Harlow Bros Holdings Limited - Limited company accounts 22.3

REGISTERED NUMBER: 07582674 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 June 2022

for

Harlow Bros Holdings Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

DIRECTORS:

J R Harlow

P V J Harlow

R V D Harlow

REGISTERED OFFICE:

c/o Harlow Bros Limited

Hathern Road

Long Whatton

Loughborough

Leicestershire

LE12 5DE

REGISTERED NUMBER:

07582674 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr Christopher David Hutton FCCA

AUDITORS:

Charnwood Accountants & Business Advisors LLP

Statutory Auditor

The Point

Granite Way

Mountsorrel

Loughborough

Leicestershire

LE12 7TZ

The directors present their strategic report for the year ended 30 June 2022.

REVIEW OF BUSINESS

In March 2022 Harlow Bros Holdings ceased to be the holding company of a trading group as a result of a capital reduction demerger.

This means that the company is now a stand alone property investment company with income coming solely from rental incomes.

PRINCIPAL RISKS AND UNCERTAINTIES

The main risk to the business is that the properties become vacant or tenants are unable to pay their rent as it falls due.

ON BEHALF OF THE BOARD:

R V D Harlow - Director

30 March 2023

The directors present their report with the financial statements of the company for the year ended 30 June 2022.

DIVIDENDS

The total distribution of dividends for the year ended 30th June 2022 will be £163,350.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2021 to the date of this report.

J R Harlow

P V J Harlow

R V D Harlow

Other changes in directors holding office are as follows:

D Poli - resigned 14 June 2022

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Charnwood Accountants & Business Advisors LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R V D Harlow - Director

30 March 2023

Opinion

We have audited the financial statements of Harlow Bros Holdings Limited (the 'company') for the year ended 30 June 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 June 2022 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the Financial Statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the Financial Statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the Financial Statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs(UK). The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. As such material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment and or collusion.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the Company operate in and how the Company are complying with the legal and regulatory frameworks. Focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, pension legislation and UK tax legislation.

We inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

We discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the Financial Statements may be susceptible to fraud, having obtained an understanding of the effectiveness of the control environment.

The engagement partner assessed that the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by evaluating management's incentives and opportunities for manipulation of the financial statements. This included the evaluation of the risk of management override of controls. In assessing the potential risks of material misstatement, we obtained an understanding of the company's operations, including the nature of its income and expenditure together with its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. Also on the company's control environment, including the policies and procedures implemented by the company to ensure compliance with the requirements of the financial reporting framework.

We determined that the principal risk in relation to areas of increased management judgement, which could be impacted by management bias, was through the use of journal entries that increase revenues, profits or the carrying value of property plant and equipment in order to inflate results of the company.

Our audit procedures involved:

The evaluation of the design effectiveness of controls that the company has in place to prevent and detect fraud;

To undertake journal entry testing, with a focus on higher risk journal, such as, posted by senior management, journals with unusual attributes, journals without any descriptions and closing journals posted during the preparation of the financial statements, which are material and not reoccurring or common postings which fall outside of the auditor's expectations. Together with assessing whether the judgments made in making accounting estimates are indicative of a potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations our procedures included, but which were not limited to;

Enquiring of management as to actual and potential litigation and claims against the company;

Completing a review of relevant legal and professional costs within the accounting records for any evidence of previously un-detected or un-reported instances of non-compliance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Christopher David Hutton FCCA (Senior Statutory Auditor)

for and on behalf of Charnwood Accountants & Business Advisors LLP

Statutory Auditor

The Point

Granite Way

Mountsorrel

Loughborough

Leicestershire

LE12 7TZ

30 March 2023

TURNOVER

1,013,643

1,380,918

Cost of sales

3,477

3,321

GROSS PROFIT

1,010,166

1,377,597

Administrative expenses

(8,372,775

)

