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Registration number: 12144882

Harris Kafton Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Harris Kafton Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Harris Kafton Limited

Company Information

Directors

Mr Pankaj Meghji Shah

Mr Kartik Rohitkumar Shah

Registered office

42-46 Station Road
Edgware
Middlesex
HA8 7AB

 

Harris Kafton Limited

(Registration number: 12144882)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

268,479

291,229

Tangible assets

5

1,215

1,965

 

269,694

293,194

Current assets

 

Debtors

6

65,782

82,669

Cash at bank and in hand

 

102,431

23,124

 

168,213

105,793

Creditors: Amounts falling due within one year

7

(35,775)

(65,463)

Net current assets

 

132,438

40,330

Net assets

 

402,132

333,524

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

402,032

333,424

Shareholders' funds

 

402,132

333,524

For the financial year ending 30 April 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 and delivered 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 1 September 2023 and signed on its behalf by:
 

.........................................
Mr Pankaj Meghji Shah
Director

.........................................
Mr Kartik Rohitkumar Shah
Director

 

Harris Kafton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
42-46 Station Road
Edgware
Middlesex
HA8 7AB
England

These financial statements were authorised for issue by the Board on 1 September 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.

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 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.

 

Harris Kafton Limited

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

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

25% on reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

6.5% on straight line basis

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.

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.

 

Harris Kafton Limited

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

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 4 (2022 - 4).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

350,000

350,000

At 30 April 2023

350,000

350,000

Amortisation

At 1 May 2022

58,771

58,771

Amortisation charge

22,750

22,750

At 30 April 2023

81,521

81,521

Carrying amount

At 30 April 2023

268,479

268,479

At 30 April 2022

291,229

291,229

 

Harris Kafton Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2022

2,997

2,997

At 30 April 2023

2,997

2,997

Depreciation

At 1 May 2022

1,032

1,032

Charge for the year

750

750

At 30 April 2023

1,782

1,782

Carrying amount

At 30 April 2023

1,215

1,215

At 30 April 2022

1,965

1,965

6

Debtors

Current

2023
£

2022
£

Trade debtors

47,213

82,669

Other debtors

18,569

-

 

65,782

82,669

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

77

543

Taxation and social security

14,060

25,124

Other creditors

318

369

Accrued expenses

19,900

-

Corporation tax payable

-

39,427

Directors current account

1,420

-

35,775

65,463

 

Harris Kafton Limited

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

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

9

Related party transactions

 

Harris Kafton Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Contributions paid to money purchase schemes

9,950

-

Summary of transactions with entities with joint control or significant interest


Kajaine Accountants Limited is an entity owned by common shareholders of this Company.

 Harris Kafton Limited is charged a management fee by Kajaine Accountants Limited to re-charge common costs borne by Kajaine Accountants Limited.
 

Loans from related parties

2022

Entities with joint control
£

Total
£

At start of period

80,050

80,050

Repaid

(80,050)

(80,050)

At end of period

-

-

Terms of loans from related parties

There is no interest to be charged on outstanding balances as the ownership of both companies is equal and it would not be material to the financial statements being prepared.