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Registration number: 12622668

Harriot Properties Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Harriot Properties Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Harriot Properties Ltd

Company Information

Directors

H J Woodhead

E H Woodhead

Registered office

3 Gibson Street
London
SE10 9AD

Accountants

Herbert Lewis Williams & Associates Limited
Chartered Certified Accountants
Leigh Court Business Centre
Abbots Leigh
Bristol
BS8 3RA

 

Harriot Properties Ltd

(Registration number: 12622668)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

140,000

135,000

Current assets

 

Debtors

5

-

77

Cash at bank and in hand

 

13,597

10,205

 

13,597

10,282

Creditors: Amounts falling due within one year

6

(1,635)

(599)

Net current assets

 

11,962

9,683

Total assets less current liabilities

 

151,962

144,683

Creditors: Amounts falling due after more than one year

6

(93,375)

(93,375)

Net assets

 

58,587

51,308

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

58,585

51,306

Shareholders' funds

 

58,587

51,308

For the financial year ending 31 May 2024 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 29 July 2024 and signed on its behalf by:
 

.........................................
E H Woodhead
Director

 

Harriot Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3 Gibson Street
London
SE10 9AD

These financial statements were authorised for issue by the Board on 29 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Harriot Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Harriot Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Investment properties

2024
£

At 1 June

135,000

Fair value adjustments

5,000

At 31 May

140,000

There has been no valuation of investment property by an independent valuer.

5

Debtors

Note

2024
£

2023
£

Income tax asset

-

77

 

-

77

 

Harriot Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

535

-

Accruals and deferred income

600

599

Other creditors

500

-

1,635

599

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

93,375

93,375

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

93,375

93,375