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No description of principal activities is disclosed
2020-08-01
Sage Accounts Production 21.0 - FRS102_2021
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Company registration number:
03971815
Harvey Homes of Distinction Ltd
Unaudited filleted financial statements
31 July 2021
Harvey Homes of Distinction Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Harvey Homes of Distinction Ltd
Directors and other information
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Director
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J J Harvey
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Secretary
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J H N Harvey
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Company number
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03971815
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Registered office
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Bangor Business Centre
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2 Farrar Road
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Bangor
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Gwynedd
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LL57 1LJ
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Business address
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Penrhos Manor
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Oak Drive
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Colwyn Bay
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Conwy
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LL29 7YW
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Accountants
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Parker, O'Regan, Tann & Co
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Bangor Business Centre
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2 Farrar Road
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Bangor
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Gwynedd
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LL57 1LJ
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Bankers
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Barclays Bank Plc
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84 Mostyn Street
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Llandudno
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LL30 2SH
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Solicitors
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Bone and Payne
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55 Madoc Street
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Llandudno
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County of Conwy
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LL30 2TW
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Harvey Homes of Distinction Ltd
Chartered Certified accountants report to the director on the preparation of the
unaudited statutory financial statements of Harvey Homes of Distinction Ltd
Year ended 31 July 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Harvey Homes of Distinction Ltd for the year ended 31 July 2021 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com.
This report is made solely to the director of Harvey Homes of Distinction Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Harvey Homes of Distinction Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Harvey Homes of Distinction Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Harvey Homes of Distinction Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Harvey Homes of Distinction Ltd. You consider that Harvey Homes of Distinction Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Harvey Homes of Distinction Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Parker, O'Regan, Tann & Co
Chartered Certified Accountants
Bangor Business Centre
2 Farrar Road
Bangor
Gwynedd
LL57 1LJ
20 February 2022
Harvey Homes of Distinction Ltd
Statement of financial position
31 July 2021
|
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2021
|
|
|
|
2020
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
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|
|
|
|
|
|
Fixed assets
|
|
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|
|
|
|
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Tangible assets
|
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5
|
10,273
|
|
|
|
14,769
|
|
|
Investment properties
|
|
6
|
440,000
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|
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440,000
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|
|
|
|
|
_______
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|
_______
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450,273
|
|
|
|
454,769
|
|
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|
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|
|
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|
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Current assets
|
|
|
|
|
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Stocks
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100
|
|
|
|
100
|
|
|
Debtors
|
|
7
|
63,396
|
|
|
|
129,998
|
|
|
Cash at bank and in hand
|
|
|
543,767
|
|
|
|
621,761
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
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607,263
|
|
|
|
751,859
|
|
|
Creditors: amounts falling due
|
|
|
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within one year
|
|
8
|
(
84,418)
|
|
|
|
(
158,661)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current assets
|
|
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|
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522,845
|
|
|
|
593,198
|
|
|
|
|
|
_______
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|
_______
|
Total assets less current liabilities
|
|
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|
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973,118
|
|
|
|
1,047,967
|
|
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|
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|
|
|
|
|
|
|
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|
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Provisions for liabilities
|
|
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|
(
1,952)
|
|
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(
2,806)
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|
|
|
|
|
|
|
|
|
_______
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_______
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Net assets
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|
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|
|
971,166
|
|
|
|
1,045,161
|
|
|
|
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|
_______
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_______
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Capital and reserves
|
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|
|
|
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Called up share capital
|
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|
|
|
100
|
|
|
|
100
|
Profit and loss account
|
|
|
|
|
971,066
|
|
|
|
1,045,061
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|
|
|
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_______
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_______
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Shareholders funds
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971,166
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1,045,161
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_______
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_______
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For the year ending 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
20 February 2022
, and are signed on behalf of the board by:
J J Harvey
Director
Company registration number:
03971815
Harvey Homes of Distinction Ltd
Notes to the financial statements
Year ended 31 July 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Harvey Homes of Distinction Limited, Bangor Business Centre, 2 Farrar Road, Bangor, Gwynedd, LL57 1LJ.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the total amount receivable for the period, excluding value added tax and net of trade discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
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Plant and machinery
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-
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12.50 %
|
straight line
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Fittings fixtures and equipment
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-
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12.50 %
|
straight line
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|
Motor vehicles
|
-
|
25.0 %
|
straight line
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|
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|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment properties
Investment properties are initially recorded at cost and restated to their fair value at each reporting date. Any gains or losses on revaluation will be recognised in the statement of comprehensive income.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured 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 the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2020:
3
).
5.
Tangible assets
|
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Plant and machinery
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Fixtures, fittings and equipment
|
Motor vehicles
|
Total
|
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 1 August 2020 and 31 July 2021
|
3,473
|
5,697
|
15,050
|
24,220
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
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Depreciation
|
|
|
|
|
|
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|
|
At 1 August 2020
|
3,128
|
2,561
|
3,762
|
9,451
|
|
|
|
|
Charge for the year
|
136
|
598
|
3,762
|
4,496
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 31 July 2021
|
3,264
|
3,159
|
7,524
|
13,947
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 31 July 2021
|
209
|
2,538
|
7,526
|
10,273
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 31 July 2020
|
345
|
3,136
|
11,288
|
14,769
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Investment properties
|
|
Investment properties
|
Total
|
|
|
|
|
|
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
At 1 August 2020 and 31 July 2021
|
440,000
|
440,000
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Impairment
|
|
|
|
|
|
|
|
At 1 August 2020 and 31 July 2021
|
-
|
-
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
At 31 July 2021
|
440,000
|
440,000
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 31 July 2020
|
440,000
|
440,000
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment properties are land and buildings which have been valued by the director on an open market value basis. The properties were appropriated from stock in the year ended 31 July 2018 at a value of £440,000. The valuation provided by the director as at 31 July 2021 is £440,000. The historical cost of these properties amount to £460,000.
7.
Debtors
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
48,835
|
113,449
|
|
Other debtors
|
|
14,561
|
16,549
|
|
|
|
_______
|
_______
|
|
|
|
63,396
|
129,998
|
|
|
|
_______
|
_______
|
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Trade creditors
|
|
72,720
|
58,746
|
|
Corporation tax
|
|
856
|
19,176
|
|
Social security and other taxes
|
|
2,213
|
2,835
|
|
Other creditors
|
|
8,629
|
77,904
|
|
|
|
_______
|
_______
|
|
|
|
84,418
|
158,661
|
|
|
|
_______
|
_______
|
|
|
|
|
|
9.
Controlling party
There is no ultimate controlling party. The ordinary shares are held equally by Mr
J J Harvey
and Mrs J H N Harvey
.