Company Registration No. 11831756 (England and Wales)
A & B HARRISON PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2020
PAGES FOR FILING WITH REGISTRAR
A & B HARRISON PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
A & B HARRISON PROPERTY LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2020
29 February 2020
- 1 -
2020
Notes
£
£
Fixed assets
Investment properties
4
13,920,000
Current assets
Debtors
5
403,955
Cash at bank and in hand
417,114
821,069
Creditors: amounts falling due within one year
6
(432,940)
Net current assets
388,129
Total assets less current liabilities
14,308,129
Creditors: amounts falling due after more than one year
7
(3,800,000)
Net assets
10,508,129
Capital and reserves
Called up share capital
10,000
Share premium account
10,392,065
Profit and loss reserves
106,064
Total equity
10,508,129
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
A & B HARRISON PROPERTY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2020
29 February 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 February 2021 and are signed on its behalf by:
Mr B Harrison
Director
Company Registration No. 11831756
A & B HARRISON PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2020
- 3 -
1
Accounting policies
1.1
Company information
A & B Harrison Property Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
5 Yeomans Court, Ware Road, Hertford, Hertfordshire, United Kingdom, SG13 7HJ.
1.2
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.
1.3
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern. For example, the extent of the impact of coronavirus is unclear and it is difficult to evaluate all the potential implications on the company's trade, customers, suppliers and the wider economy.
1.4
Reporting period
The current period covers to 29 February 2020 from 18 February 2019, the date of incorporation.
1.5
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from charging rent and services.
1.6
Investment properties
Investment property is carried at fair value and any revaluation surpluses are recognised in the profit and loss account. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
The Companies Act 2006 requires all properties to be depreciated. However. this requirement conflicts with the generally accepted accounting principles set out in FRS 102 1A. The directors consider that, because these properties are not held for consumption, but for their investment potential to depreciate them would not give a true and fair view and that it is necessary to adopt FRS 102 1A in order to give a true and fair view.
If this departure from the Act had not been made, the profit for the financial year would have been reduced by depreciation. However, the amount of depreciation cannot reasonably be quantified because depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
A & B HARRISON PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2020
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
Trade and other receivables
Trade and other receivables are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest . Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.
Trade and other payables
Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
Current tax
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the
current or past reporting periods using tax rates that have been enacted or substantively enacted by
the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax
losses and other deferred tax assets are recognised only to the extent that it is probable that they will
be recovered against future taxable profits or against the reversal of deferred tax liabilities.
Deferred tax relating to a non-depreciable asset that is measured using the revaluation model, or to
investment properties measured at fair value, is
measured using the tax rates and allowances that
apply to the sale of the asset.
In a business combination, a deferred tax liability or asset is recognised for the additional tax that will
be paid or avoided in respect of that difference. The amount that is attributable to goodwill is adjusted
by the amount of the deferred tax recognised.
Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the
reporting date that are expected to apply to the reversal of the timing difference.
A & B HARRISON PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2020
1
Accounting policies
(Continued)
- 5 -
2
Judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and
assumptions about the carrying values of assets and liabilities that are not readily apparent from othersources. The estimates and underlying assumptions are based on historical experience and otherfactors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised if the revision
affects only that period, or in the period of the revision and future periods if the revision affects both
current and future periods.
The key judgements and sources of estimation uncertainty that have a significant effect on the
amounts recognised in the financial statements are described below.
Investment properties
Investment properties are valued annually at fair value. Fair value is ascertained through review of
comparable market data and rent levels and cash flows for the property market knowledge and
expertise of the directors, no third party valuation has been considered necessary.
With the exception of the estimate described above, the directors consider that there are no other
significant judgements or estimates in the preparation of these financial statements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2020
Number
Total
4
4
Investment property
2020
£
Fair value
At 18 February 2019
-
Additions
13,920,000
At 29 February 2020
13,920,000
The investment property was valued on an open market basis on 29 February 2020 by the directors.
A & B HARRISON PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2020
- 6 -
5
Debtors
2020
Amounts falling due within one year:
£
Trade debtors
142
Other debtors
403,813
403,955
6
Creditors: amounts falling due within one year
2020
£
Trade creditors
2,498
Corporation tax
35,942
Other taxation and social security
909
Other creditors
393,591
432,940
7
Creditors: amounts falling due after more than one year
2020
£
Other creditors
3,800,000
The mortgage outstanding at the reporting date is due after more than 5 years, instalments paid represent interest only.
The mortgage is secured on investment properties in the company's assets. This is secured on the following properties:-
8 Oakfield Road, London
35 Haringey Park, London
107 St Johns Way, London
117 St Johns Way, London
123 Fortress Road, London
8
Related party transactions
During the year, the company was provided with office space at no cost by a company, Robert Harrison Property Limited. Robert Harrison Property Limited is a company where the shares are owned by two the directors/shareholders of A & B Property Limited.
At the balance sheet date the amount owed by
Robert Harrison Property Ltd
was
£
400,000.
The
above amount
is
repayable on demand and
carries
no interest charge.