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Registered number: 11367185









HARMON PROPERTIES TWO LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
HARMON PROPERTIES TWO LIMITED
REGISTERED NUMBER: 11367185

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,031
5,375

Investment property
 5 
11,894,980
11,894,980

  
11,899,011
11,900,355

Current assets
  

Debtors: amounts falling due within one year
 6 
2,000,222
2,086,121

Cash at bank and in hand
 7 
67,936
15,359

  
2,068,158
2,101,480

Creditors: amounts falling due within one year
 8 
(691,974)
(818,605)

Net current assets
  
 
 
1,376,184
 
 
1,282,875

Total assets less current liabilities
  
13,275,195
13,183,230

Creditors: amounts falling due after more than one year
 9 
(6,202,961)
(6,220,089)

Provisions for liabilities
  

Deferred tax
  
(295,801)
(295,801)

  
 
 
(295,801)
 
 
(295,801)

Net assets
  
6,776,433
6,667,340


Capital and reserves
  

Called up share capital 
  
200
200

Share premium account
  
6,630,132
6,630,132

Revaluation reserve
  
938,998
938,998

Profit and loss account
  
(792,897)
(901,990)

  
6,776,433
6,667,340


Page 1

 
HARMON PROPERTIES TWO LIMITED
REGISTERED NUMBER: 11367185
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 March 2025.




M Harmon
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
HARMON PROPERTIES TWO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Harmon Properties Two Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 11367185. The address of the registered office is Haslers, Old Station Road, Loughton, Essex, United Kingdom, IG10 4PL. The principal activity is that of buying and letting of real estate.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presented in pounds sterling which is the functional currency of the
company and rounded to the nearest £.
The following principal accounting polices have been applied:

 
2.2

Revenue

Turnover represents rent receivable.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Borrowing costs

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

Page 3

 
HARMON PROPERTIES TWO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
HARMON PROPERTIES TWO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.

 
2.13

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

 
HARMON PROPERTIES TWO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.14

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.15

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 July 2023
17,349



At 30 June 2024

17,349



Depreciation


At 1 July 2023
11,974


Charge for the year on owned assets
1,344



At 30 June 2024

13,318



Net book value



At 30 June 2024
4,031



At 30 June 2023
5,376

Page 6

 
HARMON PROPERTIES TWO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Investment property


Long term leasehold investment property

£



Valuation


At 1 July 2023
11,894,980



At 30 June 2024
11,894,980

The  valuations were made by directors, on an open market value for existing use basis.



At 30 June 2024





6.


Debtors

2024
2023
£
£


Trade debtors
2,417
2,417

Other debtors
1,997,338
2,083,704

Prepayments and accrued income
467
-

2,000,222
2,086,121



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
67,936
15,359

67,936
15,359


Page 7

 
HARMON PROPERTIES TWO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,246
9,981

Other creditors
629,786
784,394

Accruals and deferred income
51,942
24,230

691,974
818,605



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
6,202,961
6,220,089

6,202,961
6,220,089


The loans are secured by a fixed and floating charge on all properties held by the company. 


10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,246
9,981


10,246
9,981


Amounts falling due 2-5 years

Bank loans
6,202,962
6,220,089


6,202,962
6,220,089


6,213,208
6,230,070


Page 8

 
HARMON PROPERTIES TWO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Related party transactions

At the year end the following amounts were due from the related parties.


2024
2023
£
£

Related parties
2,023,557
2,029,444
Key management personnel
542,978
707,785
2,566,535
2,737,229


12.


Controlling party

The company is controlled by its directors by virtue of their shareholding.
 
Page 9