Harewood Enterprises Limited 31/12/2018 iXBRL

Harewood Enterprises Limited 31/12/2018 iXBRL

HAREWOOD ENTERPRISES LIMITED - Company Information

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Company registration number: 02661416
Harewood Enterprises Limited
Unaudited filleted financial statements
31 December 2018
HAREWOOD ENTERPRISES LIMITED
Contents
Statement of financial position
Notes to the financial statements
HAREWOOD ENTERPRISES LIMITED
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 401,475 402,195
_______ _______
401,475 402,195
Current assets
Debtors 6 995 951
Cash at bank and in hand 1,015 2,526
_______ _______
2,010 3,477
Creditors: amounts falling due
within one year 7 ( 14,324) ( 15,655)
_______ _______
Net current liabilities ( 12,314) ( 12,178)
_______ _______
Total assets less current liabilities 389,161 390,017
Creditors: amounts falling due
after more than one year 8 ( 22,894) ( 28,047)
Provisions for liabilities ( 20,248) ( 20,248)
_______ _______
Net assets 346,019 341,722
_______ _______
Capital and reserves
Called up share capital 100,000 100,000
Profit and loss account 9 246,019 241,722
_______ _______
Shareholders funds 346,019 341,722
_______ _______
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge 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 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 19 September 2019 , and are signed on behalf of the board by:
Mr M P Renshaw
Director
Company registration number: 02661416
HAREWOOD ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2018
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Harewood House, Peter Tavy, Tavistock, Devon.
Principal activity
The principal activity of the company is that of property investment.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of rents receivable.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 25 % straight line
Fittings, fixtures and equipment - 20 % straight line
I f 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.
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.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2017: 1 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 January 2018 and 31 December 2018 401,300 3,602 404,902
_______ _______ _______
Depreciation
At 1 January 2018 - 2,707 2,707
Charge for the year - 720 720
_______ _______ _______
At 31 December 2018 - 3,427 3,427
_______ _______ _______
Carrying amount
At 31 December 2018 401,300 175 401,475
_______ _______ _______
At 31 December 2017 401,300 895 402,195
_______ _______ _______
The market valuation of the investment property has been undertaken by the directors based on market conditions.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 31 December 2018
Aggregate cost 266,389 266,389
Aggregate depreciation - -
_______ _______
Carrying amount 266,389 266,389
_______ _______
At 31 December 2017
Aggregate cost 266,389 266,389
Aggregate depreciation - -
_______ _______
Carrying amount 266,389 266,389
_______ _______
6. Debtors
2018 2017
£ £
Trade debtors 995 951
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 4,321 2,667
Trade creditors - 871
Accruals and deferred income 1,775 965
Social security and other taxes 752 252
Other creditors 7,476 10,900
_______ _______
14,324 15,655
_______ _______
Amounts owing under bank loans and overdrafts are secured.
The bank loan is repayable over 10 years at an interest rate of 4.5%.
8. Creditors: amounts falling due after more than one year
2018 2017
£ £
Bank loans and overdrafts 22,894 28,047
_______ _______
Amounts owing under bank loans and overdrafts are secured.
Included within creditors: amounts falling due after more than one year is an amount of £ 3,550 (2017 £ 11,554 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan is repayable over 10 years at an interest rate of 4.5%.
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 1 January 2018 Loans to / (from) the directors Balance at 31 December 2018
£ £ £
The Directors ( 10,900) 3,424 ( 7,476)
_______ _______ _______
Loans to / (from) directors at 1 January 2017 Loans to / (from) the directors Balance at 31 December 2017
£ £ £
The Directors ( 13,900) 3,000 ( 10,900)
_______ _______ _______