Harris Bros. (Billericay) Limited - Period Ending 2018-04-30

Harris Bros. (Billericay) Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 April 2018

Registration number: 00364327

Harris Bros. (Billericay) Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 6

Harris Bros. (Billericay) Limited

Company Information

Directors

Mr M S Harris Mrs L Hammond Mrs S C Froude

Registered office

Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF

Accountants

Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF

Page 1

Harris Bros. (Billericay) Limited

Balance Sheet

30 April 2018

	Note	2018 £	2017 £
Fixed assets
Investment property	3	1,200,000	1,200,000
Current assets
Debtors	4	64,223	9,397
Cash at bank and in hand		14,718	15,212
		78,941	24,609
Creditors: Amounts falling due within one year	5	(31,761)	(31,829)
Net current assets/(liabilities)		47,180	(7,220)
Total assets less current liabilities		1,247,180	1,192,780
Provisions for liabilities		(11,000)	(16,000)
Net assets		1,236,180	1,176,780
Capital and reserves
Called up share capital		5,712	5,712
Profit and loss account		1,230,468	1,171,068
Total equity		1,236,180	1,176,780

The notes on pages 4 to 6 form an integral part of these financial statements.

Page 2

Harris Bros. (Billericay) Limited

Balance Sheet

30 April 2018

For the financial year ending 30 April 2018 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 October 2018 and signed on its behalf by:
 

......................................... Mr M S Harris Director

Company Registration Number: 00364327

The notes on pages 4 to 6 form an integral part of these financial statements.

Page 3

Harris Bros. (Billericay) Limited

Notes to the Financial Statements

Year Ended 30 April 2018

1	General information

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

The address of its registered office is:
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

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.

These financial statements have been presented in sterling and rounded to the nearest £.

Revenue recognition

Turnover represents amounts received during the year from rental income.

Tax

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

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount or deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Page 4

Harris Bros. (Billericay) Limited

Notes to the Financial Statements

Year Ended 30 April 2018

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Basic financial assets comprise short term trade and other debtors and cash and bank balances. Basic financial liabilities comprise short term trade and other creditors.

 

3	Investment properties

	2018 £
At 1 May 2017 and 30 April 2018	1,200,000

The investment property was valued by an independent valuer, Lambert Smith Hampton, on an open market value basis at 25 October 2016.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £15,733 (2017 - £15,733)

Page 5

Harris Bros. (Billericay) Limited

Notes to the Financial Statements

Year Ended 30 April 2018

4

Debtors

	2018  £	2017  £
Other debtors	64,223	-
Prepayments	-	9,397
	64,223	9,397

5

Creditors

Creditors: amounts falling due within one year

	2018  £	2017  £
Due within one year
Corporation tax	12,761	12,675
Other creditors	17,500	17,654
Accrued expenses	1,500	1,500
	31,761	31,829

6	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	3,111	3,111	3,111	3,111
Preference shares of £1 each	2,601	2,601	2,601	2,601
	5,712	5,712	5,712	5,712

7

Reserves

Profit and loss account

The profit and loss account represents cumulative profit or losses, net of dividends and other adjustments. Included in the carry forward figure are the unrealised gains on investment properties, which stand at £1,184,267. There is also a deferred tax charge of £11,000 arising on the unrealised gains on the investment properties included within the reserve.

Page 6