Harrow Property Developments Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 12115611 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

FOR

HARROW PROPERTY DEVELOPMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr I J Hussain

Mr M Jakisic

REGISTERED OFFICE:

Fulford House

Newbold Terrace

Leamington Spa

Warwickshire

CV32 4EA

REGISTERED NUMBER:

12115611 (England and Wales)

ACCOUNTANTS:

TGFP

Chartered Accountants

Fulford House

Newbold Terrace

Leamington Spa

Warwickshire

CV32 4EA

CURRENT ASSETS

Stocks

6,318,663

4,324,005

Debtors

4

179,875

3,777

Investments

5

100

-

Cash at bank

1,938

10,073

6,500,576

4,337,855

CREDITORS

Amounts falling due within one year

6

3,486,973

1,417,882

NET CURRENT ASSETS

3,013,603

2,919,973

TOTAL ASSETS LESS CURRENT LIABILITIES

3,013,603

2,919,973

CREDITORS

Amounts falling due after more than one year

7

3,049,395

2,950,667

NET LIABILITIES

(35,792

)

(30,694

)

CAPITAL AND RESERVES

Called up and paid share capital

100

100

Retained earnings

(35,892

)

(30,794

)

(35,792

)

(30,694

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2022 and were signed on its behalf by:

Mr M Jakisic - Director

1.	STATUTORY INFORMATION

Harrow Property Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Amounts owed by group undertakings

78

-

Other debtors

179,797

3,777

179,875

3,777

5.	CURRENT ASSET INVESTMENTS

2022

2021

£

£

Unlisted investments

100

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

10,000

8,334

Trade creditors

660,587

976,285

Taxation and social security

-

140

Other creditors

2,816,386

433,123

3,486,973

1,417,882

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

3,049,395

2,950,667

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Loans

3,016,062

2,909,000

Shawbrook Bank Limited have a fixed and floating charge over the assets of the Company, and also over the property known as 33-39 Lowlands Road.

9.	RELATED PARTY DISCLOSURES

Included in other creditors are amounts owing of £2,807,557 (2021 - £238,598) to companies under the control of the directors.

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned group entities.