| H&E Harlow Limited |
| Registered number: |
08357680 |
| Balance Sheet |
| as at 31 March 2022 |
|
| Notes |
|
|
2022 |
|
|
2021 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
3,231,606 |
|
|
2,656,742 |
|
| Current assets |
| Debtors |
4 |
|
3,250 |
|
|
3,250 |
| Cash at bank and in hand |
|
|
7,006 |
|
|
2,247 |
|
|
|
10,256 |
|
|
5,497 |
|
| Creditors: amounts falling due within one year |
5 |
|
(111,546) |
|
|
(86,234) |
|
| Net current liabilities |
|
|
|
(101,290) |
|
|
(80,737) |
|
| Total assets less current liabilities |
|
|
|
3,130,316 |
|
|
2,576,005 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(1,265,392) |
|
|
(915,008) |
|
|
|
| Net assets |
|
|
|
1,864,924 |
|
|
1,660,997 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
2 |
|
|
2 |
| Revaluation reserve |
8 |
|
|
1,642,773 |
|
|
1,493,715 |
| Profit and loss account |
|
|
|
222,149 |
|
|
167,280 |
|
| Shareholders' funds |
|
|
|
1,864,924 |
|
|
1,660,997 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mr J M Ellis |
| Director |
| Approved by the board on 11 May 2022 |
|
| H&E Harlow Limited |
| Notes to the Accounts |
| for the year ended 31 March 2022 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes rents receivable and services recharged on its investment property that has been let out to tenants. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
25% reducing balance |
|
|
Investment property is revalued each year at fair value. Any changes in fair value are recognised
in the profit or loss. |
|
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
| 2 |
Employees |
2022 |
|
2021 |
| Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Plant and machinery etc |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 April 2021 |
2,614,600 |
|
63,148 |
|
2,677,748 |
|
Additions |
51,000 |
|
- |
|
51,000 |
|
Surplus on revaluation |
534,400 |
|
- |
|
534,400 |
|
At 31 March 2022 |
3,200,000 |
|
63,148 |
|
3,263,148 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2021 |
- |
|
21,006 |
|
21,006 |
|
Charge for the year |
- |
|
10,536 |
|
10,536 |
|
At 31 March 2022 |
- |
|
31,542 |
|
31,542 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2022 |
3,200,000 |
|
31,606 |
|
3,231,606 |
|
At 31 March 2021 |
2,614,600 |
|
42,142 |
|
2,656,742 |
|
|
A professional valuation of the freehold premises at Sterling House, 9 East Road, Harlow, CM20 2BJ, was carried out on 23 February 2022, by D Butcher, BSc Hons MRICS, RICS Registered Valuer, of Kemsley LLP in accordance with RICS Valuation - Global Standards 2021. This fair value, valuation in the sum of £ 3,200,000 is incorporated in the accounts. In case the freehold premises were sold at this valuation then a tax liability of £385342 would arise.
|
|
|
| 4 |
Debtors |
2022 |
|
2021 |
| £ |
£ |
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
3,250 |
|
3,250 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Bank loans and overdrafts |
36,014 |
|
31,892 |
|
Taxation and social security costs |
6,558 |
|
23,844 |
|
Rent deposits |
24,000 |
|
24,000 |
|
Other creditors |
44,974 |
|
6,498 |
|
|
|
|
|
|
111,546 |
|
86,234 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Bank loans |
880,050 |
|
915,008 |
|
Deferred tax liability on revaluation of property (see Note 3) |
385,342 |
|
- |
|
|
|
|
|
|
1,265,392 |
|
915,008 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2022 |
|
2021 |
| £ |
£ |
|
Creditors include: |
|
Amounts payable otherwise than by instalment falling due for payment after more than five years |
|
733,879 |
|
760,812 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
871,897 |
|
896,900 |
|
|
|
|
|
|
|
|
|
|
Bank loans are secured by way of fixed and floating charge over all the assets and property of the
company, including a charge over its freehold building at 9 East Road, Harlow, Essex, CM20 2BJ. |
|
|
| 8 |
Revaluation reserve |
2022 |
|
2021 |
| £ |
£ |
|
|
At 1 April 2021 |
1,493,715 |
|
1,383,715 |
|
Gain on revaluation of land and buildings |
534,400 |
|
110,000 |
|
Deferred taxation arising on the revaluation of land and buildings |
(385,342) |
|
- |
|
|
At 31 March 2022 |
1,642,773 |
|
1,493,715 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Other information |
|
|
H&E Harlow Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Sterling House |
|
9 East Road |
|
Harlow |
|
Essex |
|
CM20 2BJ |
