Company registration number 11831756 (England and Wales)
A & B HARRISON PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
A & B HARRISON PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
A & B HARRISON PROPERTY LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
1,800,000
13,920,000
Current assets
Debtors
5
1,867,527
409,926
Cash at bank and in hand
7,222,320
853,795
9,089,847
1,263,721
Creditors: amounts falling due within one year
6
(95,950)
(4,061,052)
Net current assets/(liabilities)
8,993,897
(2,797,331)
Net assets
10,793,897
11,122,669
Capital and reserves
Called up share capital
10,000
10,000
Share premium account
10,392,065
10,392,065
Profit and loss reserves
391,832
720,604
Total equity
10,793,897
11,122,669
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 year ended 28 February 2023 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.
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.
These financial statements have been prepared and delivered 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 13 November 2023 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 YEAR ENDED 28 FEBRUARY 2023
- 2 -
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 amounts 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
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
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.
1.5
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 YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.
1.7
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.
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.
A & B HARRISON PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 4 -
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 year was:
2023
2022
Number
Number
Total
3
3
4
Investment property
2023
£
Fair value
At 1 March 2022
1,750,000
Revaluations
50,000
At 28 February 2023
1,800,000
The investment property was valued on an open market basis on 28 February 2023 by the directors.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
14
Other debtors
1,867,527
409,912
1,867,527
409,926
A & B HARRISON PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
3,800,000
Trade creditors
173
1,949
Corporation tax
23,422
72,905
Other taxation and social security
899
Other creditors
72,355
185,299
95,950
4,061,052