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REGISTERED NUMBER: 01420396 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

BRITISH HARLEQUIN PLC

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 19


BRITISH HARLEQUIN PLC

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: R K Dagger
G F W Dagger
A C Dagger



SECRETARY: A C Dagger



REGISTERED OFFICE: Festival House
Chapman Way
Tunbridge Wells
Kent
TN2 3EF



REGISTERED NUMBER: 01420396 (England and Wales)



AUDITORS: Greenaway Chartered Accountants
and Statutory Auditors
150 High Street
Sevenoaks
Kent
TN13 1XE



BANKERS: Barclays Bank plc
80 High Street
Sevenoaks
Kent
TN13 1LR

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
Harlequin is the world leader in advanced technology floors for the performing arts.

Established in the UK over 40 years ago, Harlequin is the performance floor of choice for the world's most prestigious dance and performing arts companies, theatres, venues and schools, production companies and global events.

Harlequin's reputation is founded on the design, manufacture, supply and installation of a range of high quality portable and permanent sprung and vinyl floors, wooden dance surfaces and essential equipment for dance studios and performance spaces. Specified by the world's leading venues - from the Royal Opera House to the New York City Ballet, the Paris Opera Ballet to the Royal New Zealand Ballet.

Harlequin is the global leader in its field with offices in Europe, the Americas and Asia Pacific.


Business Strategy

Harlequin has continued to follow a growth strategy to build on its current market position. The key elements of this strategy are:

i) Unification - One of Harlequin's strengths is its global reach and capability. By increasing standardisation and applying best practice across the group, it will improve financial performance.
ii) Investment for growth - Targeting sales and marketing investment into those areas that offer greatest potential for growth.
iii) Driving innovation by building on what we know - Innovation is critical from a brand perspective and Harlequin will maintain a healthy product development programme.
iv) Environment, Social and Governance (ESG) - We continually monitor the environmental impact of our manufacturing processes and operations and ensure that every department works together to plan, measure and improve our social and environmental performance.
v) Maintaining exceptional levels of service - The exceptional level of service Harlequin provides to its customers is a core brand value.
vi) Investing in people - Harlequin's growth plan will be delivered through having the best people, motivated to deliver on strategic objectives. Harlequin continually reviews compensation and conditions to ensure and protect workforce wellbeing and has benefitted from a low staff turnover.


Innovation Update

Product development within the areas of our expertise continued in 2023 with ongoing development of Liberty Switch and completion of our second commercial installation. The installation was a highly complex project including a wagon and revolve, proving the Group's ability to deliver on time and to customer requirements. The Liberty Switch patent is owned by a related party and operated under licence by Harlequin.

Liberty Switch has won numerous industry awards throughout 2023:
- Winner - JTSE Innovation Award (Paris)
- Winner - ABTT Engineering Product of the Year (London)
- Winner - DTHG Technology Product Award (Berlin)
- Winner - LDI Best Debuting Product Award (Las Vegas)

Additionally, as part of the ESG business strategy, Harlequin is currently working to develop products that can be loose laid without the need for tape or adhesive. This would enable products to be re-used or recycled far more easily than if taped or adhered to a surface.


BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

BUSINESS ENVIRONMENT
It is the directors' duty to focus on the principal risks confronting the business such as those relating to commercial risk, staff resource, liquidity, operations, ESG, regulatory risk and business continuity. The material risks and responses currently being managed are:


Commercial Risk

The directors remain informed of the competitive landscape by membership of key trade associations, attendance at relevant trade fairs and our close working relationships with key customers. Competitor activity is continually monitored and short and long-term responses managed through senior management forums and the business strategy as appropriate.

Sustainability

The directors are aware of the importance of the company to measure and improve its sustainability credentials wherever possible. The group engages in responsible product sourcing that combines customers' preference for quality with care for the environment, carefully selecting suppliers who reflect appropriate environmental and social concerns.

Harlequin is committed to sustainable development and our corporate responsibility in this area forms a fundamental part of our business strategy. We believe that sustainability is a team effort across the entire company, driven and supported by our board of Directors.

The group continually monitors the environmental impact of manufacturing processes and operations and ensures that every department works together to plan, measure and improve social and environmental performance. This plan is reviewed annually to demonstrate ongoing commitment to reduce carbon emissions and to improve overall sustainability.



