Company registration number 03174819 (England and Wales)
HARRIER FLUID POWER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
HARRIER FLUID POWER LIMITED
COMPANY INFORMATION
Directors
Mr S J Parsonage
Mr A G Cole
Secretary
Mr S J Parsonage
Company number
03174819
Registered office
Parys Road
Ludlow Business Park
Ludlow
Shropshire
SY8 1XY
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
Leicester
Leicestershire
LE87 2BB
HARRIER FLUID POWER LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
HARRIER FLUID POWER LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HARRIER FLUID POWER LIMITED FOR THE YEAR ENDED 31 MAY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Harrier Fluid Power Limited for the year ended 31 May 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Harrier Fluid Power Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Harrier Fluid Power Limited and state those matters that we have agreed to state to the board of directors of Harrier Fluid Power Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Harrier Fluid Power Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Harrier Fluid Power Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Harrier Fluid Power Limited. You consider that Harrier Fluid Power Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Harrier Fluid Power Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
28 August 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
HARRIER FLUID POWER LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
16,800
25,200
Tangible assets
4
2,087,685
1,844,059
Investments
5
60,000
60,000
2,164,485
1,929,259
Current assets
Stocks
2,324,657
2,225,561
Debtors
6
1,278,399
1,099,838
Cash at bank and in hand
627,611
723,477
4,230,667
4,048,876
Creditors: amounts falling due within one year
7
(2,506,006)
(2,286,259)
Net current assets
1,724,661
1,762,617
Total assets less current liabilities
3,889,146
3,691,876
Creditors: amounts falling due after more than one year
8
(426,003)
(569,422)
Provisions for liabilities
10
(109,211)
(63,646)
Net assets
3,353,932
3,058,808
Capital and reserves
Called up share capital
11
1,000
1,000
Revaluation reserve
12
111,561
111,561
Profit and loss reserves
3,241,371
2,946,247
Total equity
3,353,932
3,058,808
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HARRIER FLUID POWER LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
Mr S J Parsonage
Director
Company registration number 03174819 (England and Wales)
HARRIER FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information
Harrier Fluid Power Limited is a private company limited by shares incorporated in England and Wales. The registered office is Parys Road, Ludlow Business Park, Ludlow, Shropshire, SY8 1XY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website development
5 years
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
Not provided
Plant and machinery
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on reducing balance
HARRIER FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
No depreciation is provided on freehold property. This treatment may be a departure from the requirements of Companies Act 2006 concerning depreciation of fixed assets, however, the company follows a program of regular refurbishment and maintenance of its properties, which includes the reinstatement of the fabric of the buildings where necessary in order to maintain them to a high standard. Accordingly, in the opinion of the directors, any element of depreciation would be immaterial and no provision has been made.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
HARRIER FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
1.8
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.12
The company has entered into an invoice discounting arrangement for certain trade debtors. Amounts due from the customers are shown in full in trade debtors, with amounts due to the finance company in creditors due within twelve months under the other creditors heading.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
38
35
HARRIER FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
3
Intangible fixed assets
Website development
£
Cost
At 1 June 2023 and 31 May 2024
42,000
Amortisation and impairment
At 1 June 2023
16,800
Amortisation charged for the year
8,400
At 31 May 2024
25,200
Carrying amount
At 31 May 2024
16,800
At 31 May 2023
25,200
4
Tangible fixed assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2023
1,690,000
82,446
426,453
2,198,899
Additions
146,073
35,545
71,571
55,750
308,939
At 31 May 2024
1,836,073
117,991
498,024
55,750
2,507,838
Depreciation and impairment
At 1 June 2023
64,004
290,836
354,840
Depreciation charged in the year
13,499
51,814
65,313
At 31 May 2024
77,503
342,650
420,153
Carrying amount
At 31 May 2024
1,836,073
40,488
155,374
55,750
2,087,685
At 31 May 2023
1,690,000
18,442
135,617
1,844,059
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
60,000
60,000
HARRIER FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
883,652
751,147
Amounts owed by group undertakings and undertakings in which the company has a participating interest
100,482
64,660
Other debtors
294,265
284,031
1,278,399
1,099,838
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
107,482
77,794
Trade creditors
993,861
945,081
Taxation and social security
561,746
583,178
Other creditors
842,917
680,206
2,506,006
2,286,259
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
426,003
569,422
9
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
533,485
647,216
Factoring account
755,980
647,434
1,289,465
1,294,650
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
All monies due or to become due from the company to the factoring company, Barclays Sales Finance, are secured against trade debtors.
