REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 August 2022 |
for |
HARVINGTON PROPERTIES LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 August 2022 |
for |
HARVINGTON PROPERTIES LIMITED |
HARVINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 02069071) |
Contents of the Financial Statements |
for the year ended 31 August 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
HARVINGTON PROPERTIES LIMITED |
Company Information |
for the year ended 31 August 2022 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Chartered Accountants and Statutory Auditors |
3rd Floor |
Marlborough House |
298 Regents Park Road |
Finchley |
London |
N3 2SZ |
HARVINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 02069071) |
Balance Sheet |
31 August 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investment property | 5 |
Current assets |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Provisions for liabilities | 11 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 12 |
Share premium | 13 |
Revaluation reserve | 13 |
Capital redemption reserve | 13 |
Other reserves | 13 |
Retained earnings | 13 |
Shareholders' funds |
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 |
HARVINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 02069071) |
Notes to the Financial Statements |
for the year ended 31 August 2022 |
1. | Statutory information |
Harvington Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. |
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. |
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. |
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. |
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. |
There is estimation uncertainty in calculating bad debt provisions. A full line by line review of rent receivables is carried out at the Year End. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable. |
There is estimation uncertainty in calculating stock provisions. A review of stock is carried out at the year end. Whilst every attempt is made to ensure that the stock provision is as accurate as possible, there remains a risk that the provision does not match the level of stock which ultimately prove to be obsolete. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
HARVINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 02069071) |
Notes to the Financial Statements - continued |
for the year ended 31 August 2022 |
2. | Accounting policies - continued |
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. |
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. |
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 and redevelopment. |
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. |
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. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank. |
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. |
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. |
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. |
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. |
Rent receivable |
Rent receivable represents rental income for the year from investment properties held on the company's balance sheet. Rent is recognised as it is accrued on a monthly basis, in line with rental agreements. |
HARVINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 02069071) |
Notes to the Financial Statements - continued |
for the year ended 31 August 2022 |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Fixtures |
Freehold | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Cost or valuation |
At 1 September 2021 |
Disposals | ( |
) | ( |
) |
At 31 August 2022 |
Depreciation |
At 1 September 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 August 2022 |
Net book value |
At 31 August 2022 |
At 31 August 2021 |
Cost or valuation at 31 August 2022 is represented by: |
Fixtures |
Freehold | and | Computer |
property | fittings | 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 | 4,530 | 280,222 |
775,000 | 21,253 | 4,530 | 800,783 |
If freehold property had not been revalued it would have been included at the following historical cost: |
2022 | 2021 |
£ | £ |
Cost | 254,439 | 254,439 |
Aggregate depreciation | 81,408 | 78,864 |
The freehold property was valued on an open market basis on 31 August 2022 by the directors . |
HARVINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 02069071) |
Notes to the Financial Statements - continued |
for the year ended 31 August 2022 |
5. | Investment property |
Total |
£ |
Fair value |
At 1 September 2021 |
and 31 August 2022 |
Net book value |
At 31 August 2022 |
At 31 August 2021 |
Fair value at 31 August 2022 is represented by: |
£ |
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 | 8,519,531 |
12,399,112 |
Investment property was valued on an open market basis on 31 August 2022 by the directors . |
6. | Stocks |
2022 | 2021 |
£ | £ |
Work in progress |
7. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
8. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | Creditors: amounts falling due after more than one year |
2022 | 2021 |
£ | £ |
Other creditors |
HARVINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 02069071) |
Notes to the Financial Statements - continued |
for the year ended 31 August 2022 |
10. | Secured debts |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Other creditors | 531,177 | 1,203,738 |
Other creditors are secured by a fixed and floating charge over the undertakings and all property of the company |
11. | Provisions for liabilities |
2022 | 2021 |
£ | £ |
Deferred tax | 561,785 | 560,518 |
Deferred tax |
£ |
Balance at 1 September 2021 |
Provided during year |
Balance at 31 August 2022 |
12. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 2,400 | 2,400 |
Ordinary 'A' | £1 | 5,000 | 5,000 |
Ordinary 'B' | £1 | 2,875 | 2,875 |
Ordinary 'C' | £1 | 3,070 | 3,070 |
13,345 | 13,345 |
13. | Reserves |
Retained | Share | Revaluation |
earnings | premium | reserve |
£ | £ | £ |
At 1 September 2021 |
Profit for the year | - | - |
Dividends | ( |
) | - | - |
Transfer of depreciation | 5,205 | - | (5,205 | ) |
At 31 August 2022 |
HARVINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 02069071) |
Notes to the Financial Statements - continued |
for the year ended 31 August 2022 |
13. | Reserves - continued |
Capital |
redemption | Other |
reserve | reserves | Totals |
£ | £ | £ |
At 1 September 2021 | 15,508,843 |
Profit for the year | - | - |
Dividends | - | - | ( |
) |
At 31 August 2022 | 18,546,778 |
Retained earnings |
Retained earnings represents cumulative profits and losses net of dividends and other adjustments which are non-distributable. |
Share premium account |
The share premium account represents the premium arising on the issue of shares net of issue costs. |
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. |
Capital redemption reserve |
The capital redemption reserve represents the share capital which has been purchased back by the company. |
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). |
14. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
15. | Related party disclosures |
Secured debts (note 11) includes loans from the directors to the company amounting to £531,177 (2021: £1,203,738). Gross interest charged on the loans during the year amounts to £33,750 (2021: £33,750). |