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Financial Statements |
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for the Year Ended 30 September 2020 |
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for |
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HARVINGTON PROPERTIES LIMITED |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 30 September 2020 |
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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 2020 |
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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 2020 |
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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 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Investment property | 5 |
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Current assets |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 8 |
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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 | 9 | ( |
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Provisions for liabilities | 11 | ( |
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Net assets |
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Capital and reserves |
Called up share capital | 12 |
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Share premium | 13 |
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Revaluation reserve | 13 |
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Capital redemption reserve | 13 |
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Other reserves | 13 |
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Retained earnings | 13 |
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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 2020 |
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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 and authorised for issue 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 2020 |
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1. | Statutory information |
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Harvington Properties Limited is a
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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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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. In particular, in response to the COVID-19 pandemic, the Directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts |
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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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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
HARVINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 02069071) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2020 |
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2. | Accounting policies - continued |
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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. |
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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 and redevelopment. |
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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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HARVINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 02069071) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2020 |
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2. | Accounting policies - continued |
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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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. |
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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 2019 |
and 30 September 2020 |
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Depreciation |
At 1 October 2019 |
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Charge for year |
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At 30 September 2020 |
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Net book value |
At 30 September 2020 |
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At 30 September 2019 |
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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 2020 |
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4. | Tangible fixed assets - continued |
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Cost or valuation at 30 September 2020 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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2020 | 2019 |
£ | £ |
Cost | 254,439 | 254,439 |
Aggregate depreciation | 76,320 | 73,776 |
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The freehold property was valued on an open market basis on 30 September 2020 by the directors . |
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5. | Investment property |
Total |
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Fair value |
At 1 October 2019 |
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Additions |
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At 30 September 2020 |
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Net book value |
At 30 September 2020 |
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At 30 September 2019 |
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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 2020 |
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5. | Investment property - continued |
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Fair value at 30 September 2020 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 | 8,519,531 |
12,399,112 |
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Investment property was valued on an open market basis on 30 September 2020 by the directors . |
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6. | Stocks |
2020 | 2019 |
£ | £ |
Work in progress |
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7. | Debtors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | Creditors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
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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9. | Creditors: amounts falling due after more than one year |
2020 | 2019 |
£ | £ |
Other creditors |
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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 2020 |
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10. | Secured debts |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Other creditors | 2,465,724 | 711,191 |
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Other creditors are secured by a fixed and floating charge over the undertakings and all property of the company |
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11. | Provisions for liabilities |
2020 | 2019 |
£ | £ |
Deferred tax | 425,767 | 425,501 |
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Deferred tax |
£ |
Balance at 1 October 2019 |
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Provided during year |
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Balance at 30 September 2020 |
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12. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
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 | 2,875 | 5,000 |
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Ordinary 'C' | £1 | 3,070 | 3,070 |
13,345 | 15,470 |
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Purchase of own shares |
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During the year, the company bought back 2125 Ordinary "B" shares for the consideration of £2,141,023 and stamp duty £10,710. |
HARVINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 02069071) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2020 |
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13. | Reserves |
Retained | Share | Revaluation |
earnings | premium | reserve |
£ | £ | £ |
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At 1 October 2019 |
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Profit for the year |
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- | - |
Dividends | ( |
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Purchase of own shares | (2,151,733 | ) | - | - |
Transfer of depreciation | 5,205 | - | (5,205 | ) |
At 30 September 2020 |
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Capital |
redemption | Other |
reserve | reserves | Totals |
£ | £ | £ |
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At 1 October 2019 |
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15,064,391 |
Profit for the year | - | - |
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Dividends | - | - | ( |
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Purchase of own shares | 2,125 | - | (2,149,608 | ) |
At 30 September 2020 |
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14,841,326 |
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Retained earnings |
Retained earnings represents cumulative profits and losses net of dividends and other adjustments which are non-distributable. |
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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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14. | 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 2020 |
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15. | Related party disclosures |
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Secured debts (note 11) includes loans from the directors to the company amounting to £2,465,723 (2019: £706,769). Gross interest charged on the loans during the year amounts to £33,750 (2019: £32,250). |