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Registered number: 12790667
Harvest Property Management Company Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2024
O A George & Co
Chartered Certified Accountants & Statutory Auditors
104 New Cross Road
New Cross
London
SE14 5BA
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
In accordance with the engagement letter dated 24 April 2024, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the director in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the director the financial statements that we have been engaged to compile, to report to the director that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's director for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 August 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
12 May 2025
O A George & Co
Chartered Certified Accountants & Statutory Auditors
104 New Cross Road
New Cross
London
SE14 5BA
Page 1
Page 2
Balance Sheet
Registered number: 12790667
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 385,684 394,026
385,684 394,026
CURRENT ASSETS
Cash at bank and in hand 907 1,528
907 1,528
Creditors: Amounts Falling Due Within One Year 5 (104,696 ) (93,822 )
NET CURRENT ASSETS (LIABILITIES) (103,789 ) (92,294 )
TOTAL ASSETS LESS CURRENT LIABILITIES 281,895 301,732
Creditors: Amounts Falling Due After More Than One Year 6 (334,551 ) (334,551 )
NET LIABILITIES (52,656 ) (32,819 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (52,756 ) (32,919 )
SHAREHOLDERS' FUNDS (52,656) (32,819)
Page 2
Page 3
For the year ending 31 August 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Dr B Bello
Director
12 May 2025
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Harvest Property Management Company Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12790667 . The registered office is 71-75 Shelton Street, Convent Garden, London, WC2H 9JQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Depreciation - 2% on cost
Fixtures & Fittings Depreciation - 20% on cost
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
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4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 September 2023 410,000 710 410,710
As at 31 August 2024 410,000 710 410,710
Depreciation
As at 1 September 2023 16,400 284 16,684
Provided during the period 8,200 142 8,342
As at 31 August 2024 24,600 426 25,026
Net Book Value
As at 31 August 2024 385,400 284 385,684
As at 1 September 2023 393,600 426 394,026
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax (71 ) 2,407
Accruals and deferred income 4,490 2,640
Director's loan account 100,277 88,775
104,696 93,822
6. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 334,551 334,551
7. Secured Creditors
Of the creditors amount falling due after more than one year, the following amounts are secured.
Harvest Property Management Company Ltd, with the full title guarantee and to the intent that the Security created by a deed between Charter Court Financial Services Limited and the company will rank as a continuing security of the payment and discharge of all the Security Liabilities and charges in favour of Charter Court Financial Servies Limited.
i) the property, 77 Salisbury Road, Canterbury, Kent CT2 7RZ, by way of first legal mortgage with the intent that the security hereby constituted shall extend to and include Harvest Property Management Company Limited beneficial interest in the property or the proceeds of sale thereof; and
ii) by way of first fixed charge all rents derived from property 77 Salisbury Road, canterbury, Kent CT2 7RZ and any proceeds of any insurance of the property to the extend that the same are not otherwise subject to a first legal mortgage under the deed.
2024 2023
£ £
Bank loans and overdrafts 334,551 334,551
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 6