Company registration number 10299172 (England and Wales)
HARLYNN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
HARLYNN LIMITED
COMPANY INFORMATION
Director
Mr M Ricketts
Company number
10299172
Registered office
1 Parkshot
Richmond
TW9 2RD
Accountants
PK Group Ventures Limited
1 Parkshot
Richmond
TW9 2RD
HARLYNN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
HARLYNN LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
1,291,061
1,367,153
Debtors
4
5,817
2,878
Cash at bank and in hand
1,438
844
1,298,316
1,370,875
Creditors: amounts falling due within one year
5
(2,464,881)
(2,270,714)
Net current liabilities
(1,166,565)
(899,839)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(1,166,665)
(899,939)
Total equity
(1,166,565)
(899,839)
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 29 April 2025
Mr M Ricketts
Director
Company registration number 10299172 (England and Wales)
HARLYNN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information
Harlynn Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Parkshot, Richmond, Surrey, TW9 2RD
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. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date, the company's liabilities exceeded the value of its assets. The company has received assurance from the sole director that he will continue to give financial support to the company for at least twelve months from the date of signing these financial statements.true
On this basis, the director considers it appropriate to prepare these financial statements on a going concern basis. However, should the financial support mentioned above not be forthcoming, the ging concern basis used in preparing these financial statements may be invalid, and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. These financial statements do not include any adjustments to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable on the sale of properties in the normal course of business and is shown net of VAT and other sales related taxes.
1.4
Stocks
Property stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises a proportion of the cost of construction excluding borrowing costs that have been incurred in bringing the stocks to their present location and condition.
All borrowing costs are recognised in the profit or loss in the period in which they are incurred.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.
1.5
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 current liabilities.
HARLYNN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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
1
1
HARLYNN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,102
832
Prepayments and accrued income
4,715
2,046
5,817
2,878
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
916,503
801,255
Other borrowings
710,880
677,029
Trade creditors
14,568
2,358
Other creditors
819,177
784,508
Accruals and deferred income
3,753
5,564
2,464,881
2,270,714
Bank loans comprise a loan from a commercial lender under a rolling agreement. They hold a fixed and floating charge over the company's assets. Interest continues to accrue until the loan is repaid.
Other borrowings of £710,880 (2023: £677,029) comprise unsecured loan notes. Simple interest at 5% per annum is accruing on the balance outstanding until they are repaid. In addition to capital and interest, a percentage of profit will also be payable on the sale of certain property stock. Repayment of these other borrowings and profit share will be made after the settlement of the secured commercial loans. Of the total unsecured loan notes issued, £410,405 (2023: £390,862) are payable to the sole director and shareholder of the company.
Other creditors comprise an interest free unsecured loan from the sole director and shareholder of the company.
6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
7
Post balance sheet events
Following the year end, the company sold one of its remaining residential apartments and it has exchanged contracts for the sale of the commercial unit situated on the ground floor.
8
Related party transactions
Amounts owed to the sole company director are disclosed in the note relating to creditors.