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Registered number: 10846641
Harlex Property Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Ascendis Group
Chartered Certified Accountants, Taxation and Business Advisors
Unit 3, Building 2, The Colony Wilmslow
Altrincham Road
Wilmslow
Cheshire
SK9 4LY
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of Harlex Property Limited for the year ended 31 May 2024
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Harlex Property Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Harlex Property Limited , as a body, in accordance with the terms of our engagement letter dated 05 December 2023. Our work has been undertaken solely to prepare for your approval the accounts of Harlex Property Limited and state those matters that we have agreed to state to the directors of Harlex Property Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Harlex Property Limited and its directors as a body for our work or for this report.
It is your duty to ensure that Harlex Property Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Harlex Property Limited . You consider that Harlex Property Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Harlex Property Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
19th September 2024
Ascendis Group
Chartered Certified Accountants, Taxation and Business Advisors
Unit 3, Building 2, The Colony Wilmslow
Altrincham Road
Wilmslow
Cheshire
SK9 4LY
Page 1
Page 2
Balance Sheet
Registered number: 10846641
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,467 3,899
Investments 5 1 1
3,468 3,900
CURRENT ASSETS
Debtors 6 133,826 412,045
Cash at bank and in hand 527,811 618,402
661,637 1,030,447
Creditors: Amounts Falling Due Within One Year 7 (139,688 ) (326,164 )
NET CURRENT ASSETS (LIABILITIES) 521,949 704,283
TOTAL ASSETS LESS CURRENT LIABILITIES 525,417 708,183
PROVISIONS FOR LIABILITIES
Deferred Taxation - (913 )
NET ASSETS 525,417 707,270
CAPITAL AND RESERVES
Called up share capital 9 99 99
Profit and Loss Account 525,318 707,171
SHAREHOLDERS' FUNDS 525,417 707,270
Page 2
Page 3
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr James Nicholson
Director
19th September 2024
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Harlex Property Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10846641 . The registered office is Unit 3, Building 2, The Colony Wilmslow, Altrincham Road, Wilmslow, Cheshire, SK9 4LY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% Straight line method
Computer Equipment 20% Straight line method
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
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Page 5
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 June 2023 167 8,281 8,448
Additions - 1,214 1,214
Disposals - (3,759 ) (3,759 )
As at 31 May 2024 167 5,736 5,903
Depreciation
As at 1 June 2023 61 4,488 4,549
Provided during the period 42 1,011 1,053
Disposals - (3,166 ) (3,166 )
As at 31 May 2024 103 2,333 2,436
Net Book Value
As at 31 May 2024 64 3,403 3,467
As at 1 June 2023 106 3,793 3,899
5. Investments
Unlisted
£
Cost
As at 1 June 2023 1
As at 31 May 2024 1
Provision
As at 1 June 2023 -
As at 31 May 2024 -
Net Book Value
As at 31 May 2024 1
As at 1 June 2023 1
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 59,400 235,486
Amounts owed by group undertakings 14,250 14,250
Other debtors 60,176 162,309
133,826 412,045
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Page 6
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Amounts owed to participating interests 76,516 76,516
Other creditors 43,002 120,822
Taxation and social security 20,170 128,826
139,688 326,164
8. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 June 2023 913 913
Deferred taxation (40,987 ) (40,987 )
Balance at 31 May 2024 (40,074 ) (40,074)
9. Share Capital
2024 2023
£ £
Called Up Share Capital not Paid - 99
Called Up Share Capital has been paid up 99 -
Amount of Allotted, Called Up Share Capital 99 99
10. Related Party Transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Page 6