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Registration number: 07366327

Harris Global Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Harris Global Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Harris Global Limited

Company Information

Directors

J Hotston

Mrs K Hotston

Registered office

8 Station Road East
Oxted
Surrey
RH8 0BT

 

Harris Global Limited

(Registration number: 07366327)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

88,536

98,822

Current assets

 

Debtors

5

1,249,047

1,737,450

Cash at bank and in hand

 

706,709

862,155

 

1,955,756

2,599,605

Creditors: Amounts falling due within one year

6

(1,380,940)

(1,813,535)

Net current assets

 

574,816

786,070

Total assets less current liabilities

 

663,352

884,892

Creditors: Amounts falling due after more than one year

6

(15,647)

(101,038)

Provisions for liabilities

(21,470)

(17,946)

Net assets

 

626,235

765,908

Capital and reserves

 

Called up share capital

7

180

180

Share premium reserve

27,480

27,480

Capital redemption reserve

(55,260)

(55,260)

Retained earnings

653,835

793,508

Shareholders' funds

 

626,235

765,908

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Harris Global Limited

(Registration number: 07366327)
Balance Sheet as at 30 November 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 February 2024 and signed on its behalf by:
 

.........................................
J Hotston
Director

   
     
 

Harris Global Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 Station Road East
Oxted
Surrey
RH8 0BT

These financial statements were authorised for issue by the Board on 22 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The financial statements are presented in Sterling (£), which is also the functional currency of the Company. Monetary amounts in these Financial Statements are rounded to the nearest £1.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

• the requirement of Section 33 Related Party Disclosures paragraph 33.7.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Harris Global Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% straight line per annum

Fixtures and fittings

25% reducing balance per annum

Leasehold buildings

Over term of the lease

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Harris Global Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 14).

 

Harris Global Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

6,363

73,976

105,884

186,223

Additions

15,791

2,310

-

18,101

Disposals

(6,363)

-

-

(6,363)

At 30 November 2023

15,791

76,286

105,884

197,961

Depreciation

At 1 December 2022

5,383

55,547

26,471

87,401

Charge for the year

2,369

5,185

19,853

27,407

Eliminated on disposal

(5,383)

-

-

(5,383)

At 30 November 2023

2,369

60,732

46,324

109,425

Carrying amount

At 30 November 2023

13,422

15,554

59,560

88,536

At 30 November 2022

980

18,429

79,413

98,822

5

Debtors

Current

2023
£

2022
£

Trade debtors

855,455

1,322,967

Prepayments

25,003

26,642

Other debtors

368,589

387,841

 

1,249,047

1,737,450

 

Harris Global Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

710,713

798,391

Trade creditors

 

424,657

721,911

Taxation and social security

 

173,906

229,361

Accruals and deferred income

 

63,100

60,071

Other creditors

 

8,564

3,801

 

1,380,940

1,813,535

Creditors include bank loans and overdrafts which are secured of £625,300 (2022 - £773,860).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

15,647

101,038

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

180

180

180

180

         
 

Harris Global Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

15,647

25,749

Hire purchase contracts

-

75,289

15,647

101,038

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,138

9,907

Hire purchase contracts

75,289

14,624

Other borrowings

625,286

773,860

710,713

798,391

Other borrowings

Other borrowings relate to an invoice discount facility and is denominated in Sterling . The carrying amount at the year end is £625,300 (2022 - £773,860).

Borrowings are secured under a fixed and floating charge over the company assets as set out in the charge registered 17 May 2013.

9

Parent and ultimate parent undertaking

The company's immediate parent is Harris Global Holdings Limited (Reg 10976910), incorporated in England and Wales.

  These financial statements are available upon request from 8 Station Road East, Oxted, Surrey, United Kingdom, RH8 0BT

The ultimate controlling party is Mr J Hotston by virtue of shareholdings in Harris Global Holdings Limited.