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REGISTERED NUMBER: 06301139 (England and Wales)










Harbour Homes UK Limited

Unaudited Financial Statements

for the Year Ended 31 July 2024






Harbour Homes UK Limited (Registered number: 06301139)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Abridged Balance Sheet 2

Statement of Changes in Equity 4

Notes to the Financial Statements 5


Harbour Homes UK Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: Dr M Naguib
Mrs. E Macalister
G Macalister
Mrs C Naguib





SECRETARY: Mrs. E Macalister





REGISTERED OFFICE: Suite 3, Middlesex House
Rutherford Close
Stevenage
Hertfordshire
SG1 2EF





REGISTERED NUMBER: 06301139 (England and Wales)





ACCOUNTANTS: Baker Watkin Accounting Ltd
Chartered Accountants
Middlesex House
Rutherford Close
Stevenage
Hertfordshire
SG1 2EF

Harbour Homes UK Limited (Registered number: 06301139)

Abridged Balance Sheet
31 July 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,542,836 1,555,541

CURRENT ASSETS
Debtors 436,494 170,546
Cash at bank and in hand 86,561 324,823
523,055 495,369
CREDITORS
Amounts falling due within one year (229,471 ) (248,880 )
NET CURRENT ASSETS 293,584 246,489
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,836,420

1,802,030

CREDITORS
Amounts falling due after more than one
year

5

(623,654

)

(583,296

)

PROVISIONS FOR LIABILITIES (8,429 ) (9,496 )
NET ASSETS 1,204,337 1,209,238

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,203,337 1,208,238
1,204,337 1,209,238

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Harbour Homes UK Limited (Registered number: 06301139)

Abridged Balance Sheet - continued
31 July 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 July 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2025 and were signed on its behalf by:





Dr M Naguib - Director


Harbour Homes UK Limited (Registered number: 06301139)

Statement of Changes in Equity
for the Year Ended 31 July 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 August 2022 1,000 1,168,809 1,169,809

Changes in equity
Dividends - (342,378 ) (342,378 )
Total comprehensive income - 381,807 381,807
Balance at 31 July 2023 1,000 1,208,238 1,209,238

Changes in equity
Dividends - (324,960 ) (324,960 )
Total comprehensive income - 320,059 320,059
Balance at 31 July 2024 1,000 1,203,337 1,204,337

Harbour Homes UK Limited (Registered number: 06301139)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Harbour Homes UK Limited is a private company limited by shares incorporated in England and Wales. Company registration number is 6301139. The registered office is Suite 3 Middlesex House, Rutherford Close, Stevenage, Hertfordshire, SG1 2EF

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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 £

TURNOVER
Turnover is recognised at the fair value of the consideration received or receivable for 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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property not provided
Leasehold improvement 5% on reducing balance
Plant and machinery 25% on reducing balance
Fixtures and fittings 25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

No provision has been made for depreciation of freehold land and buildings on the basis that the residual value is greater than cost.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

IMPAIRMENT OF FIXED ASSETS
At each reporting period end date, the company reviews the carrying amounts of its tangible 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). 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.

Harbour Homes UK Limited (Registered number: 06301139)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Recoverable amount is the higher of fair value less costs to sell and 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.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Harbour Homes UK Limited (Registered number: 06301139)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

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.

EQUITY INSTRUMENTS
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

TAXATION
The tax expense represents the sum of the tax currently payable and deferred tax.

CURRENT TAX
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

DEFERRED TAX
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

EMPLOYEE BENEFITS
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

RETIREMENT BENEFITS
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Harbour Homes UK Limited (Registered number: 06301139)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

LEASES
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2023 - 40 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 August 2023 1,740,114
Additions 5,143
At 31 July 2024 1,745,257
DEPRECIATION
At 1 August 2023 184,573
Charge for year 17,848
At 31 July 2024 202,421
NET BOOK VALUE
At 31 July 2024 1,542,836
At 31 July 2023 1,555,541

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2024 2023
£    £   
Repayable by instalments
Bank loans due after more than
5 years 283,145 250,496
283,145 250,496

6. LOANS

The bank loans and overdrafts are secured by an unlimited debenture dated 8 December 2016 and the personal guarantee of the directors up to £200,000.

Harbour Homes UK Limited (Registered number: 06301139)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:
Nominal
Value:

2024

2023
£££
250A Ordinary share capital1 250 250
250B Ordinary share capital1 250 250
250C Ordinary share capital1 250 250
250D Ordinary share capital1 250 250
1,0001,0001,000