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REGISTERED NUMBER: 07475318 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

HARLEQUIN ESTATES LIMITED

HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Consolidated Statement of Comprehensive Income 8

Consolidated Statement of Financial Position 9

Company Statement of Financial Position 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Statement of Cash Flows 13

Notes to the Consolidated Statement of Cash Flows 14

Notes to the Consolidated Financial Statements 15


HARLEQUIN ESTATES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTOR: P I Parkhouse





SECRETARY: Kerry Secretarial Services Limited





REGISTERED OFFICE: Lacemaker House
5-7 Chapel Street
Marlow
Bucks
SL7 3HN





REGISTERED NUMBER: 07475318 (England and Wales)





AUDITORS: Cox Costello & Horne
Chartered Accountants and Statutory Auditors
Batchworth Lock House
99 Church Street, Rickmansworth
WD3 1JJ

HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023


The director presents his strategic report of the company and the group for the year ended 30 November 2023.

REVIEW OF BUSINESS
During the year, the board has continued to focus on improving the skills of its human resources and improving the software and hardware resources at its disposal.

These accounts were still affected by the Covid 19 global pandemic. For many businesses in the construction sector this has had a detrimental effect on the income and sustainability of many businesses. Harlequin was not immune to this and the company has had to bear down on costs further and take full advantage of the limited governments assistance schemes available to our sector such as the Bounce Back Loan schemes which continue to saddle the business with debt.

As the pandemic eased the UK in particular was hit by the "Cost of Living" crisis which has seen inflation have a huge impact on margins and business in the Construction industry in particular not least with the rising interest rates.

Harlequin decided to dispose of the non core construction businesses of PPEkit and Chefskit at the end of 2022. The Harlequin business has been significantly restructured after the year end as a result of which its core activities of Brickwork and scaffolding have been demerged from the group.
.
Harlequin Estates Group will emerge from this crisis stronger and better able to make significant profits.

PRINCIPAL RISKS AND UNCERTAINTIES
The regulatory environment continues to be challenging and the board of director believe they are well equipped to deal with these challenges.The business maintains tight control over health and safety regulations and continues to operate in a very competitive market place.

The "Cost of Living" crisis and in particular the effects of inflation and rising interest rates is a risk to the whole construction sector. The directors have taken measures which will ensure the ongoing survival and success of the business.

KEY PERFORMANCE INDICATORS
The director have carefully considered the key performance indicators which he has set for the company.

The financial KPIs of the company consist of the volumes of business which the company undertake in the construction business as well as the number of net clients onboarded. These are:

2023 2022
£ £
Net margins generated from contracts 4.3m 5.6m
Net profit after tax 0.3m 1.2m
Net asset per share 22.60 25.12


Non financial KPI's consist of maintaining strong compliance, strengthened security and retaining customer loyalty.

The company has undertaken strenuous testing of its compliance systems, enhanced its security arrangements and restructured its cost base.

The director is satisfied that the company has performed well against each of these indicators.

FINANCIAL INSTRUMENTS
The director aims to minimise the financial risk of the group through careful management of the debt risk and interest exposure using a variety of different banks and financial institutions in order to spread risk and exposure.

ON BEHALF OF THE BOARD:





P I Parkhouse - Director


29 November 2024

HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 30 NOVEMBER 2023


The director presents his report with the financial statements of the company and the group for the year ended 30 November 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of brickwork contracting, scaffolding and other construction related supply equipment.

DIVIDENDS
An interim dividend of £4.40p per share was paid on 30th November 2023 (2022 - £8.20p). The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 November 2023 will be £440,000.(2022 - £820,000 )

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
P I Parkhouse has held office during the whole of the period from 1 December 2022 to the date of this report.

Other changes in directors holding office are as follows:

W Sutcliffe ceased to be a director after 30 November 2023 but prior to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Cox Costello & Horne, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P I Parkhouse - Director


29 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HARLEQUIN ESTATES LIMITED


Opinion - Company

We have audited the financial statements of Harlequin Estates Limited (the 'parent company') for the year ended 30 November 2023 which comprises of the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit for the
period then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 20026.

Disclaimer of Opinion - Group

We were also engaged to have audited the consolidated financial statements of Harlequin Estates Limited (the 'Group') for the
year ended 30 November 2023 which comprise of the Consolidated Statement of Comprehensive Income, Consolidated
Statement of Financial Position, Consolidated Statement of Cash Flows, Consolidated Statement of Changes in Equity, and
notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that
has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally
Accepted Accounting Practice).

We do not express an opinion on the accompanying financial statements of the Group.

