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REGISTERED NUMBER: 05578326 (England and Wales)









Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

ADMIRAL HARDING LIMITED

ADMIRAL HARDING LIMITED (REGISTERED NUMBER: 05578326)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Statement of Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 17


ADMIRAL HARDING LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: D J Harding
N G Harding
J M Lawrence
K L Hawkins



SECRETARY: K L Hawkins



REGISTERED OFFICE: Unit C
The Nova Distribution Centre
Nova Way
Avonmouth
Bristol
BS11 9DJ



REGISTERED NUMBER: 05578326 (England and Wales)



AUDITORS: Haines Watts (Western) Limited
Chartered Accountants and Statutory Auditors
Bath House
6-8 Bath Street
Bristol
BS1 6HL



SOLICITORS: Meade King
11-12 Queen Square
Bristol
BS1 4NT

ADMIRAL HARDING LIMITED (REGISTERED NUMBER: 05578326)

Strategic Report
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors' strategic report is presented for the year ended 31 December 2023.

Review of the business and development and performance
The principal activity of the company during the year under review was that of international shipping contractors.

This report aims to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and complex nature of our business.

Turnover for the year to 31 December 2023 was in line with the directors' expectations at £12.384 million (2022 - £13.945 million).

The company's gross profit margin decreased from 30.5% in 2022 to 30.2% in 2023, resulting in a gross profit of £3.740 million (2022 - £4.253 million).

The company's distribution costs and administrative expenses decreased from £3.539 million in 2022 to £3.354 million in 2023.

The overall operating profit for the year was £393,624 (2022 - £726,935) and the profit before tax was £390,135 (2022 - £717,589). The net profit for the year of £296,541 has been added to brought forward reserves. We consider these results to be satisfactory and ahead of expectations given the market pressures on margins and turnover in recent years. The company maintained its operations throughout the year.

Cash generated from operations was £727,727 for the year to 31 December 2023 (2022 - £362,445). After accounting for cash outflows from investing activities of £8,602 (2022 - cash inflows of £936) and net cash outflows from financing activities of £305,294 (2022 - £1,113,213), the overall net cash inflow for the company for the year was £284,265 (2022 - net cash outflow of £783,794).

As at 31 December 2023 cash and cash equivalents amounted to £154,033 (2022 - negative £130,232).

The directors believe that the company has sufficient working capital to meet its normal trading requirements.

Despite competition, the company has maintained its operating margins and the directors consider the company to be performing well in the first half of the current financial year.

Business environment
The international shipping contracting industry within the United Kingdom continues to be highly competitive and the company continues to manage its position through its pricing policy, range of goods supplied and level of customer service offered.

The directors are confident that the company will continue to offer a high quality service to its customers with the expectation that it will grow its turnover and remain profitable in the short to medium term.

No major changes are expected or other risks anticipated. The directors aim to maintain their current management policies.

Results and dividends
The profit for the period, after taxation, amounted to £296,541 (2022 - £570,604).

The directors have recommended the payment of an interim dividend in the year.

Political and charitable donations
During the year the company made various charitable donations totalling £2,112 (2022 - £280).


ADMIRAL HARDING LIMITED (REGISTERED NUMBER: 05578326)

Strategic Report
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
We consider that the principal risks and uncertainties faced by the company are the same as those faced by any company operating in the international shipping contracting industry. These are as follows:

Competition - the company operates in a very competitive environment. Products are kept under constant review to ensure that they meet market demands.

Fluctuations in exchange rates - the company holds foreign currency cash balances in order to mitigate the risks posed by fluctuations in exchange rates in respect of sales and liabilities not denominated in pounds sterling.

Cash flows - the company actively manages cash flows in order to ensure that sufficient funding is available to meet its cash requirements.

Changes in the macroeconomic environment - the directors actively monitor changes in the national and international economic environment and seek to mitigate the effects of risks posed by any such changes.

Brexit - the company continues to hold stocks of certain overseas products, but has not been materially affected by Brexit. The directors continue to closely monitor supply chains both in the UK and from overseas.

Key performance indicators
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, being:

Sales targets and margins
Turnover achieved and the margins for the year were in line with the directors' expectations.

Cash collected and debtor book
Cash collected during the year net of VAT amounted to approximately £12.305 million (2022 - £13.863 million). Trade debtor days have decreased from an average of 61 days for the year to 31 December 2022 to 57 days for the year to 31 December 2023.

