Company registration number 01094437 (England and Wales)
A.S. HARMAN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
A.S. HARMAN LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
A.S. HARMAN LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
147,637
165,244
Investments
4
1
1
147,638
165,245
Current assets
Stocks
120,044
131,710
Debtors
5
228,170
282,588
Cash at bank and in hand
74,997
56,313
423,211
470,611
Creditors: amounts falling due within one year
6
(262,194)
(245,864)
Net current assets
161,017
224,747
Total assets less current liabilities
308,655
389,992
Creditors: amounts falling due after more than one year
7
(19,352)
(34,857)
Provisions for liabilities
(939)
(939)
Net assets
288,364
354,196
Capital and reserves
Called up share capital
115,500
115,500
Profit and loss reserves
172,864
238,696
Total equity
288,364
354,196
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 September 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.
A.S. HARMAN LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 February 2024 and are signed on its behalf by:
B M Harman
Director
Company registration number 01094437 (England and Wales)
A.S. HARMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information
A.S. Harman Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Technology Park, Colindeep Lane, London, United Kingdom, NW9 6BX.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. Income is recognised at the point of sale.
Rental income is recognised within other income at the time in which it becomes due.
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:
Leasehold land and buildings
5% on cost
Leasehold improvements
Over the lease period
Plant and equipment
25% reducing balance
Fixtures and fittings
10% reducing balance
Motor vehicles
25% reducing balance
1.4
Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items.
1.5
Financial instruments
Fair value measurement of financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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.
A.S. HARMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
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 statement of financial position date.
1.7
Leases
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.
1.8
Government grants
Revenue grants are government grants which have been recognised in other income, the income is recognised once all conditions for the grant are met.
1.9
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.
A.S. HARMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Investment in unlisted company
Investments in unlisted company is accounted for at cost less impairment.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2022
186,720
154,607
199,996
3,381
39,527
584,231
Additions
3,208
2,560
5,768
At 30 September 2023
186,720
154,607
203,204
5,941
39,527
589,999
Depreciation and impairment
At 1 October 2022
88,051
150,208
152,785
923
27,020
418,987
Depreciation charged in the year
6,836
12,910
502
3,127
23,375
At 30 September 2023
94,887
150,208
165,695
1,425
30,147
442,362
Carrying amount
At 30 September 2023
91,833
4,399
37,509
4,516
9,380
147,637
At 30 September 2022
98,669
4,399
47,211
2,458
12,507
165,244
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
1
1
A.S. HARMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
14,898
13,486
Other debtors
213,272
269,102
228,170
282,588
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,390
9,400
Obligations under finance leases
8
6,657
5,398
Trade creditors
217,791
195,073
Corporation tax
13,663
Other taxation and social security
1,675
1,691
Other creditors
26,681
20,639
262,194
245,864
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
18,790
28,200
Obligations under finance leases
8
562
6,657
19,352
34,857
8
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
6,656
5,802
In two to five years
563
6,830
7,219
12,632
Less: future finance charges
(577)
7,219
12,055