Because of the significance of the matter described in the basis for disclaimer of opinion - Group section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion
on these consolidated financial statements.

Basis for opinion - Company

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Basis for disclaimer of opinion - Group

On 27th August 2024, the parent company lost control of the following subsidiaries Harlequin Brickwork Limited, Harlequin Scaffolding Solutions Limited and Harlequin Construction Solutions Limited due to a demerger. These components represent a significant proportion of the group. As the parent no longer controls these subsidiaries it was unable to provide us with access to the management of these companies or their accountancy records, no alternative audit evidence was available to us.

Material uncertainty relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have identified material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

As discussed in Note 2 to the financial statements which describes the circumstances impacting the group's ability to continue as a going concern following the recent demerger. Thus the going concern status of the company and group is ultimately dependent of the successful outcome of the managements plans to grow the business, control costs and effectively managing working capital.

The disclaimer of opinion on the group does not impact on our conclusions relating to going concern.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HARLEQUIN ESTATES LIMITED

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have been unable to form an opinion, whether based on the work undertaken in the course of the audit:

- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which
the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director has been prepared in accordance with applicable
legal requirements.

Matters on which we are required to report by exception
Notwithstanding our disclaimer of an opinion on the consolidated financial statements, in the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we performed subject to the pervasive limitation described above have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

Arising from the limitation of our work referred to above:
- we have not obtained all the information and explanations that we considered necessary for the purpose of our
audit.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have
not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; and
- certain disclosures of directors' remuneration specified by law are not made.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below this work other than a discussion with a director who was in office during the period did not cover the subsidiaries that the parent lost control of in the post balance sheet period.

We designed procedures in line with our responsibilities outlined above, to detect material misstatements in respect of irregularities, including fraud.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HARLEQUIN ESTATES LIMITED

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the group's regulatory and legal correspondence.

We discussed with those charged with governance and other management of the company and group the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the group.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the company and group are subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigation. We identified the following areas as those most likely to have such an effect: laws and regulations relevant to a business in the construction industry; employment legislation; health and safety legislation; data protection legislation; anti-bribery and corruption legislation.

International Auditing Standards (UK) limit the required procedures to identify non-compliance with these laws and regulations, and no procedures over and above those already noted are required. These limited procedures subject to the limitation of work as noted in the basis of qualified opinion regarding the group did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted subject to the limitation of work as noted in the basis of qualified opinion regarding the group:

- Challenging assumptions made by management in its significant accounting estimates;
- Identifying and testing journal entries during the year and subsequent to the year end, in particular any entries
posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account,
and journal entries posted by senior management;
- Performing analytical procedures to identify unexpected movements in account balances which may be indicative
of fraud;
- Ensuring that testing undertaken on both the performance statement and the Statement of Financial Position
includes a number of items selected on a random basis;

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements subject to the limitation of work as noted in the basis of qualified opinion regarding the group.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Michael F Cox FCA (Senior Statutory Auditor)
for and on behalf of Cox Costello & Horne

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HARLEQUIN ESTATES LIMITED

Chartered Accountants and Statutory Auditors
Batchworth Lock House
99 Church Street, Rickmansworth
WD3 1JJ

29 November 2024

HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023

30.11.23 30.11.22
Notes £ £

TURNOVER 3 25,417,540 32,942,714

Cost of sales 21,124,571 27,530,210
GROSS PROFIT 4,292,969 5,412,504

Administrative expenses 3,216,603 3,659,919
1,076,366 1,752,585

Other operating income 55,102 122,535
OPERATING PROFIT 5 1,131,468 1,875,120

Interest receivable and similar income 167,603 57,091
1,299,071 1,932,211

Interest payable and similar expenses 6 864,308 610,249
PROFIT BEFORE TAXATION 434,763 1,321,962

Tax on profit 7 38,237 320,101
PROFIT FOR THE FINANCIAL YEAR 396,526 1,001,861

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

396,526

1,001,861

Profit attributable to:
Owners of the parent 396,526 1,001,861

Total comprehensive income attributable to:
Owners of the parent 396,526 1,001,861

HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

30.11.23 30.11.22
Notes £ £ £ £
FIXED ASSETS
Intangible assets 10 80,999 115,759
Tangible assets 11 3,874,120 4,161,828
Investments 12 489,950 489,950
4,445,069 4,767,537

CURRENT ASSETS
Stocks 13 54,080 11,482
Debtors 14 9,569,377 9,247,191
Cash at bank 72,120 223,668
9,695,577 9,482,341
CREDITORS
Amounts falling due within one year 15 7,765,146 7,225,015
NET CURRENT ASSETS 1,930,431 2,257,326
TOTAL ASSETS LESS CURRENT LIABILITIES 6,375,500 7,024,863

