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COMPANY REGISTRATION NUMBER: 05918354
Harrison Products Co Limited
Financial Statements
31 December 2023
Harrison Products Co Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the financial statements
16
Harrison Products Co Limited
Officers and Professional Advisers
The board of directors
Mr C E Bedford
Mr D Bedford
Registered office
Unit 420 Bramley Drive
Vale Park
Evesham
England
WR11 1JH
Auditor
Riverside Accountancy Lancaster Limited
Chartered accountants & statutory auditor
Second Floor, Riverside Offices
26 St George's Quay
Lancaster
LA1 1RD
Harrison Products Co Limited
Strategic Report
Year ended 31 December 2023
REVIEW OF BUSINESS The principal activity of the group during the year was to supply and fit display products for retail, print and POS companies. The group has maintained a strong market position in 2023, seeing growth of 6.86% compared to 2022 turnover figures. Net profits have decreased compared to 2022 due to more investment in people and systems. We have also seen one off costs due to impairment of a connected party loan, this will not be seen in the future. During 2022 the company had taken advantage of opportunities within the UK and European and US market which will increase their revenue, profitability medium and long term, this was seen in 2023 accounts. Having the manufacturing arm has also opened up opportunities to the group and given them a competitive advantage in the market. The group continually develops strategically improving processes and the company's dynamic culture to take advantage of opportunities that arise which includes research and development. The net assets of the company have decreased to £7,344,272 after more dividends have been taken this year. The significant asset base provides the company with a robust footing to continue to invest to ensure it remains a market leader and also giving certainty of resource should it be need in the current climate where costs continue to increase.
PRINCIPAL RISKS AND UNCERTAINTIES The group has a comprehensive risk assessment to guard against a number of external risks and uncertainties relating to market shifts and global trading uncertainties, and they are mindful of the possible impacts. The currency exchange fluctuations are also a consequence of trading uncertainties. The group has invested in its structure throughout Europe and the rest of the world so that it is well positioned to remain competitive. FUTURE DEVELOPMENTS The companies projected plan in terms of increasing trading revenue is projecting strong growth in both the UK and globally and they are looking to increase the profitability ratios.
GOING CONCERN The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis on which the directors have reached their conclusion. The group has shareholders funds of £9,029,720 (2022: £10,241,112) as at the balance sheet date. The cash flow forecasts, prepared by the directors, for the 12 month period ending 12 months from the date of approval of these financial statements, are considered to be achievable given the current levels of trading. These forecasts indicate (taking into account reasonable possible changes in trading performance) that the company will be able to operate within the terms of its current arrangements.
This report was approved by the board of directors on 26 July 2024 and signed on behalf of the board by:
Mr C E Bedford
Director
Registered office:
Unit 420 Bramley Drive
Vale Park
Evesham
England
WR11 1JH
Harrison Products Co Limited
Directors' Report
Year ended 31 December 2023
The directors present their report and the financial statements of the group for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
Mr C E Bedford
Mr D Bedford
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report 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 group and the company and 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 judgments and accounting estimates that are reasonable and prudent; - 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 26 July 2024 and signed on behalf of the board by:
Mr C E Bedford
Director
Registered office:
Unit 420 Bramley Drive
Vale Park
Evesham
England
WR11 1JH
Harrison Products Co Limited
Independent Auditor's Report to the Members of Harrison Products Co Limited
Year ended 31 December 2023
Opinion
We have audited the financial statements of Harrison Products Co Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 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's 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; - 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 auditor's 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 or 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement, 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 is 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.
Auditor's 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 an auditor’s report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - Review of directors minutes and review of nominal postings for legal and professional fees ensured we identified any regulatory compliance issues and laws that company must follow in the year and to the date of signing the financial statements. - The assessment of fraud was consider as low due to the segregation of duties seen, the low levels of cash handled and the regular reporting required of the company to its parent. A review of journal entries and consideration of their appropriateness was carried out through the audit. - During the audit we speak to management, test the systems and speak to various members of the finance function to understand the entity its processes and the nature of trade to assist in determining if the financial statements are true and fair. - Challenging assumptions made by management in making their significant accounting estimates. - Reviewing financial statement disclosure and testing to supporting documentation to assess compliance with applicable laws and regulations. - We ensure the stock held at the year end is recoverable by the after date sales and also recorded in line with the accounting policy. - Tangible assets are reviewed for impairment and useful life as well as valuation in accordance with depreciation policies. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 an auditor's report 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.