Working Practices:
- Harlequin works closely with partners, customers and suppliers to ensure that sustainable practices, products and services are developed.
- The group provides business-wide training, advice and information to all team members to encourage the development of new environmental initiatives within the workplace.
- All departments commit to reduce unnecessary waste by re-use and recycling.
- Harlequin continually reviews and, where possible, implements more energy efficient processes in its own production and those of suppliers.


BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


Polymeric and timber-based flooring:
- All Harlequin vinyl flooring products achieve the highest BRE Green Guide rating of A+. All raw materials used in the manufacture of Harlequin vinyl flooring are REACH compliant (Registration, Evaluation, Authorisation and Restriction of Chemicals).
- All Harlequin vinyl flooring products have been tested for volatile organic compounds, achieving Intertek's Clean Air Gold Certification for emissions and complying with both BREEAM (Building Research Establishment Environmental Assessment Method) and LEED (Leadership in Energy and Environmental Design) requirements for good indoor air quality, recycled content and end of life recycling.
- Harlequin conforms to the recommendations of Vinyl Plus, the European PVC industry's commitment to sustainable development.
- All timber used by Harlequin is responsibly sourced from sustainable well managed forests that are either FSC or PEFC certified.
- Harlequin has demonstrated its commitment to sustainability by gaining FSC 'Chain of Custody' certification.


Harlequin Initiatives
- Optimising fleet emissions replacing fossil fuel drive cars by electric/hybrid cars.
- Installation of onsite EV chargers with a projected annual reduction of 26.8 tonnes of CO2e.
- Customer installation projects, 92% of the waste generated is recycled converting into sustainable
biomass to generate energy.
- Harlequin is engaging with customers in their Sustainability 'Theatre Green Book' Workshop with the
aim of reducing Scope 3 emissions.
- Harlequin is, where possible, adopting the guiding principles of the 17 UN Sustainable Development
Goals.
- Harlequin is currently working to develop products that can be loose laid without the need for tape or
adhesive. This would enable products to be re-used or recycled far more easily than if taped or
adhered to a surface.

Liquidity and business continuity risk

The group seeks to mitigate any liquidity risk by maintaining sufficient levels of funds within the business to meet its forecast working capital requirements. The group policy has consistently been to build up reserves to enable it to manage such risks. These risks are managed by management on a regular basis with reference to trading and cashflow forecasts. The group has developed appropriate, reliable IT systems to manage financial performance, stock control and its business services to customers.


BUSINESS PERFORMANCE
The group experienced revenue growth of almost 9% in 2023 and is now well above pre-pandemic levels and comfortably above most inflation measures. The Directors consider this a good performance and note there was revenue growth at most group offices in 2023.

ON BEHALF OF THE BOARD:





G F W Dagger - Director


30 July 2024

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of dealing in goods and services connected with education, the theatre and entertainment industry.

DIVIDENDS
Interim dividends totalling £5.36984 per share were paid during the year. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £ 268,491 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

R K Dagger
G F W Dagger
A C Dagger

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Greenaway Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G F W Dagger - Director


30 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRITISH HARLEQUIN PLC

Opinion
We have audited the financial statements of British Harlequin Plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRITISH HARLEQUIN PLC


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRITISH HARLEQUIN PLC


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

As required by auditing standards, and taking into account our overall knowledge of the control environment, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries. We did not identify any additional fraud risks.

We performed procedures including identifying journal entries to test based on risk criteria and comparing the identified entries to supporting documentation. These included those posted to unusual accounts.

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation, taxation legislation and pension legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRITISH HARLEQUIN PLC


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Robert Lovitt (Senior Statutory Auditor)
for and on behalf of Greenaway Chartered Accountants
and Statutory Auditors
150 High Street
Sevenoaks
Kent
TN13 1XE

30 July 2024

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   

TURNOVER 3 20,105,584 18,466,158

Cost of sales 11,614,847 11,435,376
GROSS PROFIT 8,490,737 7,030,782

Administrative expenses 8,975,930 7,989,834
(485,193 ) (959,052 )

Other operating income 1,143,835 1,381,038
OPERATING PROFIT 5 658,642 421,986

Interest receivable and similar income 4,646 6,309
663,288 428,295

Interest payable and similar expenses 6 109,665 55,398
PROFIT BEFORE TAXATION 553,623 372,897

Tax on profit 7 186,220 135,793
PROFIT FOR THE FINANCIAL YEAR 367,403 237,104
Profit attributable to:
Owners of the parent 367,403 237,104