CREDITORS
Amounts falling due after more than one year 16 (2,459,826 ) (2,999,856 )

PROVISIONS FOR LIABILITIES 20 (1,570,768 ) (1,636,627 )
NET ASSETS 2,344,906 2,388,380

CAPITAL AND RESERVES
Called up share capital 21 100,000 100,000
Revaluation reserve 22 615,100 615,100
Retained earnings 22 1,629,806 1,673,280
SHAREHOLDERS' FUNDS 2,344,906 2,388,380

The financial statements were approved by the director and authorised for issue on 29 November 2024 and were signed by:





P I Parkhouse - Director


HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

COMPANY STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

30.11.23 30.11.22
Notes £ £ £ £
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 2,316,421 2,351,021
Investments 12 499,000 499,000
2,815,421 2,850,021

CURRENT ASSETS
Debtors 14 1,831,044 1,116,674
Cash and cash equivalents 590 11,901
1,831,634 1,128,575
CREDITORS
Amounts falling due within one year 15 1,824,687 1,372,154
NET CURRENT ASSETS/(LIABILITIES) 6,947 (243,579 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,822,368 2,606,442

CREDITORS
Amounts falling due after more than one year 16 (2,013,633 ) (1,627,556 )

PROVISIONS FOR LIABILITIES 20 (136,215 ) (148,340 )
NET ASSETS 672,520 830,546

CAPITAL AND RESERVES
Called up share capital 21 100,000 100,000
Revaluation reserve 22 615,100 615,100
Retained earnings 22 (42,580 ) 115,446
SHAREHOLDERS' FUNDS 672,520 830,546

Company's profit for the financial year 281,974 826,321

The financial statements were approved by the director and authorised for issue on 29 November 2024 and were signed by:





P I Parkhouse - Director


HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£ £ £ £
Balance at 1 December 2021 100,000 1,491,419 615,100 2,206,519
Total comprehensive income - 1,001,861 - 1,001,861
Dividends - (820,000 ) - (820,000 )
Total transactions with owners,
recognised directly in equity

-

(820,000

)

-

(820,000

)
Balance at 30 November 2022 100,000 1,673,280 615,100 2,388,380
Total comprehensive income - 396,526 - 396,526
Dividends - (440,000 ) - (440,000 )
Total transactions with owners,
recognised directly in equity

-

(440,000

)

-

(440,000

)
Balance at 30 November 2023 100,000 1,629,806 615,100 2,344,906

HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£ £ £ £
Balance at 1 December 2021 100,000 109,125 615,100 824,225
Profit for the year - 826,321 - 826,321
Total comprehensive income - 826,321 - 826,321
Dividends - (820,000 ) - (820,000 )
Balance at 30 November 2022 100,000 115,446 615,100 830,546
Profit for the year - 281,974 - 281,974
Total comprehensive income - 281,974 - 281,974
Dividends - (440,000 ) - (440,000 )
Balance at 30 November 2023 100,000 (42,580 ) 615,100 672,520

HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023

30.11.23 30.11.22
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 1,536,978 5,480,394
Interest paid (496,398 ) (169,249 )
Interest element of hire purchase payments
paid

(228,044

)

(266,832

)
Finance costs paid (139,866 ) (174,168 )
Tax paid (143,027 ) (219,446 )
Net cash from operating activities 529,643 4,650,699

Cash flows from investing activities
Purchase of tangible fixed assets - (1,156,133 )
Purchase of fixed asset investments - (399,000 )
Sale of tangible fixed assets 5,329 22,638
Interest received 2,603 57,091
Net cash from investing activities 7,932 (1,475,404 )

Cash flows from financing activities
Loan repayments in year (450,499 ) (540,285 )
Advances to Participating Interests - (1,727,728 )
Net Hire Purchase contracts 201,376 373,276
Equity dividends paid (440,000 ) (820,000 )
Net cash from financing activities (689,123 ) (2,714,737 )

(Decrease)/increase in cash and cash equivalents (151,548 ) 460,558
Cash and cash equivalents at beginning of
year

2

223,668

(236,890

)

Cash and cash equivalents at end of year 2 72,120 223,668

HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.11.23 30.11.22
£ £
Profit before taxation 434,763 1,321,962
Depreciation charges 306,629 280,407
Profit on disposal of fixed assets (4,250 ) (11,287 )
Increase/(Decrease) in provisions (65,859 ) 1,050,184
Finance costs 864,308 610,249
Finance income (167,603 ) (57,091 )
1,367,988 3,194,424
(Increase)/decrease in stocks (42,598 ) 404,311
Decrease in trade and other debtors 858,919 1,549,259
(Decrease)/increase in trade and other creditors (647,331 ) 332,400
Cash generated from operations 1,536,978 5,480,394