Health and safety
The company operates a strict health and safety regime in order to ensure the health, safety, welfare and protection of all persons.

Customer satisfaction
During the course of this financial year the company has endeavoured to maintain its high class service to its
customers. It also continues to deliver its total commitment to quality as demonstrated by the quality standard
accreditations that are held.

The directors consider that the company has performed well and in line with their expectations for these key performance indicators.














ADMIRAL HARDING LIMITED (REGISTERED NUMBER: 05578326)

Strategic Report
FOR THE YEAR ENDED 31 DECEMBER 2023

Future developments
The directors are confident that the company will continue to offer a high quality service to its customers with the
expectation that it will grow its turnover and remain profitable in the short to medium term.

ON BEHALF OF THE BOARD:





J M Lawrence - Director


29 July 2024

ADMIRAL HARDING LIMITED (REGISTERED NUMBER: 05578326)

Report of the Directors
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of international shipping contractors.

DIVIDENDS
An interim dividend of £179.86 per share was paid on 31 December 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 was £100,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

D J Harding
N G Harding
J M Lawrence
K L Hawkins

Other changes in directors holding office are as follows:

R T Blake - resigned 30 June 2023
S H Rees - resigned 6 April 2023

GOING CONCERN
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The directors have reviewed and considered relevant information, including the annual budget and future cash flows, in making their assessment. Based on these assessments, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

DISCLOSURE IN THE STRATEGIC REPORT
The Companies Act 2006 (Strategic Report and Directors' Report) regulations 2013 requires a Strategic Report to be prepared. Where mandatory disclosures in the Directors' Report are considered by the directors to be of strategic importance these have been included within the Strategic Report rather than the Directors' Report in accordance with s.414C (11) Companies Act 2006.


ADMIRAL HARDING LIMITED (REGISTERED NUMBER: 05578326)

Report of the Directors
FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Haines Watts (Western) Limited, is deemed to have been reappointed in accordance with Section 487 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





J M Lawrence - Director


29 July 2024

Report of the Independent Auditors to the Members of
Admiral Harding Limited


Opinion
We have audited the financial statements of Admiral Harding Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Admiral Harding Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Admiral Harding Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which it operate. We determined that the following laws and regulations were most significant: The Companies Act 2006, UK GAAP, UK corporate tax laws, and the Data Protection Act.

We obtained an understanding of how the company is complying with those legal and regulatory frameworks and made enquiries to the management of known or suspected instances of fraud and non-compliance with laws and regulations.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included:

o Identifying and assessing the controls management has in place to prevent and detect fraud;

o Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

o Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and

o Assessing the extent of compliance with the relevant laws and regulations.

Because of the inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Admiral Harding Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Andrew J Jordan FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts (Western) Limited
Chartered Accountants and Statutory Auditors
Bath House
6-8 Bath Street
Bristol
BS1 6HL

29 July 2024

ADMIRAL HARDING LIMITED (REGISTERED NUMBER: 05578326)

Statement of Comprehensive Income
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 4 12,383,770 13,944,636

Cost of sales (8,643,434 ) (9,691,886 )
GROSS PROFIT 3,740,336 4,252,750

Distribution costs (1,824,700 ) (1,970,881 )
Administrative expenses (1,529,294 ) (1,567,673 )
386,342 714,196

Other operating income 5 7,282 12,739
OPERATING PROFIT 7 393,624 726,935


Interest payable and similar expenses 8 (3,489 ) (9,346 )
PROFIT BEFORE TAXATION 390,135 717,589

Tax on profit 9 (93,594 ) (146,985 )
PROFIT FOR THE FINANCIAL YEAR 296,541 570,604

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

296,541

570,604

ADMIRAL HARDING LIMITED (REGISTERED NUMBER: 05578326)

Balance Sheet
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 13 - -
Tangible assets 14 149,747 192,917
149,747 192,917

CURRENT ASSETS
Stocks 15 681,832 808,632
Debtors 16 1,928,851 2,344,266
Cash at bank and in hand 649,210 662,958
3,259,893 3,815,856
CREDITORS
Amounts falling due within one year 17 (1,870,919 ) (2,430,714 )
NET CURRENT ASSETS 1,388,974 1,385,142
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,538,721

