Company registration number 02512068 (England and Wales)
HARPINE INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
HARPINE INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
HARPINE INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,990,242
5,850,019
Investment property
5
1,450,000
1,450,000
7,440,242
7,300,019
Current assets
Debtors
6
107,575
67,792
Cash at bank and in hand
309,035
1,161,536
416,610
1,229,328
Creditors: amounts falling due within one year
7
(565,603)
(762,371)
Net current (liabilities)/assets
(148,993)
466,957
Total assets less current liabilities
7,291,249
7,766,976
Creditors: amounts falling due after more than one year
8
(1,507,600)
(2,207,600)
Provisions for liabilities
(608,005)
(548,420)
Net assets
5,175,644
5,010,956
Capital and reserves
Called up share capital
100
100
Revaluation reserve
10
1,279,702
1,279,702
Other reserves
1,011,680
1,011,680
Profit and loss reserves
2,884,162
2,719,474
Total equity
5,175,644
5,010,956
HARPINE INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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 2 April 2025 and are signed on its behalf by:
Mr A P Morris
Director
Company registration number 02512068 (England and Wales)
HARPINE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Harpine Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Highfields, Follifoot Lane, Kirkby Overblow, Harrogate, North Yorkshire, England, HG3 1EZ.

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 from customers for the supply of hotel accommodation, conferences and related services, net of value added tax.

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:

Freehold land and buildings
2% on cost
Fixtures and fittings
10% on reducing balance

Freehold property is shown at fair value at the date of revaluation less any subsequent accumulated depreciation. Revaluation gains and losses are charged to other comprehensive income and accumulated in the revaluation reserve in equity. Revaluation losses are charged to other comprehensive income only to the extent that they reverse any previous gains in the revaluation reserve. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess is recognised in the income statement. If the revaluation has resulted in the carrying value increasing, this is recognised in other comprehensive income and accumulated in equity. However the increase is recognised in the income statement to the extent that it reverses a revaluation decrease of the same asset previously recognised in the income statement.

 

An impairment and any subsequent reversal of impairment is charged / credited to the income statement.

 

No depreciation is charged in the year in which the property is revalued.

1.4
Investment property

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement. Deferred taxation is provided on these gains or losses, to the extent that they are recoverable, at the rate expected to apply when the property is sold.

HARPINE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

 

Current or deferred taxation assets and liabilities are not discounted.

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.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
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.

1.7
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.8

Rental income

Rental income is rents receivable in the year from the property portfolio accounted for on the accruals basis.

1.9

True & fair override

Property treated as Investment Property are not depreciated in accordance with the requirements of Accounting Standards. This is a departure from the general requirement of the Companies Act that all buildings are depreciated over their useful economic life. It is considered that for proper understanding of the financial position of accounts containing Investment Properties that such properties be included in the Balance Sheet at current value rather than applying a calculation of systematic depreciation. This treatment has been adopted by the directors.

 

Further information regarding the historical cost and valuation are included in the financial statements at note 5.

HARPINE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
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
38
41
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 January 2024
4,426,640
1,813,061
6,239,701
Additions
-
0
342,755
342,755
At 31 December 2024
4,426,640
2,155,816
6,582,456
Depreciation and impairment
At 1 January 2024
177,066
212,616
389,682
Depreciation charged in the year
88,533
113,999
202,532
At 31 December 2024
265,599
326,615
592,214
Carrying amount
At 31 December 2024
4,161,041
1,829,201
5,990,242
At 31 December 2023
4,249,574
1,600,445
5,850,019

Land and buildings with a carrying amount of £4,161,041 were revalued at 31 December 2021 by Colliers International, independent valuers not connected with the company on the basis of market value.

The revaluation surplus is disclosed in note 10.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

HARPINE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Tangible fixed assets
(Continued)
- 6 -
Freehold property
2024
2023
£
£
Cost
3,966,881
3,966,881
Accumulated depreciation
(1,058,364)
(979,026)
Carrying value
2,908,517
2,987,855
5
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
1,450,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2021 by Colliers International, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
1,583,483
1,583,843
Accumulated depreciation
-
-
Carrying amount
1,583,483
1,583,843
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
61,024
15,453
Other debtors
46,551
52,339
107,575
67,792
HARPINE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
200,000
200,000
Trade creditors
153,574
180,676
Corporation tax
20,500
120,686
Other taxation and social security
94,358
152,554
Other creditors
97,171
108,455
565,603
762,371
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,507,500
2,207,500
Amounts owed to group undertakings
100
100
1,507,600
2,207,600
9
Loans and overdrafts
2024
2023
£
£
Bank loans
1,707,500
2,407,500
Payable within one year
200,000
200,000
Payable after one year
1,507,500
2,207,500

The bank borrowings are secured by a legal charge over the property portfolio.

10
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
1,279,702
1,279,702
11
Financial commitments, guarantees and contingent liabilities

The company has intercompany guarantees with Westminster Trading and Property Group Limited.

HARPINE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
12
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
1,479
3,451
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