Company No:
Contents
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 |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 5 |
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2,393,388 | 2,390,919 | |||
Current assets | ||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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2,546,928 | 3,498,906 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 2,483,788 | 2,672,121 | ||
Total assets less current liabilities | 4,877,176 | 5,063,040 | ||
Provision for liabilities | 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account | 11 |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Harbour Rise Limited (registered number:
Mrs C M Edwards
Director |
Mr M S Edwards
Director |
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.
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.
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.
The company recognises revenue when the value of services provided to date can be reliably measured.
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.
Goodwill |
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Land and buildings |
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Investment property |
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Plant and machinery |
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Vehicles |
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Fixtures and fittings |
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Office equipment |
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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.
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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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 | |
Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 June 2023 |
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At 31 May 2024 |
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Accumulated amortisation | |||
At 01 June 2023 |
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At 31 May 2024 |
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Net book value | |||
At 31 May 2024 |
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At 31 May 2023 |
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Land and buildings | Investment property | Plant and machinery | Vehicles | Fixtures and fittings | Office equipment | Total | |||||||
£ | £ | £ | £ | £ | £ | £ | |||||||
Cost/Valuation | |||||||||||||
At 01 June 2023 |
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Additions |
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Ravaluation |
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At 31 May 2024 |
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Accumulated depreciation | |||||||||||||
At 01 June 2023 |
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Charge for the financial year |
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At 31 May 2024 |
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Net book value | |||||||||||||
At 31 May 2024 |
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At 31 May 2023 |
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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.
2024 | 2023 | ||
£ | £ | ||
Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
At the beginning of financial year | (
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Charged to the Statement of Income and Retained Earnings | (
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At the end of financial year | (
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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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 |
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.