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Registration number: 08963363

Harlow Computer Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Harlow Computer Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Harlow Computer Services Limited

Company Information

Directors

Stephen Mills

Brendan Mills

Registered office

5 Ducketts Wharf
South Street
Bishops Stortford
Hertfordshire
CM23 3AR

Accountants

Mansell & Co
Chartered Certified Accountants
5 Ducketts Wharf
South Street
Bishop's Stortford
Hertfordshire
CM23 3AR

 

Harlow Computer Services Limited

(Registration number: 08963363)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

2,000

3,000

Tangible assets

5

2,381

3,430

 

4,381

6,430

Current assets

 

Stocks

6

21,573

22,301

Debtors

7

6,738

10,183

Cash at bank and in hand

 

1,358

1,269

 

29,669

33,753

Creditors: Amounts falling due within one year

8

(38,761)

(22,803)

Net current (liabilities)/assets

 

(9,092)

10,950

Total assets less current liabilities

 

(4,711)

17,380

Creditors: Amounts falling due after more than one year

8

(59,268)

(46,858)

Net liabilities

 

(63,979)

(29,478)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(64,079)

(29,578)

Shareholders' deficit

 

(63,979)

(29,478)

For the financial year ending 31 March 2022 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 19 August 2022 and signed on its behalf by:
 

 

Harlow Computer Services Limited

(Registration number: 08963363)
Balance Sheet as at 31 March 2022

.........................................
Stephen Mills
Director

.........................................
Brendan Mills
Director

 

Harlow Computer Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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:
5 Ducketts Wharf
South Street
Bishops Stortford
Hertfordshire
CM23 3AR
England

These financial statements were authorised for issue by the Board on 19 August 2022.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet 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

25% reducing balance

 

Harlow Computer Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Fixtures and fittings

25% reducing balance

Office equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Harlow Computer Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 (including directors) during the year, was 2 (2021 - 3).

 

Harlow Computer Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2021

10,000

10,000

At 31 March 2022

10,000

10,000

Amortisation

At 1 April 2021

7,000

7,000

Amortisation charge

1,000

1,000

At 31 March 2022

8,000

8,000

Carrying amount

At 31 March 2022

2,000

2,000

At 31 March 2021

3,000

3,000

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2021

2,666

4,490

6,541

13,697

At 31 March 2022

2,666

4,490

6,541

13,697

Depreciation

At 1 April 2021

2,275

3,729

4,263

10,267

Charge for the year

291

189

569

1,049

At 31 March 2022

2,566

3,918

4,832

11,316

Carrying amount

At 31 March 2022

100

572

1,709

2,381

At 31 March 2021

391

761

2,278

3,430

6

Stocks

2022
£

2021
£

Other inventories

21,573

22,301

 

Harlow Computer Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

7

Debtors

Current

2022
£

2021
£

Trade debtors

196

2,167

Prepayments

-

1,473

Other debtors

6,542

6,543

 

6,738

10,183

 

Harlow Computer Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

10

23,587

21,798

Trade creditors

 

9,632

314

Taxation and social security

 

1,276

3,200

Accruals and deferred income

 

905

905

Other creditors

 

3,361

(3,414)

 

38,761

22,803

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

10

59,268

46,858

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

18,463

25,000

Other borrowings

40,805

21,858

59,268

46,858

 

Harlow Computer Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

2022
£

2021
£

Current loans and borrowings

Bank overdrafts

23,587

21,798