Registered number
04123042
Findlay Harrison Properties Ltd.
Filleted Accounts
31 March 2024
Findlay Harrison Properties Ltd.
Registered number: 04123042
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,396,478 1,397,252
Current assets
Debtors 4 718 649
Cash at bank and in hand 99,199 71,251
99,917 71,900
Creditors: amounts falling due within one year 5 (10,465) (6,635)
Net current assets 89,452 65,265
Total assets less current liabilities 1,485,930 1,462,517
Creditors: amounts falling due after more than one year 6 (384,704) (389,210)
Provisions for liabilities (124,530) (124,677)
Net assets 976,696 948,630
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 768,448 768,448
Profit and loss account 208,148 180,082
Shareholders' funds 976,696 948,630
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 members have 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.
John F Harrison
Director
Approved by the board on 6 September 2024
Findlay Harrison Properties Ltd.
Notes to the Accounts
for the year ended 31 March 2024
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 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:
Plant and machinery 20% per annum - diminishing balance method
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 1,390,000 22,819 1,412,819
Additions - 845 845
At 31 March 2024 1,390,000 23,664 1,413,664
Depreciation
At 1 April 2023 - 15,567 15,567
Charge for the year - 1,619 1,619
At 31 March 2024 - 17,186 17,186
Net book value
At 31 March 2024 1,390,000 6,478 1,396,478
At 31 March 2023 1,390,000 7,252 1,397,252
Freehold land and buildings: 2024 2023
£ £
Historical cost 498,253 498,253
Cumulative depreciation based on historical cost - -
498,253 498,253
4 Debtors 2024 2023
£ £
Other debtors 718 649
5 Creditors: amounts falling due within one year 2024 2023
£ £
Corporation tax 7,199 3,290
Other taxes and social security costs 2,266 2,345
Other creditors 1,000 1,000
10,465 6,635
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 384,704 389,210
Interest has been paid on the Director loan balance
7 Revaluation reserve 2024 2023
£ £
At 1 April 2023 768,448 403,948
Gain on revaluation of land and buildings - 450,000
Deferred taxation arising on the revaluation of land and buildings - (85,500)
At 31 March 2024 768,448 768,448
8 Controlling party
Mr and Mrs Harrison control the company equally with 90% of the issued share capital.
9 Other information
Findlay Harrison Properties Ltd. is a private company limited by shares and incorporated in England. Its registered office is:
Maroubra
Valeside
Back Western Hill
Durham
DH1 4RG
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