REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2023 |
for |
Harwood Asset Management Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2023 |
for |
Harwood Asset Management Limited |
Harwood Asset Management Limited (Registered number: 11522550) |
Contents of the Financial Statements |
for the Year Ended 31 August 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Harwood Asset Management Limited |
Company Information |
for the Year Ended 31 August 2023 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Queens Head House |
The Street |
Acle |
Norwich |
Norfolk |
NR13 3DY |
Harwood Asset Management Limited (Registered number: 11522550) |
Balance Sheet |
31 August 2023 |
2023 | 2022 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
Current assets |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) |
Provisions for liabilities | ( |
) |
Net (liabilities)/assets | ( |
) |
Capital and reserves |
Called up share capital |
Fair value reserve | 9 | ( |
) |
Retained earnings |
( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Harwood Asset Management Limited (Registered number: 11522550) |
Balance Sheet - continued |
31 August 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Harwood Asset Management Limited (Registered number: 11522550) |
Notes to the Financial Statements |
for the Year Ended 31 August 2023 |
1. | Statutory information |
Harwood Asset Management Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
The company meets its day to day working capital requirements through the support of its directors. On the basis of the anticipated cashflows the directors consider that the company will continue to trade successfully for the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. |
Tangible fixed assets |
Tangible fixed 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 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: |
Plant and machinery etc - 25% on reducing balance |
Freehold property is not depreciated. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Harwood Asset Management Limited (Registered number: 11522550) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
2. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Investments in shares are included at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
3. | Employees and directors |
The average number of employees during the year was NIL (2022 - NIL). |
4. | Tangible fixed assets |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 September 2022 |
and 31 August 2023 |
Depreciation |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
Net book value |
At 31 August 2023 |
At 31 August 2022 |
Harwood Asset Management Limited (Registered number: 11522550) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
5. | Fixed asset investments |
Other |
investments |
£ |
Cost or valuation |
Additions |
Disposals | ( |
) |
Revaluations | ( |
) |
At 31 August 2023 |
Net book value |
At 31 August 2023 |
Cost or valuation at 31 August 2023 is represented by: |
Other |
investments |
£ |
Valuation in 2023 | (2,369 | ) |
Cost | 198,970 |
196,601 |
If fixed asset investments had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 198,970 | - |
Fixed asset investments were valued on an open market basis on 31 August 2023 by the directors . |
6. | Investment property |
Total |
£ |
Fair value |
At 1 September 2022 |
Additions |
Revaluations | ( |
) |
At 31 August 2023 |
Net book value |
At 31 August 2023 |
At 31 August 2022 |
Harwood Asset Management Limited (Registered number: 11522550) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
6. | Investment property - continued |
Fair value at 31 August 2023 is represented by: |
£ |
Valuation in 2019 | (16,140 | ) |
Valuation in 2020 | (145 | ) |
Valuation in 2021 | 113,000 |
Valuation in 2022 | 75,000 |
Valuation in 2023 | (277,018 | ) |
Cost | 1,955,303 |
1,850,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 1,955,303 | 628,285 |
Investment property was valued on an open market basis on 31 August 2023 by the directors . |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other debtors |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Taxation and social security |
Other creditors |
9. | Reserves |
Fair value |
reserve |
£ |
At 1 September 2022 |
Unrealised surplus/(deficit) on revalued assets |
(219,542 |
) |
At 31 August 2023 | ( |
) |
Harwood Asset Management Limited (Registered number: 11522550) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
10. | Related party disclosures |
An interest free loan exists between the company and iWare Designs Limited (a company controlled by Mr G A Harwood and Mrs V J Harwood) totalling £2,148,876 (2022 - £623,500). This loan is repayable upon demand. |