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Registration number: 12220639

Harvard Property Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Harvard Property Ltd

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Harvard Property Ltd

Company Information

Directors

Mr S Axe

Mr O V Staicu

Registered office

Office 111 Building A Biz Hub Hull
Melton Court
Gibson Lane
North Ferriby
HU14 3HH

Accountants

Cameron Alexander Accountants Limited
Chartered Certified Accountants
2 Western Street
Barnsley
S70 2BP

 

Harvard Property Ltd

Directors' Report for the Year Ended 30 September 2023

The directors present their report and the financial statements for the year ended 30 September 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr S Axe

Mr O V Staicu

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The directors have confirmed they will continue to give financial support to the company. On this basis the directors considers it appropriate to prepare the accounts on a going concern basis. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 15 March 2024 and signed on its behalf by:
 

.........................................
Mr O V Staicu
Director

 

Harvard Property Ltd

(Registration number: 12220639)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Current assets

 

Debtors

3

-

778

Cash at bank and in hand

 

1,141

734

 

1,141

1,512

Creditors: Amounts falling due within one year

4

(4,070)

(3,970)

Total assets less current liabilities

 

(2,929)

(2,458)

Creditors: Amounts falling due after more than one year

4

(589)

(2,850)

Net liabilities

 

(3,518)

(5,308)

Capital and reserves

 

Called up share capital

5

1

1

Retained earnings

(3,519)

(5,309)

Shareholders' deficit

 

(3,518)

(5,308)

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 March 2024 and signed on its behalf by:
 

.........................................
Mr O V Staicu
Director

 

Harvard Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Harvard Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

3

Debtors

Current

2023
£

2022
£

Other debtors

-

778

 

Harvard Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

6

1,036

950

Trade creditors

 

360

360

Accruals and deferred income

 

360

360

Other creditors

 

2,314

2,300

 

4,070

3,970

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

6

589

2,850

5

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.01 each

100

1

100

1

         

6

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

589

2,850

2023
£

2022
£

Current loans and borrowings

Bank borrowings

1,036

950

 

Harvard Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Related party transactions

Transactions with directors

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mr S Axe

No interest is charged on the loan and there is no fixed date of repayment.

1,126

-

-

1,126

-

-

-

-

 

1,126

-

-

1,126

       

Mr O V Staicu

No interest is charged on the loan and there is no fixed date of repayment.

1,174

(784)

797

1,187

-

-

-

-

 

1,174

(784)

797

1,187

       

 

2022

At 1 October 2021
£

Advances to director
£

Repayments by director
£

At 30 September 2022
£

Mr S Axe

No interest is charged on the loan and there is no fixed date of repayment.

1,126

-

-

1,126

 

1,126

-

-

1,126

       

Mr O V Staicu

No interest is charged on the loan and there is no fixed date of repayment.

3,174

(5,700)

3,700

1,174

 

3,174

(5,700)

3,700

1,174