Registration number:
Good Harvest Group Limited
for the Year Ended 31 December 2024
Good Harvest Group Limited
Contents
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Company Information |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
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Detailed Profit and Loss Account |
Good Harvest Group Limited
Company Information
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Directors |
MR Cowen PB Kuelsheimer JH Frost |
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Company secretary |
MR Cowen |
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Registered office |
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Bankers |
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HSBC Bank plc
City of london Branch
60 Queen Victoria Street
London
EC4V 4HN
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Auditors |
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Good Harvest Group Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is property investment
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors EV Accountants Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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......................................... |
Good Harvest Group Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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• |
select suitable accounting policies and apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; |
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• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Good Harvest Group Limited
Independent Auditor's Report to the Members of Good Harvest Group Limited
Opinion
We have audited the financial statements of Good Harvest Group Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 auditor 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Good Harvest Group Limited
Independent Auditor's Report to the Members of Good Harvest Group Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Directors' Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit; or |
• | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 3], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
to insert in consolidated accounts
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Good Harvest Group Limited
Independent Auditor's Report to the Members of Good Harvest Group Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Metroline House
118-122 College Road
Harrow
Middlesex
HA1 1BQ
Good Harvest Group Limited
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
|
|
Turnover |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating (loss)/profit |
( |
|
|
|
Loss on financial assets at fair value through profit and loss account |
( |
- |
|
|
Income from group undertakings |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
- |
|
|
4,810,855 |
169,090 |
||
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Good Harvest Group Limited
Statement of Comprehensive Income for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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|
Profit for the year |
|
|
|
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Total comprehensive income for the year |
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Good Harvest Group Limited
(Registration number: 03221533)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
|||
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Investment property |
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|
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Investments |
|
|
|
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Other financial assets |
220 |
220 |
|
|
|
|
||
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Current assets |
|||
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Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
|
Provisions for liabilities |
( |
- |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
333,333 |
333,333 |
|
|
Capital redemption reserve |
166,667 |
166,667 |
|
|
Revaluation reserve |
(630,858) |
(225,600) |
|
|
Retained earnings |
17,373,089 |
12,554,306 |
|
|
Shareholders' funds |
17,242,231 |
12,828,706 |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
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Good Harvest Group Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
|
Share capital |
Capital redemption reserve |
Revaluation reserve |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
|
( |
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Transfers |
- |
- |
(405,258) |
405,258 |
- |
|
At 31 December 2024 |
|
|
( |
|
|
|
Share capital |
Capital redemption reserve |
Revaluation reserve |
Retained earnings |
Total |
|
|
At 1 January 2023 |
|
|
( |
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
At 31 December 2023 |
333,333 |
166,667 |
(225,600) |
12,554,306 |
12,828,706 |
Good Harvest Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Group accounts not prepared
Going concern
The financial statements have been prepared on a going concern basis as the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of these financial statements.
Revenue recognition
Turnover is derived from the principal activity of the business which comprises rental income including service charges and insurance recharged to the tenants. Turnover is shown net of sales / value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Good Harvest Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Good Harvest Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Good Harvest Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the income statement
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
130,044 |
- |
|
Tax expense in the income statement |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Deferred tax on revaluation of property |
|
|
|
|
2023 |
Liability |
|
Deferred tax on revaluation of property |
- |
|
- |
|
Profit before tax |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Income from group undertakings |
(5,238,461) |
(113,200) |
Good Harvest Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Investment properties |
|
2024 |
2023 |
|
|
At 1 January |
|
|
|
Additions |
|
- |
|
Fair value adjustments |
( |
- |
|
At 31 December |
|
|
The investment property included above has been stated at fair value based on a valuation carried out by professional external valuers on 19 September 2024. The directors believe that the fair value at 31 December 2024 is not significantly different from that at the valuation date based on their knowledge and experience in the property sector.
|
Investments |
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Investments in joint ventures |
|
|
|
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2024 |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
|
Joint ventures |
£ |
|
Cost |
|
|
At 1 January 2024 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
Good Harvest Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Debtors |
|
Note |
2024 |
2023 |
|
|
Trade debtors |
|
|
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
|
|
|
Prepayments |
- |
|
|
|
Other debtors |
|
|
|
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
|
|
Taxation and social security |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Other creditors |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
Note |
2024 |
2023 |
|
|
Due after one year |
|||
|
Loans and borrowings |
|
- |
|
Loans and borrowings |
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
- |
Bank borrowings are secured by way of fixed and floating charge over the investment properties and undertaking of the company.
