Registered number
07545143
Hardy Drainage Limited
Filleted Accounts
31 March 2024
Hardy Drainage Limited
Registered number: 07545143
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 10,612 -
Tangible assets 4 1,676,725 1,435,893
1,687,337 1,435,893
Current assets
Stocks 30,524 16,868
Debtors 5 248,258 329,964
Cash at bank and in hand 77,692 136,671
356,474 483,503
Creditors: amounts falling due within one year 6 (136,506) (363,562)
Net current assets 219,968 119,941
Total assets less current liabilities 1,907,305 1,555,834
Creditors: amounts falling due after more than one year 7 (809,449) (693,584)
Provisions for liabilities (130,246) (55,658)
Net assets 967,610 806,592
Capital and reserves
Called up share capital 103 103
Share premium 249,901 249,901
Profit and loss account 717,606 556,588
Shareholders' funds 967,610 806,592
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
….............................................
Rhyse Hardy
Director
Approved by the board on 22 August 2024
Hardy Drainage Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these Accounts are rounded to the nearest £.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of value added taxes. Turnover includes revenue earned from the rendering of drainage services to domestic and commercial customers which is recognised in the period when the work is undertaken and by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant, machinery, fixtures, fittings, tools and equipment over 5 years
Investment property
Investment property comprise property held to earn rental income or for capital appreciation, or both. Investment property is initially measured at cost, including related transaction costs. After initial recognition, investment property is carried at its fair value based on the market value as determined at each accounting reference date. The difference between the fair value of an investment property at the reporting date and its carrying amount prior to re-measurement is included in the Profit and Loss Account as a valuation surplus or deficit. Investment property is not depreciated. Profit on disposal is determined as the difference between the sales proceeds and the carrying amount of the asset at the commencement of the accounting period plus capital expenditure in the period.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 19 21
3 Intangible fixed assets £
Registration plates:
Cost
Additions 10,978
At 31 March 2024 10,978
Amortisation
Provided during the year 366
At 31 March 2024 366
Net book value
At 31 March 2024 10,612
The registration plates are being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Investment
property
Total
£ £ £ £
Cost
At 1 April 2023 1,177,881 499,043 - 1,676,924
Additions - 256,582 - 256,582
Reclassification (710,627) 710,627 -
Surplus on revaluation - - 69,373 69,373
Disposals - (20,696) - (20,696)
At 31 March 2024 467,254 734,929 780,000 1,982,183
Depreciation
At 1 April 2023 23,359 217,672 - 241,031
Charge for the year 14,989 70,134 - 85,123
On disposals - (20,696) - (20,696)
At 31 March 2024 38,348 267,110 - 305,458
Net book value
At 31 March 2024 428,906 467,819 780,000 1,676,725
At 31 March 2023 1,154,522 281,371 - 1,435,893
The investment property was revalued by the directors on 31 March 2024 based on the passing rent from the property and market yield.
5 Debtors 2024 2023
£ £
Trade debtors 192,686 286,776
Other debtors 55,572 43,188
248,258 329,964
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 15,758 15,770
Obligations under finance lease and hire purchase contracts 44,766 48,162
Trade creditors 35,265 49,514
Director's loan 5,007 151,848
Taxation and social security costs 22,673 74,405
Other creditors 13,037 23,863
136,506 363,562
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 634,504 636,867
Obligations under finance lease and hire purchase contracts 174,945 56,717
809,449 693,584
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 30,258 551,853
Secured bank loans 650,262 652,637
The bank loan is secured by a fixed charge on the freehold and investment properties and a floating charge over all the property or undertaking of the company.
9 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 6,142 13,566
10 Other information
Hardy Drainage Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit A5 Chaucer Business Park
Watery Lane, Kemsing
Sevenoaks
England
TN15 6PL
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