Registered number
08757684
Harberson London Limited
Filleted Accounts
30 November 2023
Calculus Accountants and Tax Advisers Limited
Accountants
5 Priory Road
Loughton
Essex
IG10 1AF
Harberson London Limited
Registered number: 08757684
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,223,172 3,592,504
Current assets
Debtors 4 713,651 651,179
Cash at bank and in hand 410,511 506,962
1,124,162 1,158,141
Creditors: amounts falling due within one year 5 (804,945) (573,063)
Net current assets 319,217 585,078
Total assets less current liabilities 4,542,389 4,177,582
Creditors: amounts falling due after more than one year 6 (3,596,967) (3,254,214)
Net assets 945,422 923,368
Capital and reserves
Called up share capital 1 1
Profit and loss account 945,421 923,367
Shareholder's funds 945,422 923,368
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
C W Taylor
Director
Approved by the board on 22 August 2024
Harberson London Limited
Notes to the Accounts
for the year ended 30 November 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 rental of properties, the sale of goods and from the rendering of services. Turnover from letting property is recognised when the income is due. 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 evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Property refurbishment over 10 years
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 December 2022 3,946,583 16,074 3,962,657
Additions 715,830 - 715,830
At 30 November 2023 4,662,413 16,074 4,678,487
Depreciation
At 1 December 2022 358,429 11,724 370,153
Charge for the year 82,733 2,429 85,162
At 30 November 2023 441,162 14,153 455,315
Net book value
At 30 November 2023 4,221,251 1,921 4,223,172
At 30 November 2022 3,588,154 4,350 3,592,504
Freehold land and buildings: 2023 2022
£ £
Historical cost 4,662,413 3,946,583
Cumulative depreciation based on historical cost 441,162 358,429
4,221,251 3,588,154
4 Debtors 2023 2022
£ £
Trade debtors 794 -
Other debtors 712,857 651,179
713,651 651,179
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 3,102 3,102
Trade creditors 39,964 41,730
Taxation and social security costs 91,124 43,235
Other creditors 670,755 484,996
804,945 573,063
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 3,596,967 3,254,214
7 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 3,596,967 3,254,214
Secured bank loans 3,596,967 3,254,214
Long term bank loans are secured by fixed charges over the freehold properties owned by the company.
8 Related party transactions 2023 2022
£ £
C W Taylor, director of company
Rent payable to freehold landlord 138,656 113,540
Dividend 200,000 80,000
Mortgage loans (80,000) (527,548)
Expenses (2,256) (1,932)
Working capital/net cash from (to) (143,008) (79,560)
Amount due from (to) related party 254,217 397,225
South London Lofts Limited, a company controlled by C W Taylor
Rent receivable for office premises 14,000 10,000
Working capital for business (from) / to (40,156) (30,386)
Amount due from (to) related party (307,635) (267,479)
Lofts London Limited, a company controlled by C W Taylor
Rent receivable for office premises 1,200 1,200
Working capital for business (from) / to 53,395 150
Amount due from (to) related party 794 (53,801)
Extensions London Limited, a company controlled by C W Taylor
Rent receivable for office premises 600 600
Working capital for business (from) / to - -
Amount due from (to) related party 13,574 12,974
9 Controlling party
The company is controlled by C W Taylor a director of the company.
10 Other information
Harberson London Limited is a private company limited by shares and incorporated in England. Its registered office is:
36-38 Old Devonshire Road
Balham
London
SW12 9RB
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