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 November 2023
30.11.23 1.12.22
£ £
Cash and cash equivalents 72,120 223,668
Year ended 30 November 2022
30.11.22 1.12.21
£ £
Cash and cash equivalents 223,668 118,896
Bank overdrafts - (355,786 )
223,668 (236,890 )


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.12.22 Cash flow At 30.11.23
£ £ £
Net cash
Cash at bank and in hand 223,668 (151,548 ) 72,120
223,668 (151,548 ) 72,120
Debt
Finance leases (1,089,579 ) 450,499 (639,080 )
Debts falling due within 1 year (59,947 ) (154,024 ) (213,971 )
Debts falling due after 1 year (2,354,223 ) 24,246 (2,329,977 )
(3,503,749 ) 320,721 (3,183,028 )
Total (3,280,081 ) 169,173 (3,110,908 )

HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

Harlequin Estates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The principal accounting policies applied in the preparation of these consolidated and separate financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

A. basis of preparation
These consolidated and separate financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value.

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group and company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in policy F. critical accounting judgements and estimation uncertainty.

The company has taken advantage of the exemption in section 408 of the Companies Act from disclosing its individual profit and loss account.

B. going concern
The group accounts showed profit for the year £396,526 for the twelve months to 30 November 2023, net current assets £1,930,431 and £2,344,906 shareholders' funds at the balance sheet date.

The director has a reasonable expectation that Harlequin Estates Limited has adequate resources to continue in operation for the foreseeable future possible in a smaller scale.

Following the demerger of certain subsidiaries after the year end (see Note 23 and Note 25), the director has a plan to address uncertainties from the remainder of the group such as financial support from other companies which are under common control of the director.

The group therefore continues to adopt the going concern basis in preparing its financial statements.

HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued

C. reduced financial reporting framework
FRS 102 allows a qualifying entity certain disclosure exemptions, subject to certain conditions, which have been complied with, including notification of, and no objection to, the use of exemptions by the company’s shareholders.

The company has taken advantage of the following exemptions:
i. from preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flows, included in these financial statements, includes the company’s cash flows;
ii. from the financial instrument disclosures, required under FRS 102 paragraphs 11.39 to 11.48A and paragraphs 12.26 to 12.29, as the information is provided in the consolidated financial statement disclosures;
iii. from disclosing share based payment arrangements, required under FRS 102 paragraphs 26.18(c), 26.19 to 26.21 and 26.23, concerning its own equity instruments. The company financial statements are presented with the consolidated financial statements and the relevant disclosures are included therein; and
iv. from disclosing the company key management personnel compensation, as required by FRS 102 paragraph 33.7.

D. basis of consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings made up to 30 November.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

All intra-group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with associates to the extent of the group’s interest in the entity.

E. foreign currency
i. Functional and presentation currency
The group financial statements are presented in pound sterling and rounded to thousands.

The company’s functional and presentation currency is the pound sterling.

ii. Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each reporting end date, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

iii. Translation
The trading results of overseas undertakings are translated into sterling at the average exchange rates for the year. The assets and liabilities of overseas undertakings, including goodwill and fair value adjustments arising on acquisition, are translated at the exchange rates ruling at the reporting date. Exchange adjustments arising from the retranslation of opening net investments and from the translation of the profits or losses at average rates are recognised in ‘Other comprehensive income’ and allocated to non-controlling interest as appropriate.

HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued

F. critical accounting judgements and estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

a. Key accounting estimates and assumptions
The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

b. Revenue recognition (see policy "I. revenue")
The group recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the group retains no continuing involvement or control over the service/goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the group’s sales channels have been met.

G. exceptional items
The group classifies certain one-off charges or credits that have a material impact on the group’s financial results as ‘exceptional items’. These are disclosed separately to provide further understanding of the financial performance of the group.

H. employee benefits
The group provides a range of benefits to employees, including paid holiday, pension arrangements and incentive schemes.

i. Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

ii. Pension benefits
Under the Pensions Act 2008, the group must put certain staff into a pension scheme and contribute towards it. This is called automatic enrolment. To comply with automatic enrolment laws, the group signed a participation agreement with a pension provider by which staff become members of an independently administered pension plan (plan). The plan is run as a trust with assets held separately from the group. The group and staff make contributions as specified in the plan which is considered to be on a defined contributions basis. The contributions payable by the group and staff are deposited in the plan within 30 days following the deduction. Once the contributions have been paid, the group as employer, has no further obligations. The group's contributions are charged to the profit and loss account in the period to which they relate.

