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REGISTERED NUMBER: 00361414 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Harmer Properties Limited

Harmer Properties Limited (Registered number: 00361414)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Harmer Properties Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Dr J H Tripp
D J R Moll
E A Foster
D M Peskett
G Cox





SECRETARY: D M Peskett





REGISTERED OFFICE: Stafford House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX





REGISTERED NUMBER: 00361414 (England and Wales)





ACCOUNTANTS: A C Mole LLP
Chartered Accountants
Stafford House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

Harmer Properties Limited (Registered number: 00361414)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,961 4,660
Investments 5 697,450 612,989
Investment property 6 10,885,000 10,885,000
11,586,411 11,502,649

CURRENT ASSETS
Debtors 7 33,781 27,514
Cash at bank 263,273 252,384
297,054 279,898
CREDITORS
Amounts falling due within one year 8 147,923 137,151
NET CURRENT ASSETS 149,131 142,747
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,735,542

11,645,396

CREDITORS
Amounts falling due after more than one
year

9

(65,396

)

(112,026

)

PROVISIONS FOR LIABILITIES 11 (1,341,840 ) (1,312,661 )
NET ASSETS 10,328,306 10,220,709

CAPITAL AND RESERVES
Called up share capital 728,000 727,000
Share premium 12 16,050 13,770
Non-distributable reserves 12 6,633,943 6,538,680
Retained earnings 12 2,950,313 2,941,259
SHAREHOLDERS' FUNDS 10,328,306 10,220,709

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Harmer Properties Limited (Registered number: 00361414)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2024 and were signed on its behalf by:





D M Peskett - Director


Harmer Properties Limited (Registered number: 00361414)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Harmer Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets, and certain assets and liabilities measured at fair value through the income statement.

Turnover
Turnover is measured at the fair value of the consideration received or receivable from the rental of properties, excluding discounts, value added tax and other sales taxes.

Revenue is recognised in the accounting period to which the rental relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 15% on reducing balance

Investment property
Investment property is initially recognised at cost and subsequently measured at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement. In accordance with FRS 102 investment property is not depreciated.

Financial instruments
i) Financial assets
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price and subsequently measured at amortised cost.

At the balance sheet date financial assets are assessed for evidence of impairment. If an asset is impaired the impairment loss is recognised in the income statement.

ii) Financial liabilities
Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at transaction price and subsequently measured at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Harmer Properties Limited (Registered number: 00361414)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Fixed asset investments
Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at fair value at the balance sheet date using the closing quoted market price. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement.

Critical accounting estimates and estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are addressed below:

i) Valuation of investment properties
The company carries its investment property at fair value, with changes in fair value being recognised in profit or loss. The company engaged independent valuation specialists to determine fair value at the year end. Further details of these valuations is set out in note 6.

ii) Deferred taxation

Management estimation is required to determine the amount of deferred tax that should be provided, based on the value of investment properties and estimated tax due on any future sale. Further details of this provision is set out in note 11.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 80,335
DEPRECIATION
At 1 April 2023 75,675
Charge for year 699
At 31 March 2024 76,374
NET BOOK VALUE
At 31 March 2024 3,961
At 31 March 2023 4,660


Harmer Properties Limited (Registered number: 00361414)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 April 2023 612,989
Disposals (1,132 )
Revaluations 85,593
At 31 March 2024 697,450
NET BOOK VALUE
At 31 March 2024 697,450
At 31 March 2023 612,989

2024 2023
£ £

Cost 370,402 371,534
Revaluations to date 327,048 241,455
697,450 612,989

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 10,885,000
NET BOOK VALUE
At 31 March 2024 10,885,000
At 31 March 2023 10,885,000

The entire investment property portfolio was fully valued for the 2023 accounts. giving a fair value of £10,885,000. The valuations were undertaken by Messrs Waterman & Co, Alan Francis and Inspired in 2023 and David Pearce Kempton Carr in 2024, all firms of surveyors and valuers. In the current year, the previous values for residential properties were checked to Zoopla to ensure they were still relevant

All valuations have been performed by Estate Agents who are independent of the company and have experience of valuing similar properties. The properties have been valued on an open market basis.

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2023 7,648,736
Cost 3,236,264
10,885,000

If investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£ £
Cost 3,236,264 3,236,264

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 33,781 27,514

Harmer Properties Limited (Registered number: 00361414)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 4,800 13,320
Taxation and social security 77,509 55,554
Other creditors 65,614 68,277
147,923 137,151

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 65,396 112,026

Amounts falling due in more than five years:

Repayable by instalments
Bank loans greater then 5 years repayable
by instalments

29,996

47,106

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 70,196 125,346

The above bank loans are secured by a first legal charge over eight freehold properties and an unlimited debenture over the assets of the company.

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,341,840 1,312,661

Deferred
tax
£   
Balance at 1 April 2023 1,312,661
Provided during year 29,179
Balance at 31 March 2024 1,341,840

12. RESERVES
Retained Share Non-distributable
earnings premium reserves Totals
£    £    £    £   

At 1 April 2023 2,941,259 13,770 6,538,680 9,493,709
Profit for the year 286,192 - - 286,192
Dividends (181,875 ) - - (181,875 )
Realisation of gain/loss on
disposal of investments 656 - (656 ) -
Cash share issue - 2,280 - 2,280
Transfer fair value remeasurement
net of deferred tax

(95,919

)

-

95,919

-

At 31 March 2024 2,950,313 16,050 6,633,943 9,600,306