Company registration number 10675574 (England and Wales)
FINLEY HARRISON DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
FINLEY HARRISON DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FINLEY HARRISON DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10675574)
BALANCE SHEET
AS AT
29 APRIL 2024
29 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
1,741,211
1,317,593
Investments
5
1
2
1,741,212
1,317,595
Current assets
Debtors
7
41,210
Cash at bank and in hand
1,634
10,757
42,844
10,757
Creditors: amounts falling due within one year
8
(769,527)
(1,005,802)
Net current liabilities
(726,683)
(995,045)
Total assets less current liabilities
1,014,529
322,550
Creditors: amounts falling due after more than one year
9
(675,731)
(427,838)
Provisions for liabilities
(84,163)
Net assets/(liabilities)
254,635
(105,288)
Capital and reserves
Called up share capital
2
2
Non-distributable profits reserve
10
252,489
70,441
Distributable profit and loss reserves
2,144
(175,731)
Total equity
254,635
(105,288)
FINLEY HARRISON DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10675574)
BALANCE SHEET (CONTINUED)
AS AT
29 APRIL 2024
29 April 2024
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 28 January 2025
S J Finley
Director
FINLEY HARRISON DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024
- 3 -
1
Accounting policies
Company information
Finley Harrison Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19/21 Swan Street, West Malling, United Kingdom, ME19 6JU.
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 £1.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
Turnover
Turnover is recognised at the fair value of consideration received or receivable for the rental income provided in the normal course of business. The following criteria must be met before turnover is recognised.
Turnover from a contract to provide services is recognised in the period in which the rental services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
The amount of turnover can be measured reliably
It is probable that the company will receive the consideration due under the contract
The stage of completion of the contract at the end of the reporting period can be measured reliably
The costs incurred and the costs to complete the contract can be measured reliably.
1.4
Investment property
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. Investment properties are not subject to depreciation.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
FINLEY HARRISON DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
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 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
2
2
4
Investment property
2024
£
Fair value
At 30 April 2023
1,317,594
Additions
157,407
Revaluations
266,210
At 29 April 2024
1,741,211
Investment property comprises £1,741,211. This valuation was arrived at by the director's best estimate.
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
2
FINLEY HARRISON DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
5
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 30 April 2023
2
Additions
1
Disposals
(2)
At 29 April 2024
1
Carrying amount
At 29 April 2024
1
At 29 April 2023
2
6
Subsidiaries
Details of the company's subsidiaries at 29 April 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
288 Coombe Lane Ltd
19-21 Swan Street, West Malling, England, ME19 6JU
Ordinary
100.00
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
41,210
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
148,571
Trade creditors
1,494
Taxation and social security
923
Other creditors
620,033
1,004,308
769,527
1,005,802
FINLEY HARRISON DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
- 6 -
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
675,731
427,838
The bank loans are secured by way of a fixed and floating charge against the property, they also contain a negative pledge.
10
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
70,441
70,441
Non distributable profits in the year
182,048
-
At the end of the year
252,489
70,441
11
Related party transactions
Included within other creditors is a balance of £285,784 (2023: £534,356) due to connected companies.
Included within other debtors is a balance of £40,749 (2023:£nil) owed by a connected company.