Company registration number 00435056 (England and Wales)
HARWAYES HOLDINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
HARWAYES HOLDINGS LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
HARWAYES HOLDINGS LTD
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Investment property
5
1,420,000
1,420,000
Investments
4
3,305,187
2,981,121
4,725,187
4,401,121
Current assets
Cash at bank and in hand
279,317
208,723
Creditors: amounts falling due within one year
6
(71,534)
(37,393)
Net current assets
207,783
171,330
Total assets less current liabilities
4,932,970
4,572,451
Provisions for liabilities
(270,174)
(178,163)
Net assets
4,662,796
4,394,288
Capital and reserves
Called up share capital
7
16,032
16,032
Revaluation reserve
8
1,128,952
1,128,952
Other reserves
4,000
4,000
Profit and loss reserves
3,513,812
3,245,304
Total equity
4,662,796
4,394,288

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

For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

HARWAYES HOLDINGS LTD
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 November 2024 and are signed on its behalf by:
A Waite
Director
Company registration number 00435056 (England and Wales)
HARWAYES HOLDINGS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 March 2022
16,032
1,128,952
4,000
3,180,671
4,329,655
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
-
-
82,062
82,062
Dividends
-
-
-
(17,429)
(17,429)
Balance at 28 February 2023
16,032
1,128,952
4,000
3,245,304
4,394,288
Year ended 29 February 2024:
Profit and total comprehensive income for the year
-
-
-
268,508
268,508
Balance at 29 February 2024
16,032
1,128,952
4,000
3,513,812
4,662,796
HARWAYES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information

Harwayes Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Main Street, Great Bowden, Market Harborough, LE16 7HB.

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. Monetary amounts in these financial statements are rounded to the nearest £.

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

1.2
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.

1.3
Investment properties

Investment property is carried at fair value determined annually by external valuers 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 the Profit and loss account.

 

1.4
Fixed asset investments

Investments in listed company shares are remeasured to market value at each Balance sheet date. Gains and losses on remesaurement are recognised in profit or loss for the period.

1.5
Cash at bank and in hand

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

1.6
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.

Basic financial assets and liabilities

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment of financial assets

Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

HARWAYES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Equity instruments

Equity instruments being the share capital issued by the company are recorded at the proceeds received, net of direct issue costs.

 

Equity dividends are recognised when they become legally payable. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

HARWAYES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2023 - 3).

2024
2023
Number
Number
Total
3
3
4
Fixed asset investments
2024
2023
£
£
Investments
3,305,187
2,981,121
Movements in fixed asset investments
Listed Investments
£
Cost or valuation
At 1 March 2023
2,981,121
Additions
485,765
Valuation changes
146,440
Disposals
(308,139)
At 29 February 2024
3,305,187
Carrying amount
At 29 February 2024
3,305,187
At 28 February 2023
2,981,121
HARWAYES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
5
Investment property
2024
£
Fair value
At 1 March 2023 and 29 February 2024
1,420,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,000
4,987
Corporation tax
46,259
14,289
Other taxation and social security
5,357
3,436
Other creditors
4,669
4,431
Accruals and deferred income
10,249
10,250
71,534
37,393
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
6,318 Ordinary 'A' shares of £1 each
6,318
6,318
2,700 Ordinary 'B' shares of £1 each
2,700
2,700
9,018
9,018
Preference share capital
Issued and fully paid
7,014 Preference of £1 each
7,014
7,014
Preference shares classified as equity
7,014
7,014
Total equity share capital
16,032
16,032
HARWAYES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
7
Called up share capital
(Continued)
- 8 -

The holders of the preference shares have no right to vote unless their preference dividend is twelve months in arrears. They are entitled to a dividend of 4.2% and are entitled to a return of their capital on a winding up in priority to ordinary shareholders. They are not entitled to participate in any surplus on a winding up.

 

The holders of 'A' and 'B' ordinary shares are entitled to dividends as declared by the company in a general meeting. Dividends may be declared on one class of shares to the exclusion of another class and dividends at different rates may be declared on the 'A' and 'B' shares.

 

The requirements of the Financial Reporting Standard 4 'Capital Instruments' as regards accounting for debt instruments have not been applied since the effect would be immaterial.

 

8
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
1,128,952
1,128,952
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