| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| HARRODS(BUENOS AIRES)LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| HARRODS(BUENOS AIRES)LIMITED |
| HARRODS(BUENOS AIRES)LIMITED (REGISTERED NUMBER: 00131101) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| HARRODS(BUENOS AIRES)LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| Sterling House |
| 27 Hatchlands Road |
| Redhill |
| Surrey |
| RH1 6RW |
| HARRODS(BUENOS AIRES)LIMITED (REGISTERED NUMBER: 00131101) |
| BALANCE SHEET |
| 31 AUGUST 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 8 |
| Other reserves |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| HARRODS(BUENOS AIRES)LIMITED (REGISTERED NUMBER: 00131101) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 1. | STATUTORY INFORMATION |
| Harrods(Buenos Aires)Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared on the going concern basis which assumes the company will continue in operational existence for the foreseeable future and will be able to realise its asset values and settle its liabilities in the normal course of operations. The validity of this assumption depends on the continued ability of the shareholders to support the company's financial requirements and the success of the negotiations by the directors to establish an alternative income stream. The directors consider that it is appropriate for the financial statements to be prepared on the going concern basis. |
| Tangible fixed assets |
| The company's freehold land and buildings were valued by an independent appraiser as at 31 December 1971, and the directors consider it appropriate to state freehold land and buildings at 80% of such valuations, expressed in sterling at the rate applicable at 31 August 1971. The proportion of this valuation attributable to freehold buildings is depreciated at 2% per annum on a straight line basis. A further revaluation was carried out in 2018 based on details provided by the authorities of the city of Buenos Aires. |
| Tangible fixed assets other than freehold land and buildings are stated at cost less depreciation, and became fully written off on 31 August 2000. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| HARRODS(BUENOS AIRES)LIMITED (REGISTERED NUMBER: 00131101) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheetdate. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Investments |
| Fixed asset investments are stated at cost less provision for diminution in value. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 September 2023 |
| and 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| and 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| Freehold land and buildings are stated at a figure based on the 1971 valuation as described in Note 1 (Accounting Policies). In 2018, the directors have revalued the freehold land and buildings based on the valuation stated by the authorities of the city of Buenos Aires. |
| Cost or valuation at 31 August 2024 is represented by: |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| Valuation in 2018 | 3,895,107 | - | 3,895,107 |
| Cost | 1,503,716 | 516,852 | 2,020,568 |
| 5,398,823 | 516,852 | 5,915,675 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other debtors |
| HARRODS(BUENOS AIRES)LIMITED (REGISTERED NUMBER: 00131101) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
| Included in the above are loans to shareholders amounting to £15,396,503 (2023: £14,635,459). These loans were made in 1985 to the company's shareholders at that time, Intercomfinanz Limited and Ladenimor Limited. The loan to Ladenimor Limited, the minority shareholder at the time, was assumed by CBC International Limited on 14 June 1993, when that company purchased Ladenimor's shareholding. Both loans were transferred to Shark Investment Corp, a company registered in Panama, on 3 September 2018. |
| Also included above are sums received from the sale of the subsidiary company of £72,279 (2023: £72,279) which are believed to have been lent on to the shareholders. |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| Some of the bank loans and overdrafts and other creditors are secured by an attachment of the company's freehold property. |
| Included within other creditors is a loan from Lamarco Group of £1,554,441 (2023: £1,655,871 on which interest of 12% per annum is charged. |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Shareholders' loans |
| 8. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 September 2023 |
| and 31 August 2024 |
| The revaluation reserve relates to the surplus arising from the revaluation of the company's freehold land and buildings in 1971 and 2018. The company has opted not to transfer the depreciation charge in respect of the revaluation from the revaluation reserve to the profit and loss account. The other reserve is a capital redemption reserve fund. |
| HARRODS(BUENOS AIRES)LIMITED (REGISTERED NUMBER: 00131101) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was qualified on the following basis: |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. |
| Matters required to report by exception |
| In our opinion, adequate accounting records of past transactions have not been kept and therefore we have not received all of the information and explanations required for the audit. |
| We have nothing to report in respect of: |
| for and on behalf of |