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COMPANY REGISTRATION NUMBER: 07529729
Harvey Richards & West Sales Limited
Filleted Unaudited Financial Statements
28 February 2023
Harvey Richards & West Sales Limited
Financial Statements
Year ended 28 February 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Harvey Richards & West Sales Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
17,398
21,878
Current assets
Debtors
7
47,359
123,561
Cash at bank and in hand
5,677
100
--------
---------
53,036
123,661
Creditors: amounts falling due within one year
8
30,671
92,819
--------
---------
Net current assets
22,365
30,842
--------
--------
Total assets less current liabilities
39,763
52,720
Creditors: amounts falling due after more than one year
9
10,694
13,439
--------
--------
Net assets
29,069
39,281
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
28,969
39,181
--------
--------
Shareholders funds
29,069
39,281
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Harvey Richards & West Sales Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 29 November 2023 , and are signed on behalf of the board by:
Mr R Patterson
Director
Company registration number: 07529729
Harvey Richards & West Sales Limited
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Goodwill
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
5 years straight line
Motor Vehicles
-
20% reducing balance
Equipment
-
5 years straight line
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.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Intangible assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
103,000
---------
Amortisation
At 1 March 2022 and 28 February 2023
103,000
---------
Carrying amount
At 28 February 2023
---------
At 28 February 2022
---------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 March 2022 and 28 February 2023
2,203
34,158
7,633
43,994
-------
--------
-------
--------
Depreciation
At 1 March 2022
1,742
13,390
6,984
22,116
Charge for the year
110
4,154
216
4,480
-------
--------
-------
--------
At 28 February 2023
1,852
17,544
7,200
26,596
-------
--------
-------
--------
Carrying amount
At 28 February 2023
351
16,614
433
17,398
-------
--------
-------
--------
At 28 February 2022
461
20,768
649
21,878
-------
--------
-------
--------
7. Debtors
2023
2022
£
£
Trade debtors
( 125)
1,444
Other debtors
47,484
122,117
--------
---------
47,359
123,561
--------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
42
25,037
Trade creditors
2,921
15,362
Corporation tax
7,746
33,170
Social security and other taxes
9,064
9,749
Other creditors
10,898
9,501
--------
--------
30,671
92,819
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
10,694
13,439
--------
--------
10. Directors' advances, credits and guarantees
At the year end the Directors owed the company £29,085 (2022: £103,437). During the year aggregate advances of £56,693 were made to the Directors and aggregate repayments of £131,600 were made by the Directors. Interest of £555 was charged on the outstanding balance.