I. revenue
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the group and value added taxes.

HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued

I. revenue - continued
The group bases its estimate of returns on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.

Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transaction, the fair value of the consideration is measured as the present value of all future receipts using the imputed rate.

J. cost allocation
The group as agent:
Costs are allocated between cost of sales and overheads based on hours worked by staff. Timesheets are completed which provides the basis for hours worked per project/event and administration.

The group as principal:
costs incurred on a new project in the development and preparation stages will be deferred to the actual commencement of the project. These costs are written to the profit and loss over the expected life of the project, or series of projects, no greater than 3 years, providing the future benefits of the project can be reliably calculated and sustain these costs.

K. business combinations and goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measureable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values to the group’s interest in the identifiable net assets, liabilities and contingent liabilities acquired.

On acquisition, goodwill is allocated to cash-generating units (‘CGU’s’) that are expected to benefit from the combination.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued

M. tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - at varying rates on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost and 10% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

i. Plant & machinery, fixtures & fittings, tools and equipment
Plant & machinery, fixtures & fittings, tools and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.

ii. Depreciation and residual values
Depreciation on assets is calculated, using the straight-line method, to allocate the depreciable amount to their residual values over their estimated useful lives, as follows:

- Freehold property- 50 years on the building element of the property
- Fixture and fittings- 4 years
- Computer equipment- 3 years

The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

N. stocks
Stocks are valued at cost after making due allowance for obsolete or slow moving stock.

O. taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

i. Current tax
Current tax is the amount of income tax payable in respect of the taxable profit for the reporting period or prior periods. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

ii. Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of revenue and expenses in tax assessments in periods different from those in which they are recognised in financial statements.

Deferred tax is recognised on all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date end and that are expected to apply to the reversal of the timing difference.


HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

P. research and development
Expenditure on research and development is written off in the year in which it is incurred.


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

R. hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

At inception the group assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.

i. Finance leased assets
Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases.

ii. Operating leased assets
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

S. pensions
The company makes contributes into the personal retirement schemes of certain staff. Contributions by the company and staff are determined by legislation and mutual agreement.

In the aforementioned schemes, staff contract directly with the pension company, and assets of those schemes are held separately from those of the company. The company acts as agent in collecting and paying over staff pension contributions. Once the contributions have been paid, the company as employer has no further obligations.

The company's contributions are charged to the profit and loss account in the period to which they relate.

S. impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset (or asset’s cash generating unit) may be impaired. If there is such an indication the recoverable amount of the asset (or asset’s cash generating unit) is compared to the carrying amount of the asset (or asset’s cash generating unit).

Goodwill is allocated on acquisition to the cash generating unit expected to benefit from the synergies of the combination. Goodwill is included in the carrying value of cash generating units for impairment testing.

HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued

T. investments - company
i. Investment in subsidiaries
Investment in a subsidiary company is held at cost less accumulated impairment losses. Cost will include any deferred consideration. Deferred consideration has been calculated based on the maximum capped earnout. Any reduction will be offset by a reduction in the liability payable.

ii. Investment in associates
Investment in an associate is held at cost less accumulated impairment losses. At the reporting date, the company had no such investments.

U. cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdraft, when applicable, are shown within borrowings in current liabilities.

V. provisions and contingencies
i. Provisions
Provisions are recognised when the group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

ii. Contingencies
Contingent liabilities are not recognised, except those acquired in a business combination. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the group’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.

W. financial instruments
The group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

i. Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

ii. Financial liabilities
Basic financial liabilities, including trade and other 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

X. share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Y. distributions to equity holders
Dividends and other distributions to the group’s shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

Z. related party transactions
The group discloses transactions with related parties which are not wholly owned within the same group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, separate disclosure is necessary to understand the effect of the transactions on the group financial statements.

HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

30.11.23 30.11.22
£ £
Construction services 12,239,771 21,976,496
Payroll recharges 1,381,072 1,846,234
Centralised payment processing 11,796,697 9,119,984
25,417,540 32,942,714

An analysis of turnover by geographical market is given below:

30.11.23 30.11.22
£ £
United Kingdom 25,417,540 32,942,714
25,417,540 32,942,714

4. EMPLOYEES AND DIRECTORS
30.11.23 30.11.22
£ £
Wages and salaries 1,290,295 1,419,385
Social security costs 144,321 155,747
Other pension costs 19,808 19,961
1,454,424 1,595,093

The average number of employees during the year was as follows:
30.11.23 30.11.22

Management 2 2
Administrative 16 15
18 17

The average number of employees by undertakings that were proportionately consolidated during the year was 16 (2022 - 15 ) .

