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COMPANY REGISTRATION NUMBER: 11547863
Harbett Holdings Limited
Filleted Unaudited Financial Statements
31 July 2023
Harbett Holdings Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
808,810
808,810
Investments
5
385,950
385,950
------------
------------
1,194,760
1,194,760
Current assets
Debtors
6
4,049
3,552
Cash at bank and in hand
36,811
35,466
--------
--------
40,860
39,018
Creditors: amounts falling due within one year
7
343,686
537,032
---------
---------
Net current liabilities
302,826
498,014
------------
------------
Total assets less current liabilities
891,934
696,746
Creditors: amounts falling due after more than one year
8
425,749
449,118
---------
---------
Net assets
466,185
247,628
---------
---------
Capital and reserves
Called up share capital
5,000
5,000
Share premium account
20,400
20,400
Profit and loss account
440,785
222,228
---------
---------
Shareholders funds
466,185
247,628
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Harbett Holdings Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 25 October 2023 , and are signed on behalf of the board by:
Mr C Betts
Mr P Harris
Director
Director
Company registration number: 11547863
Harbett Holdings Limited
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Lyndhurst, 1 Cranmer Street, Long Eaton, Nottingham, NG10 1NJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the rental of commercial property, net of any discounts and Value added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in subsidiaries
Investments in subsidiaries accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Freehold property
£
Cost
At 1 August 2022 and 31 July 2023
808,810
---------
Depreciation
At 1 August 2022 and 31 July 2023
---------
Carrying amount
At 31 July 2023
808,810
---------
At 31 July 2022
808,810
---------
5. Investments
Shares in group undertakings
£
Cost
At 1 August 2022 and 31 July 2023
385,950
---------
Impairment
At 1 August 2022 and 31 July 2023
---------
Carrying amount
At 31 July 2023
385,950
---------
At 31 July 2022
385,950
---------
6. Debtors
2023
2022
£
£
Other debtors
4,049
3,552
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
31,062
38,386
Amounts owed to group undertakings and undertakings in which the company has a participating interest
291,591
478,105
Corporation tax
3,158
5,866
Social security and other taxes
6,000
3,000
Other creditors
11,875
11,675
---------
---------
343,686
537,032
---------
---------
The mortgage is secured by fixed and floating charges over the assets and undertaking of the company, including all present and future assets, the assets and undertaking of M. C. A. Enterprises Limited, including all it's present and future freehold assets; a group guarantee in favour of the bank from the company and M. C. A. Enterprises Limited guaranteeing the obligations of each other to the bank and a first legal mortgage over the freehold land of the borrower. The mortgage is for a period of 12 years from inception and interest is charged at 3.45% over bank base rate.
Included within creditors due within one year is £31,062 (2022 - £38,386) of secured creditors.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
425,749
449,118
---------
---------
The mortgage is secured by fixed and floating charges over the assets and undertaking of the company, including all present and future assets, the assets and undertaking of M. C. A. Enterprises Limited, including all it's present and future freehold assets; a group guarantee in favour of the bank from the company and M. C. A. Enterprises Limited guaranteeing the obligations of each other to the bank and a first legal mortgage over the freehold land of the borrower. The mortgage is for a period of 12 years from inception and interest is charged at 3.45% over bank base rate.
Included within creditors due after more than one year is £425,749 (2022 - £449,118) of secured creditors. Of this amount, £270,417 is payable by instalments after more than five years.