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   

PROFIT FOR THE YEAR 367,403 237,104


OTHER COMPREHENSIVE INCOME
Exchange differences on conversion 2,537 97,536
Revaluation of property 866,024 -
Income tax relating to components of
other comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

868,561

97,536
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,235,964

334,640

Total comprehensive income attributable to:
Owners of the parent 1,235,964 334,640

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 (78,842 ) (81,545 )
Tangible assets 11 5,281,235 4,470,154
Investments 12 - -
5,202,393 4,388,609

CURRENT ASSETS
Stocks 13 4,396,757 5,192,680
Debtors 14 2,877,813 3,809,166
Cash at bank and in hand 2,439,063 1,179,920
9,713,633 10,181,766
CREDITORS
Amounts falling due within one year 15 5,864,460 6,501,035
NET CURRENT ASSETS 3,849,173 3,680,731
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,051,566

8,069,340

CREDITORS
Amounts falling due after more than one
year

16

(1,638,907

)

(1,687,591

)

PROVISIONS FOR LIABILITIES 20 (115,394 ) (51,957 )
NET ASSETS 7,297,265 6,329,792

CAPITAL AND RESERVES
Called up share capital 21 50,000 50,000
Revaluation reserve 22 1,337,879 471,855
Other reserves 22 229,154 257,041
Retained earnings 22 5,680,232 5,550,896
SHAREHOLDERS' FUNDS 7,297,265 6,329,792

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





G F W Dagger - Director


BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

COMPANY BALANCE SHEET
31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 21,029 34,980
Tangible assets 11 2,924,876 1,938,624
Investments 12 1,625,047 1,634,918
4,570,952 3,608,522

CURRENT ASSETS
Stocks 13 1,162,866 2,226,713
Debtors 14 5,981,687 5,153,621
Cash at bank and in hand 750,407 293,474
7,894,960 7,673,808
CREDITORS
Amounts falling due within one year 15 2,776,954 3,643,885
NET CURRENT ASSETS 5,118,006 4,029,923
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,688,958

7,638,445

CREDITORS
Amounts falling due after more than one
year

16

(1,638,907

)

(353,329

)

PROVISIONS FOR LIABILITIES 20 (115,394 ) (51,957 )
NET ASSETS 7,934,657 7,233,159

CAPITAL AND RESERVES
Called up share capital 21 50,000 50,000
Revaluation reserve 22 1,337,879 471,855
Retained earnings 22 6,546,778 6,711,304
SHAREHOLDERS' FUNDS 7,934,657 7,233,159

Company's profit for the financial year 103,965 745,234

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





G F W Dagger - Director


BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Revaluation Other Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1 January 2022 50,000 5,527,635 471,855 229,073 6,278,563

Changes in equity
Dividends - (283,411 ) - - (283,411 )
Total comprehensive income - 306,672 - 27,968 334,640
Balance at 31 December 2022 50,000 5,550,896 471,855 257,041 6,329,792

Changes in equity
Dividends - (268,491 ) - - (268,491 )
Total comprehensive income - 397,827 866,024 (27,887 ) 1,235,964
Balance at 31 December 2023 50,000 5,680,232 1,337,879 229,154 7,297,265

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 50,000 6,249,481 471,855 6,771,336

Changes in equity
Dividends - (283,411 ) - (283,411 )
Total comprehensive income - 745,234 - 745,234
Balance at 31 December 2022 50,000 6,711,304 471,855 7,233,159

Changes in equity
Dividends - (268,491 ) - (268,491 )
Total comprehensive income - 103,965 866,024 969,989
Balance at 31 December 2023 50,000 6,546,778 1,337,879 7,934,657

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,510,023 302,956
Interest paid (95,198 ) (53,111 )
Interest element of finance lease
payments paid

(14,467

)

(2,287

)
Tax paid (306,517 ) (57,131 )
Net cash from operating activities 1,093,841 190,427

Cash flows from investing activities
Purchase of intangible fixed assets - (8,150 )
Purchase of tangible fixed assets (340,913 ) (2,269,458 )
Sale of intangible fixed assets 1 -
Sale of tangible fixed assets 17,129 315
Interest received 4,646 6,309
Net cash from investing activities (319,137 ) (2,270,984 )

