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Financial Statements |
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for the Year Ended 30 September 2018 |
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for |
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HARVINGTON PROPERTIES LIMITED |
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REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 30 September 2018 |
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for |
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HARVINGTON PROPERTIES LIMITED |
HARVINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 02069071) |
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Contents of the Financial Statements |
for the year ended 30 September 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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HARVINGTON PROPERTIES LIMITED |
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Company Information |
for the year ended 30 September 2018 |
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Directors: |
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Secretary: |
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Registered office: |
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Registered number: |
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Auditors: |
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Chartered Accountants and Statutory Auditors |
305 Regents Park Road |
Finchley |
London |
N3 1DP |
HARVINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 02069071) |
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Balance Sheet |
30 September 2018 |
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30.9.18 | 30.9.17 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Investments | 5 |
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Investment property | 6 |
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Current assets |
Stocks | 7 |
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Debtors | 8 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 9 |
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Net current assets |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one
year |
10 |
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Provisions for liabilities | 13 | ( |
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Net assets |
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Capital and reserves |
Called up share capital | 14 |
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Share premium | 15 |
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Revaluation reserve | 15 |
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Capital redemption reserve | 15 |
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Other reserves | 15 |
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Retained earnings | 15 |
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Shareholders' funds |
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HARVINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 02069071) |
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Balance Sheet - continued |
30 September 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
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HARVINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 02069071) |
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Notes to the Financial Statements |
for the year ended 30 September 2018 |
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1. | Statutory information |
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Harvington Properties Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires |
management to make estimates and judgement that affect the reported amounts of assets and liabilities as well |
as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of |
revenues and expenses during the reporting period. |
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There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried |
out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate |
as possible, there remains a risk that the policy does not match the useful life of the assets. |
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There is estimation uncertainty in calculating deferred tax. A review of deferred tax is carried out by |
management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, |
there remains a risk that the provisions do not match the actual tax liability when asset is disposed of. |
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There is estimation uncertainty in calculating the market value of investment properties. A review of the value |
of investment properties is carried out by management regularly. Whilst every attempt is made to ensure that |
the value is as accurate as possible, there remains a risk that the value disclosed in the accounts does not match |
the actual market value at the balance sheet date. |
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Tangible fixed assets |
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Freehold property | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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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. |
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Depreciation is not provided in respect of investment property. This policy represents a departure from the |
Companies Act 2006 which requires depreciation to be provided on all fixed assets. The directors consider that |
this policy is necessary in order that the financial statements may give a true and fair view because current |
values and changes in current values are of prime importance rather than the calculation of systematic |
depreciation. |
HARVINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 02069071) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2018 |
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2. | Accounting policies - continued |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes |
all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and |
condition. |
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Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party |
to the contractual provisions of the instrument. |
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Other debtors and creditors are classified as basic financial instruments and measured at initial recognition at |
transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest |
rate method. A provision is established when there is objective evidence that the company will not be able to |
collect all amounts due. |
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Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank. |
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Financial liabilities and equity instruments issued by the company are classified in accordance with the |
substance of the contractual arrangements entered into and the definitions of a financial liability and an equity |
instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company |
after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds |
received, net of direct issue costs. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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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. |
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Investments |
Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements. |
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Rent receivable |
Rent receivable represents rental income for the year from investment properties held on the company's |
balance sheet. |
HARVINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 02069071) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2018 |
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3. | Employees and directors |
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The average number of employees during the year was
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4. | Tangible fixed assets |
Fixtures |
Freehold | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Cost or valuation |
At 1 October 2017 |
and 30 September 2018 |
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Depreciation |
At 1 October 2017 |
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Charge for year |
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At 30 September 2018 |
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Net book value |
At 30 September 2018 |
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At 30 September 2017 |
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Cost or valuation at 30 September 2018 is represented by: |
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Fixtures |
