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Registration number: 04648552

Harkers (Dry Liners & Plasterers) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Harkers (Dry Liners & Plasterers) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Harkers (Dry Liners & Plasterers) Limited

(Registration number: 04648552)
Balance Sheet as at 31 March 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

33,002

 

56,156

Current assets

   

 

Stocks

97,274

 

110,813

 

Debtors

5

1,320,216

 

1,151,146

 

Cash at bank and in hand

 

677,342

 

840,531

 

 

2,094,832

 

2,102,490

 

Creditors: Amounts falling due within one year

6

(516,228)

 

(642,338)

 

Net current assets

   

1,578,604

 

1,460,152

Total assets less current liabilities

   

1,611,606

 

1,516,308

Provisions for liabilities

 

(2,922)

 

(2,521)

Net assets

   

1,608,684

 

1,513,787

Capital and reserves

   

 

Called up share capital

7

101

 

101

 

Profit and loss account

1,608,583

 

1,513,686

 

Total equity

   

1,608,684

 

1,513,787

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 November 2023 and signed on its behalf by:
 

.........................................
T J Harker
Director

.........................................
N P Harker
Director

 
     
 

Harkers (Dry Liners & Plasterers) Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit E3
Lotherton Business Park
Lotherton Way
Leeds
LS25 2HP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Harkers (Dry Liners & Plasterers) Limited

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line basis

Plant and machinery

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Harkers (Dry Liners & Plasterers) Limited

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

Financial instruments


Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest for a similar debt instrument.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 6 (2022 - 6).

 

Harkers (Dry Liners & Plasterers) Limited

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

4

Tangible assets

Land and buildings
£

Plant and machinery
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

28,430

104,654

87,261

220,345

Additions

-

8,864

-

8,864

Disposals

(28,430)

-

-

(28,430)

At 31 March 2023

-

113,518

87,261

200,779

Depreciation

At 1 April 2022

5,121

97,922

61,146

164,189

Charge for the year

568

2,180

6,529

9,277

Eliminated on disposal

(5,689)

-

-

(5,689)

At 31 March 2023

-

100,102

67,675

167,777

Carrying amount

At 31 March 2023

-

13,416

19,586

33,002

At 31 March 2022

23,309

6,732

26,115

56,156

Included within the net book value of land and buildings above is £Nil (2022 - £23,309) in respect of freehold land and buildings.
 

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

1,026,834

1,023,239

Prepayments

 

21,385

20,943

Other debtors

9

271,997

106,964

   

1,320,216

1,151,146

 

Harkers (Dry Liners & Plasterers) Limited

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

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

297,370

254,038

Taxation and social security

 

111,071

185,347

Accruals and deferred income

 

102,057

81,593

Other creditors

9

5,730

121,360

 

516,228

642,338

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

'A' Ordinary shares of £1 each

100

100

100

100

'B' Ordinary shares of £1 each

1

1

1

1

 

101

101

101

101

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £45,730 (2022 - £9,046). The commitments relate to operating leases.

9

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Directors loan account

-

207,578

(75,000)

132,578

         
       

 

There is interest charged at 2% on the loan balance and the loan is repayable on demand.

Expenditure with and payables to related parties

2022

Key management
£

Amounts payable to related party

115,230