Penelope Bowden ACA
(Senior Statutory Auditor)
For and on behalf of
Riverside Accountancy Lancaster Limited
Chartered accountants & statutory auditor
Second Floor, Riverside Offices
26 St George's Quay
Lancaster
LA1 1RD
1 August 2024
Harrison Products Co Limited
Consolidated Statement of Comprehensive Income
Year ended 31 December 2023
2023
2022
Continuing operations
Discont'd operations
Total
Continuing operations
Discont'd operations
Total
Note
£
£
£
£
£
£
Turnover
4
16,584,907
457,009
17,041,916
14,294,168
1,653,108
15,947,276
Cost of sales
9,796,895
388,191
10,185,086
8,403,030
1,240,765
9,643,795
-------------
---------
-------------
-------------
------------
-------------
Gross profit
6,788,012
68,818
6,856,830
5,891,138
412,343
6,303,481
Administrative expenses
5,961,473
273,914
6,235,387
4,771,715
471,349
5,243,064
Other operating income
5
264,907
264,907
------------
---------
------------
------------
---------
------------
Operating profit
6
826,539
59,811
886,350
1,119,423
( 59,006)
1,060,417
Other interest receivable and similar income
10
21,132
21,132
627
627
Interest payable and similar expenses
11
2
2
------------
---------
------------
------------
---------
------------
Profit before taxation
847,671
59,811
907,482
1,120,048
( 59,006)
1,061,042
Tax on profit
12
117,437
117,437
193,165
54,834
247,999
---------
--------
---------
------------
---------
------------
Profit after taxation
730,234
59,811
790,045
926,883
( 113,840)
813,043
Other taxes not shown under the above
54,834
( 54,834)
---------
---------
---------
---------
---------
---------
Profit for the financial year and total comprehensive income
675,400
114,645
790,045
926,883
( 113,840)
813,043
---------
---------
---------
---------
---------
---------
Harrison Products Co Limited
Consolidated Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
14
457,313
569,326
Tangible assets
15
1,463,469
656,231
------------
------------
1,920,782
1,225,557
Current assets
Stocks
17
2,866,998
4,043,668
Debtors
18
4,358,276
3,824,116
Cash at bank and in hand
2,791,714
3,311,092
-------------
-------------
10,016,988
11,178,876
Creditors: amounts falling due within one year
19
2,672,716
2,013,638
-------------
-------------
Net current assets
7,344,272
9,165,238
------------
-------------
Total assets less current liabilities
9,265,054
10,390,795
Provisions
20
235,334
149,683
------------
-------------
Net assets
9,029,720
10,241,112
------------
-------------
Capital and reserves
Called up share capital
23
30,435
30,435
Profit and loss account
24
8,999,285
10,210,677
------------
-------------
Shareholders funds
9,029,720
10,241,112
------------
-------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 26 July 2024 , and are signed on behalf of the board by:
Mr C E Bedford
Director
Company registration number: 05918354
Harrison Products Co Limited
Company Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
14
457,313
Tangible assets
15
1,463,469
436,895
Investments
16
1
1
------------
---------
1,920,783
436,896
Current assets
Stocks
17
2,866,998
3,974,100
Debtors
18
4,508,275
4,624,221
Cash at bank and in hand
2,637,309
3,112,706
-------------
-------------
10,012,582
11,711,027
Creditors: amounts falling due within one year
19
2,669,116
1,698,122
-------------
-------------
Net current assets
7,343,466
10,012,905
------------
-------------
Total assets less current liabilities
9,264,249
10,449,801
Provisions
20
235,334
94,849
------------
-------------
Net assets
9,028,915
10,354,952
------------
-------------
Capital and reserves
Called up share capital
23
30,435
30,435
Profit and loss account
24
8,998,480
10,324,517
------------
-------------
Shareholders funds
9,028,915
10,354,952
------------
-------------
The profit for the financial year of the parent company was £ 675,400 (2022: £ 926,884 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 26 July 2024 , and are signed on behalf of the board by:
Mr C E Bedford
Director
Company registration number: 05918354
Harrison Products Co Limited
Consolidated Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2022
30,435
10,272,691
10,303,126
Profit for the year
813,043
813,043
--------
-------------
-------------
Total comprehensive income for the year
813,043
813,043
Dividends paid and payable
13
( 875,057)
( 875,057)
--------
-------------
-------------
Total investments by and distributions to owners
( 875,057)
( 875,057)
At 31 December 2022
30,435
10,210,677
10,241,112
Profit for the year
790,045
790,045
--------
-------------
-------------
