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HARMAN FOLEY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
The Company is a limited liability company incorporated in England on 5 August 2021. Its registered office is situated at 53 Penn Road, Beaconsfield, Buckinghamshire, HP9 2LW.
2.Accounting policies
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Basis of preparation of financial statements
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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 following principal accounting policies have been applied:
Rental income is recognised on a straight line basis over the period of the lease.
Management fees are recognised on a straight line basis as the service is provided.
Interest income is recognised in profit or loss using the effective interest method.
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.
Borrowing costs are recognised in profit or loss in the period in which they are incurred while the properties are rented out or where the properties are dormant. Borrowing costs are capitalised in development costs where the property is in the process of construction or redevelopment.
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.
Investment property is carried at fair value determined annually by the directors based on current market rents and investment property yields for comparable real estate. No depreciation is provided. Changes in fair value are recognised in profit or loss.
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