Registered number: 12430877
HARPERCREWE (THE STEADINGS) LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HARPERCREWE (THE STEADINGS) LTD
REGISTERED NUMBER: 12430877
BALANCE SHEET
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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HARPERCREWE (THE STEADINGS) LTD
REGISTERED NUMBER: 12430877
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The directors consider 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 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 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 by the board and were signed on its behalf by:
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Adrian John Bloor
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George Edward Martin Bossom
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The notes on pages 3 to 7 form part of these financial statements.
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HARPERCREWE (THE STEADINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Harpercrewe (The Steadings) Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue 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 revenue is recognised:
Revenue represents the value of legally completed open market sales during the period. Revenue is measured at the fair value of the consideration received, excluding discounts and VAT, arising from the principal activity of the company. In relation to JCT contracts revenue represents the amount invoiced under the contract based on monthly valuations, which are in turn based on percentage completion.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to the profit and loss in the period in which they are incurred.
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HARPERCREWE (THE STEADINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and many adjustments to tax payable in respect of previous years.
Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing differences are not provided for; differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met; and differences relating to investments to the extent that it is not probable that they will reverse in the foreseeable recognised on permanent diffferences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.
Deferred tax is measured at the tax rate that is expeced to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet. Deferred tax balances are not discounted.
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.
Work in progress is stated at the lower of cost and net realisable value. Cost include amounts incurred on development projects that are yet to commence.
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HARPERCREWE (THE STEADINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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 rate, less any impairment losses for bad and doubtful debts.
Short-term creditors are measured at the 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.
inancial instruments, or their component parts, are classified on initial recognition as either a financial asset, a financial liability or an equity instrument in accordance with the substance of the contractual arrangement. Financial instruments are recognised when the Company becomes a party to the contractual provisions of the instrument. Financial instruments are derecognised when the Company is no longer a party to the contractual provisions of the instrument.
Financial assets
Financial assets are stated at either a) cost or b) amortised cost using the effective interest method which is a method of calculating the amortised cost of a financial asset, where this differs from the original transaction value, and of allocating the interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial asset.
(i) Cash and cash equivalents - cash is represented by cash in hand and on demand deposits less overdrafts. Cash equivalents represents deposits held with financial institutions repayable without penalty on notice of not more than 24 hours.
(ii) Trade receivables - trade receivables are recognised and carried at the original transaction value. A provision for impairment is established where there is evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables concerned.
Financial liabilities
Financial liabilities and equity are classified according to the substance of the financial instruments contractual obligations, rather than the financial instruments legal form.
(i) Variable rate loans - variable rate loans are included as financial liabilities on the balance sheet at the amounts drawn on the particular facilities, less costs directly attributable to the arrangement of those facilities. Such arrangement costs are charged to profit or loss over the period of the facilities and credited to the loan balance. Interest payable is expensed as a finance cost in the year to which it relates. (ii) Trade payables - trade payables are recognised and carried at the original transaction value.
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The Company has no employees. The Directors received no remuneration in the period.
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HARPERCREWE (THE STEADINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Work in progress (goods to be sold)
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Amounts owed by group undertakings
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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HARPERCREWE (THE STEADINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Creditors: Amounts falling due after more than one year
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The following secured debts are included within creditors:
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The loan is secured by a guarantee from Harpercrewe (Holdings) Ltd.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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The loan is secured by a guarantee from Harpercrewe (Holdings) Limited.
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Financial assets measured at fair value through profit or loss
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