30.11.23 30.11.22
£ £
Directors' remuneration 18,020 17,676

HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.11.23 30.11.22
£ £
Hire of plant and machinery 157,865 338,480
Depreciation - owned assets 248,125 247,060
Depreciation - assets on hire purchase contracts 38,504 13,349
Profit on disposal of fixed assets (4,250 ) (11,287 )
Goodwill amortisation 34,760 20,000
Auditors' remuneration 27,593 25,500
Auditors' remuneration for non audit work 64,791 63,857

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.11.23 30.11.22
£ £
Bank interest 178,536 169,249
Other Interest 317,862 -
Hire purchase 228,044 266,832
Other finance charges 139,866 174,168
864,308 610,249

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.11.23 30.11.22
£ £
Current tax:
UK corporation tax 98,308 269,214
Overpayment of prior years tax - (7,720 )
Total current tax 98,308 261,494

Deferred tax (60,071 ) 58,607
Tax on profit 38,237 320,101

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
30.11.23 30.11.22
£ £
Ordinary shares of £1 each
Interim 440,000 820,000

HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£
COST
At 1 December 2022
and 30 November 2023 155,759
AMORTISATION
At 1 December 2022 40,000
Amortisation for year 34,760
At 30 November 2023 74,760
NET BOOK VALUE
At 30 November 2023 80,999
At 30 November 2022 115,759

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£ £ £
COST
At 1 December 2022 2,455,000 1,905,955 19,270
Disposals - (1,079 ) -
At 30 November 2023 2,455,000 1,904,876 19,270
DEPRECIATION
At 1 December 2022 112,350 206,391 9,697
Charge for year 32,150 200,407 3,620
Eliminated on disposal - - -
At 30 November 2023 144,500 406,798 13,317
NET BOOK VALUE
At 30 November 2023 2,310,500 1,498,078 5,953
At 30 November 2022 2,342,650 1,699,564 9,573

HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


11. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£ £ £
COST
At 1 December 2022 280,059 44,168 4,704,452
Disposals (90,528 ) - (91,607 )
At 30 November 2023 189,531 44,168 4,612,845
DEPRECIATION
At 1 December 2022 192,901 21,285 542,624
Charge for year 41,351 9,101 286,629
Eliminated on disposal (90,528 ) - (90,528 )
At 30 November 2023 143,724 30,386 738,725
NET BOOK VALUE
At 30 November 2023 45,807 13,782 3,874,120
At 30 November 2022 87,158 22,883 4,161,828

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£ £ £
COST
At 1 December 2022
and 30 November 2023 99,997 74,020 174,017
DEPRECIATION
At 1 December 2022 - 25,842 25,842
Charge for year 19,999 18,505 38,504
At 30 November 2023 19,999 44,347 64,346
NET BOOK VALUE
At 30 November 2023 79,998 29,673 109,671
At 30 November 2022 99,997 48,178 148,175

HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


11. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Freehold and
property fittings Totals
£ £ £
COST OR VALUATION
At 1 December 2022
and 30 November 2023 2,455,000 9,800 2,464,800
DEPRECIATION
At 1 December 2022 112,350 1,429 113,779
Charge for year 32,150 2,450 34,600
At 30 November 2023 144,500 3,879 148,379
NET BOOK VALUE
At 30 November 2023 2,310,500 5,921 2,316,421
At 30 November 2022 2,342,650 8,371 2,351,021

Included in cost or valuation of land and buildings is freehold land of £ 1,250,000 (2022 - £ 1,250,000 ) which is not depreciated.

Cost or valuation at 30 November 2023 is represented by:

Fixtures
Freehold and
property fittings Totals
£ £ £
Valuation in 2020 705,000 - 705,000
Cost 1,750,000 9,800 1,759,800
2,455,000 9,800 2,464,800

12. FIXED ASSET INVESTMENTS

Group Company
30.11.23 30.11.22 30.11.23 30.11.22
£ £ £ £
Shares in group undertakings - - 100,000 100,000
Participating interests 399,000 399,000 399,000 399,000
Other investments not loans 90,950 90,950 - -
489,950 489,950 499,000 499,000

HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


12. FIXED ASSET INVESTMENTS - continued

Additional information is as follows:

