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REGISTERED NUMBER: 03671929 (England and Wales)
















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Harp Visual Communications Limited

Harp Visual Communications Limited (Registered number: 03671929)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Harp Visual Communications Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: R Gould
Mrs P C M Gould





SECRETARY: D G Dunning





REGISTERED OFFICE: C4 Segensworth Business Centre
Segensworth Road
Fareham
Hampshire
PO15 5RH





REGISTERED NUMBER: 03671929 (England and Wales)





ACCOUNTANTS: Roches
Chartered Accountants
1 Manor Court
6 Barnes Wallis Road
Segensworth
Fareham
Hampshire
PO15 5TH

Harp Visual Communications Limited (Registered number: 03671929)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 650,876 661,288
650,876 661,288

CURRENT ASSETS
Stocks 631,782 629,826
Debtors 6 192,316 271,448
Cash at bank and in hand 551 701
824,649 901,975
CREDITORS
Amounts falling due within one year 7 686,631 614,986
NET CURRENT ASSETS 138,018 286,989
TOTAL ASSETS LESS CURRENT
LIABILITIES

788,894

948,277

CREDITORS
Amounts falling due after more than one
year

8

(230,400

)

(198,609

)

PROVISIONS FOR LIABILITIES - (15,458 )
NET ASSETS 558,494 734,210

CAPITAL AND RESERVES
Called up share capital 56 56
Revaluation reserve 10 358,717 346,494
Capital redemption reserve 11 11
Retained earnings 199,710 387,649
SHAREHOLDERS' FUNDS 558,494 734,210

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Harp Visual Communications Limited (Registered number: 03671929)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2024 and were signed on its behalf by:





R Gould - Director


Harp Visual Communications Limited (Registered number: 03671929)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Harp Visual Communications Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible fixed assets
In line with FRS 10 "Goodwill and Intangible Assets", the costs of designing a web site and a patent application have been capitalised and amortised over their estimated useful economic life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance

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

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties.

Financial assets & financial liabilities are initially recognised at the transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. However, if the arrangement constitutes a financing transaction then it is measured at the present value of the future receipts discounted at a market rate of interest.

Financial assets & financial liabilities classified as receivable within one year are not amortised.

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


Harp Visual Communications Limited (Registered number: 03671929)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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
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.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

Harp Visual Communications Limited (Registered number: 03671929)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 28,526
Disposals (4,805 )
At 31 December 2023 23,721
AMORTISATION
At 1 January 2023 28,526
Eliminated on disposal (4,805 )
At 31 December 2023 23,721
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 600,000 323,150 923,150
Additions - 4,030 4,030
At 31 December 2023 600,000 327,180 927,180
DEPRECIATION
At 1 January 2023 - 261,862 261,862
Charge for year - 14,442 14,442
At 31 December 2023 - 276,304 276,304
NET BOOK VALUE
At 31 December 2023 600,000 50,876 650,876
At 31 December 2022 600,000 61,288 661,288

Cost or valuation at 31 December 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2022 255,308 - 255,308
Cost 344,692 327,180 671,872
600,000 327,180 927,180

Harp Visual Communications Limited (Registered number: 03671929)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

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

31.12.23 31.12.22
£    £   
Cost 344,692 344,692
Aggregate depreciation 117,195 110,301

Freehold land and buildings were valued on an open market basis on 19 September 2023 by an independent, RICS registered valuer .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 29,980
DEPRECIATION
At 1 January 2023 10,329
Charge for year 4,913
At 31 December 2023 15,242
NET BOOK VALUE
At 31 December 2023 14,738
At 31 December 2022 19,651

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 21,394 4,807
Other debtors 170,922 266,641
192,316 271,448

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 188,161 236,439
Hire purchase contracts 6,906 6,457
Trade creditors 107,128 90,165
Taxation and social security 155,919 163,844
Other creditors 228,517 118,081
686,631 614,986

Harp Visual Communications Limited (Registered number: 03671929)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 106,698 20,833
Hire purchase contracts 4,236 11,141
Other creditors 119,466 166,635
230,400 198,609

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal - 12,731

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdrafts 140,328 180,215
Hire purchase contracts 11,142 17,598
151,470 197,813

Bank overdrafts are secured by a fixed and floating charge over the assets of the company. The bank loan is secured by a legal mortgage over the property owned by the company.

The hire purchase debt is secured on the asset concerned.

10. RESERVES
Revaluation
reserve
£   
At 1 January 2023 346,494
Revaluation reserve 12,223

At 31 December 2023 358,717

11. OTHER FINANCIAL COMMITMENTS

As at the year end, the company had obligations totalling £63,775 (2022 : £53,872) under non-cancellable operating leases.

Harp Visual Communications Limited (Registered number: 03671929)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
A Gould
Balance outstanding at start of year 194,505 213,959
Amounts advanced 16,041 63,235
Amounts repaid (104,900 ) (82,689 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 105,646 194,505

D G Dunning
Balance outstanding at start of year - 21,410
Amounts repaid - (21,410 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The loan to Mr A. Gould (director until 12th September 2023) has been moved to Other debtors. This amount is still due to the company at year end.

Interest has been charged on the loan to Mr A. Gould at the official rate, up to the date of his death. This loan is repayable on demand.