Registered number
10589308
The Harvey Homes Group Ltd
Filleted Accounts
31 March 2024
The Harvey Homes Group Ltd
Registered number: 10589308
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 13,814 27,627
13,814 27,627
Current assets
Stocks 1,478,968 1,737,706
Debtors 5 114,759 68,680
Cash at bank and in hand 297,320 109,173
1,891,047 1,915,559
Creditors: amounts falling due within one year 6 (679,416) (235,230)
Net current assets 1,211,631 1,680,329
Total assets less current liabilities 1,225,445 1,707,956
Creditors: amounts falling due after more than one year 7 (1,152,162) (1,494,653)
Net assets 73,283 213,303
Capital and reserves
Called up share capital 100 100
Profit and loss account 73,183 213,203
Shareholders' funds 73,283 213,303
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Nicholas Ratcliffe
Director
Approved by the board on 19 December 2024
The Harvey Homes Group Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Motor vehicles over 4 years
Stocks & Work in Progress
Stocks 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 stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 4,304 55,250 59,554
Additions - - -
Surplus on revaluation - - -
Disposals - - -
At 31 March 2024 4,304 55,250 59,554
Depreciation
At 1 April 2023 4,304 27,624 31,928
Charge for the year - 13,812 13,812
Surplus on revaluation - - -
On disposals - - -
At 31 March 2024 4,304 41,436 45,740
Net book value
At 31 March 2024 - 13,814 13,814
At 31 March 2023 - 27,627 27,627
4 Stock & work in progress
Work in progress 1,478,968 1,737,706
1,478,968 1,737,706
Land under development and properties for sale are included in work in progress
5 Debtors 2024 2023
£ £
Other debtors 114,759 68,680
114,759 68,680
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 554,284 9,996
Obligations under finance lease and hire purchase contracts 31,369 7,044
Trade creditors 90,917 157,656
Taxation and social security costs 2,786 40,496
Other creditors 60 20,038
679,416 235,230
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 671,050 26,401
Obligations under finance lease and hire purchase contracts - 31,369
Other creditors 481,112 1,436,883
1,152,162 1,494,653
8 Loans 2024 2023
£ £
Creditors include:
Bounce back loan 26,546 36,397
Secured bank loans 1,198,788 -
1,225,334 36,397
The bounce bank loan is a Government-backed guarantee loan for a 6 year period, the interest rate is 2.5% per annum with no interest payable during the first year.
The company has loans from Together Commercial Finance Ltd. The loans are secured via legal charges over the Company's residential development sites at Poynton and Swan Green. The interest rates on the loans are 12.6% and 8.5% and the repayment dates are May 2024 and July 2028.
9 Related party transactions
Included within Other Debtors is an amount owing from RPG Contracts Ltd of £6,185 (2023: nil) This company is controlled by Nicholas Ratcliffe and Thomas Ratcliffe.
Included within Other Creditors - Creditors falling due over one year are amounts owing from the company to NHR UK Ltd of nil (2023: £148,754) and to NHR Ltd of £81,767 (2023: £433,811) and to the NHR Directors Pension Scheme of £5,569 (2023: £460,569), all of these amounts are unsecured. Both of these Limited companies are controlled by Nicholas Ratcliffe and Thomas Ratcliffe are trustees of the NHR Directors Pension Scheme. There is no fixed repayment date and interest is being charged at 3% above base rate for the NHR Directors Pension Scheme.
10 Other information
The Harvey Homes Group Ltd is a private company limited by shares and incorporated in England. Its registered office is:
7 Stamford Road, Altricnham, WA14 2JT
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