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Company No: 06041361 (England and Wales)

HARBOUR RISE LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

HARBOUR RISE LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

HARBOUR RISE LIMITED

COMPANY INFORMATION

For the financial year ended 31 May 2024
HARBOUR RISE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2024
DIRECTORS Mrs C M Edwards
Mr M S Edwards
REGISTERED OFFICE Sigma House Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom
BUSINESS ADDRESS 2 Alta Vista Road
Paignton
TQ4 6BZ
COMPANY NUMBER 06041361 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
HARBOUR RISE LIMITED

BALANCE SHEET

As at 31 May 2024
HARBOUR RISE LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 5 2,393,388 2,390,919
2,393,388 2,390,919
Current assets
Stocks 2,500 2,500
Debtors 6 1,067,602 2,020,883
Cash at bank and in hand 1,476,826 1,475,523
2,546,928 3,498,906
Creditors: amounts falling due within one year 7 ( 63,140) ( 826,785)
Net current assets 2,483,788 2,672,121
Total assets less current liabilities 4,877,176 5,063,040
Provision for liabilities 8 ( 127,931) ( 114,875)
Net assets 4,749,245 4,948,165
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 11 4,749,145 4,948,065
Total shareholders' funds 4,749,245 4,948,165

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 financial statements of Harbour Rise Limited (registered number: 06041361) were approved and authorised for issue by the Board of Directors on 12 September 2024. They were signed on its behalf by:

Mrs C M Edwards
Director
Mr M S Edwards
Director
HARBOUR RISE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
HARBOUR RISE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Harbour Rise Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales.
The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom. The principal place of business is: 2 Alta Vista Road, Paignton, Devon, TQ4 6BZ

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Harbour Rise Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of returns and rebates.

The company recognises revenue when the value of services provided to date can be reliably measured.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arising on the acquisition of subsidiary undertakings and business, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is 10 years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Investment property 50 years straight line
Plant and machinery 10 years straight line
Vehicles 5 years straight line
Fixtures and fittings 10 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Statement of Income and Retained Earnings, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial
asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of
ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 85 83

3. Dividends on equity shares

2024 2023
£ £
Amounts recognised as distributions to equity holders in the financial year:
Interim dividend for the financial year ended 31 May 2024 of £13,000.00 (2023: £1,150.00) per ordinary share 1,300,000 115,000

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 June 2023 415,000 415,000
At 31 May 2024 415,000 415,000
Accumulated amortisation
At 01 June 2023 415,000 415,000
At 31 May 2024 415,000 415,000
Net book value
At 31 May 2024 0 0
At 31 May 2023 0 0

5. Tangible assets

Land and buildings Investment property Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £ £
Cost/Valuation
At 01 June 2023 2,059,055 567,629 446,810 84,664 207,249 28,934 3,394,341
Additions 20,000 0 9,989 0 15,409 6,613 52,011
Ravaluation 0 28,981 0 0 0 0 28,981
At 31 May 2024 2,079,055 596,610 456,799 84,664 222,658 35,547 3,475,333
Accumulated depreciation
At 01 June 2023 392,013 4,213 386,585 31,347 163,571 25,693 1,003,422
Charge for the financial year 41,514 2,161 9,194 11,614 11,713 2,327 78,523
At 31 May 2024 433,527 6,374 395,779 42,961 175,284 28,020 1,081,945
Net book value
At 31 May 2024 1,645,528 590,236 61,020 41,703 47,374 7,527 2,393,388
At 31 May 2023 1,667,042 563,416 60,225 53,317 43,678 3,241 2,390,919

Investment properties

The Investment property, which is a freehold property, was revalued to fair value at 31 May 2024, based on the directors assessment based on similar property sales prices in the surrounding area.

6. Debtors

2024 2023
£ £
Other debtors 1,067,602 2,020,883

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 16 544
Taxation and social security 2,319 773,583
Other creditors 60,805 52,658
63,140 826,785

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 114,875) ( 112,806)
Charged to the Statement of Income and Retained Earnings ( 13,056) ( 2,069)
At the end of financial year ( 127,931) ( 114,875)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Advances to Directors. Interest charged at HMRC official rate and included on a P11D. 550,781 1,483,201

11. Reserves

Included in the profit and loss account balance carried forward are non-distributable reserves of £21,735.89 (2023: £nil). These reserves represent the cumulative revaluation gains, after provision for deferred tax, on the company's investment property.