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Registered number: 09412318
Harcombe House Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Daverns
Chartered Accountants
Hardy House
Northbridge Road
Berkhamsted
Herts
HP4 1EF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09412318
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 155 -
Investment Properties 5 587,396 550,000
587,551 550,000
CURRENT ASSETS
Debtors 6 637 179
Cash at bank and in hand 43,223 102,158
43,860 102,337
Creditors: Amounts Falling Due Within One Year 7 (365,316 ) (373,889 )
NET CURRENT ASSETS (LIABILITIES) (321,456 ) (271,552 )
TOTAL ASSETS LESS CURRENT LIABILITIES 266,095 278,448
Creditors: Amounts Falling Due After More Than One Year 8 (237,313 ) (245,605 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (7,420 ) (7,390 )
NET ASSETS 21,362 25,453
CAPITAL AND RESERVES
Called up share capital 12 10 10
Other reserves 38,896 38,896
Profit and Loss Account (17,544 ) (13,453 )
SHAREHOLDERS' FUNDS 21,362 25,453
Page 1
Page 2
For the year ending 31 January 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 Richard Kiernan
Director
30th October 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Harcombe House Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09412318 . The registered office is Hardy House , Northbridge Road , Berkhamsted , Herts, HP4 1EF.
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 represents rents receivable, excluding value added tax.
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% reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. 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 year 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 asset reflects 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:
2024 2023
Directors 2 2
2 2
Page 3
Page 4
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 February 2023 -
Additions 206
As at 31 January 2024 206
Depreciation
As at 1 February 2023 -
Provided during the period 51
As at 31 January 2024 51
Net Book Value
As at 31 January 2024 155
As at 1 February 2023 -
5. Investment Property
2024
£
Fair Value
As at 1 February 2023 550,000
Additions 37,396
As at 31 January 2024 587,396
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 232 179
Other debtors 405 -
637 179
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 15,237 6,945
Accruals and deferred income 6,135 3,600
Directors' loan accounts 343,944 363,344
365,316 373,889
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 237,313 245,605
In October 2021 the company entered in to an interest only mortgage for 25 years at the current fixed rate of 5.87% (2023-2.75%).
9. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Bank loans and overdrafts 252,500 252,500
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 7,420 7,390
11. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 February 2023 7,390 7,390
Additions 30 30
Balance at 31 January 2024 7,420 7,420
12. Share Capital
2024 2023
Allotted, called up and fully paid £ £
10 Ordinary Shares of £ 1 each 10 10
13. Reserves
Included in other reserves is an amount of £38,896 which represents the fair value adjustment in respect of investment properties. This amount cannot be distributed to the members as it represents an un-realised surplus in respect of the fair value adjustment pertaining to the investment properties and has been transferred from retained earnings.
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