REGISTERED NUMBER: 08348740 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

FOR

THE HARBOUR LOUNGE LTD

Page

Statement of Financial Position

1

Notes to the Financial Statements

3

FIXED ASSETS

Property, plant and equipment

4

11,620

13,838

Investment property

5

1,248,434

1,248,434

1,260,054

1,262,272

CURRENT ASSETS

Inventories

3,543

5,693

Debtors

6

135,410

7,615

Cash at bank and in hand

192,176

163,394

331,129

176,702

CREDITORS

Amounts falling due within one year

7

390,263

372,528

NET CURRENT LIABILITIES

(59,134

)

(195,826

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,200,920

1,066,446

CREDITORS

Amounts falling due after more than one year

8

(460,521

)

(496,891

)

PROVISIONS FOR LIABILITIES

10

(50,033

)

(50,033

)

NET ASSETS

690,366

519,522

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

11

150,000

150,000

Retained earnings

540,266

369,422

690,366

519,522

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2025 and were signed on its behalf by:

Mr M R A Hughes - Director

1.	STATUTORY INFORMATION

The Harbour Lounge Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

08348740

Registered office:

1 Kings Avenue

London

N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

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 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.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and costs incurred or to be incurred in respect of the transaction can be measured reliably.

Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery - 15% on reducing balance

Fixtures and fittings - 15% on reducing balance

Motor vehicle - 20% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.

Inventories

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalent

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2024 - 22 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 February 2024

3,600

2,056

16,500

22,156

Additions

-

334

-

334

At 31 January 2025

3,600

2,390

16,500

22,490

DEPRECIATION

At 1 February 2024

999

339

6,980

8,318

Charge for year

390

258

1,904

2,552

At 31 January 2025

1,389

597

8,884

10,870

NET BOOK VALUE

At 31 January 2025

2,211

1,793

7,616

11,620

At 31 January 2024

2,601

1,717

9,520

13,838

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2024

and 31 January 2025

1,248,434

NET BOOK VALUE

At 31 January 2025

1,248,434

At 31 January 2024

1,248,434

Fair value at 31 January 2025 is represented by:

£

Valuation in 2021

200,000

Cost

1,048,434

1,248,434

If investment property had not been revalued it would have been included at the following historical cost:

2025

2024

£

£

Cost

1,048,434

1,048,434

The directors consider the market value of the investment property to be as stated in the financial statements.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

3,386

-

Amounts owed by group undertakings

96,795

-

Other debtors

35,229

7,615

135,410

7,615

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

9,722

9,722

Trade creditors

75,912

16,704

Taxation and social security

104,539

72,621

Other creditors

200,090

273,481

390,263

372,528

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

4,234

14,394

Other creditors

456,287

482,497

460,521

496,891

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Other creditors

456,287

482,497

The loan is secured by way of fixed and floating charge on the property and other assets of the company and contains a negative pledge.

10.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

50,033

50,033

Deferred

tax

£

Balance at 1 February 2024

50,033

Balance at 31 January 2025

50,033

11.

RESERVES

Fair

value

reserve

£

At 1 February 2024

and 31 January 2025

150,000

12.	RELATED PARTY DISCLOSURES

Included in other debtors less than one year is an amount of £35,229 (2024: £7,615) due from connected companies with common directorship and shareholdings. The loans remains interest-free and recoverable on demand.

Included in other creditors less than one year is an amount of £170,309 (2024: £256,053) due to connected companies with common directorship and shareholdings. Also included in other creditors less than one year, is an amount of £15,062 (2024: £8,637) due to the directors of the company.The loans remains interest-free and repayable on demand.

Included in other creditors more than one year is an amount of £456,287 (2024: £482,497) due to a connected company under common control.