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Company Registration No. 05048178 (England and Wales)
Harrap Limited Unaudited accounts for the year ended 31 March 2023
Harrap Limited Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
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Harrap Limited Company Information for the year ended 31 March 2023
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
- 3 -
Harrap Limited Statement of financial position as at 31 March 2023
2023
2022
Notes
£
£
Fixed assets
Tangible assets
5
25,017
9,883
Current assets
Inventories
67,991
78,198
Debtors
6
370,017
270,704
Cash at bank and in hand
114,566
143,403
552,574
492,305
Creditors: amounts falling due within one year
7
(92,019)
(109,198)
Net current assets
460,555
383,107
Total assets less current liabilities
485,572
392,990
Creditors: amounts falling due after more than one year
8
(46,277)
(43,689)
Provisions for liabilities
Deferred tax
(5,532)
(1,628)
Net assets
433,763
347,673
Capital and reserves
Called up share capital
200
200
Profit and loss account
433,563
347,473
Shareholders' funds
433,763
347,673
For the year ending 31 March 2023 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 18 September 2023 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 2023
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.
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
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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 2023
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 2023
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022
90,000
At 31 March 2023
90,000
Amortisation
At 1 April 2022
90,000
At 31 March 2023
90,000
Net book value
At 31 March 2023
-
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 2022
23,239
1,585
34,599
7,954
8,026
75,403
Additions
-
-
22,100
-
-
22,100
Disposals
-
-
(13,865)
-
-
(13,865)
At 31 March 2023
23,239
1,585
42,834
7,954
8,026
83,638
Depreciation
At 1 April 2022
19,867
1,571
29,077
7,527
7,478
65,520
Charge for the year
482
2
5,264
64
113
5,925
On disposals
-
-
(12,824)
-
-
(12,824)
At 31 March 2023
20,349
1,573
21,517
7,591
7,591
58,621
Net book value
At 31 March 2023
2,890
12
21,317
363
435
25,017
At 31 March 2022
3,372
14
5,522
427
548
9,883
6
Debtors
2023
2022
£
£
Amounts falling due within one year
Trade debtors
-
5,180
Amounts due from group undertakings etc.
370,017
265,524
370,017
270,704
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Harrap Limited Notes to the Accounts for the year ended 31 March 2023
7
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases and hire purchase contracts
3,037
-
Trade creditors
46,625
56,736
Taxes and social security
36,062
47,531
Other creditors
1,092
-
Accruals
5,203
4,931
92,019
109,198
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
34,022
43,689
Obligations under finance leases and hire purchase contracts
12,255
-
46,277
43,689
9
Operating lease commitments
2023
2022
£
£
At 31 March 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
57,600
45,000
Later than one year and not later than five years
216,000
219,750
Later than five years
4,860
54,000
278,460
318,750
10
Average number of employees
During the year the average number of employees was 9 (2022: 10).
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