Good Harvest Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
166,667 |
|
166,667 |
|
|
|
166,667 |
|
166,667 |
|
|
- |
- |
- |
- |
|
|
|
|
|
|
|
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
141,203 |
142,875 |
Summary of transactions with other related parties
|
|
|
|
|
Old Barn Consulting Limited
|
|
Parent and ultimate parent undertaking |
LPK Holdings Limited, a company registered in Jersey registered number 129879, holds 100% of the share capital of the company.
Good Harvest Group Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Turnover (analysed below) |
360,578 |
302,352 |
|
Administrative expenses |
||
|
Employment costs (analysed below) |
(180,053) |
(355,057) |
|
Establishment costs (analysed below) |
(21,802) |
(94,568) |
|
General administrative expenses (analysed below) |
(17,731) |
191,730 |
|
Finance charges (analysed below) |
(14,473) |
(1,782) |
|
Other expenses (analysed below) |
(330,893) |
- |
|
(564,952) |
(259,677) |
|
|
Other operating income (analysed below) |
3,023 |
65,047 |
|
Operating (loss)/profit |
(201,351) |
107,722 |
|
Loss on financial assets at fair value through profit and loss account (analysed below) |
(405,258) |
- |
|
Income from group undertakings (analysed below) |
5,238,461 |
113,200 |
|
Other interest receivable and similar income (analysed below) |
17,622 |
55,890 |
|
Interest payable and similar charges (analysed below) |
(39,970) |
- |
|
4,810,855 |
169,090 |
|
|
Profit before tax |
4,609,504 |
276,812 |
Good Harvest Group Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2024
|
2024 |
2023 |
|
Turnover |
||
|
Rental income |
360,578 |
302,352 |
|
Employment costs |
||
|
Wages and salaries (excluding directors) |
(15,800) |
(81,737) |
|
Staff NIC (Employers) |
(2,469) |
(8,930) |
|
Directors remuneration |
(134,600) |
(106,675) |
|
Directors NIC (Employers) |
(20,581) |
(14,422) |
|
Directors pensions (Defined contribution) |
(6,603) |
(36,200) |
|
Redundancy costs |
- |
(107,093) |
|
(180,053) |
(355,057) |
|
Establishment costs |
||
|
Rent |
(4,517) |
(40,000) |
|
Rates |
(3,192) |
(13,050) |
|
Water rates |
45 |
(390) |
|
Light, heat and power |
(2,920) |
(2,736) |
|
Insurance |
(10,451) |
(10,271) |
|
Repairs and maintenance |
(767) |
(28,121) |
|
(21,802) |
(94,568) |
|
General administrative expenses |
||
|
Telephone and fax |
(786) |
(2,778) |
|
Computer software and maintenance costs |
(5,976) |
(15,504) |
|
Printing, postage and stationery |
(203) |
(1,073) |
|
Sundry expenses |
(2,130) |
(3,846) |
|
Cleaning |
(475) |
(2,200) |
|
Management charges |
420,746 |
370,390 |
|
Travel and subsistence |
(7,631) |
(20,225) |
|
Auditor's remuneration - The audit of the company's annual accounts |
(4,550) |
(7,692) |
|
Legal and professional fees |
(416,726) |
(125,342) |
|
(17,731) |
191,730 |
|
Finance charges |
||
|
Bank charges |
(14,473) |
(1,782) |
|
Other expenses |
||
|
Provision for impairment on joint ventures |
(273,202) |
- |
|
Share of losses from joint ventures |
(57,691) |
- |
|
(330,893) |
- |
|
Other operating income |
||
|
Sundry income |
3,023 |
65,047 |
Good Harvest Group Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2024
|
2024 |
2023 |
|
Gain/(loss) on financial assets at fair value through profit and loss |
||
|
Gain/(loss) from investment property |
(405,258) |
- |
|
Income from group undertakings |
||
|
Dividends from shares in subsidiaries |
4,966,467 |
- |
|
Interest from subsidiaries |
271,994 |
113,200 |
|
5,238,461 |
113,200 |
|
Other interest receivable and similar income |
||
|
Bank interest receivable |
17,579 |
55,855 |
|
Dividend income |
43 |
35 |
|
17,622 |
55,890 |
|
Interest payable and similar expenses |
||
|
Bank loan interest payable |
(39,970) |
- |