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Registration number: 09591933

Harc Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Harc Holdings Limited

Contents

Company Information

1

Statement of financial position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Harc Holdings Limited

Company Information

Directors

Mrs Andrea Coulson

Mr Harley Clive Coulson

Registered office

19 King Street
King's Lynn
Norfolk
PE30 1HB

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

Harc Holdings Limited

(Registration number: 09591933)
Statement of financial position as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

222,288

226,628

Current assets

 

Debtors

5

-

310

Investments

6

134,923

134,923

Cash at bank and in hand

 

13,006

18,596

 

147,929

153,829

Creditors: Amounts falling due within one year

7

(62,368)

(73,570)

Net current assets

 

85,561

80,259

Total assets less current liabilities

 

307,849

306,887

Creditors: Amounts falling due after more than one year

7

(104,195)

(112,403)

Provisions for liabilities

(1,476)

(2,081)

Net assets

 

202,178

192,403

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

202,078

192,303

Shareholders' funds

 

202,178

192,403

For the financial year ending 30 June 2023 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of comprehensive income.

Approved and authorised by the Board on 2 October 2023 and signed on its behalf by:
 

 

Harc Holdings Limited

(Registration number: 09591933)
Statement of financial position as at 30 June 2023

.........................................
Mrs Andrea Coulson
Director

 

Harc Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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:
19 King Street
King's Lynn
Norfolk
PE30 1HB

These financial statements were authorised for issue by the Board on 2 October 2023.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Harc Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

Tangible assets

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

Property

Not depreciated

Fixtures and fittings

25% reducing balance

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.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Harc Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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 statement of comprehensive income 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 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 statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 2).

 

Harc Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 July 2022

209,269

57,826

267,095

At 30 June 2023

209,269

57,826

267,095

Depreciation

At 1 July 2022

-

40,467

40,467

Charge for the year

-

4,340

4,340

At 30 June 2023

-

44,807

44,807

Carrying amount

At 30 June 2023

209,269

13,019

222,288

At 30 June 2022

209,269

17,359

226,628

Included within the net book value of land and buildings above is £209,269 (2022 - £209,269) in respect of freehold land and buildings. In the opinion of the director the value of the land and buildings is not in excess of it's historical cost.
 

5

Debtors

Current

2023
£

2022
£

Prepayments

-

310

6

Current asset investments

2023
£

2022
£

Shares in group undertakings

134,923

134,923

 

Harc Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

7,555

17,656

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

10

43,850

43,271

Taxation and social security

 

748

749

Accruals and deferred income

 

900

870

Other creditors

 

9,031

9,032

Tax liability

 

284

1,992

 

62,368

73,570

Other creditors include amounts owing to the director of £9,031 (2022 - £9,032).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

104,195

112,403

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured against the asset to which they relate.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

9

Loans and borrowings

 

Harc Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

104,195

110,839

HP and finance lease liability 1 (over 5yrs)

-

1,564

104,195

112,403

2023
£

2022
£

Current loans and borrowings

Other borrowings

7,555

8,464

HP and finance lease liability 1 (under 1yr)

-

11,150

HP interest

-

(1,958)

7,555

17,656

10

Related party transactions

Summary of transactions with other related parties

The company received dividends of £51,149 (2022: 51,149 and rent of £15,000 (2022: 15,000) from D A Seaman Ltd, it's subsidiary company. The company owed £43,850 (2022 43,271) to D A Seaman Ltd.

The director of D A Seaman Ltd is also the director of Harc Holdings Limited.
The company is the ultimate holding company of D A Seaman Limited. At 30th June 2023 the balance sheet value of D A Seaman Limited amounted to £229,121.