HARRIER FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
10
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
109,211
63,646
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
12
Revaluation reserve
2024
2023
£
£
At the beginning of the year
111,561
224,002
Other movements
-
(112,441)
At the end of the year
111,561
111,561
13
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan accounts
2.25
153,965
609,253
3,589
(613,422)
153,385
153,965
609,253
3,589
(613,422)
153,385
14
Ultimate controlling party
There is no ultimate controlling party.
2024-05-312023-06-01false28 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr A G ColeMr A G ColeMr S J Parsonagefalsefalse031748192023-06-012024-05-3103174819bus:CompanySecretaryDirector12023-06-012024-05-3103174819bus:Director12023-06-012024-05-3103174819bus:CompanySecretary12023-06-012024-05-3103174819bus:Director22023-06-012024-05-3103174819bus:RegisteredOffice2023-06-012024-05-3103174819bus:Agent12023-06-012024-05-31031748192024-05-31031748192023-05-3103174819core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-05-3103174819core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-05-3103174819core:LandBuildingscore:OwnedOrFreeholdAssets2024-05-3103174819core:PlantMachinery2024-05-3103174819core:FurnitureFittings2024-05-3103174819core:MotorVehicles2024-05-3103174819core:LandBuildingscore:OwnedOrFreeholdAssets2023-05-3103174819core:PlantMachinery2023-05-3103174819core:FurnitureFittings2023-05-3103174819core:MotorVehicles2023-05-3103174819core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-3103174819core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3103174819core:Non-currentFinancialInstrumentscore:AfterOneYear2024-05-3103174819core:Non-currentFinancialInstrumentscore:AfterOneYear2023-05-3103174819core:CurrentFinancialInstruments2024-05-3103174819core:CurrentFinancialInstruments2023-05-3103174819core:ShareCapital2024-05-3103174819core:ShareCapital2023-05-3103174819core:RevaluationReserve2024-05-3103174819core:RevaluationReserve2023-05-3103174819core:RetainedEarningsAccumulatedLosses2024-05-3103174819core:RetainedEarningsAccumulatedLosses2023-05-3103174819core:RevaluationReserve2023-05-3103174819core:RevaluationReserve2022-05-3103174819core:IntangibleAssetsOtherThanGoodwill2023-06-012024-05-3103174819core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-06-012024-05-3103174819core:LandBuildingscore:OwnedOrFreeholdAssets2023-06-012024-05-3103174819core:PlantMachinery2023-06-012024-05-3103174819core:FurnitureFittings2023-06-012024-05-3103174819core:MotorVehicles2023-06-012024-05-31031748192022-06-012023-05-3103174819core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-05-3103174819core:LandBuildingscore:OwnedOrFreeholdAssets2023-05-3103174819core:PlantMachinery2023-05-3103174819core:FurnitureFittings2023-05-3103174819core:MotorVehicles2023-05-31031748192023-05-3103174819core:WithinOneYear2024-05-3103174819core:WithinOneYear2023-05-3103174819core:Non-currentFinancialInstruments2024-05-3103174819core:Non-currentFinancialInstruments2023-05-3103174819bus:PrivateLimitedCompanyLtd2023-06-012024-05-3103174819bus:SmallCompaniesRegimeForAccounts2023-06-012024-05-3103174819bus:FRS1022023-06-012024-05-3103174819bus:AuditExemptWithAccountantsReport2023-06-012024-05-3103174819bus:FullAccounts2023-06-012024-05-31xbrli:purexbrli:sharesiso4217:GBP