Cash flows from financing activities
New loans in year 1,567,261 1,420,730
Loan repayments in year (1,001,585 ) (244,137 )
Capital repayments in year 196,677 -
Amount introduced by directors 55 9,829
Amount withdrawn by directors (9,478 ) (1,915 )
Equity dividends paid (268,491 ) (283,411 )
Net cash from financing activities 484,439 901,096

Increase/(decrease) in cash and cash equivalents 1,259,143 (1,179,461 )
Cash and cash equivalents at
beginning of year

2

1,179,920

2,359,381

Cash and cash equivalents at end of
year

2

2,439,063

1,179,920

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31/12/23 31/12/22
£    £   
Profit before taxation 553,623 372,897
Depreciation charges 316,422 262,240
Loss/(profit) on disposal of fixed assets 6,228 (134 )
Exchange difference on conversion 55,909 62,231
Finance costs 109,665 55,398
Finance income (4,646 ) (6,309 )
1,037,201 746,323
Decrease/(increase) in stocks 795,923 (1,001,389 )
Decrease/(increase) in trade and other debtors 946,727 (704,811 )
(Decrease)/increase in trade and other creditors (1,269,828 ) 1,262,833
Cash generated from operations 1,510,023 302,956

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 2,439,063 1,179,920
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 1,179,920 2,359,381


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank and in hand 1,179,920 1,259,143 2,439,063
1,179,920 1,259,143 2,439,063
Debt
Finance leases - (196,677 ) (196,677 )
Debts falling due within 1 year (860,116 ) (771,942 ) (1,632,058 )
Debts falling due after 1 year (1,687,591 ) 206,267 (1,481,324 )
(2,547,707 ) (762,352 ) (3,310,059 )
Total (1,367,787 ) 496,791 (870,996 )

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

British Harlequin Plc is a private company , registered in England and Wales. The company's registered number and registered office address can be found on the General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings made up to 31 December 2023.

The profits and losses of subsidiary undertakings are consolidated from the date of acquisition. The difference between the cost of shares in subsidiaries and the fair value of the separable net assets acquired is amortised through the profit and loss account in equal instalments over its estimated useful life.

The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own Profit and Loss Account in these financial statements. The parent company's profit for the year was £103,656 (2022: £745,234).

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. For supply only sales, turnover is recognised when the goods are despatched from the warehouse. For installed products, turnover is recognised when the customer signs off on the installation. Accrued turnover on longer installations is recognised on a completeness basis, typically measured by number of studios installed.

Goodwill
Goodwill, being the full amount paid in connection with the acquisition of the subsidiary companies, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 4% on cost
Short leasehold - 10% on cost
Improvements to property - 4% on cost
Plant and machinery - 50% on cost and 33% on cost
Fixtures and fittings - 50% on cost, 33% on cost, 20% on cost, 15% on reducing balance and at varying rates on cost
Motor vehicles - 33% on cost and 20% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Foreign currencies
The Group financial statements are presented in pound sterling.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Financial statements of overseas subsidiaries are translated at the rate ruling at the balance sheet date.

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
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. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

31/12/23 31/12/22
£    £   
United Kingdom 5,214,493 5,542,029
Europe 9,683,267 9,674,077
Rest of the world 5,207,824 3,250,052
20,105,584 18,466,158

An analysis of turnover by geographical origin is given below:
31/12/23 31/12/22
£    £   
United Kingdom 6,709,546 5,684,412
Europe 9,557,677 9,974,910
Rest of the World 3,838,362 3,106,836
20,105,584 18,,466,158

4. EMPLOYEES AND DIRECTORS
31/12/23 31/12/22
£    £   
Wages and salaries 4,892,803 4,425,051
Social security costs 447,707 411,234
Other pension costs 109,628 98,661
5,450,138 4,934,946

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31/12/23 31/12/22

Installation 8 6
Administration 24 24
Selling 41 39
Warehouse 11 11
84 80

The average number of employees by undertakings that were proportionately consolidated during the year was 39 (2022 - 39 ) .