1,578,059

CREDITORS
Amounts falling due after more than one
year

18

(111,190

)

(164,020

)

PROVISIONS FOR LIABILITIES 23 (29,169 ) (39,418 )
NET ASSETS 1,398,362 1,374,621

CAPITAL AND RESERVES
Called up share capital 24 556 620
Capital redemption reserve 25 444 380
Retained earnings 25 1,397,362 1,373,621
SHAREHOLDERS' FUNDS 1,398,362 1,374,621

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





J M Lawrence - Director


ADMIRAL HARDING LIMITED (REGISTERED NUMBER: 05578326)

Statement of Changes in Equity
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 1,000 1,829,017 - 1,830,017

Changes in equity
Profit for the year - 570,604 - 570,604
Total comprehensive income - 570,604 - 570,604
Purchase of own shares (380 ) (1,026,000 ) 380 (1,026,000 )
Balance at 31 December 2022 620 1,373,621 380 1,374,621

Changes in equity
Profit for the year - 296,541 - 296,541
Total comprehensive income - 296,541 - 296,541
Dividends - (100,000 ) - (100,000 )
Purchase of own shares (64 ) (172,800 ) 64 (172,800 )
Balance at 31 December 2023 556 1,397,362 444 1,398,362

ADMIRAL HARDING LIMITED (REGISTERED NUMBER: 05578326)

Cash Flow Statement
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 727,727 362,445
Interest paid (936 ) (6,931 )
Interest element of hire purchase payments
paid

(2,553

)

(2,415

)
Tax paid (126,077 ) (24,616 )
Net cash from operating activities 598,161 328,483

Cash flows from investing activities
Purchase of tangible fixed assets (31,102 ) (33,659 )
Sale of tangible fixed assets 22,500 34,595
Net cash from investing activities (8,602 ) 936

Cash flows from financing activities
Loan repayments in year (50,000 ) (50,000 )
Capital advances/(repayments) in year (16,994 ) (37,213 )
Amount introduced by directors 34,500 -
Purchase of own shares (172,800 ) (1,026,000 )
Equity dividends paid (100,000 ) -
Net cash from financing activities (305,294 ) (1,113,213 )

Increase/(decrease) in cash and cash equivalents 284,265 (783,794 )
Cash and cash equivalents at beginning of
year

2

(130,232

)

653,562

Cash and cash equivalents at end of year 2 154,033 (130,232 )

ADMIRAL HARDING LIMITED (REGISTERED NUMBER: 05578326)

Notes to the Cash Flow Statement
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 390,135 717,589
Depreciation charges 53,387 51,769
Profit on disposal of fixed assets (1,615 ) (15,785 )
Finance costs 3,489 9,346
445,396 762,919
Decrease in stocks 126,800 72,425
Decrease/(increase) in trade and other debtors 415,415 (797,586 )
(Decrease)/increase in trade and other creditors (259,884 ) 324,687
Cash generated from operations 727,727 362,445

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 649,210 662,958
Bank overdrafts (495,177 ) (793,190 )
154,033 (130,232 )
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 662,958 979,033
Bank overdrafts (793,190 ) (325,471 )
(130,232 ) 653,562


ADMIRAL HARDING LIMITED (REGISTERED NUMBER: 05578326)

Notes to the Cash Flow Statement
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 662,958 (13,748 ) 649,210
Bank overdrafts (793,190 ) 298,013 (495,177 )
(130,232 ) 284,265 154,033
Debt
Finance leases (63,701 ) 16,994 (46,707 )
Debts falling due within 1 year (50,000 ) - (50,000 )
Debts falling due after 1 year (137,500 ) 50,000 (87,500 )
(251,201 ) 66,994 (184,207 )
Total (381,433 ) 351,259 (30,174 )

ADMIRAL HARDING LIMITED (REGISTERED NUMBER: 05578326)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023


1. COMPANY INFORMATION

Admiral Harding Limited 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.

The company's principal activities and nature of its operations are disclosed in the Directors' Report.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The directors have reviewed and considered relevant information, including the annual budget and future cash flows, in making their assessment. Based on these assessments, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Significant judgements and estimates
In determining the carrying amounts of certain assets and liabilities, the company makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The entities' estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. These include, but are not limited to, depreciation on tangible assets, stock provisions and recoverability of debtors.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and Value Added Tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 33% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Plant and machinery - 20% on cost

Tangible assets are initially recorded at cost and are subsequently stated at cost less any accumulated depreciation and accumulated impairment losses.

