Haria Properties Holdings Limited Filleted accounts for Companies House (small and micro)

HARIA PROPERTIES HOLDINGS LIMITED - Company Information

3 false false false false false false false false false true false false false false false false No description of principal activity 2020-05-01 Sage Accounts Production Advanced 2020 - FRS102_2019 1 1 1 xbrli:pure xbrli:shares iso4217:GBP 11940747 2020-05-01 2021-04-30 11940747 2021-04-30 11940747 2020-04-30 11940747 2019-04-11 2020-04-30 11940747 2020-04-30 11940747 bus:Director1 2020-05-01 2021-04-30 11940747 bus:Director2 2020-05-01 2021-04-30 11940747 bus:Director3 2020-05-01 2021-04-30 11940747 core:WithinOneYear 2021-04-30 11940747 core:WithinOneYear 2020-04-30 11940747 core:ShareCapital 2021-04-30 11940747 core:ShareCapital 2020-04-30 11940747 core:SharePremium 2021-04-30 11940747 core:SharePremium 2020-04-30 11940747 core:RetainedEarningsAccumulatedLosses 2021-04-30 11940747 core:RetainedEarningsAccumulatedLosses 2020-04-30 11940747 core:CostValuation core:Non-currentFinancialInstruments 2021-04-30 11940747 core:Non-currentFinancialInstruments 2021-04-30 11940747 core:Non-currentFinancialInstruments 2020-04-30 11940747 bus:Director1 2020-04-30 11940747 bus:Director1 2021-04-30 11940747 bus:Director2 2020-04-30 11940747 bus:Director2 2021-04-30 11940747 bus:Director3 2020-04-30 11940747 bus:Director3 2021-04-30 11940747 bus:Director1 2020-04-30 11940747 bus:Director2 2020-04-30 11940747 bus:Director3 2020-04-30 11940747 bus:Director1 2019-04-11 2020-04-30 11940747 bus:Director2 2019-04-11 2020-04-30 11940747 bus:Director3 2019-04-11 2020-04-30 11940747 bus:SmallEntities 2020-05-01 2021-04-30 11940747 bus:AuditExemptWithAccountantsReport 2020-05-01 2021-04-30 11940747 bus:FullAccounts 2020-05-01 2021-04-30 11940747 bus:SmallCompaniesRegimeForAccounts 2020-05-01 2021-04-30 11940747 bus:PrivateLimitedCompanyLtd 2020-05-01 2021-04-30

COMPANY REGISTRATION NUMBER: 11940747

Haria Properties Holdings Limited

Filleted Unaudited Financial Statements

30 April 2021

Haria Properties Holdings Limited

Statement of Financial Position

30 April 2021

	2021	2020
Note	£	£

Fixed assets

Tangible assets	5	2,400,000	2,400,000
Investments	6	1	1
		------------	------------
		2,400,001	2,400,001

Current assets

Debtors	7	16,914	6,205
Cash at bank and in hand		10,004	8,540
		--------	--------
		26,918	14,745

Creditors: amounts falling due within one year	8	25,526	14,189
		--------	--------
Net current assets		1,392	556
		------------	------------
Total assets less current liabilities		2,401,393	2,400,557
		------------	------------
Net assets		2,401,393	2,400,557
		------------	------------

Haria Properties Holdings Limited

Statement of Financial Position (continued)

30 April 2021

	2021	2020
Note	£	£

Capital and reserves

Called up share capital	750	750
Share premium account	2,399,550	2,399,550
Profit and loss account	1,093	257
	------------	------------
Shareholders funds	2,401,393	2,400,557
	------------	------------

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 Section 1A of 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.

For the year ending 30 April 2021 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 were approved by the board of directors and authorised for issue on 23 August 2021 , and are signed on behalf of the board by:

Mr R L Haria	Mr H L Haria
Director	Director

Mr A L Haria
Director

Company registration number: 11940747

Haria Properties Holdings Limited

Notes to the Financial Statements

Year ended 30 April 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Hood Road, Wimbledon, London, SW20 0SR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Consolidation

The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

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. The key estimates and assumptions that have a significant impact on the amounts recognised in the financial statements are set out below. Valuation of investment properties: The valuation of the company's investment properties is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental revenues from that particular property. As a result, the valuations the company places on its investment properties are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market.

Revenue recognition

The turnover represents rents receivable from letting of investment properties during the year in accordance with the leases.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2020: 3 ).

5. Tangible assets

	Investment properties
	£
Cost
At 1 May 2020 and 30 April 2021	2,400,000
	------------
Depreciation
At 1 May 2020 and 30 April 2021	–
	------------
Carrying amount
At 30 April 2021	2,400,000
	------------
At 30 April 2020	2,400,000
	------------

The investment properties were acquired at market value on 21 May 2019 at a price of £2,400,000. The directors are of the opinion that the market value at the balance sheet date is the same.

6. Investments

	Shares in group undertakings
	£
Cost
At 1 May 2020 and 30 April 2021	1
	----
Impairment
At 1 May 2020 and 30 April 2021	–
	----

Carrying amount
At 30 April 2021	1
	----
At 30 April 2020	1
	----

7. Debtors

	2021	2020
	£	£
Other debtors	16,914	6,205
	--------	-------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Corporation tax	14,100	11,789
Social security and other taxes	1,288	–
Other creditors	10,138	2,400
	--------	--------
	25,526	14,189
	--------	--------

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2021
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr R L Haria	2,023	2,957	–	4,980
Mr H L Haria	2,023	2,958	–	4,981
Mr A L Haria	2,023	2,958	–	4,981
	-------	-------	----	--------
	6,069	8,873	–	14,942
	-------	-------	----	--------

	2020
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr R L Haria	–	32,958	( 30,935)	2,023
Mr H L Haria	–	32,957	( 30,934)	2,023
Mr A L Haria	–	32,957	( 30,934)	2,023
	----	--------	--------	-------
	–	98,872	( 92,803)	6,069
	----	--------	--------	-------

10. Related party transactions

No related party transactions occurred during the year which need to be reported under FRS 102.