Company Registration Number 09854396 (England and Wales)
J HARWOOD PROJECT MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 NOVEMBER 2022
J HARWOOD PROJECT MANAGEMENT LIMITED
CONTENTS
Page
Statement of comprehensive income
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
J HARWOOD PROJECT MANAGEMENT LIMITED
BALANCE SHEET
AS AT 29 NOVEMBER 2022
29 November 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,014
1,594
Investments
5
586,401
577,291
587,415
578,885
Current assets
Debtors
6
62,774
45,469
Cash at bank and in hand
3,436
124
66,210
45,593
Creditors: amounts falling due within one year
7
(88,808)
(587,424)
Net current liabilities
(22,598)
(541,831)
Total assets less current liabilities
564,817
37,054
Creditors: amounts falling due after more than one year
8
(13,313)
(17,711)
Net assets
551,504
19,343
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
551,404
19,243
Total equity
551,504
19,343

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 29 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

J HARWOOD PROJECT MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 29 NOVEMBER 2022
29 November 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 8 November 2023
Mr J Harwood
Director
Company registration number 09854396 (England and Wales)
J HARWOOD PROJECT MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 NOVEMBER 2022
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 30 November 2020
100
45,736
45,836
Year ended 29 November 2021:
Profit and total comprehensive income
-
14,507
14,507
Dividends
-
(41,000)
(41,000)
Balance at 29 November 2021
100
19,243
19,343
Year ended 29 November 2022:
Profit and total comprehensive income
-
573,335
573,335
Dividends
-
(41,174)
(41,174)
Balance at 29 November 2022
100
551,404
551,504
J HARWOOD PROJECT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 NOVEMBER 2022
- 4 -
1
Accounting policies
Company information

J Harwood Project Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Millers Park, Wellingborough, Northants, England, NN8 2NG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% on cost
Computers
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

J HARWOOD PROJECT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 assets

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.

J HARWOOD PROJECT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2022
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be 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 in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
1
1
J HARWOOD PROJECT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2022
- 7 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 30 November 2021 and 29 November 2022
3,084
5,774
8,858
Depreciation and impairment
At 30 November 2021
3,084
4,180
7,264
Depreciation charged in the year
-
0
580
580
At 29 November 2022
3,084
4,760
7,844
Carrying amount
At 29 November 2022
-
0
1,014
1,014
At 29 November 2021
-
0
1,594
1,594
5
Fixed asset investments
2022
2021
£
£
Unlisted investments
586,401
577,291
Movements in fixed asset investments
Investments
£
Cost or valuation
At 30 November 2021
577,291
Valuation changes
9,110
At 29 November 2022
586,401
Carrying amount
At 29 November 2022
586,401
At 29 November 2021
577,291
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Corporation tax recoverable
31,624
28,069
Other debtors
31,150
17,400
62,774
45,469
J HARWOOD PROJECT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2022
- 8 -
7
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Bank loans
5,324
5,324
Amounts owed to group undertakings
(55,268)
364,577
Corporation tax
3,706
52,345
Other taxation and social security
12,326
30,158
Other creditors
119,720
132,908
Accruals and deferred income
3,000
2,112
88,808
587,424
8
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
13,313
17,711
9
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Directors' transactions

Dividends totalling £41,174 (2021 - £41,000) were paid in the year in respect of shares held by the company's directors.

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