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Company Registration No. 05048178 (England and Wales)
Harrap Limited Unaudited accounts for the year ended 31 March 2022
Harrap Limited Unaudited accounts Contents
Page
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Harrap Limited Company Information for the year ended 31 March 2022
Directors
Mr D R Eades Mr W Read
Company Number
05048178 (England and Wales)
Registered Office
Highland House Mayflower Close Chandlers Ford, Eastleigh Hampshire SO53 4AR
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Harrap Limited Statement of financial position as at 31 March 2022
2022 
2021 
Notes
£ 
£ 
Fixed assets
Tangible assets
9,883 
12,035 
Current assets
Inventories
78,198 
85,089 
Debtors
270,704 
182,622 
Cash at bank and in hand
143,403 
191,222 
492,305 
458,933 
Creditors: amounts falling due within one year
(109,198)
(98,709)
Net current assets
383,107 
360,224 
Total assets less current liabilities
392,990 
372,259 
Creditors: amounts falling due after more than one year
(43,689)
(50,000)
Provisions for liabilities
Deferred tax
(1,628)
(1,554)
Net assets
347,673 
320,705 
Capital and reserves
Called up share capital
200 
200 
Profit and loss account
347,473 
320,505 
Shareholders' funds
347,673 
320,705 
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 17 August 2022 and were signed on its behalf by
Mr W Read Director Company Registration No. 05048178
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Harrap Limited Notes to the Accounts for the year ended 31 March 2022
1
Statutory information
Harrap Limited is a private company, limited by shares, registered in England and Wales, registration number 05048178. The registered office is Highland House, Mayflower Close, Chandlers Ford, Eastleigh, Hampshire, SO53 4AR. The principal place of business is 320 Shirley Road, Shirley, Southampton, Hampshire, SO15 3HJ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
Turnover
Turnover represents sales of goods net of VATand trade discounts. Turnover is recognised when the goods are physically dispatched to the customer.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Over the length of the lease
Plant & machinery
20% Reducing balance
Motor vehicles
25% Reducing balance
Fixtures & fittings
15% Reducing balance
Computer equipment
15% Reducing balance
Intangible fixed assets
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, has been fully amortised over its estimated useful economic life of ten years.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Revenue recognition policy
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.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Harrap Limited Notes to the Accounts for the year ended 31 March 2022
Government grants
Business Interruption Payment (BIP) under the Coronavirus Bounce Back Loan scheme: The BIP is payable in respect of the loan interest for the first 12 months, together with any related fees. The accrual model has been used to recognise the income on a systematic basis over the periods in which the related finance costs are incurred. The company has also benefited from the UK government’s provision of security for 100% of the loan. Coronavirus Job Retention Scheme: the accrual model has been used to recognise the grant on a systematic basis over the periods in which the related staff costs are incurred.
Leases policy
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Financial assets
The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial liabilities
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Equity Instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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Harrap Limited Notes to the Accounts for the year ended 31 March 2022
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 April 2021
90,000 
At 31 March 2022
90,000 
Amortisation
At 1 April 2021
90,000 
At 31 March 2022
90,000 
Net book value
At 31 March 2022
- 
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, has been fully amortised over its estimated useful economic life of ten years.
5
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At cost 
At 1 April 2021
23,239 
1,585 
34,599 
7,954 
7,702 
75,079 
Additions
- 
- 
- 
- 
324 
324 
At 31 March 2022
23,239 
1,585 
34,599 
7,954 
8,026 
75,403 
Depreciation
At 1 April 2021
19,385 
1,569 
27,236 
7,452 
7,402 
63,044 
Charge for the year
482 
2 
1,841 
75 
76 
2,476 
At 31 March 2022
19,867 
1,571 
29,077 
7,527 
7,478 
65,520 
Net book value
At 31 March 2022
3,372 
14 
5,522 
427 
548 
9,883 
At 31 March 2021
3,854 
16 
7,363 
502 
300 
12,035 
6
Debtors: amounts falling due within one year
2022 
2021 
£ 
£ 
Trade debtors
5,180 
7,242 
Amounts due from group undertakings etc.
265,524 
173,536 
Other debtors
- 
1,844 
270,704 
182,622 
7
Creditors: amounts falling due within one year
2022 
2021 
£ 
£ 
Trade creditors
56,736 
56,546 
Taxes and social security
47,531 
36,449 
Other creditors
- 
783 
Accruals
4,931 
4,931 
109,198 
98,709 
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Harrap Limited Notes to the Accounts for the year ended 31 March 2022
8
Creditors: amounts falling due after more than one year
2022 
2021 
£ 
£ 
Bank loans
43,689 
50,000 
9
Operating lease commitments
2022 
2021 
£ 
£ 
At 31 March 2022 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
45,000 
45,000 
Within two to five years
219,750 
255,750 
More than five years
54,000 
108,000 
318,750 
408,750 
10
Average number of employees
During the year the average number of employees was 10 (2021: 10).
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