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Registered number: 07289120









HARLEY PROPERTY PARTNERS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
HARLEY PROPERTY PARTNERS LIMITED
REGISTERED NUMBER: 07289120

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 5 
14,000,000
14,600,000

  
14,000,000
14,600,000

Current assets
  

Debtors: amounts falling due within one year
 6 
793,364
383,080

Cash at bank and in hand
  
453,445
506,378

  
1,246,809
889,458

Creditors: amounts falling due within one year
 7 
(10,144,609)
(9,921,886)

Net current liabilities
  
 
 
(8,897,800)
 
 
(9,032,428)

Total assets less current liabilities
  
5,102,200
5,567,572

Creditors: amounts falling due after more than one year
 8 
(10,281,074)
(10,277,895)

  

Net liabilities
  
(5,178,874)
(4,710,323)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(5,178,875)
(4,710,324)

  
(5,178,874)
(4,710,323)


Page 1

 
HARLEY PROPERTY PARTNERS LIMITED
REGISTERED NUMBER: 07289120
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 November 2024.



L K Harley
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
HARLEY PROPERTY PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Harley Property Partners Limited is a private company limited by shares and registred in England and Wales. The address of its registered office is 124 Finchley Road, London, NW3 5JS. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise
specified within these accounting policies and in accordance with Section 1A of Financial Reporting
Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and
the Companies Act 2006.

 
2.2

Going concern

At the reporting date the company was in a net liabilities position. In order to continue trading it is dependent on the continued financial support of its director L K Harley, who has confirmed her intention to provide financial support for the foreseeable future. The financial statements do not include any adjustments that would result in the withdrawal of the aforementioned support. 
After reviewing the company's most recent results and forecasts the the director considers it appropriate to prepare the financial statements on the going concern basis.

 
2.3

Functional and presentational currency

The Company's functional and presentational currency is GBP. 

 
2.4

Revenue

Revenue relates to rental income and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Rental revenue as lessor
Investment property are leased to tenants under operating leases. The rental income receivable
under these leases is recognised through profit and loss on a straight line basis over the term of the
lease. Any rent-free period is spread over the period of the lease. Since the risks and rewards of
ownership have not been transferred to the lessee, the assets held under these leases continue to be
recognised in the company's financial statements.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
HARLEY PROPERTY PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers or its director 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. Changes in fair value are recognised in profit or loss.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Accruals
The company makes an estimate of accruals at the year end based on invoices received after the year end and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.
Revaluation of investment property
The company carries its investment property at fair value, with changes in fair value being recognised through profit and loss. The valuation technique used is based on an open market value for existing use The determined fair value of the investment property is most sensitive to the estimated yield as well as the long term vacancy rate.


4.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 4

 
HARLEY PROPERTY PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
14,600,000


Loss on revaluation
(600,000)



At 31 March 2024
14,000,000

The director considers that the carrying value of the Investment property is a fair reflection of the current market value. 





6.


Debtors

2024
2023
£
£


Trade debtors
37,901
5,398

Other debtors
729,966
350,385

Prepayments and accrued income
25,497
27,297

793,364
383,080



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
168,326
96,624

Other taxation and social security
27,371
25,043

Other creditors
9,752,545
9,605,044

Accruals and deferred income
196,367
195,175

10,144,609
9,921,886


Page 5

 
HARLEY PROPERTY PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
10,037,500
10,037,500

Other creditors
243,574
240,395

10,281,074
10,277,895



9.


Loans


2024
2023
£
£

Amounts falling due after more than 5 years

Bank loans
10,037,500
10,037,500


Secured loan 
The bank loan is interest only and is secured by fixed and floating charges over the Investment Property. Interest is charged on the loan balance at 3.64% per annum and the loan is repayable by 30 June 2038.


10.


Related party transactions

At the reporting date, the company owed £9,752,545 (2023: £9,605,044) to L K Harley, the director of the company. This amount is provided interest-free, unsecured and is repayable on demand.
There are no further transactions with related parties that are material and have not been conducted
under normal market conditions.

 
Page 6