Company Registration No. 01581953 (England and Wales)
Hartnoll Limited
Unaudited financial statements
for the year ended 31 August 2023
Pages for filing with the registrar
Hartnoll Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
4 - 7
Hartnoll Limited
Statement of financial position
As at 31 August 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
105,966
121,785
Current assets
Stocks
156,003
156,994
Debtors
5
234,378
234,586
Cash at bank and in hand
465,352
326,315
855,733
717,895
Creditors: amounts falling due within one year
6
(268,847)
(209,569)
Net current assets
586,886
508,326
Total assets less current liabilities
692,852
630,111
Provisions for liabilities
(5,530)
(9,484)
Net assets
687,322
620,627
Capital and reserves
Called up share capital
501
501
Capital redemption reserve
499
499
Profit and loss reserves
686,322
619,627
Total equity
687,322
620,627

The director of the company has elected not to include a copy of the income statement within the financial statements.true

Hartnoll Limited
Statement of financial position (continued)
As at 31 August 2023
2

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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.

The financial statements were approved by the board of directors and authorised for issue on 23 October 2023 and are signed on its behalf by:
2023-10-23
Roger Sallis
Director
Company Registration No. 01581953
Hartnoll Limited
Statement of changes in equity
For the year ended 31 August 2023
3
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 September 2021
1,000
57,083
-
0
1,597,770
1,655,853
Year ended 31 August 2022:
Profit and total comprehensive income for the year
-
-
-
343,274
343,274
Dividends
-
-
-
(72,000)
(72,000)
Own shares acquired
-
-
-
(1,306,500)
(1,306,500)
Redemption of shares
-
0
-
499
-
0
499
Reduction of shares
(499)
-
-
-
0
(499)
Transfers
-
(57,083)
-
57,083
-
Balance at 31 August 2022
501
-
0
499
619,627
620,627
Year ended 31 August 2023:
Profit and total comprehensive income for the year
-
-
-
382,195
382,195
Dividends
-
-
-
(315,500)
(315,500)
Balance at 31 August 2023
501
-
0
499
686,322
687,322
Hartnoll Limited
Notes to the financial statements
For the year ended 31 August 2023
4
1
Accounting policies
Company information

Hartnoll Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 15 The Empire Centre, Imperial Way, Watford, Hertfordshire, WD24 4YH.

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 is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold buildings
Nil %
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles (Tesla)
25% straight line

The residual value of the company's freehold building is estimated to be greater than cost, and so a depreciation rate of nil % is applied. The property is reviewed annually for indications of impairment.

 

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
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Hartnoll Limited
Notes to the financial statements (continued)
For the year ended 31 August 2023
1
Accounting policies (continued)
5
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

Basic financial assets

Basic financial assets, which include debtors, 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 and bank loans, 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.

Hartnoll Limited
Notes to the financial statements (continued)
For the year ended 31 August 2023
1
Accounting policies (continued)
6
1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
5
3
Director's remuneration
2023
2022
£
£
Remuneration paid to directors
139,000
55,574
Hartnoll Limited
Notes to the financial statements (continued)
For the year ended 31 August 2023
7
4
Tangible fixed assets
Freehold buildings
Fixtures, fittings & equipment
Motor vehicles (Tesla)
Total
£
£
£
£
Cost
At 1 September 2022 and 31 August 2023
83,848
30,457
57,992
172,297
Depreciation and impairment
At 1 September 2022
-
0
25,172
25,340
50,512
Depreciation charged in the year
-
0
1,321
14,498
15,819
At 31 August 2023
-
0
26,493
39,838
66,331
Carrying amount
At 31 August 2023
83,848
3,964
18,154
105,966
At 31 August 2022
83,848
5,285
32,652
121,785
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
231,552
232,593
Other debtors
2,826
1,993
234,378
234,586
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
115,107
70,118
Corporation tax
108,024
95,218
Other taxation and social security
39,155
35,171
Other creditors
6,561
9,062
268,847
209,569
7
Directors' transactions

Dividends totalling £315,500 (2022 - £72,000) were paid in the year in respect of shares held by the company's director.

 

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