Company registration number 00333059 (England and Wales)
HARBOUR HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
HARBOUR HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
HARBOUR HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
20,443
21,198
Investment property
5
13,865,903
13,533,295
13,886,346
13,554,493
Current assets
Debtors
6
259,303
272,241
Cash at bank and in hand
812,162
761,605
1,071,465
1,033,846
Creditors: amounts falling due within one year
7
(489,454)
(733,698)
Net current assets
582,011
300,148
Total assets less current liabilities
14,468,357
13,854,641
Provisions for liabilities
(2,106,648)
(2,073,626)
Net assets
12,361,709
11,781,015
Capital and reserves
Called up share capital
3,000
3,000
Profit and loss reserves
12,358,709
11,778,015
Total equity
12,361,709
11,781,015

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

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

The financial statements were approved by the board of directors and authorised for issue on 16 December 2024 and are signed on its behalf by:
D W Kemp
M Harbour
Director
Director
S C Theobald
Director
Company registration number 00333059 (England and Wales)
HARBOUR HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
page 2
1
Accounting policies
Company information

Harbour Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 19, Borers Yard, Borers Arms Road, Copthorne, Crawley, West Sussex, RH10 3LH.

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 represents amounts receivable for rent and ancillary services, net of VAT. It is recognised in accordance with the periods of contracted occupation.

1.3
Tangible fixed assets

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

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

Plant and machinery
25%  Reducing balance

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

1.4
Investment properties

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

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
Cash at bank and in hand

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

HARBOUR HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
page 3
1.7
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.

1.8
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.

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.

1.9
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.

HARBOUR HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
page 4
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.

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:

2024
2023
Number
Number
Total
-
0
-
0
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2023
192,112
Additions
6,060
At 31 October 2024
198,172
Depreciation and impairment
At 1 November 2023
170,914
Depreciation charged in the year
6,815
At 31 October 2024
177,729
Carrying amount
At 31 October 2024
20,443
At 31 October 2023
21,198
HARBOUR HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
page 5
5
Investment property
2024
£
Fair value
At 1 November 2023
13,533,295
Revaluations
332,608
At 31 October 2024
13,865,903

All investment properties are held for use in operating leases.

 

During the year ended 31 October 2014 the largest property was revalued by independent professional valuers Taylors Business Surveyors & Valuers Limited on behalf of Lloyds Bank PLC in accordance with RICS Valuation - Professional Standards January 2014 incorporating the IVSC Valuation Standards. The inspection was undertaken by Mrs S Kingston, BSc, MRICS and the report contents discussed and agreed with Mr R Bower, BSc, MRICS, both of whom are RICS Registered Valuers. Their valuation was based on open market value and market rents obtainable.

 

During the year the Directors valued all the investment properties. For properties consisting of land and buildings the valuation is based on rental income obtainable over a 10 year period and for land the valuation is based on acreage and annual rental income.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
256,489
269,427
Other debtors
2,814
2,814
259,303
272,241
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
-
0
194,910
Trade creditors
41,163
138,012
Taxation and social security
263,677
173,338
Other creditors
184,614
227,438
489,454
733,698
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

HARBOUR HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
8
Audit report information
(Continued)
page 6
Senior Statutory Auditor:
Philip Hayden FCA
Statutory Auditor:
Richard Place Dobson Services Limited
Date of audit report:
16 December 2024
9
Financial commitments, guarantees and contingent liabilities
The company has a contingent liability to contribute up to £55,000 towards the cost of roadworks at Rowfant, if such work has to be carried out by West Sussex County Council at any date in the future. No provision has been made against this amount in the financial statements due to the uncertainty surrounding the timing and amount of this liability.
10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

During the year the company contracted for services from three individuals who are deemed to be related parties to the company.

 

The parties concerned (and the basis of their relationship to the company) and the total value of these services were as follows:

 

Stuart Kemp (brother of a director and shareholder of the company) cost of services provided by him £46,340 (2023: £47,470).

 

Linda Kemp (Sister in law of a director and shareholder of the company) cost of services provided by her £7,196 (2023: £7,416)

 

Michael Harbour (a director and shareholder of the company) cost of services provided by him £162,181 (2023: £172,693)

 

At the end of the year Michael Harbour was owed £17,418 (2023: £11,952).

 

The company had no employees in the current or comparative year.

11
Directors' transactions

Dividends totalling £117,733 (2023 - £103,075) were paid in the year in respect of shares held by the company's directors.

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