ADMIRAL HARDING LIMITED (REGISTERED NUMBER: 05578326)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Cash and cash equivalents
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Other financial instruments, which include derivatives, are initially recognised at fair value, i.e. the transaction price. Subsequent measurement at the end of each reporting period shall also be at fair value, with any changes in fair value being recognised in the profit and loss account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets held under finance leases are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest rate method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

ADMIRAL HARDING LIMITED (REGISTERED NUMBER: 05578326)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Sale of goods 12,383,770 13,944,636
12,383,770 13,944,636

The whole of the company's turnover is attributable to its principal activity which has been undertaken solely in the United Kingdom in the current and preceding year.

5. OTHER OPERATING INCOME
2023 2022
£    £   
Rents received 7,282 9,566
Sundry receipts - 3,173
7,282 12,739

6. EMPLOYEES AND DIRECTORS

20232022
££
Wages and salaries1,484,8321,586,339
Social security costs137,278161,268
Other pension costs29,67031,405
1,6517801,779,012

The average monthly number of employees during the year was as follows:

20232022
Sales and distribution staff1919
Administrative staff (including directors)3536
5455

ADMIRAL HARDING LIMITED (REGISTERED NUMBER: 05578326)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2023 2022
£    £   
Directors' remuneration 238,672 348,516
Directors' pension contributions to money purchase schemes 2,671 2,598

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 3

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 121,712 124,080
Pension contributions to money purchase schemes 1,321 1,321

7. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 16,929 19,400
Other operating leases 206,412 187,533
Depreciation - owned assets 53,386 51,769
Profit on disposal of fixed assets (1,615 ) (15,785 )
Auditors' remuneration 7,975 7,250
Foreign exchange differences 15,378 563

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Loan interest 936 6,931
Hire purchase 2,553 2,415
3,489 9,346

ADMIRAL HARDING LIMITED (REGISTERED NUMBER: 05578326)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 103,843 125,987

Deferred tax (10,249 ) 20,998
Tax on profit 93,594 146,985

UK corporation tax was charged at 19%) in 2022.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 390,135 717,589
Profit multiplied by the standard rate of corporation tax in the UK of
23.521% (2022 - 19%)

91,764

136,342

Effects of:
Expenses not deductible for tax purposes 20,302 6,653
Capital allowances in excess of depreciation (8,223 ) (16,918 )
Adjustments to tax charge in respect of previous periods - (90 )
Effect of deferred taxation (10,249 ) 20,998
Total tax charge 93,594 146,985

10. DIVIDENDS
2023 2022
£    £   
Ordinary shares of 1.00 each
Interim 100,000 -

11. EMPLOYEE BENEFITS

The amount recognised in profit or loss in relation to defined contribution pension plans was £29,670 (2022 - £31,405).

12. FOREIGN CURRENCY TRANSLATION

Foreign currency exchange differences debited to the profit and loss account during the year were in the sum of £15,378 (2022 - £563).

ADMIRAL HARDING LIMITED (REGISTERED NUMBER: 05578326)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 26,991
AMORTISATION
At 1 January 2023
and 31 December 2023 26,991
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

14. TANGIBLE FIXED ASSETS
Fixtures
Office and Motor Plant and
equipment fittings vehicles machinery Totals
£    £    £    £    £   
COST
At 1 January 2023 138,621 279,273 358,309 39,310 815,513
Additions 5,064 413 25,625 - 31,102
Disposals - - (56,579 ) - (56,579 )
At 31 December 2023 143,685 279,686 327,355 39,310 790,036
DEPRECIATION
At 1 January 2023 104,029 270,798 233,149 14,620 622,596
Charge for year 14,205 4,162 28,323 6,696 53,386
Eliminated on disposal - - (35,693 ) - (35,693 )
At 31 December 2023 118,234 274,960 225,779 21,316 640,289
NET BOOK VALUE
At 31 December 2023 25,451 4,726 101,576 17,994 149,747
At 31 December 2022 34,592 8,475 125,160 24,690 192,917

ADMIRAL HARDING LIMITED (REGISTERED NUMBER: 05578326)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


14. TANGIBLE FIXED ASSETS - continued

Obligations under finance leases

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Plant andMotor
machineryvehicles
££
At 31 December 202317,99271,256

At 31 December 202222,49063,848

15. STOCKS
2023 2022
£    £   
Work-in-progress 15,084 49,240
Finished goods 666,748 759,392
681,832 808,632

Stocks recognised in cost of sales during the year as an expense were in the sum of £8,643,434 (2022 - £9,691,886).

