Harkwell Labels Limited 04635999 false 2021-01-01 2021-12-31 2021-12-31 The principal activity of the company is printing of labels Digita Accounts Production Advanced 6.30.9574.0 true 04635999 2021-01-01 2021-12-31 04635999 2021-12-31 04635999 core:CurrentFinancialInstruments 2021-12-31 04635999 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 04635999 core:FurnitureFittingsToolsEquipment 2021-12-31 04635999 core:LandBuildings 2021-12-31 04635999 core:MotorVehicles 2021-12-31 04635999 core:OtherPropertyPlantEquipment 2021-12-31 04635999 bus:SmallEntities 2021-01-01 2021-12-31 04635999 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 04635999 bus:FullAccounts 2021-01-01 2021-12-31 04635999 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 04635999 bus:RegisteredOffice 2021-01-01 2021-12-31 04635999 bus:CompanySecretaryDirector1 2021-01-01 2021-12-31 04635999 bus:Director1 2021-01-01 2021-12-31 04635999 bus:Director2 2021-01-01 2021-12-31 04635999 bus:Director3 2021-01-01 2021-12-31 04635999 bus:Director4 2021-01-01 2021-12-31 04635999 bus:Director5 2021-01-01 2021-12-31 04635999 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 04635999 bus:Agent1 2021-01-01 2021-12-31 04635999 core:Buildings 2021-01-01 2021-12-31 04635999 core:FurnitureFittingsToolsEquipment 2021-01-01 2021-12-31 04635999 core:LandBuildings 2021-01-01 2021-12-31 04635999 core:MotorVehicles 2021-01-01 2021-12-31 04635999 core:OtherPropertyPlantEquipment 2021-01-01 2021-12-31 04635999 core:PlantMachinery 2021-01-01 2021-12-31 04635999 countries:EnglandWales 2021-01-01 2021-12-31 04635999 2020-12-31 04635999 core:FurnitureFittingsToolsEquipment 2020-12-31 04635999 core:LandBuildings 2020-12-31 04635999 core:MotorVehicles 2020-12-31 04635999 core:OtherPropertyPlantEquipment 2020-12-31 04635999 2020-01-01 2020-12-31 04635999 2020-12-31 04635999 core:CurrentFinancialInstruments 2020-12-31 04635999 core:CurrentFinancialInstruments core:WithinOneYear 2020-12-31 04635999 core:FurnitureFittingsToolsEquipment 2020-12-31 04635999 core:LandBuildings 2020-12-31 04635999 core:MotorVehicles 2020-12-31 04635999 core:OtherPropertyPlantEquipment 2020-12-31 iso4217:GBP xbrli:pure

Registration number: 04635999

Harkwell Labels Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Harkwell Labels Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 11

 

Harkwell Labels Limited

Company Information

Directors

Mr Timothy Neville Fountain

Mr Charlie Fountain

Mr Ronald Barry Halliday

Mr Jonathan Cooke

Mr Harry Fountain

Mrs Holly Humphries

Company secretary

Mrs Holly Humphries

Registered office

Unit 2 Aston Way
Poole
Dorset
BH12 4FE

Accountants

Avencia Tax and Accountancy Ltd
Chartered Tax Advisers
13a Mill Lane
Wimborne
Dorset
BH21 1LN

 

Harkwell Labels Limited

Directors' Report and responsibilities for the Year Ended 31 December 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

Directors responsibilities

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors of the company

The directors who held office during the year were as follows:

Mr Timothy Neville Fountain

Mr Charlie Fountain

Mr Ronald Barry Halliday

Mr Jonathan Cooke

Mr Harry Fountain

Mrs Holly Humphries - Company secretary and director

Principal activity

The principal activity of the company is printing of labels

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 12 May 2022 and signed on its behalf by:
 

.........................................
Mr Timothy Neville Fountain
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Harkwell Labels Limited
for the Year Ended 31 December 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Harkwell Labels Limited for the year ended 31 December 2021 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Chartered Institute of Taxation (CIOT), we are subject to its ethical and other professional requirements which are detailed at https://www.tax.org.uk/professional-
standards/professional-rules/professional-rules-and-practice-guidelines.