31/12/23 31/12/22
£    £   
Directors' remuneration 305,633 242,109
Directors' pension contributions to money purchase schemes 24,000 24,000

Information regarding the highest paid director is as follows:
31/12/23 31/12/22
£    £   
Emoluments etc 211,184 152,272
Pension contributions to money purchase schemes 12,000 12,000

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31/12/23 31/12/22
£    £   
Hire of plant and machinery - 16,133
Other operating leases 316,132 383,079
Depreciation - owned assets 284,413 266,988
Depreciation - assets on finance leases 42,050 -
Loss/(profit) on disposal of fixed assets 6,228 (134 )
Goodwill amortisation (16,654 ) (16,654 )
Patents and licences amortisation 6,345 9,987
Auditors' remuneration 27,428 27,000
Auditors' remuneration for non audit work 10,020 8,052

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31/12/23 31/12/22
£    £   
Bank interest 3,716 2,079
Bank loan interest 74,439 50,993
Other interest 17,043 -
HMRC Interest - 39
Hire purchase 10,568 -
Leasing 3,899 2,287
109,665 55,398

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/12/23 31/12/22
£    £   
Current tax:
UK corporation tax 135,939 127,315
Under/over provision in prior years 10,942 (6,250 )
R&D Tax reclaim (40,705 ) -
Property Withholding Tax 16,607 -
Total current tax 122,783 121,065

Deferred tax 63,437 14,728
Tax on profit 186,220 135,793

UK corporation tax has been charged at 19 % (2022 - 19 %).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31/12/23 31/12/22
£    £   
Profit before tax 553,623 372,897
Profit multiplied by the standard rate of corporation tax in the UK of
19 % (2022 - 19 %)

105,188

70,850

Effects of:
Expenses not deductible for tax purposes 3,171 5,794
Income not taxable for tax purposes (91,031 ) (84,154 )
Capital allowances in excess of depreciation (24,180 ) (30,974 )
Non taxable overseas income (71,275 ) (43,269 )

Overseas Tax 162,418 127,315
Deferred tax movement 63,437 14,728
Underprovision in prior year - (6,250 )
Loss carried forward 80,475 81,753
Losses utilised (1,278 ) -
R&D Reclaim (40,705 ) -
Total tax charge 186,220 135,793

Tax effects relating to effects of other comprehensive income

31/12/23
Gross Tax Net
£    £    £   
Exchange differences on conversion 2,537 - 2,537
Revaluation of property 866,024 - 866,024
868,561 - 868,561

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. TAXATION - continued

31/12/22
Gross Tax Net
£    £    £   
Exchange differences on conversion 97,536 - 97,536

Included in UK Corporation Tax charge is an amount of £162,418 (2022: £127,315) relating to taxation charges from the overseas subsidiaries,

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
31/12/23 31/12/22
£    £   
Interim 268,491 283,411

10. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2023 (333,079 ) 89,632 (243,447 )
Disposals - (8,149 ) (8,149 )
At 31 December 2023 (333,079 ) 81,483 (251,596 )
AMORTISATION
At 1 January 2023 (216,554 ) 54,652 (161,902 )
Amortisation for year (16,654 ) 6,345 (10,309 )
Eliminated on disposal - (543 ) (543 )
At 31 December 2023 (233,208 ) 60,454 (172,754 )
NET BOOK VALUE
At 31 December 2023 (99,871 ) 21,029 (78,842 )
At 31 December 2022 (116,525 ) 34,980 (81,545 )

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. INTANGIBLE FIXED ASSETS - continued

Company
Patents
and
licences
£   
COST
At 1 January 2023 89,632
Disposals (8,149 )
At 31 December 2023 81,483
AMORTISATION
At 1 January 2023 54,652
Amortisation for year 6,345
Eliminated on disposal (543 )
At 31 December 2023 60,454
NET BOOK VALUE
At 31 December 2023 21,029
At 31 December 2022 34,980

11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold Short to Plant and
property leasehold property machinery
£    £    £    £   
COST OR VALUATION
At 1 January 2023 3,926,630 18,382 301,464 407,311
Additions 9,218 - 1,172 176,631
Disposals - - - (65,888 )
Revaluations 700,000 - - -
Exchange differences (50,414 ) - (2,316 ) (8,065 )
At 31 December 2023 4,585,434 18,382 300,320 509,989
DEPRECIATION
At 1 January 2023 266,825 2,298 107,930 283,250
Charge for year 88,101 1,871 32,920 77,109
Eliminated on disposal - - - (64,923 )
Revaluation adjustments (166,024 ) - - -
Exchange differences (2,095 ) - (517 ) (5,403 )
At 31 December 2023 186,807 4,169 140,333 290,033
NET BOOK VALUE
At 31 December 2023 4,398,627 14,213 159,987 219,956
At 31 December 2022 3,659,805 16,084 193,534 124,061

