Caseware UK (AP4) 2023.0.135 2023.0.135 1815The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseNo description of principal activity2023-01-01truetrue 05183522 2023-01-01 2023-12-31 05183522 2022-01-01 2022-12-31 05183522 2023-12-31 05183522 2022-12-31 05183522 c:Director1 2023-01-01 2023-12-31 05183522 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 05183522 d:Buildings d:LongLeaseholdAssets 2023-12-31 05183522 d:Buildings d:LongLeaseholdAssets 2022-12-31 05183522 d:PlantMachinery 2023-01-01 2023-12-31 05183522 d:PlantMachinery 2023-12-31 05183522 d:PlantMachinery 2022-12-31 05183522 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05183522 d:FurnitureFittings 2023-01-01 2023-12-31 05183522 d:FurnitureFittings 2023-12-31 05183522 d:FurnitureFittings 2022-12-31 05183522 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05183522 d:ComputerEquipment 2023-01-01 2023-12-31 05183522 d:ComputerEquipment 2023-12-31 05183522 d:ComputerEquipment 2022-12-31 05183522 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05183522 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05183522 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 05183522 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 05183522 d:CurrentFinancialInstruments 2023-12-31 05183522 d:CurrentFinancialInstruments 2022-12-31 05183522 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05183522 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05183522 d:ShareCapital 2023-12-31 05183522 d:ShareCapital 2022-12-31 05183522 d:RetainedEarningsAccumulatedLosses 2023-12-31 05183522 d:RetainedEarningsAccumulatedLosses 2022-12-31 05183522 c:FRS102 2023-01-01 2023-12-31 05183522 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05183522 c:FullAccounts 2023-01-01 2023-12-31 05183522 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05183522 2 2023-01-01 2023-12-31 05183522 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2023-01-01 2023-12-31 05183522 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure


















Michael Harding Art Formulas Limited























Unaudited

Financial statements



For the year ended 31 December 2023



Registered number: 05183522

 
Michael Harding Art Formulas Limited - Registered number:05183522


Statement of financial position
As at 31 December 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Intangible assets
 4 
11,483
13,714

Tangible assets
 5 
243,526
149,466

  
255,009
163,180

Current assets
  

Stocks
  
171,643
157,111

Debtors: amounts falling due within one year
 6 
133,969
244,564

Cash at bank and in hand
  
2,035,982
1,659,232

  
2,341,594
2,060,907

Creditors: amounts falling due within one year
 7 
(306,177)
(247,788)

Net current assets
  
 
 
2,035,417
 
 
1,813,119

Total assets less current liabilities
  
2,290,426
1,976,299

  

Net assets
  
2,290,426
1,976,299


Capital and reserves
  

Share capital
  
100
100

Profit and loss account
  
2,290,326
1,976,199

  
2,290,426
1,976,299


The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Page 1

 
Michael Harding Art Formulas Limited - Registered number:05183522


Statement of financial position (continued)
As at 31 December 2023


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue and signed by the director.




M Harding
Director

Date: 26 June 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
Michael Harding Art Formulas Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Michael Harding Art Formulas Limited is a private company limited by shares and incorporated in England and Wales. The registered office and principal place of business of the company is Building K, Springvale Industrial Estate, Cwmbran, Gwent, NP44 5BE and the registered number is 05183522.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
Michael Harding Art Formulas Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property
-
over the remaining life of the lease
Plant and machinery
-
25%
Fixtures and fittings
-
25%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow- moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. 

 
2.7

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.8

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks, other third parties and loans to related parties. 

 
2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
Michael Harding Art Formulas Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.10

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. 

 
2.12

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.13

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.14

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 
Michael Harding Art Formulas Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.15

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.


3.


Employees

The average monthly number of employees, including the director, during the year was 18 (2022 -15).


4.


Intangible assets




Trademarks

£



Cost


At 1 January 2023
22,310



At 31 December 2023

22,310



Amortisation


At 1 January 2023
8,596


Charge for the year on owned assets
2,231



At 31 December 2023

10,827



Net book value



At 31 December 2023
11,483



At 31 December 2022
13,714



Page 6

 
Michael Harding Art Formulas Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

5.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
11,587
420,210
8,674
18,927
459,398


Additions
30,797
164,418
559
3,442
199,216



At 31 December 2023

42,384
584,628
9,233
22,369
658,614



Depreciation


At 1 January 2023
928
286,126
8,551
14,327
309,932


Charge for the year on owned assets
19,570
83,174
151
2,261
105,156



At 31 December 2023

20,498
369,300
8,702
16,588
415,088



Net book value



At 31 December 2023
21,886
215,328
531
5,781
243,526



At 31 December 2022
10,659
134,084
123
4,600
149,466


6.


Debtors

2023
2022
£
£


Trade debtors
123,833
235,100

Other debtors
-
101

Prepayments and accrued income
10,136
9,363

133,969
244,564


Page 7

 
Michael Harding Art Formulas Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

7.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
79,797
62,637

Corporation tax
131,976
115,819

Other taxation and social security
47,306
25,309

Other creditors
40,596
38,021

Accruals and deferred income
6,502
6,002

306,177
247,788



8.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £7,837 (2022: £5,245). The unpaid contributions at the year end, included in creditors, amounted to £1,491 (2022: £1,205).


Page 8