HARRIS PARK HOMES LTD - Filleted accounts

HARRIS PARK HOMES LTD - Filleted accounts

HARRIS PARK HOMES LIMITED - Company Information

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Registered number
06487866
HARRIS PARK HOMES LTD
Filleted Accounts
31 January 2019
HARRIS PARK HOMES LTD
Registered number: 06487866
Balance Sheet
as at 31 January 2019
Notes 2019 2018
£ £
Fixed assets
Tangible assets 2 996,582 999,692
Current assets
Stocks 23,983 19,932
Debtors 3 57,136 53,529
Cash at bank and in hand 7,515 111,150
88,634 184,611
Creditors: amounts falling due within one year 4 (102,982) (102,305)
Net current (liabilities)/assets (14,348) 82,306
Total assets less current liabilities 982,234 1,081,998
Creditors: amounts falling due after more than one year 5 (417,014) (584,740)
Net assets 565,220 497,258
Capital and reserves
Called up share capital 100 100
Profit and loss account 565,120 497,158
Shareholders' funds 565,220 497,258
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S T Harris
Director
Approved by the board on 20 April 2019
HARRIS PARK HOMES LTD
Notes to the Accounts
for the year ended 31 January 2019
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Equipment over 5 years
Motor vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Tangible fixed assets
Land and buildings Equip Motor vehicles Total
£ £ £ £
Cost
At 1 February 2018 984,143 18,263 26,380 1,028,786
At 31 January 2019 984,143 18,263 26,380 1,028,786
Depreciation
At 1 February 2018 - 11,927 17,167 29,094
Charge for the year - 1,267 1,843 3,110
At 31 January 2019 - 13,194 19,010 32,204
Net book value
At 31 January 2019 984,143 5,069 7,370 996,582
At 31 January 2018 984,143 6,336 9,213 999,692
3 Debtors 2019 2018
£ £
Trade debtors 54,409 51,060
Other debtors 2,727 2,469
57,136 53,529
4 Creditors: amounts falling due within one year 2019 2018
£ £
Bank loans and overdrafts 34,514 34,514
Trade creditors 119 108
Directors' loan accounts 30,679 30,679
Taxation and social security costs 36,379 31,079
Other creditors 1,291 5,925
102,982 102,305
5 Creditors: amounts falling due after one year 2019 2018
£ £
Bank loans 247,014 274,740
Other loans 170,000 310,000
417,014 584,740
6 Other information
HARRIS PARK HOMES LTD is a private company limited by shares and incorporated in England. Its registered office is:
Lydmore House
St Ann's Fort
Kings Lynn
Norfolk
PE30 2EU
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