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Integral
fittings vehicles Features Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023 1,208,975 117,647 29,440 6,009,849
Additions 26,989 123,438 3,465 340,913
Disposals (178,713 ) (13,125 ) (4,146 ) (261,872 )
Revaluations - - - 700,000
Exchange differences (6,428 ) (253 ) (717 ) (68,193 )
At 31 December 2023 1,050,823 227,707 28,042 6,720,697
DEPRECIATION
At 1 January 2023 749,928 112,804 16,660 1,539,695
Charge for year 104,386 19,623 2,453 326,463
Eliminated on disposal (176,185 ) (875 ) (4,137 ) (246,120 )
Revaluation adjustments - - - (166,024 )
Exchange differences (5,785 ) (126 ) (626 ) (14,552 )
At 31 December 2023 672,344 131,426 14,350 1,439,462
NET BOOK VALUE
At 31 December 2023 378,479 96,281 13,692 5,281,235
At 31 December 2022 459,047 4,843 12,780 4,470,154

Cost or valuation at 31 December 2023 is represented by:

Improvements
Freehold Short to Plant and
property leasehold property machinery
£    £    £    £   
Valuation in 2009 342,488 - - -
Valuation in 2011 50,000 - - -
Valuation in 2023 700,000 - - -
Cost 3,492,946 18,382 300,320 509,989
4,585,434 18,382 300,320 509,989

Fixtures
and Motor Integral
fittings vehicles Features Totals
£    £    £    £   
Valuation in 2009 - - - 342,488
Valuation in 2011 - - - 50,000
Valuation in 2023 - - - 700,000
Cost 1,050,823 227,707 28,042 5,628,209
1,050,823 227,707 28,042 6,720,697

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under finance leases are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
Additions 153,402 88,340 241,742
At 31 December 2023 153,402 88,340 241,742
DEPRECIATION
Charge for year 30,224 11,826 42,050
At 31 December 2023 30,224 11,826 42,050
NET BOOK VALUE
At 31 December 2023 123,178 76,514 199,692

Company
Improvements
Freehold Short to Plant and
property leasehold property machinery
£    £    £    £   
COST OR VALUATION
At 1 January 2023 1,500,000 18,382 176,776 130,748
Additions - - - 165,607
Disposals - - - -
Revaluations 700,000 - - -
At 31 December 2023 2,200,000 18,382 176,776 296,355
DEPRECIATION
At 1 January 2023 166,024 2,298 69,744 101,935
Charge for year - 1,871 8,653 39,562
Eliminated on disposal - - - -
Revaluation adjustments (166,024 ) - - -
At 31 December 2023 - 4,169 78,397 141,497
NET BOOK VALUE
At 31 December 2023 2,200,000 14,213 98,379 154,858
At 31 December 2022 1,333,976 16,084 107,032 28,813

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. TANGIBLE FIXED ASSETS - continued

Company

Fixtures
and Motor Integral
fittings vehicles Features Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023 922,882 98,423 15,284 2,862,495
Additions 8,325 123,438 3,180 300,550
Disposals - (13,125 ) - (13,125 )
Revaluations - - - 700,000
At 31 December 2023 931,207 208,736 18,464 3,849,920
DEPRECIATION
At 1 January 2023 483,457 96,110 4,303 923,871
Charge for year 97,745 19,022 1,219 168,072
Eliminated on disposal - (875 ) - (875 )
Revaluation adjustments - - - (166,024 )
At 31 December 2023 581,202 114,257 5,522 925,044
NET BOOK VALUE
At 31 December 2023 350,005 94,479 12,942 2,924,876
At 31 December 2022 439,425 2,313 10,981 1,938,624

Included in cost or valuation of land and buildings is freehold land of £ 896,298 (2022 - £ 896,298 ) which is not depreciated.

Cost or valuation at 31 December 2023 is represented by:

Improvements
Freehold Short to Plant and
property leasehold property machinery
£    £    £    £   
Valuation in 2009 342,488 - - -
Valuation in 2011 50,000 - - -
Valuation in 2023 700,000 - - -
Cost 1,107,512 18,382 176,776 296,355
2,200,000 18,382 176,776 296,355

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. TANGIBLE FIXED ASSETS - continued

Company

Fixtures
and Motor Integral
fittings vehicles Features Totals
£    £    £    £   
Valuation in 2009 - - - 342,488
Valuation in 2011 - - - 50,000
Valuation in 2023 - - - 700,000
Cost 931,207 208,736 18,464 2,757,432
931,207 208,736 18,464 3,849,920

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31/12/23 31/12/22
£    £   
Cost 1,107,512 1,107,512
Aggregate depreciation 157,500 157,500

Value of land in freehold land and buildings 950,012 950,012

Freehold land and buildings were valued on an open market basis on 4 May 2022 by Austin Gray .

