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REGISTRAR OF COMPANIES

Registration number: 05738811

K W & B L Harrison Limited

Unaudited Financial Statements

28 February 2023

image-name

 

K W & B L Harrison Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
K W & B L Harrison Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of K W & B L Harrison Limited for the year ended 28 February 2023 as set out on pages 2 to 11 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 at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of K W & B L Harrison Limited, as a body, in accordance with the terms of our engagement letter dated 27 October 2022. Our work has been undertaken solely to prepare for your approval the accounts of K W & B L Harrison Limited and state those matters that we have agreed to state to the Board of Directors of K W & B L Harrison Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than K W & B L Harrison Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that K W & B L Harrison Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of K W & B L Harrison Limited. You consider that K W & B L Harrison 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 accounts of K W & B L Harrison 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 accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

29 September 2023

 

K W & B L Harrison Limited

(Registration number: 05738811)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

836,128

755,731

Other financial assets

6

106,138

94,608

 

942,266

850,339

Current assets

 

Stocks

681,707

551,877

Debtors

7

306,643

179,579

Cash at bank and in hand

 

752,978

533,894

 

1,741,328

1,265,350

Creditors: Amounts falling due within one year

8

(583,667)

(384,406)

Net current assets

 

1,157,661

880,944

Total assets less current liabilities

 

2,099,927

1,731,283

Creditors: Amounts falling due after more than one year

8

(194)

(228)

Provisions for liabilities

(200,946)

(182,233)

Net assets

 

1,898,787

1,548,822

Capital and reserves

 

Allotted, called up and fully paid share capital

300

300

Profit and loss account

1,898,487

1,548,522

Total equity

 

1,898,787

1,548,822

 

K W & B L Harrison Limited

(Registration number: 05738811)
Balance Sheet as at 28 February 2023 (continued)

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 29 September 2023
 

.........................................

J Harrison

Director

 

K W & B L Harrison Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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:
Baggrow Farm
Baggrow
ASPATRIA
CA7 3QF

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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

 

K W & B L Harrison Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

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 income 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.

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

Land and buildings

10% reducing balance

Plant and equipment

15% reducing balance and 3 years straight line

Motor vehicles

25% reducing balance

Land and buildings include short leasehold property which relates to tenants improvements on land leased by the company from the shareholders. As the long term intention is for the farming operation to continue, it is deemed a true and fair view to depreciate the assets at 10% reducing balance over their useful economic life, and not the duration of the lease.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

K W & B L Harrison Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Herd stock is included in the balance sheet at the original cost of the herd adjusted annually for additions to, or disposals from the herd.

Additions to the herd are included at cost except where there is a reinstatement of disposals to the herd from the prior year. In this case they are reinstated at the prior year disposal value.

Disposals to the herd are disposed of at an average cost except where there have been additions to the herd in the prior year. In this case they are disposed of on a last in first out basis.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

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.

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

 

K W & B L Harrison Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 3).

 

K W & B L Harrison Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

4

Intangible assets

Basic payment scheme
 £

Total
£

Cost or valuation

At 1 March 2022

111,227

111,227

At 28 February 2023

111,227

111,227

Amortisation

At 1 March 2022

111,227

111,227

At 28 February 2023

111,227

111,227

Carrying amount

At 28 February 2023

-

-

At 28 February 2022

-

-

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

113,501

1,370,805

15,000

1,499,306

Additions

-

211,977

4,500

216,477

Disposals

-

(31,070)

-

(31,070)

At 28 February 2023

113,501

1,551,712

19,500

1,684,713

Depreciation

At 1 March 2022

77,317

654,817

11,441

743,575

Charge for the year

3,840

122,819

1,171

127,830

Eliminated on disposal

-

(22,820)

-

(22,820)

At 28 February 2023

81,157

754,816

12,612

848,585

Carrying amount

At 28 February 2023

32,344

796,896

6,888

836,128

At 28 February 2022

36,184

715,988

3,559

755,731

 

K W & B L Harrison Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

6

Other financial assets (current and non-current)

2023
£

2022
£

Non-current financial assets

Financial assets at fair value through profit and loss

2,623

2,623

Financial assets at cost less impairment

103,515

91,985

106,138

94,608

Financial assets at fair value through profit and loss
£

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 March 2022

2,623

91,985

94,608

Additions

-

11,530

11,530

At 28 February 2023

2,623

103,515

106,138

Carrying amount

At 28 February 2023

2,623

103,515

106,138

At 28 February 2022

2,623

91,985

94,608

7

Debtors

2023
£

2022
£

Trade debtors

116,142

96,578

Other debtors

190,501

83,001

306,643

179,579

 

K W & B L Harrison Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

213,152

75,460

Trade creditors

 

133,161

100,688

Taxation and social security

 

-

1,152

Corporation tax liability

 

92,883

66,180

Other creditors

 

144,471

140,926

 

583,667

384,406

Due after one year

 

Other creditors

 

194

228

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

4,680

Other borrowings

213,152

70,780

213,152

75,460

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

-

4,680

Bank borrowings are secured by fixed and floating charges over the company's assets.
 

 

K W & B L Harrison Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

10

Related party transactions

Transactions with the director

2023

At 1 March 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 28 February 2023
£

K W Harrison

Directors loan

54,654

188,739

(105,662)

-

-

1,713

139,444

               
         

 

2022

At 1 March 2021
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 28 February 2022
£

K W Harrison

Directors loan

108,459

156,616

(212,483)

-

-

2,062

54,654

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2% on advances to directors.

11

Financial instruments

Financial assets measured at fair value

First Milk Shares
The method for determining fair value is based on historic trading prices and the financial performance of First Milk.

The fair value is £2,623 (2022 - £2,623) and the change in value included in profit or loss is £Nil (2022 - £605).