Company registration number 09417978 (England and Wales)
HARVEVE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
HARVEVE LIMITED
COMPANY INFORMATION
Directors
Mr F B N Cropper
Mrs C Cropper
Company number
09417978
Registered office
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Accountants
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
HARVEVE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
HARVEVE LIMITED
BALANCE SHEET
AS AT
27 FEBRUARY 2024
27 February 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
134,945
157,016
Investment property
4
3,451,723
3,444,998
Investments
5
18,075
18,075
3,604,743
3,620,089
Current assets
Stocks
1,847,156
1,556,317
Debtors
6
132,376
24,194
Cash at bank and in hand
204,498
494,570
2,184,030
2,075,081
Creditors: amounts falling due within one year
7
(3,911,924)
(3,808,517)
Net current liabilities
(1,727,894)
(1,733,436)
Net assets
1,876,849
1,886,653
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
1,876,749
1,886,553
Total equity
1,876,849
1,886,653

For the financial year ended 27 February 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
Mr F B N Cropper
Director
Company registration number 09417978 (England and Wales)
HARVEVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information

Harveve Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is reliant upon the financial support of its directors in order to meet its liabilities as they fall due. The directors have indicated that this support will continue for the foreseeable future and, as a result, have continued to adopt the going concern basis in preparing the financial statementstrue.

1.3
Turnover

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.6
Fixed asset investments

Fixed asset investments are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

HARVEVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Stocks

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

1.8
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
HARVEVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 28 February 2023
206,754
Additions
1,668
At 27 February 2024
208,422
Depreciation and impairment
At 28 February 2023
49,738
Depreciation charged in the year
23,739
At 27 February 2024
73,477
Carrying amount
At 27 February 2024
134,945
At 27 February 2023
157,016
4
Investment property
2024
£
Fair value
At 28 February 2023
3,444,998
Additions
6,725
At 27 February 2024
3,451,723

The investment properties are included in the financial statements at their historic cost. The directors believe that the market value of the investment properties at the balance sheet date is not materially different from their cost.

5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
18,075
18,075
HARVEVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2024
- 5 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
5,311
5,311
Other debtors
127,065
18,883
132,376
24,194

Other debtors includes amounts owed by related parties of £88,656 (2023 - nil).

7
Creditors: amounts falling due within one year
2024
2023
as restated
£
£
Trade creditors
-
0
7,623
Amounts owed to group undertakings
47,700
47,700
Other creditors
3,864,224
3,753,194
3,911,924
3,808,517
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Directors' transactions

During the year the company operated a loan account with its directors. At the balance sheet date the amount owed by the company was £3,858,934 (2023 - £3,751,209).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HARVEVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2024
- 6 -
10
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 27 Feb 2023
£
£
£
Fixed assets
Investment properties
1,892,017
1,552,981
3,444,998
Creditors due within one year
Other creditors
(2,255,536)
(1,552,981)
(3,808,517)
Net assets
1,886,653
-
1,886,653
Capital and reserves
Total equity
1,886,653
-
1,886,653
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 27 February 2023
£
£
£
Loss for the financial period
(10,654)
-
(10,654)

The prior period adjustment relates to the addition of an investment property that was omitted from the previous period's financial statements.

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