615


Page 6

 
I & M HARWOOD (LINCS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 A Ordinary shares of £1.00 each
100
100
10 B Ordinary shares of £1.00 each
10
10
10 C Ordinary shares of £1.00 each
10
10

120

120



8.


Reserves

Investment property fair value reserve

The fair value reserve is the accumulation of revaluations on investment properties, which are revalued annually to give a true and fair view, less the potential tax payable on the disposal of the investment properties, which is included in deferred tax. Deferred tax is calculated on the current tax rate of corporation tax applicable in the UK. The debit and credit amounts are transfers from the profit and loss account.


9.


Related party transactions

At the year end, the company owed the directors £78,408 (2022: £70,663). The loan is interest free and repayable on demand. The balance is included within other creditors in note 6 to the financial statements.

 
Page 7