Total comprehensive income for the year
790,045
790,045
Dividends paid and payable
13
( 2,001,437)
( 2,001,437)
----
------------
------------
Total investments by and distributions to owners
( 2,001,437)
( 2,001,437)
--------
------------
------------
At 31 December 2023
30,435
8,999,285
9,029,720
--------
------------
------------
Harrison Products Co Limited
Company Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2022
30,435
10,272,691
10,303,126
Profit for the year
926,884
926,884
--------
-------------
-------------
Total comprehensive income for the year
926,884
926,884
Dividends paid and payable
13
( 875,058)
( 875,058)
--------
-------------
-------------
Total investments by and distributions to owners
( 875,058)
( 875,058)
At 31 December 2022
30,435
10,324,517
10,354,952
Profit for the year
675,400
675,400
--------
-------------
-------------
Total comprehensive income for the year
675,400
675,400
Dividends paid and payable
13
( 2,001,437)
( 2,001,437)
----
------------
------------
Total investments by and distributions to owners
( 2,001,437)
( 2,001,437)
--------
------------
------------
At 31 December 2023
30,435
8,998,480
9,028,915
--------
------------
------------
Harrison Products Co Limited
Consolidated Statement of Cash Flows
Year ended 31 December 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial year
790,045
813,043
Adjustments for:
Depreciation of tangible assets
219,524
117,920
Amortisation of intangible assets
63,258
63,258
Other interest receivable and similar income
( 21,132)
( 627)
Interest payable and similar expenses
2
Gains on disposal of tangible assets
( 3,406)
( 1,471)
Tax on profit
117,437
247,999
Accrued expenses
48,165
43,393
Changes in:
Stocks
1,176,670
( 565,294)
Trade and other debtors
( 569,160)
673,216
Trade and other creditors
467,380
( 199,599)
------------
------------
Cash generated from operations
2,288,781
1,191,840
Interest paid
( 2)
Interest received
21,132
627
Tax paid
( 150,290)
( 407,285)
------------
------------
Net cash from operating activities
2,159,623
785,180
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 1,060,498)
( 464,557)
Proceeds from sale of tangible assets
37,850
4,750
Purchase of intangible assets
( 632,584)
------------
------------
Net cash used in investing activities
( 1,022,648)
( 1,092,391)
------------
------------
Cash flows from financing activities
Proceeds from loans from participating interests
345,084
Dividends paid
( 2,001,437)
( 875,057)
Amounts withdrawn by directors
(1,535,810)
(1,362,650)
Amounts introduced by directors
1,535,810
1,799,485
------------
------------
Net cash used in financing activities
( 1,656,353)
( 438,222)
------------
------------
Net decrease in cash and cash equivalents
( 519,378)
( 745,433)
Cash and cash equivalents at beginning of year
3,311,092
4,056,525
------------
------------
Cash and cash equivalents at end of year
2,791,714
3,311,092
------------
------------
Harrison Products Co Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 420 Bramley Drive, Vale Park Evesham, England, WR11 1JH. The business address of the company is Apex House, Conference way, Vale Park South, Evesham, WR11 1LB.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements are rounded to the nearest £1.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Harrison Products Co Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The following judgements and estimations have been made in the process of applying the company's accounting polices that have had the most significant effect on amounts recognised in the financial statements. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where it affects only that period or in both current and future periods. Useful economic lives of tangible fixed assets The annual deprecation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. These are assessed by the directors on an annual basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Straight line over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
Straight line over 10 years
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
25% straight line
Motor vehicles
-
20% and 25% Reducing balance
Equipment
-
20% Reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2023
2022
£
£
Sale of goods
17,041,916
15,947,276
-------------
-------------
The whole turnover of the company is attributable to the principle activity of the company. During the year total sales of £14,714,350 (2022 - £12,908,299) was carried out in the UK and £1,894,441 (2022 - £2,224,861) was carried out in Europe.
