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REGISTERED NUMBER: 10030010 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Harry Felton and Company Limited

Harry Felton and Company Limited (Registered number: 10030010)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Harry Felton and Company Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: Mr H Felton





REGISTERED OFFICE: 24a Holt Road
Fakenham
Norfolk
NR21 8BQ





REGISTERED NUMBER: 10030010 (England and Wales)





ACCOUNTANTS: Steve Pye & Co.
Chartered Certified Accountants
Unit 8
Home Farm
Norwich Road
Norwich
Norfolk
NR10 5PQ

Harry Felton and Company Limited (Registered number: 10030010)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 53,586 46,324

CURRENT ASSETS
Stocks 27,522 20,941
Debtors 6 87,967 36,652
115,489 57,593
CREDITORS
Amounts falling due within one year 7 66,821 58,896
NET CURRENT ASSETS/(LIABILITIES) 48,668 (1,303 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

102,254

45,021

CREDITORS
Amounts falling due after more than one year 8 102,199 83,914
NET ASSETS/(LIABILITIES) 55 (38,893 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 54 (38,894 )
55 (38,893 )

Harry Felton and Company Limited (Registered number: 10030010)

Balance Sheet - continued
31 March 2023


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

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

The director acknowledges his 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 April 2023 and were signed by:





Mr H Felton - Director


Harry Felton and Company Limited (Registered number: 10030010)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Harry Felton and Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on a going concern basis which dependent on the continued support of the company's director. The director is of the opinion that this support will continue over the next 12 months and therefore believe that it is appropriate for the financial statements to be prepared on the going concern basis.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Harry Felton and Company Limited (Registered number: 10030010)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

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

Harry Felton and Company Limited (Registered number: 10030010)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. ACCOUNTING POLICIES - continued

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

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 2 ) .

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 4,536 76,395 4,806 85,737
Additions 624 24,500 - 25,124
At 31 March 2023 5,160 100,895 4,806 110,861
DEPRECIATION
At 1 April 2022 2,856 33,999 2,558 39,413
Charge for year 576 16,724 562 17,862
At 31 March 2023 3,432 50,723 3,120 57,275
NET BOOK VALUE
At 31 March 2023 1,728 50,172 1,686 53,586
At 31 March 2022 1,680 42,396 2,248 46,324

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 64,957 (15,513 )
Other debtors 23,010 11,308
87,967 (4,205 )

Harry Felton and Company Limited (Registered number: 10030010)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. DEBTORS - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Other debtors - 40,857

Aggregate amounts 87,967 36,652

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 34,476 11,493
Hire purchase contracts 8,480 8,480
Trade creditors 17,310 33,237
Taxation and social security 3,880 3,285
Other creditors 2,675 2,401
66,821 58,896

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 50,000 50,000
Hire purchase contracts 28,413 33,914
Other creditors 23,786 -
102,199 83,914