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REGISTERED NUMBER: 03160087 (England and Wales)
















HARLEY REED (UK) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022






HARLEY REED (UK) LIMITED (REGISTERED NUMBER: 03160087)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


HARLEY REED (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTORS: T.N. Tagoe
W. Tagoe





REGISTERED OFFICE: 21 Lodge Lane
Grays
Essex
RM17 5RY





REGISTERED NUMBER: 03160087 (England and Wales)





ACCOUNTANTS: CR Bland Baker Limited
Chartered Accountants
21 Lodge Lane
Grays
Essex
RM17 5RY

HARLEY REED (UK) LIMITED (REGISTERED NUMBER: 03160087)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,144 783
1,144 783

CURRENT ASSETS
Stocks - 750
Debtors 6 460,952 487,172
Cash at bank 3,232 548
464,184 488,470
CREDITORS
Amounts falling due within one year 7 568,731 534,420
NET CURRENT LIABILITIES (104,547 ) (45,950 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(103,403

)

(45,167

)

CREDITORS
Amounts falling due after more than one
year

8

19,518

19,633
NET LIABILITIES (122,921 ) (64,800 )

CAPITAL AND RESERVES
Called up share capital 26,100 26,100
Share premium 234,000 234,000
Retained earnings (383,021 ) (324,900 )
SHAREHOLDERS' FUNDS (122,921 ) (64,800 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

HARLEY REED (UK) LIMITED (REGISTERED NUMBER: 03160087)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2022


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 Board of Directors and authorised for issue on 22 November 2023 and were signed on its behalf by:





W. Tagoe - Director


HARLEY REED (UK) LIMITED (REGISTERED NUMBER: 03160087)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1. STATUTORY INFORMATION

Harley Reed (UK) 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

The company's financial statements have been prepared on a going concern basis which assumes the continued support of the company's directors and also the support of the company's parent, Harley Reed International Limited, and the support of an associated company, Quest Haven Limited, to enable the company to meet its liabilities as they fall due. Additionally it also assumes the recoverability of the amounts owed by Harley Reed International Limited and its overseas subsidiaries.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, was amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on reducing balance

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


HARLEY REED (UK) LIMITED (REGISTERED NUMBER: 03160087)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2022
and 31 December 2022 59,900
AMORTISATION
At 1 January 2022
and 31 December 2022 59,900
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 -

HARLEY REED (UK) LIMITED (REGISTERED NUMBER: 03160087)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2022 2,388
Additions 924
At 31 December 2022 3,312
DEPRECIATION
At 1 January 2022 1,605
Charge for year 563
At 31 December 2022 2,168
NET BOOK VALUE
At 31 December 2022 1,144
At 31 December 2021 783

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 5,133 4,310
Other debtors 455,819 482,862
460,952 487,172

Other debtors include amounts due from the company's parent, Harley Reed International Limited together with some if its subsidiary companies totalling £455,640 (see related party disclosures note 11).

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 5,000 4,949
Trade creditors 6,963 3,075
Taxation and social security 54,450 30,694
Other creditors 502,318 495,702
568,731 534,420

HARLEY REED (UK) LIMITED (REGISTERED NUMBER: 03160087)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2022 2021
£    £   
Bank loans 19,518 19,633

9. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 24,518 24,582

The bounceback loan is secured by way of a government scheme.

10. RELATED PARTY DISCLOSURES

Transactions with related parties
T.N. Tagoe has given a personal guarantee as security against any bank borrowings.

Balances with related parties
At 31 December 2022 the company had the following balances with related parties:
2022 2021
£ £
Other debtors:
Harley Reed International Limited (parent company) 442,651 469,525
Harley Reed (Ghana) Limited 3,500 3,500
Harley Reed (Nigeria) Limited 9,489 9,489
455,640 482,515
The parent company, Harley Reed International Limited, is an insolvent company.

Other creditors:
Associated company: Quest Haven Limited (404,187 ) (397,387 )

Directors: T.N. Tagoe and W. Tagoe (85,280 ) (82,743 )

The balances above are unsecured, interest free and repayable on demand.