Hars Properties Limited - Accounts to registrar (filleted) - small 23.2.5
Hars Properties Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 April 2023 |
| for |
| HARS PROPERTIES LIMITED |
| HARS PROPERTIES LIMITED (REGISTERED NUMBER: 00753832) |
| Contents of the Financial Statements |
| for the Year Ended 30 April 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| HARS PROPERTIES LIMITED |
| Company Information |
| for the Year Ended 30 April 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Unit A6 |
| Chaucer Business Park |
| Dittons Road |
| Polegate |
| East Sussex |
| BN26 6QH |
| SOLICITORS: |
| 33 The Avenue |
| Eastbourne |
| East Sussex |
| BN21 3YD |
| HARS PROPERTIES LIMITED (REGISTERED NUMBER: 00753832) |
| Balance Sheet |
| 30 April 2023 |
| 30.4.23 | 30.4.22 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve | 7 |
| Retained earnings | 7 |
| SHAREHOLDERS' FUNDS |
| 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. |
| HARS PROPERTIES LIMITED (REGISTERED NUMBER: 00753832) |
| Balance Sheet - continued |
| 30 April 2023 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| HARS PROPERTIES LIMITED (REGISTERED NUMBER: 00753832) |
| Notes to the Financial Statements |
| for the Year Ended 30 April 2023 |
| 1. | STATUTORY INFORMATION |
| Hars Properties Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents the sale of properties held for development. |
| Investment property |
| Investment properties are those properties that are held either to earn rental income or for capital appreciation or both. |
| Investment properties are measured initially at cost including transaction costs and thereafter are stated at fair value, which reflects market conditions at the balance sheet date. Surpluses and deficits arising from changes in the fair value of investment properties are recognised in the Statement of Comprehensive Income in the year in which they arise. |
| Investment properties are stated at fair value as determined by the directors. The fair value of the company's property portfolio is based upon external valuations and is inherently subjective. The fair value represents the amount at which the assets could be exchanged between a knowledgeable, willing buyer and a knowledgeable, willing seller in an arms-length transaction at the date of valuation. The fair value of each of the properties has been assessed by the directors. In determining the fair value of investment properties, the directors make use of historical and current market data as well as existing lease agreements. |
| Additions and disposals of investment properties are recognised in the accounts when contracts are completed. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| 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. |
| HARS PROPERTIES LIMITED (REGISTERED NUMBER: 00753832) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 April 2023 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2022 - NIL). |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 May 2022 |
| Reclassification/transfer | (102,443 | ) |
| At 30 April 2023 |
| NET BOOK VALUE |
| At 30 April 2023 |
| At 30 April 2022 |
| Fair value at 30 April 2023 is represented by: |
| £ |
| Valuation in 2015 | 10,000 |
| Valuation in 2017 | 5,000 |
| Cost | 806,716 |
| 821,716 |
| If investment property had not been revalued it would have been included at the following historical cost: |
| 30.4.23 | 30.4.22 |
| £ | £ |
| Cost | 806,716 | 909,159 |
| Investment property was valued on an open market value basis on 30 April 2021 by the directors . |
| Freehold investment property is valued at the end of each financial year by the directors. Independent valuations by valuers with a recognised qualification are sought where, in the opinion of the directors, there is market evidence to suggest that changes in fair value for properties of a similar type and location have occurred requiring specialist market knowledge in order to ascertain the fair value. The last independent valuation of the property portfolio was carried out by Willmotts Chartered Surveyors as at 6 January 2014 on the basis of open market value. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.4.23 | 30.4.22 |
| £ | £ |
| Trade debtors |
| Amounts owed by related undertakings |
| HARS PROPERTIES LIMITED (REGISTERED NUMBER: 00753832) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 April 2023 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.4.23 | 30.4.22 |
| £ | £ |
| Tax |
| Amounts owed to related undertakings |
| Tenants' deposits |
| Accrued expenses |
| Deferred income |
| 7. | RESERVES |
| Fair |
| Retained | value |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 May 2022 | 1,742,763 |
| Deficit for the year | ( |
) | ( |
) |
| At 30 April 2023 | 1,715,929 |
| 8. | RELATED PARTY DISCLOSURES |
| Amounts owed by and to related parties were as follows: |
| Balance at 30.4.2022 | Movement in year | Balance at 30.4.2023 |
| Included in debtors | £ | £ | £ |
| Owed by related undertakings |
| AG Squared Limited | 137,500 | (137,500 | ) | - |
| 137,500 | (137,500 | ) | - |
| Balance at 30.4.2022 | Movement in year | Balance at 30.4.2023 |
| Included in creditors | £ | £ | £ |
| Owed to related undertakings |
| Douglas Graham Developments Limited | 81,463 | (81,463 | ) | - |
| Welnen Investments Limited | 620 | (620 | ) | - |
| 82,083 | (82,083 | ) | - |
| A R Gross is a director of Douglas Graham Developments Limited and Welnen Investments Limited. |
| A N Gross is a director of Douglas Graham Developments Limited, Welnen Investments Limited and AG Squared Limited and has a material interest in AG Squared Limited. |
| C Levy is a director of Douglas Graham Developments Limited and Welnen Investments Limited. |