This report is made solely to the Board of Directors of Harkwell Labels 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 Harkwell Labels Limited and state those matters that we have agreed to state to the Board of Directors of Harkwell Labels Limited, as a body, in this report in accordance with CIOT. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Harkwell Labels Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Harkwell Labels 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 Harkwell Labels Limited. You consider that Harkwell Labels 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 Harkwell Labels 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.

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

Avencia Tax and Accountancy Ltd
Chartered Tax Advisers
13a Mill Lane
Wimborne
Dorset
BH21 1LN

12 May 2022

 

Harkwell Labels Limited

(Registration number: 04635999)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

2,144,247

2,174,915

Current assets

 

Stocks

5

145,094

14,458

Debtors

6

1,066,738

648,998

Other financial assets

1,634,860

500,684

Cash at bank and in hand

 

702,402

1,613,977

 

3,549,094

2,778,117

Creditors: Amounts falling due within one year

7

(1,564,241)

(1,470,260)

Net current assets

 

1,984,853

1,307,857

Total assets less current liabilities

 

4,129,100

3,482,772

Provisions for liabilities

(251,600)

(114,978)

Net assets

 

3,877,500

3,367,794

Capital and reserves

 

Called up share capital

1,725,061

1,725,061

Retained earnings

2,152,439

1,642,733

Shareholders' funds

 

3,877,500

3,367,794

For the financial year ending 31 December 2021 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.

 

Harkwell Labels Limited

(Registration number: 04635999)
Balance Sheet as at 31 December 2021

Approved and authorised by the Board on 12 May 2022 and signed on its behalf by:
 

.........................................
Mr Timothy Neville Fountain
Director

 

Harkwell Labels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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:
Unit 2 Aston Way
Poole
Dorset
BH12 4FE

These financial statements were authorised for issue by the Board on 12 May 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.

Tax

The tax expense for the period comprises current and deferred 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 income 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.

 

Harkwell Labels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Fixtures, fittings, tools and equipment

25% reducing balance

Freehold buildings

2% straight line

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.

 

Harkwell Labels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Harkwell Labels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2020 - 29).

 

Harkwell Labels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2021

1,934,591

122,677

68,990

1,490,548

3,616,806

Additions

3,424

36,724

17,850

505,819

563,817

Disposals

(223,103)

-

(24,250)

(203,558)

(450,911)

At 31 December 2021

1,714,912

159,401

62,590

1,792,809

3,729,712

Depreciation

At 1 January 2021

503,404

76,414

35,711

826,362

1,441,891

Charge for the year

6,162

20,673

10,640

287,837

325,312

Eliminated on disposal

-

-

(15,681)

(166,057)

(181,738)

At 31 December 2021

509,566

97,087

30,670

948,142

1,585,465

Carrying amount

At 31 December 2021

1,205,346

62,314

31,920

844,667

2,144,247

At 31 December 2020

1,431,186

62,223

33,280

648,226

2,174,915

Included within the net book value of land and buildings above is £1,205,346 (2020 - £1,431,186) in respect of freehold land and buildings.
 

 

Harkwell Labels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

5

Stocks

2021
£

2020
£

Work in progress

33,034

-

Other inventories

112,060

14,458

145,094

14,458

6

Debtors

Current

Note

2021
£

2020
£

Trade debtors

 

733,146

622,742

Amounts owed by related parties

7,978

8,803

Prepayments

 

28,530

17,449

Other debtors

 

297,084

4

   

1,066,738

648,998

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

8

530,107

549,699

Trade creditors

 

745,784

770,641

Taxation and social security

 

226,319

140,846

Accruals and deferred income

 

59,931

4,971

Other creditors

 

2,100

4,103

 

1,564,241

1,470,260

8

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

Other borrowings

530,107

549,699