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REGISTERED NUMBER: 08348740 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

THE HARBOUR LOUNGE LTD

THE HARBOUR LOUNGE LTD (REGISTERED NUMBER: 08348740)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


THE HARBOUR LOUNGE LTD (REGISTERED NUMBER: 08348740)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 13,838 15,497
Investment property 5 1,248,434 1,248,434
1,262,272 1,263,931

CURRENT ASSETS
Inventories 5,693 7,650
Debtors 6 7,615 5,000
Cash at bank and in hand 163,394 151,965
176,702 164,615
CREDITORS
Amounts falling due within one year 7 372,528 448,886
NET CURRENT LIABILITIES (195,826 ) (284,271 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,066,446

979,660

CREDITORS
Amounts falling due after more than one year 8 (496,891 ) (537,066 )

PROVISIONS FOR LIABILITIES 10 (50,033 ) -
NET ASSETS 519,522 442,594

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 11 150,000 200,000
Retained earnings 369,422 242,494
519,522 442,594

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

THE HARBOUR LOUNGE LTD (REGISTERED NUMBER: 08348740)

STATEMENT OF FINANCIAL POSITION - continued
31 JANUARY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 January 2025 and were signed on its behalf by:





Mr M R A Hughes - Director


THE HARBOUR LOUNGE LTD (REGISTERED NUMBER: 08348740)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

The Harbour Lounge Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08348740

Registered office: 1 Kings Avenue
London
N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, the director is 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 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.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue represents the value of rental income chargeable in respect of the company's investment property.
Revenue is recognised evenly over the period of the rental agreement.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on despatch of the goods.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicle - 20% on reducing balance

THE HARBOUR LOUNGE LTD (REGISTERED NUMBER: 08348740)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property, which is property held to earn rentals, 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 date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.

Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of inventory sold is recognised as an expense in the period in which the related revenue is recognised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material 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.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

THE HARBOUR LOUNGE LTD (REGISTERED NUMBER: 08348740)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 24 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 February 2023 3,600 658 16,500 20,758
Additions - 1,398 - 1,398
At 31 January 2024 3,600 2,056 16,500 22,156
DEPRECIATION
At 1 February 2023 540 121 4,600 5,261
Charge for year 459 218 2,380 3,057
At 31 January 2024 999 339 6,980 8,318
NET BOOK VALUE
At 31 January 2024 2,601 1,717 9,520 13,838
At 31 January 2023 3,060 537 11,900 15,497

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 1,248,434
NET BOOK VALUE
At 31 January 2024 1,248,434
At 31 January 2023 1,248,434

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2021 200,000
Cost 1,048,434
1,248,434

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,048,434 1,048,434

The directors consider the market value of the investment property to be as stated in the financial statements.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 7,615 5,000

THE HARBOUR LOUNGE LTD (REGISTERED NUMBER: 08348740)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,722 6,306
Trade creditors 16,704 6,028
Taxation and social security 72,621 58,643
Other creditors 273,481 377,909
372,528 448,886

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 14,394 27,533
Other creditors 482,497 509,533
496,891 537,066

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other creditors 482,497 509,533

The loan is secured by way of fixed and floating charge on the property and other assets of the company and contains a negative pledge.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 50,033 -

Deferred
tax
£   
Provided during year 50,033
Balance at 31 January 2024 50,033

11. RESERVES
Fair
value
reserve
£   
At 1 February 2023 200,000
Movement (50,000 )

At 31 January 2024 150,000

THE HARBOUR LOUNGE LTD (REGISTERED NUMBER: 08348740)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

12. RELATED PARTY DISCLOSURES

Included in other debtors less than one year is an amount of £7,615 (2023: £5,000) due from connected companies under common control. The loans are interest-free and recoverable on demand.

Included in other creditors less than one year is an amount of £256,053 (2023: £368,343) due to connected companies under common control. Also included in other creditors less than one year, is an amount of £9,037 (2023: £5,111) due to the directors of the company.The loans are interest-free and repayable on demand.

Included in other creditors more than one year is an amount of £482,497 (2023: £509,533) due to a connected company under common control.