Registered number: 07289120
HARLEY PROPERTY PARTNERS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2024
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HARLEY PROPERTY PARTNERS LIMITED
REGISTERED NUMBER: 07289120
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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.
The notes on pages 3 to 6 form part of these financial statements.
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HARLEY PROPERTY PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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
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Basis of preparation of financial statements
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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.
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.
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Functional and presentational currency
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The Company's functional and presentational currency is GBP.
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.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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HARLEY PROPERTY PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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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.
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The average monthly number of employees, including directors, during the year was 1 (2023 - 1).
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HARLEY PROPERTY PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Freehold investment property
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The director considers that the carrying value of the Investment property is a fair reflection of the current market value.
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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HARLEY PROPERTY PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Creditors: Amounts falling due after more than one year
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Amounts falling due after more than 5 years
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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.
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Related party transactions
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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.
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