Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-282022-03-01falseSpecialised design activities2921truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09117907 2022-03-01 2023-02-28 09117907 2021-03-01 2022-02-28 09117907 2023-02-28 09117907 2022-02-28 09117907 2021-03-01 09117907 c:Director1 2022-03-01 2023-02-28 09117907 d:MotorVehicles 2022-03-01 2023-02-28 09117907 d:MotorVehicles 2023-02-28 09117907 d:MotorVehicles 2022-02-28 09117907 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 09117907 d:FurnitureFittings 2022-03-01 2023-02-28 09117907 d:FurnitureFittings 2023-02-28 09117907 d:FurnitureFittings 2022-02-28 09117907 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 09117907 d:ComputerEquipment 2022-03-01 2023-02-28 09117907 d:ComputerEquipment 2023-02-28 09117907 d:ComputerEquipment 2022-02-28 09117907 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 09117907 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 09117907 d:CurrentFinancialInstruments 2023-02-28 09117907 d:CurrentFinancialInstruments 2022-02-28 09117907 d:Non-currentFinancialInstruments 2023-02-28 09117907 d:Non-currentFinancialInstruments 2022-02-28 09117907 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 09117907 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 09117907 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 09117907 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 09117907 d:ShareCapital 2023-02-28 09117907 d:ShareCapital 2022-02-28 09117907 d:RetainedEarningsAccumulatedLosses 2023-02-28 09117907 d:RetainedEarningsAccumulatedLosses 2022-02-28 09117907 c:FRS102 2022-03-01 2023-02-28 09117907 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 09117907 c:FullAccounts 2022-03-01 2023-02-28 09117907 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 09117907 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 09117907 d:AcceleratedTaxDepreciationDeferredTax 2022-02-28 09117907 2 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 09117907









HARRISON INTELLECTUAL PROPERTY LIMITED








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
HARRISON INTELLECTUAL PROPERTY LIMITED
REGISTERED NUMBER: 09117907

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
34,653
42,853

  
34,653
42,853

Current assets
  

Debtors: amounts falling due within one year
 5 
1,072,087
1,082,812

Cash at bank and in hand
  
273,451
331,152

  
1,345,538
1,413,964

Creditors: amounts falling due within one year
 6 
(1,071,255)
(1,050,672)

Net current assets
  
 
 
274,283
 
 
363,292

Total assets less current liabilities
  
308,936
406,145

Creditors: amounts falling due after more than one year
 7 
(154,367)
(260,392)

Provisions for liabilities
  

Deferred tax
 8 
(5,480)
(4,752)

  
 
 
(5,480)
 
 
(4,752)

Net assets
  
149,089
141,001


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
148,989
140,901

  
149,089
141,001


Page 1

 
HARRISON INTELLECTUAL PROPERTY LIMITED
REGISTERED NUMBER: 09117907
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 November 2023.




Philip Harrison
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
HARRISON INTELLECTUAL PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

The company is registered in England and Wales. The company's registered office is 15 Coleshill Street, Sutton Coldfield, West Midlands, B72 1SD. The principal activity of the company continues to be that of design consultants.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
HARRISON INTELLECTUAL PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. 
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
HARRISON INTELLECTUAL PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% straight line
Computer equipment
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
HARRISON INTELLECTUAL PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 29 (2022 - 21).

Page 6

 
HARRISON INTELLECTUAL PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 March 2022
32,818
46,745
68,250
147,813


Additions
-
-
13,629
13,629


Disposals
(32,818)
-
-
(32,818)



At 28 February 2023

-
46,745
81,879
128,624



Depreciation


At 1 March 2022
24,249
41,631
39,083
104,963


Charge for the year on owned assets
-
1,925
11,332
13,257


Disposals
(24,249)
-
-
(24,249)



At 28 February 2023

-
43,556
50,415
93,971



Net book value



At 28 February 2023
-
3,189
31,464
34,653



At 28 February 2022
8,570
5,115
29,168
42,853


5.


Debtors

2023
2022
£
£


Trade debtors
604,464
551,774

Amounts owed by group undertakings
419,278
499,339

Other debtors
13,114
5,588

Prepayments and accrued income
35,231
26,111

1,072,087
1,082,812


Page 7

 
HARRISON INTELLECTUAL PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
75,725
95,626

Trade creditors
87,652
98,129

Corporation tax
17,263
29,852

Other taxation and social security
125,655
131,912

Obligations under finance lease and hire purchase contracts
-
13,159

Other creditors
743,630
651,917

Accruals and deferred income
21,330
30,077

1,071,255
1,050,672



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
154,367
260,392

154,367
260,392


The above bank loans are secured by a fixed and Floating charge dated 14 June 2019 in favour of National Westminster and covers all assets of the company.
Hire purchase liabilities are secured on the assets to which they relate.
Additional information relating to secured debts is given in the related party note.

Page 8

 
HARRISON INTELLECTUAL PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

8.


Deferred taxation




2023
2022


£

£






At beginning of year
4,752
3,589


Charged to profit or loss
728
1,163



At end of year
5,480
4,752

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
5,480
4,752

5,480
4,752


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,000 (2022 - 10,000) ordinary shares of £0.01 each
100
100



10.Directors' personal guarantees

The Natwest Loan account included at notes 6 and 7 is secured by a personal guarantee by a Director and Shareholder of the company.


11.


Related party transactions

On 30 September 2014 a Fixed and floating charge was registered over the assets of the company in favour of Harrison Design Company Limited, a company in which the directors have a beneficial interest. 


12.


Controlling party

The parent company is Harrison Design Group Limited, a company registered in England and Wales.

 
Page 9