Company registration number 05710710 (England and Wales)
HARDING ESTATES (EAST ANGLIA) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HARDING ESTATES (EAST ANGLIA) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
HARDING ESTATES (EAST ANGLIA) LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
3,110,906
3,105,906
Debtors
2
2,363,132
4,326,351
Cash at bank and in hand
421
3,708
5,474,459
7,435,965
Creditors: amounts falling due within one year
3
(3,027,576)
(2,582,451)
Net current assets
2,446,883
4,853,514
Creditors: amounts falling due after more than one year
4
(265,573)
Net assets
2,181,310
4,853,514
Capital and reserves
Called up share capital
999
999
Profit and loss reserves
2,180,311
4,852,515
Total equity
2,181,310
4,853,514
The director of the company have elected not to include a copy of the profit and loss account within the financial statements in accordance with section 444 (5A) of the Companies Act 2006. true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 28 November 2024
P L Williams
Director
Company registration number 05710710 (England and Wales)
HARDING ESTATES (EAST ANGLIA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
Harding Estates (East Anglia) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor Arthur Stanley House, 40-50 Tottenham Street, London, United Kingdom, W1T 4RN.
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
Going concern
The director ha s confirmed that he will continue to provide sufficient funds to enable the company totrue continue as a going concern for a period of not less than 12 months from the date of signing the balance sheet. He therefore believe s it is appropriate to prepare the accounts on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover in relation to management fees are recognised over the length of the period the service took place.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash and cash equivalents
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. Bank overdrafts are shown within borrowings in current liabilities.
HARDING ESTATES (EAST ANGLIA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
HARDING ESTATES (EAST ANGLIA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
2
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
2,363,132
4,326,351
3
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
28,530
17,250
Corporation tax
1,146,626
1,045,926
Other taxation and social security
105
Other creditors
1,852,420
1,519,170
3,027,576
2,582,451
4
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
265,573
5
Financial commitments, guarantees and contingent liabilities
The company has granted a charge over the land held in stock in respect of a loan advanced to the director. See also note 4.
6
Related party transactions
At the balance sheet date, the company was owed £1,766,286 (2022: £1,882,805) from Williams Group UK Properties Ltd, £467,040 (2022: £467,040) from Harding Homes (East Street) Limited, £Nil (2022: £54,225) from Braintree Leisure Limited, £85,471 (2022: £85,471) from Begin Braintree A F Limited, £Nil (2022: £648) from Braintree B3F Limited and £Nil (2022: £1,761,223) from Braintree Properties LLP. These are companies controlled by the director, and is disclosed within other debtors.
At the balance sheet date, the company owed £1,516,615 (2022: £1,524,990) to Williams Management Services Ltd, £Nil (2022: £Nil) to Guildford B4F Ltd, £15,000 (2022: £Nil) to Begin Braintree Ltd, £79,116 (2022: £79,116) to Honeyview Investments Limited, a company controlled by the director, and is disclosed within other creditors.
During the year £1,604,096 was written off in relation to loans with related parties having gone into liquidation.
During the year Williams Group UK Properties Ltd charged £224,519 in relation to management fees.
In 2015, the director P L Williams took out a loan, for the purpose of enabling the company to purchase the land included in stock. The company granted a charge over the land in respect of this loan. At the balance sheet date £Nil (2022: £Nil)