Harvard Managed Offices Limited - Period Ending 2016-12-31

Registration number: 02885111

Harvard Managed Offices Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

James Worley & Sons
Chartered Accountants
9 Bridle Close
Surbiton Road
Kingston Upon Thames
Surrey
KT1 2JW

Harvard Managed Offices Limited

Contents

Company Information	1
Accountants' Report	2
Statement of Comprehensive Income	3
Balance Sheet	4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 10

Harvard Managed Offices Limited

Company Information

Directors

Mr PR Parris Mrs ZD Parris Mr CA Parritt

Registered office

9 Bridle Close Surbiton Road Kingston Upon Thames Surrey KT1 2JW

Accountants

James Worley & Sons Chartered Accountants 9 Bridle Close Surbiton Road Kingston Upon Thames Surrey KT1 2JW

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Harvard Managed Offices Limited
for the Year Ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Harvard Managed Offices Limited for the year ended 31 December 2016 as set out on pages 3 to 10 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

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

It is your duty to ensure that Harvard Managed Offices Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Harvard Managed Offices Limited. You consider that Harvard Managed Offices 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 accounts of Harvard Managed Offices 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 accounts.

......................................

James Worley & Sons
Chartered Accountants
9 Bridle Close
Surbiton Road
Kingston Upon Thames
Surrey
KT1 2JW

31 October 2017

Page 2

Harvard Managed Offices Limited

Statement of Comprehensive Income for the Year Ended 31 December 2016

	Note	2016 £	2015 £
Profit for the year		68,098	120,406
Total comprehensive income for the year		68,098	120,406

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 3

Harvard Managed Offices Limited

(Registration number: 02885111)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	4	1	1
Investments	5	31,429	31,429
		31,430	31,430
Current assets
Debtors	6	147,292	160,595
Cash at bank and in hand		132,963	41,409
		280,255	202,004
Creditors: Amounts falling due within one year	7	(36,013)	(25,860)
Net current assets		244,242	176,144
Net assets		275,672	207,574
Capital and reserves
Called up share capital		2	2
Profit and loss account		275,670	207,572
Total equity		275,672	207,574

For the financial year ending 31 December 2016 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 October 2017 and signed on its behalf by:
 

.........................................

Mr PR Parris

Director

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 4

Harvard Managed Offices Limited

Statement of Changes in Equity for the Year Ended 31 December 2016

	Share capital £	Profit and loss account £	Total £
At 1 January 2016	2	207,572	207,574
Profit for the year	-	68,098	68,098
Total comprehensive income	-	68,098	68,098
At 31 December 2016	2	275,670	275,672

	Share capital £	Profit and loss account £	Total £
At 1 January 2015	2	87,166	87,168
Profit for the year	-	120,406	120,406
Total comprehensive income	-	120,406	120,406
At 31 December 2015	2	207,572	207,574

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 5

Harvard Managed Offices Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
9 Bridle Close
Surbiton Road
Kingston Upon Thames
Surrey
KT1 2JW

These financial statements were authorised for issue by the Board on 31 October 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	Over 3 - 5 years, straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Page 6

Harvard Managed Offices Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the 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 the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company during the year was 1 (2015 - 1).

Page 7

Harvard Managed Offices Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2016	165,927	165,927
At 31 December 2016	165,927	165,927
Depreciation
At 1 January 2016	165,926	165,926
At 31 December 2016	165,926	165,926
Carrying amount
At 31 December 2016	1	1
At 31 December 2015	1	1

5	Investments

	2016 £	2015 £
Investments in subsidiaries	31,429	31,429

Subsidiaries	£
Cost or valuation
At 1 January 2016	125,132
Provision
At 1 January 2016	93,703
Carrying amount
At 31 December 2016	31,429
At 31 December 2015	31,429

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Page 8

Harvard Managed Offices Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2016	2015
Subsidiary undertakings
CountyMark House Limited	9 Bridle Close, Surbiton Road, Kingston, Surrey, KT1 2JW	Ordinary £1 share	100%	100%
	England & Wales
Locartis International Limited	25 Merrion Square, Dublin 2, Ireland	Ordinary US$1	100%	100%
Locartis Operations Limited	9 Bridle Close, Surbiton Road, Kingston, Surrey, KT1 2JW	Ordinary £1 share	100%	100%
	England & Wales

The principal activity of CountyMark House Limited is office facilities and services.

The principal activity of Locartis International Limited is brand management and development.

The principal activity of Locartis Operations Limited is brand management and development.

6

Debtors

	Note	2016 £	2015 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	8	9,645	6,191
Other debtors		137,647	154,404
Total current trade and other debtors		147,292	160,595

7

Creditors

	Note	2016 £	2015 £
Due within one year
Trade creditors		5,672	1,370
Taxation and social security		4,627	4,660
Other creditors		25,714	19,830
		36,013	25,860

8	Related party transactions

Summary of transactions with parent

Page 9

Harvard Managed Offices Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Parral Limited - ultimate holding company
 
Management fees of £90,000 were paid by the company to Parral Limited in the year.

At the balance sheet date, the company was owed £8,332 (2015 - £1,867) by Parral Limited.
 

Summary of transactions with subsidiaries

Countymark House Limited - fellow group undertaking
 
The company received management fees of £270,000 from Countymark House Limited in the year.

At the balance sheet date, the company was owed £1,313 (2015 - £4,324) by Countymark House Limited.
 

Summary of transactions with other related parties

Mr J Parris, a family member, owed £109,550 to the company under a loan agreement which carries interest at a commercial rate and is without fixed repayment dates.
 


 

Loans to related parties

2016	Other related parties £
At start of period	75,000
Advanced	34,550
At end of period	109,550

9	Transition to FRS 102

Harvard Managed Offices Limited presents its first financial statements that comply with FRS 102 for the year ended 31 December 2016. The date of transition to FRS 102 for Harvard Managed Offices Limited is 01 January 2016. The transition to FRS 102 has not necessitated the restatement of the balance sheet as at 31 December 2015 nor the profit and loss for the year ended 31 December 2015.

Page 10