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REGISTERED NUMBER: 11522550 (England and Wales)















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: Mr G A Harwood
Mrs V J Harwood





Registered office: Queens Head House
The Street
Acle
Norwich
Norfolk
NR13 3DY





Registered number: 11522550 (England and Wales)





Accountants: Stephenson Smart (East Anglia) Limited
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 82 110
Investments 5 196,601 -
Investment property 6 1,850,000 800,000
2,046,683 800,110

Current assets
Debtors 7 31,660 1,800
Cash at bank 12,848 33,872
44,508 35,672
Creditors
Amounts falling due within one year 8 (2,150,192 ) (628,045 )
Net current liabilities (2,105,684 ) (592,373 )
Total assets less current liabilities (59,001 ) 207,737

Provisions for liabilities - (32,646 )
Net (liabilities)/assets (59,001 ) 175,091

Capital and reserves
Called up share capital 100 100
Fair value reserve 9 (80,452 ) 139,090
Retained earnings 21,351 35,901
(59,001 ) 175,091

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 March 2024 and were signed on its behalf by:





Mr G A Harwood - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
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 299
Depreciation
At 1 September 2022 189
Charge for year 28
At 31 August 2023 217
Net book value
At 31 August 2023 82
At 31 August 2022 110

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 250,499
Disposals (51,529 )
Revaluations (2,369 )
At 31 August 2023 196,601
Net book value
At 31 August 2023 196,601

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 800,000
Additions 1,327,018
Revaluations (277,018 )
At 31 August 2023 1,850,000
Net book value
At 31 August 2023 1,850,000
At 31 August 2022 800,000

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 31,660 1,800

8. Creditors: amounts falling due within one year
2023 2022
£ £
Taxation and social security - 3,292
Other creditors 2,150,192 624,753
2,150,192 628,045

9. Reserves
Fair value
reserve
£
At 1 September 2022 139,090
Unrealised surplus/(deficit) on revalued
assets

(219,542

)


At 31 August 2023 (80,452 )

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.