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Registration number: 03479689

Harrison-Lavers & Potburys Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Harrison-Lavers & Potburys Limited
(Registration number: 03479689)

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 12

 

Harrison-Lavers & Potburys Limited
(Registration number: 03479689)

Company Information

Directors

J R Thorne

S I Jarrett

B J Marshall

T Sutherland

Company secretary

S I Jarrett

Registered office

Hillsdon House
High Street
Sidmouth
Devon
EX10 8LD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Harrison-Lavers & Potburys Limited
(Registration number: 03479689)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

14,625

29,250

Tangible assets

5

19,453

18,418

Other financial assets

6

-

2,000

 

34,078

49,668

Current assets

 

Stocks

7

3,000

3,000

Debtors

8

37,293

38,088

Cash at bank and in hand

 

481,140

595,567

 

521,433

636,655

Creditors: Amounts falling due within one year

9

(129,091)

(134,044)

Net current assets

 

392,342

502,611

Total assets less current liabilities

 

426,420

552,279

Provisions for liabilities

(4,260)

(4,102)

Net assets

 

422,160

548,177

Capital and reserves

 

Called up share capital

17

17

Other reserves

2

2

Profit and loss account

422,141

548,158

Total equity

 

422,160

548,177

For the financial year ending 31 December 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.

 

Harrison-Lavers & Potburys Limited
(Registration number: 03479689)

Balance Sheet as at 31 December 2023

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.

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

.........................................
S I Jarrett
Company secretary and director

 

Harrison-Lavers & Potburys Limited
(Registration number: 03479689)

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 January 2023

17

2

548,158

548,177

Profit for the year

-

-

206,276

206,276

Dividends

-

-

(332,293)

(332,293)

At 31 December 2023

17

2

422,141

422,160

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 January 2022

17

2

599,785

599,804

Profit for the year

-

-

274,573

274,573

Dividends

-

-

(326,200)

(326,200)

At 31 December 2022

17

2

548,158

548,177

 

Harrison-Lavers & Potburys Limited
(Registration number: 03479689)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Hillsdon House
High Street
Sidmouth
Devon
EX10 8LD

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.

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.

Government grants

The Coronavirus Job Retention Scheme Grant has been recognised under the accrual model and is credited to other income over the periods in which the compensated costs have been recognised.

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.

 

Harrison-Lavers & Potburys Limited
(Registration number: 03479689)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Office equipment

40% reducing balance basis

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

Over 10 years from the date of transition

 

Harrison-Lavers & Potburys Limited
(Registration number: 03479689)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Trade 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.

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.

Trade 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.

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.

 

Harrison-Lavers & Potburys Limited
(Registration number: 03479689)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2022 - 16).

 

Harrison-Lavers & Potburys Limited
(Registration number: 03479689)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

225,000

225,000

At 31 December 2023

225,000

225,000

Amortisation

At 1 January 2023

195,750

195,750

Amortisation charge

14,625

14,625

At 31 December 2023

210,375

210,375

Carrying amount

At 31 December 2023

14,625

14,625

At 31 December 2022

29,250

29,250

5

Tangible assets

Furniture, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

162,446

5,950

168,396

Additions

985

4,625

5,610

At 31 December 2023

163,431

10,575

174,006

Depreciation

At 1 January 2023

144,474

5,504

149,978

Charge for the year

3,538

1,037

4,575

At 31 December 2023

148,012

6,541

154,553

Carrying amount

At 31 December 2023

15,419

4,034

19,453

At 31 December 2022

17,972

446

18,418

 

Harrison-Lavers & Potburys Limited
(Registration number: 03479689)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

2,000

2,000

Disposals

(2,000)

(2,000)

At 31 December 2023

-

-

Carrying amount

At 31 December 2023

-

-

7

Stocks

2023
£

2022
£

Other stocks

3,000

3,000

8

Debtors

2023
£

2022
£

Trade debtors

32,074

31,597

Other debtors

-

3,078

Prepayments and accrued income

5,219

3,413

Total current trade and other debtors

37,293

38,088

 

Harrison-Lavers & Potburys Limited
(Registration number: 03479689)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Creditors

2023
£

2022
£

Due within one year

Trade creditors

6,398

6,051

Taxation and social security

112,049

118,949

Other creditors

4,161

921

Accrued expenses

6,483

8,123

129,091

134,044

 

Harrison-Lavers & Potburys Limited
(Registration number: 03479689)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £24,141 (2022 - £Nil). These arise under a non-cancellable operating lease.

11

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Director 1: Interest free loan, repayable on demand

1,448

41,488

(42,936)

-

Director 2: Interest free loan, repayable on demand

454

40,659

(41,113)

-

Director 3: Interest free loan, repayable on demand

1,176

20,037

(21,213)

-

 

3,078

102,184

(105,262)

-

       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Director 1: Interest free loan, repayable on demand

701

41,092

(40,345)

1,448

Director 2: Interest free loan, repayable on demand

242

40,560

(40,348)

454

Director 3: Interest free loan, repayable on demand

584

19,981

(19,389)

1,176

 

1,527

101,633

(100,082)

3,078