Registered number
07273933
Williams Harfield Sports Limited
Unaudited Filleted Accounts
30 June 2023
Williams Harfield Sports Limited
Registered number: 07273933
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 199,977 65,204
Investments 4 250,000 -
449,977 65,204
Current assets
Debtors 5 1,419,071 1,473,158
Cash at bank and in hand 909,635 1,332,483
2,328,706 2,805,641
Creditors: amounts falling due within one year 6 (422,865) (994,238)
Net current assets 1,905,841 1,811,403
Total assets less current liabilities 2,355,818 1,876,607
Creditors: amounts falling due after more than one year 7 (39,459) (49,614)
Provisions for liabilities (3,250) (1,500)
Net assets 2,313,109 1,825,493
Capital and reserves
Called up share capital 4 4
Profit and loss account 2,313,105 1,825,489
Shareholders' funds 2,313,109 1,825,493
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C W Harfield
Director
Approved by the board on 4 March 2024
Williams Harfield Sports Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment 25% reducing balance
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the straight line method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Land and buildings Offiice equipment Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 - 20,794 70,000 90,794
Additions 140,000 12,978 (13,125) 139,853
Disposals - (1,611) - (1,611)
At 30 June 2023 140,000 32,161 56,875 229,036
Depreciation
At 1 July 2022 - 8,090 17,500 25,590
Charge for the year - 4,400 - 4,400
On disposals - (931) - (931)
At 30 June 2023 - 11,559 17,500 29,059
Net book value
At 30 June 2023 140,000 20,602 39,375 199,977
At 30 June 2022 - 12,704 52,500 65,204
4 Investments
Other
investments
£
Cost
Additions 250,000
At 30 June 2023 250,000
5 Debtors 2023 2022
£ £
Trade debtors 475,347 526,931
Amounts owed by group undertakings and undertakings in which the company has a participating interest 909,000 909,000
Other debtors 34,724 37,227
1,419,071 1,473,158
6 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 10,155 10,155
Trade creditors 40,103 34,872
Taxation and social security costs 227,456 260,571
Other creditors 145,151 688,640
422,865 994,238
7 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 39,459 49,614
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 18,959 41,710
9 Other information
Williams Harfield Sports Limited is a private company limited by shares and incorporated in England. Its registered office is:
11 Kingfisher Business Park
Arthur Street
Redditch
Worcestershire
B98 8LG
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