Harlequin New Homes (Ascot) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 13193386 (England and Wales)

HARLEQUIN NEW HOMES (ASCOT) LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

DIRECTORS:

P I Parkhouse

J D Shelbourne

W Sutcliffe

REGISTERED OFFICE:

Lacemaker House

5-7 Chapel Street

Marlow

Bucks

SL7 3HN

REGISTERED NUMBER:

13193386 (England and Wales)

ACCOUNTANTS:

Cox Costello & Horne

Chartered Accountants and Tax Advisors

26 Denbigh Street

London

SW1V 2ER

CURRENT ASSETS

Stocks

8,118,677

3,670,773

Debtors

4

322,244

644,119

Cash at bank

30

612,010

8,440,951

4,926,902

CREDITORS

Amounts falling due within one year

5

1,123,501

892,166

NET CURRENT ASSETS

7,317,450

4,034,736

TOTAL ASSETS LESS CURRENT
LIABILITIES

7,317,450

4,034,736

CREDITORS

Amounts falling due after more than one
year

6

7,330,618

4,036,592

NET LIABILITIES

(13,168

)

(1,856

)

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

(13,268

)

(1,956

)

(13,168

)

(1,856

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 Profit and Loss account has not been delivered.

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

P I Parkhouse - Director

1.	STATUTORY INFORMATION

Harlequin New Homes (Ascot) 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The company meets its day-to-day working capital requirements through its loan facilities and support from group companies. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future; taken to be 12 months from signing the financial statements. No material uncertainties that cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Related party exemption

The company has taken advantage of 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 subsidiaries within the group.

Stocks

Stocks, including land held for and in the course of development, are valued at the lower of cost and net realisable value. Cost comprises direct materials and, where appropriate, labour and production overheads which have been incurred in bringing the stocks and work in progress to their present location and condition. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Stocks are valued on a first in, first out (FIFO) basis.

Land stock is recognised at the time a commitment to purchase the land is made, generally at exchange of unconditional contracts.

Property stock, which represents all development land and work in progress, is included at cost less any losses foreseen in completing and disposing of the development less any amounts received or receivable as progress payments or part disposals. Where a property is being developed, cost includes cost of acquisition and development to date, including directly attributable fees, expenses and finance charges attributable to the development.

Financial instruments

a) 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.

b) 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.

Cash at bank

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.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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.

Both current and deferred tax is determined using 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 NIL (2021 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.22

30.11.21

£

Amounts owed by group undertakings

28,142

-

Amounts owed by participating interests

-

29,308

Other debtors

294,102

614,811

322,244

644,119

Amounts owed by group undertakings and amounts owed by participating interests are unsecured, non-interest bearing, have no fixed terms of repayment and is considered payable on demand.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.22

30.11.21

£

Trade creditors

195,836

609,960

Amounts owed to group undertakings

687,344

261,269

Amounts owed to participating interests

-

19,937

Other creditors

240,321

1,000

1,123,501

892,166

Amounts owed to group undertakings and amounts owed to participating interests are unsecured, non-interest bearing, have no fixed terms of repayment and is considered payable on demand.

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.22

30.11.21

£

Other creditors

7,330,618

4,036,592

7.	SECURED DEBTS

The following secured debts are included within creditors:

30.11.22

30.11.21

£

Other loans

7,330,618

4,036,592

Other loans are secured by way of legal registered charges. The charges are secured over the freehold property concerned, including fixed and floating charges over all the company's assets. The charges contain a negative pledge.

Other loans have no fixed terms of repayment.

8.	RELATED PARTY DISCLOSURES

During the year the company traded with companies where the directors has an interest as as a shareholder and director. In addition funds have been lent for cash flow purposes. These transactions are as follows:

Company

30.11.2022

30.11.2021

£

Harlequin Brickwork Ltd

(80,063

)

19,937

Harlequin Construction Solutions Ltd

(75,994

)

-

Harlequin D&B Ltd

238,196

(29,308

)

The loans are unsecured, interest fee and have no fixed repayment terms.

9.	ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking and controlling party is Harlequin New Homes Limited (a private limited company incorporated in England and Wales).

There has been no change between the reporting date and date of approval of the financial statements.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Harlequin New Homes (Ascot) Limited for the year ended 30 November 2022 which comprise the Profit and Loss account, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Harlequin New Homes (Ascot) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Harlequin New Homes (Ascot) Limited and state those matters that we have agreed to state to the Board of Directors of Harlequin New Homes (Ascot) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Harlequin New Homes (Ascot) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Harlequin New Homes (Ascot) 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 loss of Harlequin New Homes (Ascot) Limited. You consider that Harlequin New Homes (Ascot) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Harlequin New Homes (Ascot) 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.

Cox Costello & Horne

Chartered Accountants and Tax Advisors

26 Denbigh Street

London

SW1V 2ER

30 August 2023

Harlequin New Homes (Ascot) Limited - Accounts to registrar (filleted) - small 23.1.2

Harlequin New Homes (Ascot) Limited - Accounts to registrar (filleted) - small 23.1.2