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REGISTERED NUMBER: 09260112 (England and Wales)










Harlequin Workshops Limited

Financial Statements

for the Year Ended 31 December 2022






Harlequin Workshops Limited (Registered number: 09260112)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Harlequin Workshops Limited

Company Information
for the Year Ended 31 December 2022







DIRECTORS: D J Wallis
A P Brown
A L Pugh





SECRETARY: S R Wallis





REGISTERED OFFICE: Unit 2 Eastman Way
Pin Green Industrial Area
Stevenage
Hertfordshire
SG1 4SZ





REGISTERED NUMBER: 09260112 (England and Wales)





AUDITORS: SKS Audit LLP
3 Sheen Road
Richmond Upon Thames
TW9 1AD

Harlequin Workshops Limited (Registered number: 09260112)

Balance Sheet
31 December 2022

2022 2021
Notes £    £   
FIXED ASSETS
Tangible assets 3 51,106 57,387

CURRENT ASSETS
Stocks 44,849 8,013
Debtors: amounts falling due within one
year

4

1,330,958

1,120,588
Cash at bank 17,541 50,324
1,393,348 1,178,925
CREDITORS
Amounts falling due within one year 5 (1,352,381 ) (1,173,483 )
NET CURRENT ASSETS 40,967 5,442
TOTAL ASSETS LESS CURRENT
LIABILITIES

92,073

62,829

DEFERRED TAXATION 6 (10,364 ) (8,667 )
NET ASSETS 81,709 54,162

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 81,609 54,062
SHAREHOLDERS' FUNDS 81,709 54,162

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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 February 2024 and were signed on its behalf by:




D J Wallis - Director



A P Brown - Director


Harlequin Workshops Limited (Registered number: 09260112)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. ACCOUNTING POLICIES

COMPANY INFORMATION
Harlequin Workshops Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Eastman Way, Pin Green Industrial Area, Stevenage, Hertfordshire, SG1 4SZ.

ACCOUNTING CONVENTION
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest pound.

The financial statements of the company are consolidated in the financial statements of Harlequin Design (London) Limited. These consolidated financial statements may be obtained from Companies House, Crown Way, Cardiff.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

GOING CONCERN
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The company also has the support of the wider group, which consists of the principal creditor of the company.

TURNOVER
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.

TANGIBLE FIXED ASSETS
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery 25% reducing balance
Fixtures & fittings 25% reducing balance
Computer equipment 33% reducing balance


Harlequin Workshops Limited (Registered number: 09260112)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Harlequin Workshops Limited (Registered number: 09260112)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

1. ACCOUNTING POLICIES - continued

IMPAIRMENT OF FIXED ASSETS
At each reporting period end date, the company reviews the carrying amounts of its tangible assets and any impairment loss is recognised immediately in profit or loss.

STOCKS
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

FINANCIAL INSTRUMENTS
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset , with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

TRADE AND OTHER DEBTORS
Trade and other debtors are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

TRADE AND OTHER CREDITORS
Trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

TAXATION
The tax expense represents the sum of the tax currently payable and deferred tax.

CURRENT TAX
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DEFERRED TAX
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

EMPLOYEE BENEFITS
The costs of short-term employee benefits are recognised as a liability and an expense.


Harlequin Workshops Limited (Registered number: 09260112)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

1. ACCOUNTING POLICIES - continued
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

RETIREMENT BENEFITS
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

LEASES
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

GOVERNMENT GRANTS
Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

FOREIGN EXCHANGE
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2021 - 19 ) .

Harlequin Workshops Limited (Registered number: 09260112)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

3. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2022 109,307 8,514 25,834 143,655
Additions 9,642 - - 9,642
At 31 December 2022 118,949 8,514 25,834 153,297
DEPRECIATION
At 1 January 2022 69,055 4,683 12,530 86,268
Charge for year 10,766 766 4,391 15,923
At 31 December 2022 79,821 5,449 16,921 102,191
NET BOOK VALUE
At 31 December 2022 39,128 3,065 8,913 51,106
At 31 December 2021 40,252 3,831 13,304 57,387

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 285 285
Amounts owed by group undertakings 824,798 841,357
Other debtors 600 600
CT recoverable 2,625 -
VAT 502,650 247,894
Prepayments - 30,452
1,330,958 1,120,588

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 194,904 278,214
Amounts owed to group undertakings 1,043,448 801,622
Taxation and social security 44,865 22,389
Other creditors 69,164 71,258
1,352,381 1,173,483

6. DEFERRED TAXATION
2022 2021
£    £   
Deferred tax 10,364 8,667

Harlequin Workshops Limited (Registered number: 09260112)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

6. DEFERRED TAXATION - continued

Deferred
tax
£   
Balance at 1 January 2022 8,667
Utilised during year 1,697
Balance at 31 December 2022 10,364

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary share of £1 each 1 100 100

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Craggs (Senior Statutory Auditor)
for and on behalf of SKS Audit LLP

9. OPERATING LEASE COMMITMENTS

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022 2021
£ £

25,352 21,632

10. RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemption available under FRS 102 chapter 33 not to disclose transactions or balances with its parent company and wholly owned fellow subsidiaries.

11. CONTROLLING PARTY

The immediate and ultimate parent company and controlling party is Harlequin Design (London) Limited, a company registered in England and Wales with its registered office at Unit 2 Eastman Way, Pin Green Industrial Area, Stevenage, Hertfordshire, SG1 4SZ.