Group
Interest in
other
participating
interests
£
COST
At 1 December 2022
and 30 November 2023 399,000
NET BOOK VALUE
At 30 November 2023 399,000
At 30 November 2022 399,000

Investments (neither listed nor unlisted) were as follows:
30.11.23 30.11.22
£ £
Heritage Vehicle 90,950 90,950
Company
Interest in
Shares in other
group participating
undertakings interests Totals
£ £ £
COST
At 1 December 2022
and 30 November 2023 100,000 399,000 499,000
NET BOOK VALUE
At 30 November 2023 100,000 399,000 499,000
At 30 November 2022 100,000 399,000 499,000

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Harlequin Construction Solutions Limited
Registered office: 3 Cheapside Court, Sunninghill Road, Ascot England SL5 7RF
Nature of business: Construction services holding company
%
Class of shares: holding
Ordinary 100.00

Harlequin Brickwork Limited
Registered office: England & Wales
Nature of business: Brickwork Contracting
%
Class of shares: holding
Ordinary 100.00

HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


12. FIXED ASSET INVESTMENTS - continued

Harlequin Scaffolding Solutions Limited
Registered office: England & Wales
Nature of business: Scaffolding
%
Class of shares: holding
Ordinary 100.00

Harlequin D&B Limited
Registered office: England & Wales
Nature of business: Design and Build services
%
Class of shares: holding
Ordinary 100.00

Associated company

Harlequin New Homes Limited
Registered office: Lacemaker House, 5-7 Chapel Street, Marlow England SL7 3HN
Nature of business: Construction of domestic buildings
%
Class of shares: holding
Ordinary B Shares 100.00
Preference Shares 100.00


13. STOCKS

Group
30.11.23 30.11.22
£ £
Stocks 54,080 11,482

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.11.23 30.11.22 30.11.23 30.11.22
£ £ £ £
Trade debtors 2,378,638 3,786,650 5,126 2,324
Amounts owed by group undertakings - - 419,596 407,377
Amounts owed by participating interests 5,738,620 5,190,003 1,403,290 698,539
Other debtors 82,614 186,230 - -
Tax 632,488 - - -
VAT 299,727 - - -
Prepayments and accrued income 437,290 84,308 3,032 8,434
9,569,377 9,247,191 1,831,044 1,116,674

HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.11.23 30.11.22 30.11.23 30.11.22
£ £ £ £
Bank loans and overdrafts (see note 17) 213,971 59,947 - -
Hire purchase contracts (see note 18) 509,231 443,946 - -
Trade creditors 2,515,420 3,005,752 30,986 43,567
Amounts owed to group undertakings - - 1,115,561 991,797
Amounts owed to participating interests 1,920,710 911,785 52,326 112,326
Tax 235,060 275,832 121,316 141,257
Social security and other taxes 324,156 445,531 57,328 61,640
VAT - - 53,116 -
Other creditors 1,625,472 1,915,348 577 962
Accruals and deferred income 421,126 166,874 393,477 20,605
7,765,146 7,225,015 1,824,687 1,372,154

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
30.11.23 30.11.22 30.11.23 30.11.22
£ £ £ £
Bank loans (see note 17) 1,060,210 1,545,721 743,866 819,054
Other loans (see note 17) 1,269,767 808,502 1,269,767 808,502
Hire purchase contracts (see note 18) 129,849 645,633 - -
2,459,826 2,999,856 2,013,633 1,627,556

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
30.11.23 30.11.22 30.11.23 30.11.22
£ £ £ £
Amounts falling due within one year or on demand:
Bank loans 213,971 59,947 - -
Amounts falling due between one and two years:
Bank loans - 1-2 years 210,000 10,000 - -
Amounts falling due between two and five years:
Bank loans - 2-5 years 106,344 16,667 - -
Other loans - 2-5 years 1,269,767 808,502 1,269,767 808,502
1,376,111 825,169 1,269,767 808,502
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 717,199 1,482,387 717,199 782,387
Bounce Back Loan 26,667 36,667 26,667 36,667
743,866 1,519,054 743,866 819,054

HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.11.23 30.11.22
£ £
Gross obligations repayable:
Within one year 561,631 581,856
Between one and five years 146,015 714,199
707,646 1,296,055

Finance charges repayable:
Within one year 52,400 137,910
Between one and five years 16,166 68,566
68,566 206,476

Net obligations repayable:
Within one year 509,231 443,946
Between one and five years 129,849 645,633
639,080 1,089,579

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
30.11.23 30.11.22 30.11.23 30.11.22
£ £ £ £
Bank loans 1,274,181 1,605,668 743,866 819,054

Fixed and floating charge over the assets of the business.