114,759

9,382,941

1,262,838

Other operating income

1,095,707

1,697,635

OPERATING PROFIT

3

10,478,648

2,960,473

Interest receivable and similar income

2,620

2,762

10,481,268

2,963,235

Interest payable and similar expenses

4

440

-

PROFIT BEFORE TAXATION

10,480,828

2,963,235

Tax on profit

5

420,393

581,359

PROFIT FOR THE FINANCIAL YEAR

10,060,435

2,381,876

PROFIT FOR THE YEAR

10,060,435

2,381,876

OTHER COMPREHENSIVE INCOME

-

(201,851

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

(201,851

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

10,060,435

2,180,025

FIXED ASSETS

Tangible assets

7

21,882,091

19,986,841

Investments

8

-

12,965,795

21,882,091

32,952,636

CURRENT ASSETS

Debtors

9

194,473

6,843,732

Cash at bank

251,720

3,679,362

446,193

10,523,094

CREDITORS

Amounts falling due within one year

10

544,635

379,721

NET CURRENT (LIABILITIES)/ASSETS

(98,442

)

10,143,373

TOTAL ASSETS LESS CURRENT LIABILITIES

21,783,649

43,096,009

PROVISIONS FOR LIABILITIES

13

919,575

917,484

NET ASSETS

20,864,074

42,178,525

CAPITAL AND RESERVES

Called up share capital

14

112,136

112,136

Share premium

15

-

26,491,764

Revaluation reserve

15

3,810,617

3,810,617

Fair value reserve

15

207,459

207,459

Retained earnings

15

16,733,862

11,556,549

SHAREHOLDERS' FUNDS

20,864,074

42,178,525

The financial statements were approved by the Board of Directors and authorised for issue on 30 March 2023 and were signed on its behalf by:

R V D Harlow - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 July 2020

112,136

9,375,876

26,491,764

Changes in equity

Dividends

-

(217,800

)

-

Total comprehensive income

-

2,398,473

-

Balance at 30 June 2021

112,136

11,556,549

26,491,764

Changes in equity

Dividends

-

(163,350

)

-

Total comprehensive income

-

10,060,435

-

Capital reduction demerger

-

(4,719,772

)

(26,491,764

)

Balance at 30 June 2022

112,136

16,733,862

-

Fair

Revaluation

value

Total

reserve

reserve

equity

£

£

£

Balance at 1 July 2020

4,012,468

224,056

40,216,300

Changes in equity

Dividends

-

-

(217,800

)

Total comprehensive income

(201,851

)

(16,597

)

2,180,025

Balance at 30 June 2021

3,810,617

207,459

42,178,525

Changes in equity

Dividends

-

-

(163,350

)

Total comprehensive income

-

-

10,060,435

Capital reduction demerger

-

-

(31,211,536

)

Balance at 30 June 2022

3,810,617

207,459

20,864,074

Cash flows from operating activities

Cash generated from operations

1

1,015,587

3,317,669

Interest paid

(440

)

-

Tax paid

(386,809

)

(450,181

)

Net cash from operating activities

628,338

2,867,488

Cash flows from investing activities

Purchase of tangible fixed assets

(1,895,250

)

-

Purchase of fixed asset investments

(2,000,000

)

-

Interest received

2,620

2,762

Net cash from investing activities

(3,892,630

)

2,762

Cash flows from financing activities

Amount withdrawn by directors

-

(1,200,000

)

-

(1,372,635

)

Equity dividends paid

(163,350

)

(217,800

)

Net cash from financing activities

(163,350

)

(2,790,435

)

(Decrease)/increase in cash and cash equivalents

(3,427,642

)

79,815

Cash and cash equivalents at beginning of year

2

3,679,362

3,599,547

Cash and cash equivalents at end of year

2

251,720

3,679,362

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.6.22

30.6.21

£

£

Profit before taxation

10,480,828

2,963,235

Gain on revaluation of fixed assets

(8,523,113

)

-

Partnership share non cash adjustment

(1,082,807

)

-

Finance costs

440

-

Finance income

(2,620

)

(2,762

)

872,728

2,960,473

Decrease in trade and other debtors

9,438

332,715

Increase in trade and other creditors

133,421

24,481

Cash generated from operations

1,015,587

3,317,669

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2022

30.6.22

1.7.21

£

£

Cash and cash equivalents

251,720

3,679,362

Year ended 30 June 2021

30.6.21

1.7.20

£

£

Cash and cash equivalents

3,679,362

3,599,547

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.21

Cash flow

At 30.6.22

£

£

£

Net cash

Cash at bank

3,679,362

(3,427,642

)

251,720

3,679,362

(3,427,642

)

251,720

Total

3,679,362

(3,427,642

)

251,720

4.	MAJOR NON-CASH TRANSACTIONS

During the year the company left the group as part of a capital reduction de-merger. Prior to the restructure it exchanged some of the intra group debt and cash for additional shares in Harlow Bros Ltd.

