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REGISTERED NUMBER: SC030557 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 January 2023

for

W.H. Harvey Limited

W.H. Harvey Limited (Registered number: SC030557)






Contents of the Financial Statements
for the year ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


W.H. Harvey Limited

Company Information
for the year ended 31 January 2023







DIRECTORS: W S Harvey
Mrs W D Harvey
W L Harvey





SECRETARY: Mrs R A Harvey





REGISTERED OFFICE: Quoydandy
St Ola
Orkney
KW15 1SR





REGISTERED NUMBER: SC030557 (Scotland)





ACCOUNTANTS: Foubister & Bain
4 Broad Street
Kirkwall
Orkney
KW15 1NX

W.H. Harvey Limited (Registered number: SC030557)

Balance Sheet
31 January 2023

2022 2023
£    £    Notes £    £   
FIXED ASSETS
882,809 Tangible assets 4 907,341

CURRENT ASSETS
227,115 Stocks 272,406
41,082 Debtors 5 42,563
91,626 Cash at bank and in hand 30,574
359,823 345,543
CREDITORS
132,830 Amounts falling due within one year 6 158,339
226,993 NET CURRENT ASSETS 187,204

1,109,802
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,094,545

CREDITORS

(48,530

)
Amounts falling due after more than one
year

7

(38,904

)

(146,022 ) PROVISIONS FOR LIABILITIES (140,195 )
915,250 NET ASSETS 915,446

CAPITAL AND RESERVES
26,667 Called up share capital 26,667
142,220 Other reserves 142,220
746,363 Retained earnings 746,559
915,250 SHAREHOLDERS' FUNDS 915,446

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

W.H. Harvey Limited (Registered number: SC030557)

Balance Sheet - continued
31 January 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2023 and were signed on its behalf by:





W L Harvey - Director


W.H. Harvey Limited (Registered number: SC030557)

Notes to the Financial Statements
for the year ended 31 January 2023

1. STATUTORY INFORMATION

W.H. Harvey Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents invoiced sales of goods, excluding Value Added Tax.


Depreciation
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset, over its expected useful life, on a reducing balance basis, as follows: Farm Implements and Machinery 20%, Tractors/Motor Vehicles 25%. No depreciation is provided on land.

Stocks
Stocks are stated at the lower of cost and net realisable value.


W.H. Harvey Limited (Registered number: SC030557)

Notes to the Financial Statements - continued
for the year ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial asset
Basic financial assets, which include debtors 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 financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

W.H. Harvey Limited (Registered number: SC030557)

Notes to the Financial Statements - continued
for the year ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Freehold
Totals property Tractors
£    £    £   
COST
At 1 February 2022 1,199,946 762,016 67,260
Additions 53,460 40,025 -
Disposals (310 ) - -
At 31 January 2023 1,253,096 802,041 67,260
DEPRECIATION
At 1 February 2022 317,137 43,021 42,504
Charge for year 28,927 - 2,476
Eliminated on disposal (309 ) - -
At 31 January 2023 345,755 43,021 44,980
NET BOOK VALUE
At 31 January 2023 907,341 759,020 22,280
At 31 January 2022 882,809 718,995 24,756

W.H. Harvey Limited (Registered number: SC030557)

Notes to the Financial Statements - continued
for the year ended 31 January 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
Implements/machinery vehicles equipment
£    £    £   
COST
At 1 February 2022 308,696 60,670 1,304
Additions 13,435 - -
Disposals (310 ) - -
At 31 January 2023 321,821 60,670 1,304
DEPRECIATION
At 1 February 2022 191,839 38,960 813
Charge for year 20,925 5,428 98
Eliminated on disposal (309 ) - -
At 31 January 2023 212,455 44,388 911
NET BOOK VALUE
At 31 January 2023 109,366 16,282 393
At 31 January 2022 116,857 21,710 491

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 42,563 41,082

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 22,830 43,605
Trade creditors 14,125 30,359
Other creditors 121,384 58,866
158,339 132,830

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 35,650 45,276
Other creditors 3,254 3,254
38,904 48,530