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Registration number: 00449650

Blundell Harling Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

image-name

Chartered Accountants

 

Blundell Harling Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 10

 

Blundell Harling Limited

Company Information

Directors

Mr T B Blundell

Mr A J Smith

Company secretary

Mr A J Smith

Registered office

9 Albany Road
WEYMOUTH
Dorset
DT4 9TH

Accountants

Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Blundell Harling Limited
for the Year Ended 31 March 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Blundell Harling Limited for the year ended 31 March 2022 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Blundell Harling Limited, as a body, in accordance with the terms of our engagement letter dated 8 August 2019. Our work has been undertaken solely to prepare for your approval the accounts of Blundell Harling Limited and state those matters that we have agreed to state to the Board of Directors of Blundell Harling Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Blundell Harling Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Blundell Harling 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 Blundell Harling Limited. You consider that Blundell Harling 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 Blundell Harling 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.






Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

5 August 2022

 

Blundell Harling Limited

(Registration number: 00449650)
Balance Sheet as at 31 March 2022

Note

2022
 

2021
 

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

1,333,756

 

1,365,786

Investments

 

1

 

1

   

1,333,757

 

1,365,787

Current assets

   

 

Stocks

210,523

 

203,386

 

Debtors

6

115,866

 

109,114

 

Cash at bank and in hand

 

139,064

 

147,997

 

 

465,453

 

460,497

 

Creditors: Amounts falling due within one year

7

(274,604)

 

(251,313)

 

Net current assets

   

190,849

 

209,184

Total assets less current liabilities

   

1,524,606

 

1,574,971

Creditors: Amounts falling due after more than one year

7

 

(337,144)

 

(400,584)

Provisions for liabilities

 

(16,237)

 

(20,329)

Net assets

   

1,171,225

 

1,154,058

Capital and reserves

   

 

Called up share capital

603,515

 

603,515

 

Capital redemption reserve

391,150

 

391,150

 

Revaluation reserve

565,640

 

565,640

 

Profit and loss account

(389,080)

 

(406,247)

 

Total equity

   

1,171,225

 

1,154,058

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 for issue by the Board on 5 August 2022 and signed on its behalf by:
 


Mr A J Smith
Company secretary and director

   
 

Blundell Harling Limited

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
9 Albany Road
WEYMOUTH
Dorset
DT4 9TH

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.

Going concern

The financial statements have been prepared on a going concern basis; the directors will continue to support the company for the next twelve months.

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.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are treated under the accruals method and credited to income so as to match them with the expenditure to which they relate.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

Blundell Harling Limited

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

Tangible assets

The company took advantage of the FRS102 transition exemption to use the brought forward valuation of £1,200,000 in relation to the freehold property as deemed cost without adopting a policy of revaluation.

Tangible assets are stated in the statement of financial position 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

Freehold Land

Not depreciated

Freehold Buildings

Straight line over 50 years

Plant and machinery

Straight line over 10 years

Computer equipment

Straight line over 3 years

Fixtures, fittings and equipment

Straight line over 12.5 years

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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.

 

Blundell Harling Limited

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

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. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2021 - 24).

 

Blundell Harling Limited

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

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost

At 1 April 2021

1,321,916

1,145,599

2,467,515

Additions

-

28,184

28,184

Disposals

-

(4,808)

(4,808)

At 31 March 2022

1,321,916

1,168,975

2,490,891

Depreciation

At 1 April 2021

97,693

1,004,037

1,101,730

Charge for the year

21,538

38,415

59,953

Eliminated on disposal

-

(4,548)

(4,548)

At 31 March 2022

119,231

1,037,904

1,157,135

Carrying amount

At 31 March 2022

1,202,685

131,071

1,333,756

At 31 March 2021

1,224,224

141,562

1,365,786

Included within the net book value of land and buildings above is £1,202,685 (2021 - £1,224,223) in respect of freehold land and buildings.
 

5

Investments

2022
£

2021
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 April 2021

1,290,634

Provision

At 1 April 2021

1,290,633

Carrying amount

At 31 March 2022

1

At 31 March 2021

1

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Blundell Harling Limited

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

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2022

2021

Subsidiary undertakings

Amerson Limited

Ordinary

100%

100%

 

United Kingdom

     

Magpie Furniture Limited

Ordinary

100%

100%

 

United Kingdom

     

The principal activity of Amerson Limited is the manufacture of office furniture

The principal activity of Magpie Furniture Limited is a dormant company

6

Debtors

2022
£

2021
£

Trade debtors

86,490

77,906

Other debtors

29,376

31,208

115,866

109,114

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

100,457

88,443

Trade creditors

 

94,948

67,202

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

28,041

43,888

Taxation and social security

 

18,599

15,760

Other creditors

 

32,559

36,020

 

274,604

251,313

Due after one year

 

Loans and borrowings

9

336,735

399,851

Deferred income

 

409

733

 

337,144

400,584

2022
£

2021
£

After more than five years by instalments

-

104,253

 

Blundell Harling Limited

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

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

603,515

603,515

603,515

603,515

         

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

325,879

389,649

Finance lease liabilities

10,856

10,202

336,735

399,851

2022
£

2021
£

Current loans and borrowings

Bank borrowings

64,340

61,336

Bank overdrafts

18,765

12,481

Finance lease liabilities

17,352

14,626

100,457

88,443

Bank borrowings

Bank loans are secured by a first legal charge over the freehold land and buildings at 9 Albany Road, Granby Industrial Estate. Finance leases and hire purchase contracts are secured by the assets to which they relate.

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2022
£

2021
£

Remuneration

46,093

44,451

Contributions paid to money purchase schemes

5,148

5,069

51,241

49,520

Summary of transactions with subsidiaries

Amerson Limited
(100% subsidiary company)
 The company made sales and direct recharges of materials of £60,834 (2021:£58,836) to Amerson Limited and recharged other purchases of £16,620 (2021:£16,620) and overheads of £10,767 (2021: £25,792). At the balance sheet date the amount due to Amerson Limited was £28,041 (2021: £43,888).
 

 

Blundell Harling Limited

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

11

Parent and ultimate parent undertaking

The ultimate controlling party is Mr T Blundell by virtue of holding 57.6% of Blundell Harling Limited's share capital.