Company Registration No. 10158965 (England and Wales)
179 HARBORNE LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2017
179 HARBORNE LIMITED
COMPANY INFORMATION
Directors
Mrs L Stockton
(Appointed 3 May 2016)
Mr M A Stockton
(Appointed 3 May 2016)
Company number
10158965
Registered office
8 Shortfield Close
Balsall Common
Coventry
CV7 7UN
Accountants
Baldwins (Coventry) Limited
3Mc Middlemarch Business Park
Siskin Drive
Coventry
CV3 4FJ
179 HARBORNE LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 8
179 HARBORNE LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MAY 2017
- 1 -
The directors present their annual report and financial statements for the period ended 31 May 2017.
Principal activities
The principal activity of the company is to be that of property rental.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mrs L Stockton
(Appointed 3 May 2016)
Mr M A Stockton
(Appointed 3 May 2016)
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr M A Stockton
Director
23 January 2018
179 HARBORNE LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF 179 HARBORNE LIMITED FOR THE PERIOD ENDED 31 MAY 2017
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 179 Harborne Limited for the period ended 31 May 2017 which comprise the Profit And Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of 179 Harborne Limited, 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 179 Harborne Limited
and state those matters that we have agreed to state to the Board of Directors of 179 Harborne Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 179 Harborne Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that 179 Harborne Limited 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 179 Harborne Limited. You consider that 179 Harborne Limited is exempt from the statutory audit
requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of 179 Harborne Limited. 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.
Baldwins (Coventry) Limited
23 January 2018
Accountants
3Mc Middlemarch Business Park
Siskin Drive
Coventry
CV3 4FJ
179 HARBORNE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MAY 2017
- 3 -
period
ended
31 May
2017
Notes
£
Turnover
12,023
Administrative expenses
(9,909)
Profit before taxation
2,114
Tax on profit
(436)
Profit for the financial period
1,678
179 HARBORNE LIMITED
BALANCE SHEET
- 4 -
2017
Notes
£
£
Fixed assets
Investment properties
2
234,959
Current assets
Debtors
3
78
Cash at bank and in hand
2,992
3,070
Creditors: amounts falling due within one year
4
(236,251)
Net current liabilities
(233,181)
Total assets less current liabilities
1,778
Capital and reserves
Called up share capital
5
100
Profit and loss reserves
1,678
Total equity
1,778
For the financial period ended 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 23 January 2018 and are signed on its behalf by:
Mr M A Stockton
Director
Company Registration No. 10158965
179 HARBORNE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2017
- 5 -
1
Accounting policies
Company information
179 Harborne Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
8 Shortfield Close, Balsall Common, Coventry, CV7 7UN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
179 HARBORNE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 6 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
179 HARBORNE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 7 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Investment property
2017
£
Fair value
At 3 May 2016
-
Additions
234,959
At 31 May 2017
234,959
Investment property comprises £
234,959
. The fair value of the investment property has been arrived at on the basis of a purchase costs paid to acquire the investment property in the current
period
. There has been no independent valuation of the investment properties conducted during the current period.
|
3
Debtors
2017
Amounts falling due within one year:
£
Other debtors
78
179 HARBORNE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2017
- 8 -
4
Creditors: amounts falling due within one year
2017
£
Bank loans and overdrafts
164,830
Trade creditors
227
Corporation tax
436
Other creditors
70,758
236,251
5
Called up share capital
2017
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
179 HARBORNE LIMITED
MANAGEMENT INFORMATION
FOR THE PERIOD ENDED 31 MAY 2017
179 HARBORNE LIMITED
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE PERIOD ENDED 31 MAY 2017
Period
ended
31 May
2017
£
Administrative expenses
Rates
242
Power, light and heat
941
Property repairs and maintenance
5,613
Premises insurance
354
Legal and professional fees
2,259
Accountancy
480
Bank charges
20
9,909