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REGISTERED NUMBER: 01123148 (England and Wales)














Henry Hargrave & Company Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023






Henry Hargrave & Company Limited (Registered number: 01123148)

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










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3 to 4

Notes to the financial statements 5 to 10


Henry Hargrave & Company Limited

Company Information
for the Year Ended 31 March 2023







Directors: Miss J. N. Hargrave
Mr J. Hargrave
Mrs J. A. Hargrave





Registered office: Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB





Registered number: 01123148 (England and Wales)





Accountants: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Henry Hargrave & Company Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Directors' report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Henry Hargrave & Company Limited for the year ended 31 March 2023 which comprise the Income statement, Statement of financial position, Statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Henry Hargrave & Company Limited, as a body, in accordance with the terms of our engagement letter dated 3 June 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Henry Hargrave & Company Limited and state those matters that we have agreed to state to the Board of Directors of Henry Hargrave & Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Henry Hargrave & Company Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Henry Hargrave & Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Henry Hargrave & Company Limited. You consider that Henry Hargrave & Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Henry Hargrave & Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


13 November 2023

Henry Hargrave & Company Limited (Registered number: 01123148)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 5 72,457 106,874
Investments 6 641,192 760,627
Investment property 7 2,382,168 2,143,168
3,095,817 3,010,669

Current assets
Debtors 8 621,394 610,708
Cash at bank 88,957 112,912
710,351 723,620
Creditors
Amounts falling due within one year 9 39,348 34,980
Net current assets 671,003 688,640
Total assets less current liabilities 3,766,820 3,699,309

Provisions for liabilities 122,622 99,915
Net assets 3,644,198 3,599,394

Capital and reserves
Called up share capital 10 131,378 131,378
Undistributable reserves 11 1,251,961 1,035,668
Retained earnings 11 2,260,859 2,432,348
Shareholders' funds 3,644,198 3,599,394

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 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.

Henry Hargrave & Company Limited (Registered number: 01123148)

Statement of Financial Position - continued
31 March 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 13 November 2023 and were signed on its behalf by:





Mr J. Hargrave - Director


Henry Hargrave & Company Limited (Registered number: 01123148)

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


1. Statutory information

Henry Hargrave & 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 the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on a straight line basis
Equipment - 10% on a straight line basis
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on a straight line basis

Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recongised in profit or loss.

Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Where it is impracticable to measure investments in associates at fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recongised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.


Henry Hargrave & Company Limited (Registered number: 01123148)

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


3. Accounting policies - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

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.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Henry Hargrave & Company Limited (Registered number: 01123148)

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


3. Accounting policies - continued

Financial instruments
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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Government grants
Coronavirus Job Retention Scheme (CJRS)
Accrual model
Grant income received in relation to CJRS is recognised in the accounts on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. As such the income from the grant is recognised on a straight line basis over the furlough period for each relevant employee.

4. Employees and directors

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

5. Tangible fixed assets
Improvements
to Motor Computer
property Equipment vehicles equipment Totals
£    £    £    £    £   
Cost
At 1 April 2022
and 31 March 2023 307,922 1,175 36,484 624 346,205
Depreciation
At 1 April 2022 215,545 1,175 21,987 624 239,331
Charge for year 30,793 - 3,624 - 34,417
At 31 March 2023 246,338 1,175 25,611 624 273,748
Net book value
At 31 March 2023 61,584 - 10,873 - 72,457
At 31 March 2022 92,377 - 14,497 - 106,874

6. Fixed asset investments

2023 2022
£    £   
Other investments not loans 641,192 760,627

Henry Hargrave & Company Limited (Registered number: 01123148)

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


6. Fixed asset investments - continued

Additional information is as follows:
Other
investments
£   
Cost or valuation
At 1 April 2022 387,707
Revaluations (119,435 )
At 31 March 2023 268,272
Net book value
At 31 March 2023 268,272
At 31 March 2022 387,707

Cost or valuation at 31 March 2023 is represented by:

Other
investments
£   
Valuation in 2020 (114,028 )
Valuation in 2021 (33,000 )
Valuation in 2022 (23,948 )
Valuation in 2023 (119,435 )
Cost 558,683
268,272

The company heads up a small group and has taken advantage of section 399 of the Companies Act for exemption from preparing group accounts.

Investments in associates and subsidiary undertakings are included at cost.

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Investments in trading
enterprises 372,920 372,920

7. Investment property
Total
£   
Fair value
At 1 April 2022 2,143,168
Revaluations 239,000
At 31 March 2023 2,382,168
Net book value
At 31 March 2023 2,382,168
At 31 March 2022 2,143,168

Henry Hargrave & Company Limited (Registered number: 01123148)

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


7. Investment property - continued

The directors have reviewed the valuation of the company's investment properties at 31 March 2023 and concluded that the above amounts represent the fair value. The valuation results in an uplift over cost of £239,000.

8. Debtors: amounts falling due within one year
2023 2022
£    £   
Other debtors 85,904 80,880
Amounts owed from related
party 211,648 220,648
Directors' current accounts 323,842 308,996
Prepayments and accrued income - 184
621,394 610,708

9. Creditors: amounts falling due within one year
2023 2022
£    £   
Corporation tax 5,008 3,948
Social security and other taxes 2,919 2,583
Directors' current accounts 24,184 19,945
Accruals and deferred income 7,237 8,504
39,348 34,980

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
131,378 Ordinary share £1.00 131,378 131,378

11. Reserves
Retained Undistributable
earnings reserves Totals
£    £    £   

At 1 April 2022 2,432,348 1,035,668 3,468,016
Profit for the year 44,804 44,804
Reclassification from
revaluation reserve to profit
and loss account (216,293 ) 216,293 -
At 31 March 2023 2,260,859 1,251,961 3,512,820

12. Directors' advances, credits and guarantees

During the year £24,464 (2022 - £23,858) was advanced and £19,617 was repaid (2022 - £11,710). The balance owing to the company from the director is £323,842 (2022 - £308,996).

The above figures are aggregated. No interest was charged to the loan.

Henry Hargrave & Company Limited (Registered number: 01123148)

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


13. Related party disclosures

Included within debtors are loan amounts due from companies which they have participating interests amounting to £211,648 (2022 - £220,648).