Fixed assets, included in the above, which are held under finance leases are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
Additions 153,402 88,340 241,742
At 31 December 2023 153,402 88,340 241,742
DEPRECIATION
Charge for year 30,224 11,826 42,050
At 31 December 2023 30,224 11,826 42,050
NET BOOK VALUE
At 31 December 2023 123,178 76,514 199,692

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023 1,634,918
Disposals (9,871 )
At 31 December 2023 1,625,047
NET BOOK VALUE
At 31 December 2023 1,625,047
At 31 December 2022 1,634,918

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Theatre Flooring Company
Registered office: Festival House, Chapman Way, Tunbridge Wells, Kent, TN2 3EF, United Kingdom
Nature of business: Dormant Company
%
Class of shares: holding
Ordinary 100.00
31/3/24 31/3/23
£    £   
Aggregate capital and reserves 3 3

Harlequin Europe S.A.
Registered office: 29 Rue Notre Dame, Luxembourg, L-2240, Luxembourg
Nature of business: Theatre and Entertainment Industry
%
Class of shares: holding
Ordinary 100.00
31/12/23 31/12/22
£    £   
Aggregate capital and reserves 2,679,902 2,357,538
Profit for the year 371,342 374,853

Harlequin Asia Limited
Registered office: 2/F The Strand, 49 Bonham Strand, Sheung Wan, Hong Kong
Nature of business: Theatre and Entertainment Industry
%
Class of shares: holding
Ordinary 100.00
31/12/23 31/12/22
£    £   
Aggregate capital and reserves 209,104 78,017
Profit/(loss) for the year 135,278 (2,046 )

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. FIXED ASSET INVESTMENTS - continued

Harlequin Deutschland GmbH
Registered office: Melanchthonstraße 16, D-10557 Berlin, Germany
Nature of business: Theatre and Entertainment Industry
%
Class of shares: holding
Ordinary 100.00
31/12/23 31/12/22
£    £   
Aggregate capital and reserves (932,272 ) (794,817 )
Loss for the year (153,967 ) (257,011 )

Australian Harlequin Pty Limited
Registered office: 1/47 Prime Drive, Seven Hills, NSW 2147, Australia
Nature of business: Theatre and Entertainment Industry
%
Class of shares: holding
Ordinary 100.00
31/12/23 31/12/22
£    £   
Aggregate capital and reserves (731,282 ) (589,679 )
(Loss)/profit for the year (171,459 ) 22,235

Harlequin Central Services
Registered office: 29 Rue Notre Dame, Luxembourg, L-2240, Luxembourg
Nature of business: Theatre and Entertainment Industry
%
Class of shares: holding
Ordinary 100.00
31/12/23 31/12/22
£    £   
Aggregate capital and reserves - (14,839 )
Loss for the year - (272 )

Harlequin Central Services SARL was liquidated on 14 March 2023.

Harlequin Central Operations
Registered office: 3 Rue de Benister, Aywaille, 4920, Belgium
Nature of business: Theatre and Entertainment Industry
%
Class of shares: holding
Ordinary 100.00
31/12/23 31/12/22
£    £   
Aggregate capital and reserves (262,013 ) (311,360 )
Profit/(loss) for the year 42,880 (82,039 )


BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

13. STOCKS

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£    £    £    £   
Stocks 4,337,643 5,063,171 1,103,752 2,097,204
Work-in-progress 59,114 129,509 59,114 129,509
4,396,757 5,192,680 1,162,866 2,226,713

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£    £    £    £   
Trade debtors 1,793,988 2,383,106 375,324 503,474
Amounts due from associate
undertakings

-

-

5,242,458

4,072,797
Other debtors 573,748 604,501 71,804 56,348
Directors' current accounts 15,429 55 15,429 -
VAT 151,250 270,403 - -
Prepayments and accrued income 343,398 551,101 276,672 521,002
2,877,813 3,809,166 5,981,687 5,153,621