The non cash element of the share purchase was £7,722,628.

Also as part of the restructure the company ceased to be a partner of Harlow Kidderminster LLP. An element of the above was that the £1,082,807 shown as profit share in the year was not received as cash and instead incorporated into the above.

As the transaction was a capital reduction demerger there was no cash received for the disposal of the fixed asset investments.

1.	STATUTORY INFORMATION

Harlow Bros Holdings 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

In the application of the company's accounting policies, which are described in the accounting policies below, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing 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.

Judgements

In preparing these financial statements, the directors have made the following key judgements that have a significant effect on the amounts recognised in the financial statements as described below.

- Determine whether there are indicators of impairment of the company's tangible and intangible assets along with residual values and asset lives. The residual value is the net realisable value of an asset at the end of its useful economic life. The company has taken an assessment of the residual values that are appropriate for the business and reviews this assessment annually. Note 10 provides details of the value of fixed assets capitalised.

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

a) Establishing useful economic lives for depreciation purposes of property, plant and equipment

Long-lived assets, consisting primarily of property, plant and equipment, comprise a significant portion of the

total assets. The annual depreciation charge depends primarily on the estimated useful economic lives of each type of asset and estimates of residual values. The directors regularly review these asset useful economic lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset useful lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful economic lives is included in the accounting policies.

b) Providing for bad and doubtful debts

The company makes an estimate of the recoverable value of trade and other debtors. The company uses estimates based on historical experience in determining the level of debts, which the company believes, will not be collected. These estimates include such factors as the current credit rating of the debtor, the ageing profile of debtors and historical experience. Any significant reduction in the level of customers that default on payments or other significant improvements that resulted in a reduction in the level of bad debt provision would have a positive impact on the operating results. The level of provision required is reviewed on an on-going basis.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

2% on cost

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

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 accounts receivable and payable and loans to/from related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Trade and other debtors

Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of debtors. The amount of the provision is determined as the difference between the asset's carrying amount and the present value of estimated future cash flows, and is recognised in the profit & loss in operating expenses.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3.	OPERATING PROFIT

The operating profit is stated after charging:

30.6.22

30.6.21

£

£

Auditors' remuneration

5,500

5,750

Auditors' remuneration for non audit work

3,350

4,725

4.

INTEREST PAYABLE AND SIMILAR EXPENSES

30.6.22

30.6.21

£

£

Bank interest

440

-

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

30.6.22

30.6.21

£

£

Current tax:

UK corporation tax

365,555

561,809

Prior year tax adjustment

52,747

-

Total current tax

418,302

561,809

Deferred tax

2,091

19,550

Tax on profit

420,393

581,359

Tax effects relating to effects of other comprehensive income

30.6.21

Gross

Tax

Net

£

£

£

Revaluation reserve freehold properties

(201,851

)

-

(201,851

)

6.

DIVIDENDS

30.06.22

30.06.21

£

£

Total dividends paid

163,350

217,800

7.	TANGIBLE FIXED ASSETS

Freehold

Investment

property

property

Totals

£

£

£

COST OR VALUATION

At 1 July 2021

18,794,341

1,192,500

19,986,841

Additions

1,895,250

-

1,895,250

Reclassification/transfer

(20,689,591

)

20,689,591

-

At 30 June 2022

-

21,882,091

21,882,091

NET BOOK VALUE

At 30 June 2022

-

21,882,091

21,882,091

At 30 June 2021

18,794,341

1,192,500

19,986,841

Included in cost or valuation of land and buildings is freehold land of £ 1,997,018 (2021 - £ 1,296,025 ) which is not depreciated.

Cost or valuation at 30 June 2022 is represented by:

Investment

property

£

Valuation in 2019

3,640,796

Cost

18,241,295

21,882,091

If freehold properties had not been revalued they would have been included at the following historical cost:

30.6.22

30.6.21

£

£

Cost

15,370,816

15,370,816

Value of land in freehold land and buildings

1,997,018

1,296,025

Freehold property and investment properties last had an external third party valuation carried out in June 2019 by Mather Jamie an independent firm of chartered surveyors. All properties held were subject to revaluation. The valuations were made on an open market basis by reference to their existing use and in accordance with the Appraisal and Valuation Standards published by the Royal Institution of Chartered Surveyors.