Harlequin Estates Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 07475318 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2017

FOR

HARLEQUIN ESTATES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P I Parkhouse

W Sutcliffe

SECRETARY:

Kerry Secretarial Services Ltd

REGISTERED OFFICE:

c/o Cox Costello & Horne

Fourth & Fifth Floor

14-15 Lower Grosvenor Place

London

SW1W 0EX

REGISTERED NUMBER:

07475318 (England and Wales)

AUDITORS:

Cox Costello & Horne

Chartered Accountants and Statutory Auditors

4th & 5th Floor

14-15 Lower Grosvenor Place

London

SW1W 0EX

FIXED ASSETS

Tangible assets

4

2,431,600

776,800

Investments

5

301,100

301,301

2,732,700

1,078,101

CURRENT ASSETS

Debtors

6

20,319

7,313

Cash at bank

24,348

85,449

44,667

92,762

CREDITORS

Amounts falling due within one year

7

1,003,479

460,891

NET CURRENT LIABILITIES

(958,812

)

(368,129

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,773,888

709,972

CREDITORS

Amounts falling due after more than one year

8

(1,416,854

)

(440,592

)

PROVISIONS FOR LIABILITIES

(11,900

)

(13,600

)

NET ASSETS

345,134

255,780

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Revaluation reserve

10

93,560

93,560

Retained earnings

151,574

62,220

SHAREHOLDERS' FUNDS

345,134

255,780

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 28 August 2018 and were signed on its behalf by:

P I Parkhouse - Director

1.	STATUTORY INFORMATION

Harlequin Estates 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

The financial statements have been prepared under the historical cost convention and in accordance with

Section 1A Small Entities of Financial Reporting Standard 102 The Financial Reporting Standard applicable in

the UK and the Republic of Ireland and the Companies Act 2006.

Transition to FRS 102

This is the first year that the company has presented its results under FRS 102. The last financial statements

under UK GAAP were for the year ended 30 November 2016. The date of transition to FRS 102 was 1 December

2015. There are no transitional adjustments arising from the first time adoption of FRS 102.

Going concern

The company meets its day-to-day working capital requirements through its bank & 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. The company therefore

continues to adopt the going concern basis in preparing its financial statements.

Preparation of consolidated financial statements

The financial statements contain information about Harlequin Estates Limited as an individual company and do

not contain consolidated financial information as the parent of a group. The company has taken the option under

Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover comprises revenue recognised by the company in respect of services supplied. Turnover includes

rental income and service and management charges from properties. Turnover is measured as the fair value of

the consideration received or receivable.

Rental income from operating leases is recognised on a straight-line basis over the lease term. When the

company provides incentives to its tenants, the cost of incentives is recognised over the lease term, on a

straight-line basis, as a reduction of rental income.

Service and management charges are recognised in the accounting period in which the services are rendered.

The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in

accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

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

Land and buildings

-

in accordance with the property

Plant and machinery etc

-

10% on cost

All assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation. The

cost of an asset initially recognised includes its purchase price and any cost that is directly attributable to

bringing the asset to the location and condition necessary for it to be capable of operating in the manner

intended by management.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

c) Cash at bank and in hand

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.

d) Interest income

Interest income is recognised in profit or loss using the effective interest method.

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.

Pension costs

The company makes contributes into the personal retirement schemes of certain staff. Contributions by the

company and staff are determined by mutual agreement.

In the aforementioned schemes, staff contract directly with the pension company, and assets of those schemes

are held separately from those of the company. The company acts as agent in collecting and paying over staff

pension contributions. Once the contributions have been paid, the company as employer has no further

obligations.

The company's contributions are charged to the profit and loss account in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 December 2016

721,200

85,000

806,200

Additions

1,669,500

-

1,669,500

At 30 November 2017

2,390,700

85,000

2,475,700

DEPRECIATION

At 1 December 2016

12,400

17,000

29,400

Charge for year

6,200

8,500

14,700

At 30 November 2017

18,600

25,500

44,100

NET BOOK VALUE

At 30 November 2017

2,372,100

59,500

2,431,600

At 30 November 2016

708,800

68,000

776,800

Included in cost or valuation of land and buildings is freehold land of £ 470,730 (2016 - £ 470,730 ) which is not

depreciated.

Cost or valuation at 30 November 2017 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2015

93,560

-

93,560

Cost

2,297,140

85,000

2,382,140

2,390,700

85,000

2,475,700

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 December 2016

301,301

Disposals

(201

)

At 30 November 2017

301,100

NET BOOK VALUE

At 30 November 2017

301,100

At 30 November 2016

301,301

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.17

30.11.16

£

£

Trade debtors

1,188

1,440

Other debtors

19,131

5,873

20,319

7,313

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.17

30.11.16

£

£

Bank loan

426,885

114,389

Trade creditors

12,161

3,072

Amounts owed to group undertaking

299,044

97,789

Taxation and social security

126,080

105,113

Other creditors

139,309

140,528

1,003,479

460,891

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.17

30.11.16

£

£

Bank loan

1,138,360

415,819

Other creditors

278,494

24,773

1,416,854

440,592

Amounts falling due in more than five years:

Repayable by instalments

Bank loan more 5 yr by instal

1,138,360

415,819

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.11.17

30.11.16

£

£

Bank loan

1,565,245

530,208

HSBC hold a legal mortgage over the freehold property known as Unit 1 11-12 Halifax Road, Cressex Business

Park, High Wycombe.

10.

RESERVES

Revaluation

reserve

£

At 1 December 2016

and 30 November 2017

93,560

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael F Cox FCA (Senior Statutory Auditor)

for and on behalf of Cox Costello & Horne

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2017 and

30 November 2016:

30.11.17

30.11.16

£

£

P I Parkhouse

Balance outstanding at start of year

(659

)

(851

)

Amounts advanced

659

192

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(659

)

W Sutcliffe

Balance outstanding at start of year

(48,848

)

(21,734

)

Amounts advanced

48,848

-

Amounts repaid

-

(27,114

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(48,848

)

13.	RELATED PARTY DISCLOSURES

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.

During the year, total dividends of £450,000 (2016 - £480,000) were paid to the directors .

BP Products Limited - company directors have an equity interest

During the reporting period, the company contracted services from the related party totally £50,000 (2016 -

£50,000). At the reporting date, amount due to the related party was £50,000 (2016 - £50,000).

CHESFKIT Limited - company directors have an equity interest

At the reporting date, amount due to related party was £500 (2016 - £nil).

Harlequin Brickwork Limited - group company

At the reporting date, amount due to related party was £299,044 (2016 - £97,789).

Harlequin Brickwork Contracting Limited - company directors have an equity interest

At the reporting date, amount due from related party was £10,000 (2016 - £nil).

Harlequin Roofing Solutions Limited - company directors have an equity interest

At the reporting date, amount due from related party was £10,560 (2016 - £6,858).

Jester Associates LLP - company directors have a members interest

At the reporting date, amount due to related party was £1,107 (2016 - £nil).

PPEKIT Limited - company directors have an equity interest

At the reporting date, amount due to related party was £22,000 (2016 - £nil).

Amounts outstanding are unsecured, attracts no interest and repayable on demand.

14.	ULTIMATE CONTROLLING PARTY

At the reporting date, in the opinion of the directors, there is no single ultimate controlling party. There has been

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