20. PROVISIONS FOR LIABILITIES

Group Company
30.11.23 30.11.22 30.11.23 30.11.22
£ £ £ £
Deferred tax 294,375 354,446 136,215 148,340

Other provisions 1,276,393 1,282,181 - -

Aggregate amounts 1,570,768 1,636,627 136,215 148,340

HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


20. PROVISIONS FOR LIABILITIES - continued

Group
Warranty
Deferred &Other
tax Provisions
£ £
Balance at 1 December 2022 354,446 1,282,181
Provided during year (60,071 ) -
Balance at 30 November 2023 294,375 1,282,181

Company
Deferred tax
£
Balance at 1 December 2022 148,340
Provided during year (12,125 )
Balance at 30 November 2023 136,215

A warranty provision is maintained based on an agreed percentage of the turnover for the last 3 years which represents a fair estimate of the value of work required to reinstate and make good any actual or perceived defects.

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £ £
1,000 Ordinary £1 100,000 100,000

22. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£ £ £

At 1 December 2022 1,673,280 615,100 2,288,380
Profit for the year 396,526 396,526
Dividends (440,000 ) (440,000 )
At 30 November 2023 1,629,806 615,100 2,244,906

Company
Retained Revaluation
earnings reserve Totals
£ £ £

At 1 December 2022 115,446 615,100 730,546
Profit for the year 281,974 281,974
Dividends (440,000 ) (440,000 )
At 30 November 2023 (42,580 ) 615,100 572,520


HARLEQUIN ESTATES LIMITED (REGISTERED NUMBER: 07475318)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


23. CONTINGENT LIABILITIES

In 2021, Harlequin Brickwork Limited and Harlequin Scaffolding Solutions Limited received notices of prosecution from HM Revenue & Customs under the Kittel principle. The directors at that time and since have refuted these allegation and will be fighting the case with the full force of the resources at the groups disposal.

No liability regarding this matter has been recognised in these financial statements. Subsequent to the demerger of Harlequin Estates Group on 27 August 2024, the above prosecution from HM Revenue and Customs against the Group companies have largely been eliminated. As a result, the parent company, Harlequin Estates Limited, does not anticipate any liability arising post-demerger. However, this is subject to further developments and the outcome of the case. Should any material financial obligation arise, further disclosures will be made as the case progresses.

In April 2023, the company has entered a secured debenture with a debt finance company, under which both fixed and floating charges have been created over the company’s assets. The company remains liable for the repayment of the debenture, which constitutes a secured liability. As of the reporting date, no circumstances have arisen that would indicate a need to realise the security or call upon these charges. This charge was satisfied prior the audited report was signed.

24. RELATED PARTY DISCLOSURES

During the year the group traded with companies where the directors have a common interest as shareholders and directors. These transactions, undertaken on normal commercial terms, are as follows:

Company Sales Purchases Balance Balance
£ £ 30/11/2023 30/11/2022
Dr/(Cr) Dr/(Cr)
£ £

Harlequin New Homes Group 9,618,524 1,668,315 3,264,159
Harlequin Brickwork Contracting 9,326 6,554 602,480 393,776
Harlequin Bespoke Apparel group 369,204 81,999
Jester Associates 715,056 460,459
Cobham Design 226,725 (28,795 )
BP Products (119,154 ) (122,014 )
Brickrash 234,161 228,637

In addition funds have been lent interest free for cash flow purposes.

25. POST BALANCE SHEET EVENTS

On 27 August 2024, Harlequin Estates Limited underwent a demerger, resulting in the loss of several key subsidiaries. These subsidiaries included Harlequin Brickwork Limited, Harlequin Scaffolding Solutions Limited and Harlequin Construction Solutions Limited which had been contributing significant financial metrics like revenue, assets etc. Harlequin Estates Limited no longer has control over these entities following the completion of the demerger.

This event is classified as a non-adjusting event as it occurred after the balance sheet date therefore no adjustments have been made to the financial statements for the year ended 30 November 2023. However, the event has been disclosed due to its material impact on the Group.

The management is assessing the full financial consequences of the demerger, including potential changes to the Group’s assets, liabilities, and tax positions. Further disclosures will be made in future financial statements as additional information becomes available.

Subsequent to the balance sheet date, a former director of the company has lodged a registered charge against the company's freehold property for a claim of £1 million. This claim is under investigation, and the potential impact on the company’s financial position is being assessed and subject to the agreement of both parties. There is no adjustment made to the financial statements for the year ended 30 November 2023. This charge was satisfied prior the audited report was signed.