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COMPANY REGISTRATION NUMBER: 00792997
Harbro Properties (Redditch) Limited
Filleted Unaudited Financial Statements
31 March 2024
Harbro Properties (Redditch) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
5
780,000
780,000
Current assets
Debtors
6
2,487,823
2,502,252
Cash at bank and in hand
229,053
248,012
------------
------------
2,716,876
2,750,264
Creditors: amounts falling due within one year
7
1,399,248
1,387,400
------------
------------
Net current assets
1,317,628
1,362,864
------------
------------
Total assets less current liabilities
2,097,628
2,142,864
Provisions
Taxation including deferred tax
8
30,602
23,967
------------
------------
Net assets
2,067,026
2,118,897
------------
------------
Capital and reserves
Called up share capital
10
144
144
Capital redemption reserve
11
1,440
1,440
Profit and loss account
11
2,065,442
2,117,313
------------
------------
Shareholders funds
2,067,026
2,118,897
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Harbro Properties (Redditch) Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 6 August 2024 , and are signed on behalf of the board by:
M A Pardoe
Director
Company registration number: 00792997
Harbro Properties (Redditch) Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 52a Bromsgrove Road, Redditch, Worcestershire, B97 4RJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have also been prepared on the assumption that the company is able to carry on business as a going concern as the directors are not aware of any reason why the company cannot meet its anticipated future financial obligations from its own working capital.
Disclosure exemptions
The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key estimate and judgement made by management in preparing these accounts is in relation to the valuation of the investment properties
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for rents and service charges due, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date, as determined by the directors and any changes in fair value are recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Investments
Investment properties
£
Cost
At 1 April 2023 and 31 March 2024
780,000
---------
Impairment
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
780,000
---------
At 31 March 2023
780,000
---------
Investment properties which are all freehold, were revalued to fair value at 31 March 2024 by the directors based on their knowledge of the locality and experience. The method of determining fair value was based on a multiple of rental income or the expected sales value of the property if considerably lower. There are no restrictions on the relatability of investment property.
The historical cost of the investment properties is £627,502 (2023: £627,502).
6. Debtors
2024
2023
£
£
Trade debtors
52,939
25,761
Amounts owed by group undertakings
2,434,659
2,476,252
Prepayments and accrued income
225
239
------------
------------
2,487,823
2,502,252
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
225
239
Amounts owed to group undertakings
1,356,976
1,354,754
Accruals and deferred income
12,121
11,602
Corporation tax
13,538
8,932
Social security and other taxes
8,513
3,998
Other creditors
7,875
7,875
------------
------------
1,399,248
1,387,400
------------
------------
8. Provisions
Deferred tax (note 9)
£
At 1 April 2023
23,967
Additions
6,635
--------
At 31 March 2024
30,602
--------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 8)
30,602
23,967
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Fair value adjustment of investment property
30,602
23,967
--------
--------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.10 each
1,440
144
1,440
144
-------
----
-------
----
11. Reserves
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses. The profit and loss account includes £196,970 (2023: £196,970) of non distributable reserves, with the remainder being distributable.
12. Controlling party
The company's immediate parent company is Harrison Properties (Midlands) Limited, a company registered in England and Wales. The ultimate parent company is Harrison Properties Redditch Limited, a company registered in England and Wales.