Freehold | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2002 | 270,000 | - | - | - | 270,000 |
Valuation in 2004 | 31,781 | - | - | - | 31,781 |
Valuation in 2015 | 218,780 | - | - | - | 218,780 |
Cost | 254,439 | 21,253 | 50,950 | 4,530 | 331,172 |
775,000 | 21,253 | 50,950 | 4,530 | 851,733 |
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If freehold property had not been revalued it would have been included at the following historical cost: |
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30.9.18 | 30.9.17 |
£ | £ |
Cost | 254,439 | 254,439 |
Aggregate depreciation | 71,232 | 68,688 |
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The freehold property was valued on an open market basis on 30 September 2018 by the directors. . |
HARVINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 02069071) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2018 |
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5. | Fixed asset investments |
Other |
investments |
£ |
Cost |
At 1 October 2017 |
and 30 September 2018 |
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Net book value |
At 30 September 2018 |
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At 30 September 2017 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: 417 Finchley Road, Hampstead, London, NW3 6HJ |
Nature of business:
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Class of shares: | holding |
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6. | Investment property |
Total |
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Fair value |
At 1 October 2017 |
and 30 September 2018 |
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Net book value |
At 30 September 2018 |
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At 30 September 2017 |
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Fair value at 30 September 2018 is represented by: |
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£ |
Valuation in 2000 | 461,076 |
Valuation in 2003 | 541,614 |
Valuation in 2004 | 67,000 |
Valuation in 2006 | 1,922,755 |
Valuation in 2011 | (2,002,248 | ) |
Valuation in 2012 | 1,414,000 |
Valuation in 2015 | 1,424,000 |
Valuation in 2016 | 51,384 |
Cost | 7,399,913 |
11,279,494 |
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Investment property was valued on an open market basis on 30 September 2018 by the directors . |
HARVINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 02069071) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2018 |
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7. | Stocks |
30.9.18 | 30.9.17 |
£ | £ |
Work in progress |
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8. | Debtors: amounts falling due within one year |
30.9.18 | 30.9.17 |
£ | £ |
Trade debtors |
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Other debtors |
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9. | Creditors: amounts falling due within one year |
30.9.18 | 30.9.17 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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10. | Creditors: amounts falling due after more than one year |
30.9.18 | 30.9.17 |
£ | £ |
Amounts owed to group undertakings |
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Other creditors |
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11. | Leasing agreements |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.9.18 | 30.9.17 |
£ | £ |
Within one year |
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12. | Secured debts |
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The following secured debts are included within creditors: |
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30.9.18 | 30.9.17 |
£ | £ |
Other creditors | 1,033,322 | 806,120 |
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Other creditors are secured by a fixed and floating charge over the undertakings and all property of the |
company |
HARVINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 02069071) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2018 |
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13. | Provisions for liabilities |
30.9.18 | 30.9.17 |
£ | £ |
Deferred tax | 425,164 | 435,920 |
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Deferred |
tax |
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Balance at 1 October 2017 |
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Provided during year | ( |
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Balance at 30 September 2018 |
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14. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.18 | 30.9.17 |
value: | £ | £ |
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Ordinary | £1 | 2,400 | 2,400 |
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Ordinary 'A' | £1 | 5,000 | 5,000 |
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Ordinary 'B' | £1 | 5,000 | 5,000 |
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Ordinary 'C' | £1 | 3,070 | 3,070 |
15,470 | 15,470 |
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15. | Reserves |
Retained | Share | Revaluation |
earnings | premium | reserve |
£ | £ | £ |
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At 1 October 2017 |
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Profit for the year |
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- | - |
Dividends | ( |
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Non-distributable retained earnings | (10,755 | ) | - | - |
At 30 September 2018 |
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HARVINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 02069071) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2018 |
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15. | Reserves - continued |
Capital |
redemption | Other |
reserve | reserves | Totals |
£ | £ | £ |
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At 1 October 2017 |
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7,326,056 |
Profit for the year | - | - |
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Dividends | - | - | ( |
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Non-distributable retained earnings | - | 10,755 | - |
At 30 September 2018 |
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11,938,689 |
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Retained earnings |
The profit and loss account represents cumulative profits and losses net of dividends and other adjustments |
which are non-distributable reserves. |
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Share premium account |
The share premium account represents the premium arising on the issue of shares net of issue costs. |
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Revaluation reserve |
The revaluation reserve represents the cumulative effect of revaluations (net of deferred tax) of tangible fixed |
assets where a policy of revaluation has been adopted. |
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Capital redemption reserve |
The capital redemption reserve represents the share capital which has been purchased back by the company. |
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Other reserves |
The other reserves represent non distributable reserves which have arisen from profits and losses on the |
revaluation of investment properties (net of deferred tax). |
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16. | Disclosure under Section 444(5B) of the Companies Act 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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HARVINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 02069071) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2018 |
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17. | Related party disclosures |
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During the year, the below items were transferred from the subsidiary company as a result of a hive up. |
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Stocks: £900 |
Other Creditors: £65,147 |
Other Debtors: £34,998 |
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At the year end, a total stock amount of £322,447 (2017 - £Nil) was purchased from the subsidiary company. |
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Secured debts (note 13) includes loans from two of the directors (both shareholders) to the company amounting |
to £942,093 (2017: £720,737). Gross interest charged on the loans during the year amounts to £26,250 |
(2017:£26,250). |
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Secured debts (note 13) also includes a loan from one shareholder (not a director) to the company amounting |
to £91,229 (2017: £85,383. Gross interest charged on the loan during the year amounts to £7,500 (2017: |
£7,500) |