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REGISTERED NUMBER: 00753832 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

HARS PROPERTIES LIMITED

HARS PROPERTIES LIMITED (REGISTERED NUMBER: 00753832)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HARS PROPERTIES LIMITED

Company Information
for the Year Ended 30 April 2024







DIRECTORS: A R Gross
A N Gross
C H Levy
D J Jenkins





REGISTERED OFFICE: Unit A6
Chaucer Business Park
Dittons Road
Polegate
East Sussex
BN26 6QH





REGISTERED NUMBER: 00753832 (England and Wales)





ACCOUNTANTS: MDJ Services Limited
Unit A6
Chaucer Business Park
Dittons Road
Polegate
East Sussex
BN26 6QH

HARS PROPERTIES LIMITED (REGISTERED NUMBER: 00753832)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,154 -
Investment property 5 3,010,737 821,716
3,011,891 821,716

CURRENT ASSETS
Debtors 6 13,377 4,915
Cash at bank 691,749 916,358
705,126 921,273
CREDITORS
Amounts falling due within one year 7 1,828,696 24,508
NET CURRENT (LIABILITIES)/ASSETS (1,123,570 ) 896,765
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,888,321

1,718,481

PROVISIONS FOR LIABILITIES 34,654 2,550
NET ASSETS 1,853,667 1,715,931

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 8 93,763 12,450
Retained earnings 8 1,759,902 1,703,479
SHAREHOLDERS' FUNDS 1,853,667 1,715,931

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

HARS PROPERTIES LIMITED (REGISTERED NUMBER: 00753832)

Balance Sheet - continued
30 April 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 18 November 2024 and were signed on its behalf by:





C H Levy - Director


HARS PROPERTIES LIMITED (REGISTERED NUMBER: 00753832)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Hars 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the sale of properties held for development.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on reducing balance

Investment property
Investment properties are those properties that are held either to earn rental income or for capital appreciation or both.

Investment properties are measured initially at cost including transaction costs and thereafter are stated at fair value, which reflects market conditions at the balance sheet date. Surpluses and deficits arising from changes in the fair value of investment properties are recognised in the Statement of Comprehensive Income in the year in which they arise.

Investment properties are stated at fair value as determined by the directors. The fair value of the company's property portfolio is based upon external valuations and is inherently subjective. The fair value represents the amount at which the assets could be exchanged between a knowledgeable, willing buyer and a knowledgeable, willing seller in an arms-length transaction at the date of valuation. The fair value of each of the properties has been assessed by the directors. In determining the fair value of investment properties, the directors make use of historical and current market data as well as existing lease agreements.

Additions and disposals of investment properties are recognised in the accounts when contracts are completed.

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.

HARS PROPERTIES LIMITED (REGISTERED NUMBER: 00753832)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - NIL ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
Additions 1,722
At 30 April 2024 1,722
DEPRECIATION
Charge for year 568
At 30 April 2024 568
NET BOOK VALUE
At 30 April 2024 1,154

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023 821,716
Additions 2,075,604
Revaluations 113,417
At 30 April 2024 3,010,737
NET BOOK VALUE
At 30 April 2024 3,010,737
At 30 April 2023 821,716

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2015 10,000
Valuation in 2017 5,000
Valuation in 2024 113,417
Cost 2,882,320
3,010,737

If investment property had not been revalued it would have been included at the following historical cost:

30.4.24 30.4.23
£    £   
Cost 2,882,320 806,716

Investment property was valued on a desktop valuation basis on 30 April 2024 by Oldfield Smith & Co .

HARS PROPERTIES LIMITED (REGISTERED NUMBER: 00753832)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. INVESTMENT PROPERTY - continued

Freehold investment property is valued at the end of each financial year by the directors. Independent valuations by valuers with a recognised qualification are sought where, in the opinion of the directors, there is market evidence to suggest that changes in fair value for properties of a similar type and location have occurred requiring specialist market knowledge in order to ascertain the fair value.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 13,377 4,915

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Tax 18,409 6,705
Social security and other taxes 1,730 -
Other creditors 347 -
Amounts owed to related undertakings 1,790,155 -
Tenants' deposits 10,441 10,429
Accrued expenses 2,160 1,920
Deferred income 5,454 5,454
1,828,696 24,508

8. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 May 2023 1,703,479 12,450 1,715,929
Profit for the year 137,736 137,736
Revaluation adjustment (113,417 ) 113,417 -
Tax on revaluation 32,104 (32,104 ) -
At 30 April 2024 1,759,902 93,763 1,853,665

9. RELATED PARTY DISCLOSURES

Amounts owed by and to related parties were as follows:

Balance at
30.4.2023

Movement
in year

Balance at
30.4.2024
Included in creditors£££

Owed to related undertakings
Douglas Graham Developments Limited-1,790,1551,790,155
-1,790,1551,790,155

A R Gross is a director of and has a material interest in Douglas Graham Developments Limited.

A N Gross and C Levy are both directors of Douglas Graham Developments Limited.