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COMPANY REGISTRATION NUMBER: 05112291
Harkin (Holdings) Ltd
Filleted Unaudited Financial Statements
31 March 2020
Harkin (Holdings) Ltd
Financial Statements
Year ended 31 March 2020
Contents
Page
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3
Harkin (Holdings) Ltd
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Harkin (Holdings) Ltd
Year ended 31 March 2020
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2020, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
VAGHELA & CO. (SERVICES) LTD. Chartered Certified Accountants
P.O. Box 10901 Birmingham B1 1ZQ
2 January 2024
Harkin (Holdings) Ltd
Statement of Financial Position
31 March 2020
2020
2019
Note
£
£
£
£
Fixed assets
Tangible assets
6
3,712
Current assets
Debtors
7
125,335
183,768
Cash at bank and in hand
50,897
198,040
---------
---------
176,232
381,808
Creditors: amounts falling due within one year
8
246,406
260,053
---------
---------
Net current (liabilities)/assets
( 70,174)
121,755
--------
---------
Total assets less current liabilities
( 70,174)
125,467
--------
---------
Net (liabilities)/assets
( 70,174)
125,467
--------
---------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
( 70,274)
125,367
--------
---------
Shareholders (deficit)/funds
( 70,174)
125,467
--------
---------
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 31 March 2020 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 .
These financial statements were approved by the board of directors and authorised for issue on 2 January 2024 , and are signed on behalf of the board by:
Mr P.A. Harkin
Director
Company registration number: 05112291
Harkin (Holdings) Ltd
Notes to the Financial Statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 42 Fulford Hall Road, Tidbury Green, Solihull, West Midlands, B90 1QX.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date except that deferred tax assets are recognised only to the extent that the directors anticipate that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax balances are not discounted.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Motor Vehicles
-
25% reducing balance
Office Equipment
-
15% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).
5. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2020
2019
£
£
Dividends on equity shares
120,000
12,000
---------
--------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2019
10,078
10,078
Disposals
( 10,078)
( 10,078)
--------
--------
At 31 March 2020
--------
--------
Depreciation
At 1 April 2019
6,366
6,366
Charge for the year
557
557
Disposals
( 6,923)
( 6,923)
--------
--------
At 31 March 2020
--------
--------
Carrying amount
At 31 March 2020
--------
--------
At 31 March 2019
3,712
3,712
--------
--------
7. Debtors
2020
2019
£
£
Trade debtors
27,841
Amounts owed by group undertakings and undertakings in which the company has a participating interest
30,592
Other debtors
125,335
125,335
---------
---------
125,335
183,768
---------
---------
8. Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
3,601
3,600
Corporation tax
19,229
Social security and other taxes
33,657
30,089
Other creditors
209,148
207,135
---------
---------
246,406
260,053
---------
---------
9. Called up share capital
Authorised share capital
2020
2019
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
Issued, called up and fully paid
2020
2019
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Directors' advances, credits and guarantees
At 31st March 2020, other creditors include the following amounts due to the director:- Mrs K. Harkin £1,148 (2019 - £135) The loans are interest free and repayable on demand
11. Related party transactions
Included within debtors was an amount of £30,592 (£30,592 - 2019), due from Harkin Construction Limited, an associated company. The loan has been written off as unrecoverable. Mrs K. Harkin, director of the company, was also a director/shareholder of Harkin Construction Limited. The director, Mrs K. Harkin, received dividends amounting to £120,000 for the year under review.