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Company No: 12396927 (England and Wales)

MATTHEW HARVEY RENTALS LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2025
Pages for filing with the registrar

MATTHEW HARVEY RENTALS LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2025

Contents

MATTHEW HARVEY RENTALS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2025
MATTHEW HARVEY RENTALS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 3 450 424
Investment property 4 1,108,000 1,111,000
1,108,450 1,111,424
Current assets
Debtors 5 546 388
Cash at bank and in hand 0 100
546 488
Creditors: amounts falling due within one year 6 ( 667,055) ( 620,523)
Net current liabilities (666,509) (620,035)
Total assets less current liabilities 441,941 491,389
Creditors: amounts falling due after more than one year 7 ( 428,272) ( 475,271)
Provision for liabilities ( 3,831) ( 4,400)
Net assets 9,838 11,718
Capital and reserves
Called-up share capital 8 10 10
Profit and loss account 10 9,828 11,708
Total shareholder's funds 9,838 11,718

For the financial year ending 31 January 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Matthew Harvey Rentals Limited (registered number: 12396927) were approved and authorised for issue by the Director on 05 April 2025. They were signed on its behalf by:

Matthew Simon Harvey
Director
MATTHEW HARVEY RENTALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2025
MATTHEW HARVEY RENTALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Matthew Harvey Rentals Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 11 Donnington Road, The Lidden, Penzance, TR18 4PQ, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 February 2024 719 719
Additions 199 199
At 31 January 2025 918 918
Accumulated depreciation
At 01 February 2024 295 295
Charge for the financial year 173 173
At 31 January 2025 468 468
Net book value
At 31 January 2025 450 450
At 31 January 2024 424 424

4. Investment property

Investment property
£
Valuation
As at 01 February 2024 1,111,000
Fair value movement (3,000)
As at 31 January 2025 1,108,000

The 2025 valuations were made by the director, on an open market value for existing use basis.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured at £1,072,214.

5. Debtors

2025 2024
£ £
Prepayments 546 388

6. Creditors: amounts falling due within one year

2025 2024
£ £
Trade creditors 280 0
Amounts owed to director 662,995 616,923
Accruals 3,780 3,600
667,055 620,523

7. Creditors: amounts falling due after more than one year

2025 2024
£ £
Bank loans 428,272 475,271

The bank loans are secured on the investment properties of the Company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2025 2024
£ £
Bank loans (secured) 428,272 475,271

8. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
10 Ordinary shares of £ 1.00 each 10 10

9. Related party transactions

Transactions with the entity's director

2025 2024
£ £
Amounts owed to directors 662,995 616,923

At the balance sheet date an amount of £662,995 (2024: £616,923) was owed to the director. The loan is repayable on demand and
non interest bearing

10. Reserves

Included in the profit and loss account is non-distributable reserves of £26,840 (2024: £31,417) representing the cumulative fair
value movements of the investment property, net of deferred tax. There are no distributable reserves at the year end.