Year Ended
Registration number:
Harrowby Property Ltd
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
Harrowby Property Ltd
Company Information
Director |
Mr C R Hickling |
Registered office |
|
Accountants |
|
Page 1 |
Harrowby Property Ltd
Balance Sheet
30 June 2018
Note |
2018 |
2017 |
|
Fixed assets |
|||
Investment property |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Total assets less current liabilities |
( |
( |
|
Provisions for liabilities |
- |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
( |
( |
For the financial year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Company Registration Number: 09065674
Page 2 |
Harrowby Property Ltd
Notes to the Financial Statements
Year Ended 30 June 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A and the Companies Act 2006. There are no material departures from FRS102.
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.
Going concern
The financial statements have been prepared on a going concern basis.
A loan exists between the company and its director, Mr C Hickling. Mr C Hickling has confirmed he will not withdraw the support of his loan until the company has sufficient funds to support itself.
Revenue recognition
Turnover represents rent received from residential properties.
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 corporation 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.
Page 3 |
Harrowby Property Ltd
Notes to the Financial Statements
Year Ended 30 June 2018
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment loss.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Investment properties |
No depreciation |
Investment property
Financial instruments
Classification
• Short term other debtors and creditors;
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for director's loans , such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. Director's loans are initially measured at transaction price and subsequently carried at amortised cost.
Page 4 |
Harrowby Property Ltd
Notes to the Financial Statements
Year Ended 30 June 2018
Investment properties |
2018 |
|
At 1 July |
|
At 30 June |
|
There has been no valuation of investment property by an independent valuer.
Creditors |
Creditors: amounts falling due within one year
2018 |
2017 |
|
Due within one year |
||
Other creditors |
|
|
Accrued expenses |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
Reserves |
As at 30 June 2018 the profit and loss account included £42,585 (2017: £41,155) of non-distributable reserves. This relates to the revaluation surplus on investment properties.
Page 5 |