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Registration number: 01346457

Harrier Offset Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Harrier Offset Limited

Contents
__________________________________________________________________________

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Harrier Offset Limited

Company Information
__________________________________________________________________________

Directors

Mr AC Riddleston

Mr CD Riddleston

Company secretary

Camley Registrars Limited

Registered office

Abbey House
342 Regents Park Road
London
N3 2LJ


 

Accountants

Brooks Green
Chartered Accountants
Abbey House
342 Regents Park Road
London
N3 2LJ

 

Harrier Offset Limited

(Registration number: 01346457)
Balance Sheet as at 31 December 2022
__________________________________________________________________________

Note

2022
£

2021
£

   

     

Fixed assets

   

 

Tangible assets

3

 

525,000

 

525,000

Current assets

   

 

Debtors

4

641,514

 

644,193

 

Cash at bank and in hand

 

106,104

 

37,748

 

 

747,618

 

681,941

 

Creditors: Amounts falling due within one year

5

(105,696)

 

(85,224)

 

Net current assets

   

641,922

 

596,717

Total assets less current liabilities

   

1,166,922

 

1,121,717

Creditors: Amounts falling due after more than one year

5

 

(51,246)

 

(73,612)

Net assets

   

1,115,676

 

1,048,105

Capital and reserves

   

 

Called up share capital

900

 

900

 

Revaluation reserve

393,572

 

393,572

 

Profit and loss account

721,204

 

653,633

 

Total equity

   

1,115,676

 

1,048,105

For the financial year ending 31 December 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 by the Board on 27 September 2023 and signed on its behalf by:

Mr AC Riddleston
Director

Mr CD Riddleston
Director

 
     
 

Harrier Offset Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
__________________________________________________________________________

1

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of company premises and related services in the ordinary course of the company’s activities. Turnover is shown net of any 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 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.

Tangible assets

Tangible assets are stated in the statement of financial position at its cost or valuation, less any subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
No depreciation is provided on the company's freehold premises as it is the company's practice to maintain this asset in a continual state of sound repair and to make improvements thereto and accordingly the directors consider that the life of this asset is so long and the residual value so high that it's depreciation is not significant

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.

 

Harrier Offset Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
__________________________________________________________________________

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.

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

3

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 January 2022

525,000

525,000

At 31 December 2022

525,000

525,000

Depreciation

Carrying amount

At 31 December 2022

525,000

525,000

At 31 December 2021

525,000

525,000

Included within the net book value of land and buildings above is £525,000 (2021 - £525,000) in respect of freehold land and buildings.
 

Revaluation

The Company's Freehold land and buildings was revalued on 17 January 2013 by an independent valuer.
The Directors, confirm that based on current market conditions, this continues to show its fair value, with no diminution or impairment to the value stated in the year.. The name and qualification of the independent valuer are Michael Parks Surveyors Ltd, being members of RICS..
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £Nil (2021 - £Nil).

 

Harrier Offset Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
__________________________________________________________________________

4

Debtors

Current

Note

2022
£

2021
£

Amounts owed by related parties

641,514

641,514

Other debtors

 

-

2,679

   

641,514

644,193

5

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

13,713

15,935

Taxation and social security

 

18,243

10,794

Other creditors

 

73,740

58,495

 

105,696

85,224

Due after one year

 

Loans and borrowings

51,246

73,612

6

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

900

900

900

900