5. Other operating income
2023
2022
£
£
Other operating income
264,907
---------
----
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Amortisation of intangible assets
63,258
63,258
Depreciation of tangible assets
219,524
117,920
Gains on disposal of tangible assets
( 3,406)
( 1,471)
Impairment of trade debtors
20,409
24,785
Foreign exchange differences
( 1,916)
51,218
---------
---------
7. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
15,200
17,050
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2023
2022
No.
No.
Administrative staff
6
19
Number of other staff
71
54
----
----
77
73
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
2,849,943
2,408,305
Social security costs
284,737
293,092
Other pension costs
41,554
37,501
------------
------------
3,176,234
2,738,898
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
1
228,375
----
---------
Remuneration of the highest paid director in respect of qualifying services:
2023
2022
£
£
Aggregate remuneration
1
145,992
----
---------
During the year the directors took no remuneration out of this company.
10. Other interest receivable and similar income
2023
2022
£
£
Interest receivable
21,132
627
--------
----
11. Interest payable and similar expenses
2023
2022
£
£
Interest on obligations under finance leases and hire purchase contracts
2
----
----
12. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
66,065
151,273
Adjustments in respect of prior periods
( 34,279)
--------
---------
Total current tax
31,786
151,273
--------
---------
Deferred tax:
Origination and reversal of timing differences
85,651
96,726
---------
---------
Tax on profit
117,437
247,999
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: higher than) the standard rate of corporation tax in the UK of 21.26 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
907,482
1,061,042
---------
------------
Profit on ordinary activities by rate of tax
192,931
201,598
Adjustment to tax charge in respect of prior periods
( 34,279)
Effect of expenses not deductible for tax purposes
17,278
7,934
Effect of capital allowances and depreciation
( 87,825)
( 58,259)
Effect of revenue exempt from tax
( 56,319)
Deferred Tax
85,651
96,726
---------
------------
Tax on profit
117,437
247,999
---------
------------
13. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
2,001,437
875,057
------------
---------
14. Intangible assets
Group
Goodwill
£
Cost
At 1 January 2023
632,584
Additions
532,149
Disposals
( 681,334)
---------
At 31 December 2023
483,399
---------
Amortisation
At 1 January 2023
63,258
Charge for the year
63,258
Disposals of previously acquired businesses
( 100,430)
---------
At 31 December 2023
26,086
---------
Carrying amount
At 31 December 2023
457,313
---------
At 31 December 2022
569,326
---------
Company
Goodwill
£
Cost
At 1 January 2023
Additions
532,149
Disposals
( 48,750)
---------
At 31 December 2023
483,399
---------
Amortisation
At 1 January 2023
Charge for the year
26,086
---------
At 31 December 2023
26,086
---------
Carrying amount
At 31 December 2023
457,313
---------
At 31 December 2022
---------
15. Tangible assets
Group
Long leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
43,925
948,208
411,424
26,069
5,698
1,435,324
Additions
693,172
185,723
74,890
275,103
1,830
1,230,718
Disposals
( 43,925)
( 160,981)
( 54,241)
( 5,698)
( 264,845)
---------
---------
---------
---------
-------
------------
At 31 Dec 2023
693,172
972,950
432,073
301,172
1,830
2,401,197
---------
---------
---------
---------
-------
------------
Depreciation
At 1 Jan 2023
4,026
448,371
320,734
5,214
748
779,093
Charge for the year
48,505
89,593
35,475
45,150
801
219,524
Disposals
( 6,954)
( 41,423)
( 10,963)
( 1,549)
( 60,889)
---------
---------
---------
---------
-------
------------
At 31 Dec 2023
45,577
496,541
345,246
50,364
937,728
---------
---------
---------
---------
-------
------------
Carrying amount
At 31 Dec 2023
647,595
476,409
86,827
250,808
1,830
1,463,469
---------
---------
---------
---------
-------
------------
At 31 Dec 2022
39,899
499,837
90,690
20,855
4,950
656,231
---------
---------
---------
---------
-------
------------
Company
Long leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
805,478
357,183
26,069
1,188,730
Additions
693,172
185,723
74,890
275,103
1,830
1,230,718
Disposals
( 18,251)
( 18,251)
---------
---------
---------
---------
-------
------------
At 31 Dec 2023
693,172
972,950
432,073
301,172
1,830
2,401,197
---------
---------
---------
---------
-------
------------
Depreciation
At 1 Jan 2023
432,041
314,580
5,214
751,835
Charge for the year
45,577
75,432
30,666
45,150
196,825
Disposals
( 10,932)
( 10,932)
---------
---------
---------
---------
-------
------------
At 31 Dec 2023
45,577
496,541
345,246
50,364
937,728
---------
---------
---------
---------
-------
------------
Carrying amount
At 31 Dec 2023
647,595
476,409
86,827
250,808
1,830
1,463,469
---------
---------
---------
---------
-------
------------
At 31 Dec 2022
373,437
42,603
20,855
436,895
---------
---------
---------
---------
-------
------------
16. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
1
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 1 January 2023 and 31 December 2023
1
----
At 31 December 2022
1
----
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Harrison Manufacturing Limited
Discountined Activities in the year - profit in the year £114k
Ordinary
100
net current assets £806.
17. Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
2,866,998
4,043,668
2,866,998
3,974,100
------------
------------
------------
------------
18. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
3,553,177
3,276,116
3,553,177
3,024,227
Amounts owed by group undertakings
150,000
1,103,346
Amounts owed by undertakings in which the company has a participating interest
425,357
81,519
425,357
81,754
Prepayments and accrued income
134,669
120,257
134,669
68,671
Other debtors
245,073
346,224
245,072
346,223
------------
------------
------------
------------
4,358,276
3,824,116
4,508,275
4,624,221
------------
------------
------------
------------
19. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
1,741,916
1,165,073
1,741,916
1,010,387
Amounts owed to undertakings in which the company has a participating interest
195,889
195,889
Accruals and deferred income
105,858
57,693
102,258
14,300
Corporation tax
66,065
151,553
66,065
151,553
Social security and other taxes
554,114
558,342
554,114
515,972
Director loan accounts
1
1
Other creditors
8,873
80,977
8,873
5,910
------------
------------
------------
------------
2,672,716
2,013,638
2,669,116
1,698,122
------------
------------
------------
------------
20. Provisions
Group
Deferred tax (note 21)
£
At 1 January 2023
149,683
Additions
140,485
Charge against provision
( 54,834)
---------
At 31 December 2023
235,334
---------
Company
Deferred tax (note 21)
£
At 1 January 2023
94,849
Additions
140,485
---------
At 31 December 2023
235,334
---------
21. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Included in provisions (note 20)
235,334
149,683
235,334
94,849
---------
---------
---------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2023
2022
2023
2022
£
£
£
£
Accelerated capital allowances
235,334
149,683
235,334
94,849
---------
---------
---------
--------
22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 41,554 (2022: £ 37,501 ).
23. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
30,335
30,335
30,335
30,335
Ordinary Class T shares of £ 1 each
100
100
100
100
--------
--------
--------
--------
30,435
30,435
30,435
30,435
--------
--------
--------
--------
24. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
25. Analysis of changes in net debt
At 1 Jan 2023
Cash flows
At 31 Dec 2023
£
£
£
Cash at bank and in hand
3,311,092
(519,378)
2,791,714
Debt due within one year
(195,890)
(195,890)
------------
---------
------------
3,311,092
( 715,268)
2,595,824
------------
---------
------------
26. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
306,376
327,250
306,376
258,750
Later than 1 year and not later than 5 years
1,122,809
1,365,431
1,122,809
817,431
------------
------------
------------
------------
1,429,185
1,692,681
1,429,185
1,076,181
------------
------------
------------
------------
During the year the rental costs to the company was £85,510.47 for motor and £217,654 for office space.
Harrison Products Co Limited
Notes to the Financial Statements (continued)
Year ended 31 December 2023
27. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr C E Bedford
631,780
( 631,780)
Mr D Bedford
904,030
( 904,030)
----
------------
------------
----
1,535,810
( 1,535,810)
----
------------
------------
----
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr C E Bedford
( 107)
1,345,275
( 1,345,168)
Mr D Bedford
1,312,000
17,375
( 1,329,375)
------------
------------
------------
----
1,311,893
1,362,650
( 2,674,543)
------------
------------
------------
----
28. Related party transactions
Company
Within Debtors there are amounts owed from connected parties totalling £575,813 (2022 - £1,355,861). Within Creditors there are amounts owed to connected parties totalling £195,890 (2022 - £Nil ).
29. Controlling party
The company is a subsidiary of Rockgate Holdings Limited this being its parent. The ultimate controlling party is CE Bedford via is shareholding in the ultimate parent company.