Company registration number 08400414 (England and Wales)
HARD 8 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HARD 8 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
HARD 8 LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,727,903
2,052,392
Investment property
4
9,853,419
9,853,419
11,581,322
11,905,811
Current assets
Debtors
5
4,678,253
4,383,283
Cash at bank and in hand
1,051,551
337,375
5,729,804
4,720,658
Creditors: amounts falling due within one year
6
(577,123)
(636,948)
Net current assets
5,152,681
4,083,710
Total assets less current liabilities
16,734,003
15,989,521
Creditors: amounts falling due after more than one year
7
(15,463,671)
(14,877,198)
Net assets
1,270,332
1,112,323
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
1,270,232
1,112,223
Total equity
1,270,332
1,112,323
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HARD 8 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 March 2024 and are signed on its behalf by:
N J Harris
Director
Company registration number 08400414
HARD 8 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
100
900,905
901,005
Year ended 31 December 2022:
Profit and total comprehensive income
-
331,318
331,318
Dividends
-
(120,000)
(120,000)
Balance at 31 December 2022
100
1,112,223
1,112,323
Year ended 31 December 2023:
Profit and total comprehensive income
-
278,009
278,009
Dividends
-
(120,000)
(120,000)
Balance at 31 December 2023
100
1,270,232
1,270,332
HARD 8 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Hard 8 Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Shed, Charbridge Lane, Bicester, OX26 4SS.
1.1
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 amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover represents amounts receivable for consultancy services and the sale of stock net of VAT. Other operating income represents rent receivable.
1.3
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
0-100% RB / SL
Fixtures, fittings & equipment
20-100% RB / SL
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.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
HARD 8 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
7
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2023
2,934,519
352,601
3,287,120
Additions
988
988
Disposals
(24,053)
(24,053)
At 31 December 2023
2,910,466
353,589
3,264,055
Depreciation and impairment
At 1 January 2023
884,190
350,538
1,234,728
Depreciation charged in the year
303,577
1,688
305,265
Eliminated in respect of disposals
(3,841)
(3,841)
At 31 December 2023
1,183,926
352,226
1,536,152
Carrying amount
At 31 December 2023
1,726,540
1,363
1,727,903
At 31 December 2022
2,050,329
2,063
2,052,392
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
9,853,419
HARD 8 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Investment property
(Continued)
- 6 -
Investment property brought forward comprises The Muddy Duck Staff House, Hethe, The Muddy Duck Pub, The Shed, Bicester and Eagles, Deddington.
The fair value of the The Muddy Duck Staff House, Hethe and The Muddy Duck Pub have been arrived at on the basis of a valuation carried out in April 2015 by Lambert Smith Hampton, who are not connected with the company. The valuations of £365,000 and £2,250,000 were made on an open market value basis by reference to market evidence of transaction prices for similar properties. The valuation for The Muddy Duck Pub included fixtures and fittings and plant and machinery which are not shown in the investment property value above because they are included in tangible assets.
In November 2016 Hard 8 Limited purchased The Shed, Bicester. The purchase was made on an open market basis. During the year improvements have been made to the property. The directors consider the cost to reflect the fair value at the year end.
In December 2017 Hard 8 purchased Eagles, Market Place, Deddington. The purchase was made on an open market basis. The directors consider the cost to reflect the fair value at the year end.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,440
Other debtors
4,647,682
4,294,624
Prepayments and accrued income
30,571
81,219
4,678,253
4,383,283
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
270,000
Trade creditors
21,544
19,853
Taxation and social security
215,331
175,760
Other creditors
340,248
171,335
577,123
636,948
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
8
4,986,000
6,030,000
Other creditors
10,477,671
8,847,198
15,463,671
14,877,198
HARD 8 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
Included in creditors due after more than one year is the directors loan balance due to N J Harris at 31 December 2023 of £10,477,671 (2022: £8,847,198).
8
Loans and overdrafts
2023
2022
£
£
Bank loans
4,986,000
6,300,000
Payable within one year
270,000
Payable after one year
4,986,000
6,030,000
The long-term bank loans are secured by fixed charges registered by Coutts & Company over 28 Hardwick Road, Unit 2 Bicester Park, Eagles Market Place Deddington and The Muddy Duck Hethe. There is also a cross guarantee placed on the assets of Absolute Taste Limited and The Menu Partners Limited by Coutts & Company . Coutts & Company also have a fixed and floating charge over all the property or undertaking of the company. This charge contains a negative pledge.
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
50 Ordinary A shares of £1 each
50
50
50 Ordinary B shares of £1 each
50
50
100
100
HARD 8 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
10
Related party transactions
Transactions with related parties
Other information
During the year ended 31 December 2023, the company made sales totalling £638,696 (2022: £340,608) to companies under common control and received rental income totalling £1,147,778 (2022: £1,259,667).
During the year ended 31 December 2023, the company waived a loan balance owed by a company under common control totalling £Nil (2022: £121,812).
As at 31 December 2023, the company was owed by companies under common control £4,647,681 (2022: £4,294,624).
As at 31 December 2023, the company owed the companies under common control £187,800 (2022: £NIL).
As at 31 December 2023, the company owed directors £10,507,671 (2022: £8,927,198). £30,000 is included within creditors due within one year and £10,477,671 is included within creditors due after more than one year (2022: £80,000 within creditors due within one year and £8,847,198 due after more than one year). No interest has been charged on this loan.
11
Ultimate controlling party
The company was under the control of it's directors who own 100% of the share capital.