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Registration number: 13748805

Harbwr Tenby Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Harbwr Tenby Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Harbwr Tenby Limited

Company Information

Directors

Mr M Evans

Mr R Barnes

Registered office

Barclays Bank Chambers
18 High Street
High Street
Tenby
Pembrokeshire
SA70 7HD

 

Harbwr Tenby Limited

(Registration number: 13748805)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

21,839

24,022

Tangible assets

6

59,678

47,063

 

81,517

71,085

Current assets

 

Stocks

7

12,000

12,000

Debtors

8

1,063,265

287,417

Cash at bank and in hand

 

13,974

530,026

 

1,089,239

829,443

Creditors: Amounts falling due within one year

9

(508,695)

(786,409)

Net current assets

 

580,544

43,034

Total assets less current liabilities

 

662,061

114,119

Provisions for liabilities

(20,281)

-

Net assets

 

641,780

114,119

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

641,680

114,019

Total equity

 

641,780

114,119

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.

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 and the option not to file the Profit and Loss Account has been taken.

 

Harbwr Tenby Limited

(Registration number: 13748805)
Balance Sheet as at 30 November 2023

Approved and authorised by the Board on 27 August 2024 and signed on its behalf by:
 

.........................................
Mr M Evans
Director

   
     
 

Harbwr Tenby Limited

Notes to the 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:
Barclays Bank Chambers
18 High Street
High Street
Tenby
Pembrokeshire
SA70 7HD

These financial statements were authorised for issue by the Board on 27 August 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 using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

Harbwr Tenby Limited

Notes to the 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

Fixtures and Fittings

25% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

30 Years Straight Line

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.

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.

 

Harbwr Tenby Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

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.

 

Harbwr Tenby Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 37).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

14,406

15,687

Amortisation expense

2,183

2,183

 

Harbwr Tenby Limited

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

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

26,205

26,205

At 30 November 2023

26,205

26,205

Amortisation

At 1 December 2022

2,183

2,183

Amortisation charge

2,183

2,183

At 30 November 2023

4,366

4,366

Carrying amount

At 30 November 2023

21,839

21,839

At 30 November 2022

24,022

24,022

Revalued assets for the period ended 30 November 2022

6

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 December 2022

62,750

-

62,750

Additions

26,106

916

27,022

At 30 November 2023

88,856

916

89,772

Depreciation

At 1 December 2022

15,687

-

15,687

Charge for the year

14,382

25

14,407

At 30 November 2023

30,069

25

30,094

Carrying amount

At 30 November 2023

58,787

891

59,678

At 30 November 2022

47,063

-

47,063

7

Stocks

2023
£

2022
£

Other inventories

12,000

12,000

 

Harbwr Tenby Limited

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

8

Debtors

Note

2023
£

2022
£

Trade debtors

 

-

1,417

Amounts owed by related parties

12

1,058,275

286,000

Prepayments

 

4,990

-

 

1,063,265

287,417

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

-

448,782

Trade creditors

 

91,397

76,572

Taxation and social security

 

97,003

186,067

Amounts owed to related parties

 

140,000

-

Other related parties

 

10,567

1,025

Corporation tax liability

 

157,981

57,251

Other creditors

 

11,747

16,712

 

508,695

786,409

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

50

50

50

50

A Ordinary Shares of £1 each

45

45

45

45

B Ordinary Shares of £1 each

5

5

5

5

 

100

100

100

100

 

Harbwr Tenby Limited

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

11

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

448,782

12

Related party transactions

During the year the company gave financial assistance to Cobourg Development Ltd a company controlled by the director. The balance due to the company at the balance sheet date was £369,000. This loan is interest free and repayable on demand and has been included under note 12.

During the year the company gave financial assistance to Harbour Brewery Limited, a company controlled by the director. The balance due from the company at the balance sheet date was £176,480. This loan is interest free and repayable on demand and has been included under note 12.

During the year the company gave financial assistance to Harbwr Saundersfoot limited a company controlled by the director. The balance due to the company at the balance sheet date was £86,000. This loan is interest free and repayable on demand and has been included under note 12.

During the year the company gave financial assistance to Hope and Anchor Limited, a company controlled by the director. The balance due from the company at the balance sheet date was £1,440. This loan is interest free and repayable on demand and has been included under note 12.

During the year the company gave financial assistance to Tenby Bookshop (Tenby) Limited, a company controlled by the director. The balance due from the company at the balance sheet date was £43,000. This loan is interest free and repayable on demand and has been included under note 12.

During the year the company gave financial assistance to The Buccaneer (Tenby) Limited, a company controlled by the director. The balance due from the company at the balance sheet date was £382,355. This loan is interest free and repayable on demand and has been included under note 12.

During the year the company received financial assistance from he Chem Inn (Saundersfoot) Limited, a company controlled by the director. The balance due from the company at the balance sheet date was £140,000. This loan is interest free and repayable on demand and has been included under note 11.

Transactions with directors

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Mr R Barnes

Loan from the director and repayable on demand

504

(161,442)

166,549

5,611

         
       

Mr M Evans

Loan from the director and repayable on demand

521

(199,600)

204,035

4,956

         
       

 

 

Harbwr Tenby Limited

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

2022

At 17 November 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

Mr R Barnes

Loan from the director and repayable on demand

-

(131,470)

131,974

504

         
       

Mr M Evans

Loan from the director and repayable on demand

-

(205,517)

206,039

521