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Registered number: 05965698
I & M HARWOOD (LINCS) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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I & M HARWOOD (LINCS) LIMITED
CONTENTS
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Notes to the financial statements
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I & M HARWOOD (LINCS) LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF I & M HARWOOD (LINCS) LIMITED
FOR THE YEAR ENDED 31 OCTOBER 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of I & M Harwood (Lincs) Limited for the year ended 31 October 2022 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of directors of I & M Harwood (Lincs) Limited, as a body, in accordance with the terms of our engagement letter dated 11 February 2022. Our work has been undertaken solely to prepare for your approval the financial statements of I & M Harwood (Lincs) Limited and state those matters that we have agreed to state to the Board of directors of I & M Harwood (Lincs) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than I & M Harwood (Lincs) Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that I & M Harwood (Lincs) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of I & M Harwood (Lincs) Limited. You consider that I & M Harwood (Lincs) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of I & M Harwood (Lincs) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MA Partners LLP
Chartered Accountants
7 The Close
Norwich
Norfolk
NR1 4DJ
24 July 2023
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I & M HARWOOD (LINCS) LIMITED
REGISTERED NUMBER: 05965698
BALANCE SHEET
AS AT 31 OCTOBER 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Investment property fair value reserve
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
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I & M HARWOOD (LINCS) LIMITED
REGISTERED NUMBER: 05965698
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2022
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 July 2023.
The notes on pages 4 to 7 form part of these financial statements.
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I & M HARWOOD (LINCS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
The Company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ.
The Company's principal activity is the letting of property. Its principal place of business is Norwich, Norfolk.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Turnover comprises revenue recognised by the Company in respect of property rented out in the period.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Interest income is recognised in profit or loss using the effective interest method.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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I & M HARWOOD (LINCS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
2.Accounting policies (continued)
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument 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 and loans to related parties.
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The average monthly number of employees, including directors, during the year was 2 (2021 - 2).
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I & M HARWOOD (LINCS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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Freehold investment property
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The 2022 valuations were made by the directors, on an open market value for existing use basis.
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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I & M HARWOOD (LINCS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
Investment property fair value reserve
The fair value reserve is the accumulation of revaluations on investment properties, which are revalued annually to give a true and fair view, less the potential tax payable on the disposal of the investment properties, which is included in deferred tax. Deferred tax is calculated on the current tax rate of corporation tax applicable in the UK. The debit and credit amounts are transfers from the profit and loss account.
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Related party transactions
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At the year end, the company owed the directors £70,663 (2021: £448,683). The loan is interest free and repayable on demand. The balance is included within other creditors in note 6 to the financial statements.
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