Company registration number 07028711 (England and Wales)
HARRISON DRURY & CO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HARRISON DRURY & CO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
HARRISON DRURY & CO LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
128,102
150,601
Tangible assets
4
245,016
259,672
373,118
410,273
Current assets
Debtors
5
4,066,535
2,892,292
Cash at bank and in hand
51,189
595,306
4,117,724
3,487,598
Creditors: amounts falling due within one year
6
(2,205,990)
(1,554,396)
Net current assets
1,911,734
1,933,202
Total assets less current liabilities
2,284,852
2,343,475
Creditors: amounts falling due after more than one year
7
(274,148)
(486,123)
Provisions for liabilities
8
(151,690)
(133,855)
Net assets
1,859,014
1,723,497
Capital and reserves
Called up share capital
9
90
100
Share premium account
3,992
3,992
Capital redemption reserve
18
8
Profit and loss reserves
1,854,914
1,719,397
Total equity
1,859,014
1,723,497

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 December 2023 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.

HARRISON DRURY & CO LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 September 2024 and are signed on its behalf by:
Mr J  Chesworth
Director
Company registration number 07028711 (England and Wales)
HARRISON DRURY & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Harrison Drury & Co Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1a Chapel Street, Winckley Square, Preston, PR1 8BU.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. 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 services provided in the normal course of business and is shown net of VAT.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion, when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comprising costs incurred, mainly in relation to contractual hourly staff rates, as a proportion of total costs.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is between 3 and 20 years.

1.5
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.

 

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:

Development Costs
- 4 years straight line
1.6
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.

HARRISON DRURY & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

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:

Property Improvments
- over the expected life of the lease
Fixtures, fittings & equipment
- 3/4 years straight line
Computer equipment
- 4 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

HARRISON DRURY & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors abd bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date. 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.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

HARRISON DRURY & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
147
126
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
500,813
9,997
510,810
Amortisation and impairment
At 1 January 2023
354,149
6,060
360,209
Amortisation charged for the year
20,000
2,499
22,499
At 31 December 2023
374,149
8,559
382,708
Carrying amount
At 31 December 2023
126,664
1,438
128,102
At 31 December 2022
146,664
3,937
150,601
HARRISON DRURY & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Tangible fixed assets
Property Improvments
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2023
379,791
212,914
476,103
1,068,808
Additions
7,364
27,679
104,259
139,302
Disposals
(71,152)
(62,323)
(378,835)
(512,310)
At 31 December 2023
316,003
178,270
201,527
695,800
Depreciation and impairment
At 1 January 2023
228,866
159,038
421,232
809,136
Depreciation charged in the year
50,347
63,826
39,785
153,958
Eliminated in respect of disposals
(71,152)
(62,323)
(378,835)
(512,310)
At 31 December 2023
208,061
160,541
82,182
450,784
Carrying amount
At 31 December 2023
107,942
17,729
119,345
245,016
At 31 December 2022
150,925
53,876
54,871
259,672
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,879,029
1,047,840
Work in progress
1,619,216
1,419,386
Prepayments and accrued income
568,290
425,066
4,066,535
2,892,292
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
294,237
315,414
Other borrowings
90,473
-
0
Trade creditors
389,687
281,822
Taxation and social security
691,052
523,633
Other creditors
200,224
99,995
Accruals and deferred income
540,317
333,532
2,205,990
1,554,396
HARRISON DRURY & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Creditors: amounts falling due within one year
(Continued)
- 8 -

Bank loans and overdrafts are secured by way of a fixed and floating charge over the whole of the property, assets and rights of the company.

 

7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
183,675
319,646
Other borrowings
90,473
166,477
274,148
486,123

Bank loans and overdrafts are secured by way of a fixed and floating charge over the whole of the property, assets and rights of the company.

8
Provisions for liabilities
2023
2022
£
£
Dilapidations
82,083
61,446
Claims provision
30,000
30,000
112,083
91,446
Deferred tax liabilities
39,607
42,409
151,690
133,855
HARRISON DRURY & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary 'A' shares of £0.01 each
10
10
1,000 Ordinary 'B' shares of £0.01 each
10
10
1,000 Ordinary 'C' shares of £0.01 each
10
10
1,000 Ordinary 'D' shares of £0.01 each
10
10
750 Ordinary 'E' shares of £0.01 each
7.5
7.5
700 Ordinary 'F' shares of £0.01 each
7
7
1,000 Ordinary 'G' shares of £0.01 each
10
10
1,000 Ordinay 'H' shares of £0.01 each
10
10
1,000 Ordinary 'I' shares of £0.01 each
10
10
1,000 Ordinary 'J' shares of £0.01 each
-
10
500 Ordinary 'O' shares of £0.01 each
5
5
50 Ordinary 'P' shares of £0.01 each
0.5
0.5
90
100

All shares issued are non-redeembable and rank equally in terms or voting rights and right to participate in dividend distributions and capital distributions.

 

During the year 1,000 Ordinary J shares of £0.01 were repurchased by the company and subsequently cancelled.

10
Operating lease commitments
Lessee

Included in lease commitments are the ongoing rental commitments due for the offices from which the company operates.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
582,568
478,548
HARRISON DRURY & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
11
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Other related parties
180,946
166,477
Other information

One of the directors has provided a personal guarantee to the company's bankers of £100,000.

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