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£    £    £    £   
Bank loans and overdrafts (see note 17) 1,523,209 860,116 216,667 800,969
Other loans (see note 17) 108,849 - 108,849 -
Finance leases (see note 18) 39,094 - 39,094 -
Trade creditors 1,867,383 3,010,525 675,741 1,189,113
Tax 26,464 210,198 1,070 -
Social security and other taxes 237,507 105,587 71,067 66,153
VAT - - 58,380 3,136
Other creditors 1,463,047 1,563,401 1,331,132 1,243,683
Directors' current accounts 7,780 1,829 7,780 1,547
Accruals and deferred income 591,127 749,379 267,174 339,284
5,864,460 6,501,035 2,776,954 3,643,885

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£    £    £    £   
Bank loans (see note 17) 1,092,218 1,687,591 1,092,218 353,329
Other loans (see note 17) 389,106 - 389,106 -
Finance leases (see note 18) 157,583 - 157,583 -
1,638,907 1,687,591 1,638,907 353,329

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts - - - 15,197
Bank loans 1,523,209 860,116 216,667 785,772
Other loans 108,849 - 108,849 -
1,632,058 860,116 325,516 800,969
Amounts falling due between one and two years:
Bank loans - 1-2 years 176,667 224,344 176,667 150,000
Other loans - 1-2 years 113,826 - 113,826 -
290,493 224,344 290,493 150,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 915,551 426,360 915,551 203,329
Other loans - 2-5 years 275,280 - 275,280 -
1,190,831 426,360 1,190,831 203,329
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 years - 1,036,887 - -

The mortgage loan is secured by a first legal charge over the freehold land and buildings.

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Finance leases
31/12/23 31/12/22
£    £   
Net obligations repayable:
Within one year 39,094 -
Between one and five years 157,583 -
196,677 -

Company
Finance leases
31/12/23 31/12/22
£    £   
Net obligations repayable:
Within one year 39,094 -
Between one and five years 157,583 -
196,677 -

Group
Non-cancellable operating leases
31/12/23 31/12/22
£    £   
Within one year 94,578 78,385
Between one and five years 1,066,550 1,313,330
In more than five years 509,948 -
1,671,076 1,391,715

Company
Non-cancellable operating leases
31/12/23 31/12/22
£    £   
Within one year 39,265 17,266
Between one and five years 552,752 788,523
592,017 805,789

In addition to the above, the company rents a property from the Dagger Executive Pension Scheme. The rent is £40,000 per annum, there is not a defined term on the lease. However, the company must give three months notice if they wish to terminate it.

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

19. SECURED DEBTS

The following secured debts are included within creditors:

Company
31/12/23 31/12/22
£    £   
Bank overdraft - 15,197
Bank loans 1,308,885 1,139,101
1,308,885 1,154,298

The bank overdrafts are secured by a debenture dated 10 September 2010.

20. PROVISIONS FOR LIABILITIES

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£    £    £    £   
Deferred tax 115,394 51,957 115,394 51,957

Group
Deferred
tax
£   
Balance at 1 January 2023 51,957
Provided during year 63,437
Balance at 31 December 2023 115,394

Company
Deferred
tax
£   
Balance at 1 January 2023 51,957
Provided during year 63,437
Balance at 31 December 2023 115,394

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
50,000 Ordinary £1 50,000 50,000

BRITISH HARLEQUIN PLC (REGISTERED NUMBER: 01420396)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

22. RESERVES

Group
Retained Revaluation Other
earnings reserve reserves Totals
£    £    £    £   

At 1 January 2023 5,550,896 471,855 257,041 6,279,792
Profit for the year 367,403 367,403
Dividends (268,491 ) (268,491 )
Revaluation of Land & Building - 866,024 - 866,024
Transfer between reserves 22,385 - (22,385 ) -
Exchange differences 8,039 - (5,502 ) 2,537
At 31 December 2023 5,680,232 1,337,879 229,154 7,247,265

Company
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 6,711,304 471,855 7,183,159
Profit for the year 103,965 103,965
Dividends (268,491 ) (268,491 )
Revaluation of Land & Building - 866,024 866,024
At 31 December 2023 6,546,778 1,337,879 7,884,657

Called-up share capital - represents the nominal value of shares that have been issued.

Revaluation reserve - This represents the cumulative revaluation gains and losses on revaluation of tangible fixed assets

Retained earnings - includes all current and prior period retained profits and losses.

23. ULTIMATE PARENT COMPANY

Harlequin Holdings International Limited is regarded by the directors as being the company's ultimate parent company.

24. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G F W Dagger.