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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
and Statutory Auditors |
150 High Street |
Sevenoaks |
Kent |
TN13 1XE |
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 |
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 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Revaluation reserve | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Dividends | - | (283,411 | ) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | (268,491 | ) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
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 |
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. |
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 |
Freehold property | - |
Short leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
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 |
Disposals | ( |
) |
At 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Additions |
Disposals |
Revaluations |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal |
Revaluation adjustments | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
Revaluations |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Revaluation adjustments | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
At 31 December 2023 |
DEPRECIATION |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
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 |
Disposals | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Festival House, Chapman Way, Tunbridge Wells, Kent, TN2 3EF, United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Registered office: 29 Rue Notre Dame, Luxembourg, L-2240, Luxembourg |
Nature of business: |
% |
Class of shares: | holding |
31/12/23 | 31/12/22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 2/F The Strand, 49 Bonham Strand, Sheung Wan, Hong Kong |
Nature of business: |
% |
Class of shares: | holding |
31/12/23 | 31/12/22 |
£ | £ |
Aggregate capital and reserves |
Profit/(loss) for the year | ( |
) |
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 |
Registered office: Melanchthonstraße 16, D-10557 Berlin, Germany |
Nature of business: |
% |
Class of shares: | holding |
31/12/23 | 31/12/22 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
Registered office: 1/47 Prime Drive, Seven Hills, NSW 2147, Australia |
Nature of business: |
% |
Class of shares: | holding |
31/12/23 | 31/12/22 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
(Loss)/profit for the year | ( |
) |
Registered office: 29 Rue Notre Dame, Luxembourg, L-2240, Luxembourg |
Nature of business: |
% |
Class of shares: | holding |
31/12/23 | 31/12/22 |
£ | £ |
Aggregate capital and reserves | ( |
) |
Loss for the year | ( |
) |
Harlequin Central Services SARL was liquidated on 14 March 2023. |
Registered office: 3 Rue de Benister, Aywaille, 4920, Belgium |
Nature of business: |
% |
Class of shares: | holding |
31/12/23 | 31/12/22 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit/(loss) for the year | ( |
) |
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 |
Work-in-progress | 59,114 | 129,509 |
4,396,757 | 5,192,680 |
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 |
Amounts due from associate undertakings |
- |
- |
5,242,458 |
4,072,797 |
Other debtors | 573,748 | 604,501 |
Directors' current accounts | 15,429 | 55 | 15,429 | - |
VAT | 151,250 | 270,403 |
Prepayments and accrued income | 343,398 | 551,101 |
2,877,813 | 3,809,166 |
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 |
Other loans (see note 17) | 108,849 | - |
Finance leases (see note 18) | 39,094 | - |
Trade creditors | 1,867,383 | 3,010,525 |
Tax | 26,464 | 210,198 |
Social security and other taxes | 237,507 | 105,587 |
VAT | - | - | 58,380 | 3,136 |
Other creditors | 1,463,047 | 1,563,401 |
Directors' current accounts | 7,780 | 1,829 | 7,780 | 1,547 |
Accruals and deferred income | 591,127 | 749,379 |
5,864,460 | 6,501,035 |
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 |
Other loans (see note 17) | 389,106 | - |
Finance leases (see note 18) | 157,583 | - |
1,638,907 | 1,687,591 |
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 | - | - |
Bank loans | 1,523,209 | 860,116 |
Other loans | 108,849 | - |
1,632,058 | 860,116 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 176,667 | 224,344 |
Other loans - 1-2 years | 113,826 | - | 113,826 |
290,493 | 224,344 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 915,551 | 426,360 |
Other loans - 2-5 years | 275,280 | - |
1,190,831 | 426,360 |
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 |
Between one and five years |
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 |
Between one and five years |
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 |
Bank loans |
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 |
Provided during year |
Balance at 31 December 2023 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/23 | 31/12/22 |
value: | £ | £ |
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 | 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. |