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 205,980 606,866
Trade debtors - factored 1,561,822 1,618,476
Discounts reserve (15,446 ) (15,446 )
Bad debt provision (2,072 ) (9,342 )
VAT 55,039 66,842
Prepayments and accrued income 123,528 76,870
1,928,851 2,344,266

ADMIRAL HARDING LIMITED (REGISTERED NUMBER: 05578326)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 19) 495,177 793,190
Other loans (see note 19) 50,000 50,000
Hire purchase contracts (see note 20) 23,017 37,181
Trade creditors 1,071,488 1,195,571
Tax 103,843 126,077
Social security and other taxes 64,516 68,609
Other creditors - 420
Pension contributions 7,767 7,435
Directors' current accounts 34,921 421
Accruals and deferred income 20,190 151,810
1,870,919 2,430,714

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other loans (see note 19) 87,500 137,500
Hire purchase contracts (see note 20) 23,690 26,520
111,190 164,020

19. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 495,177 793,190
Other loans 50,000 50,000
545,177 843,190

Amounts falling due between one and two years:
Other loans - 1-2 years 50,000 50,000

Amounts falling due between two and five years:
Other loans - 2-5 years 37,500 87,500

ADMIRAL HARDING LIMITED (REGISTERED NUMBER: 05578326)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 23,017 37,181
Between one and five years 23,690 26,520
46,707 63,701

Non-cancellable operating leases
2023 2022
£    £   
Within one year 245,291 193,898
Between one and five years 592,331 837,621
837,622 1,031,519

21. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 46,707 63,701
Factoring facility 495,177 783,129
541,884 846,830

Hire purchase assets are secured against the assets to which they relate.

Included in bank loans and overdrafts is the sum of £495,177 (2022 - £783,129) due under the terms of a factoring facility. This amount is secured by a charge over the company's assets.

ADMIRAL HARDING LIMITED (REGISTERED NUMBER: 05578326)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


22. FINANCIAL INSTRUMENTS

The carrying amount for each category of financial instrument is as follows:

2023 2022
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 1,750,284 2,200,554
Cash at bank and in hand 649,210 662,958
2,399,494 2,863,512

Financial liabilities measured at amortised cost
Trade creditors 1,071,488 1,195,571
Other creditors 7,767 7,855
Directors' loan accounts 34,921 421
Obligations under finance leases 46,707 63,701
Bank overdrafts 495,177 793,190
Other loans 137,500 187,500
1,793,559 2,248,238

Total factoring charges recognised in the profit and loss account was £58,613 for the year ended 31 December 2023 (2022 - £41,385).

Total hire purchase interest recognised in the profit and loss account in respect of obligations under finance leases for the year ended 31 December 2023 was £2,553 (2022 - £2,415).

23. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 29,169 39,418

Deferred
tax
£   
Balance at 1 January 2023 39,418
Credit to Statement of Comprehensive Income during year (10,249 )
Balance at 31 December 2023 29,169

24. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
556 Ordinary 1.00 556 620

ADMIRAL HARDING LIMITED (REGISTERED NUMBER: 05578326)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


24. CALLED UP SHARE CAPITAL - continued

During the year, the company purchased 64 of its own shares for £172,800 from existing shareholders.

25. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 1,373,621 380 1,374,001
Profit for the year 296,541 - 296,541
Dividends (100,000 ) - (100,000 )
Purchase of own shares (172,800 ) 64 (172,736 )
At 31 December 2023 1,397,362 444 1,397,806

The profit and loss account represents cumulative profits and losses stated net of dividends and other adjustments.

The capital redemption reserve is used to record the nominal value of shares repurchased by the company.

26. RELATED PARTY DISCLOSURES

N G Harding is also a director of Harding Brothers Retail Limited. During the year the company purchased goods in the normal course of business from Harding Brothers Retail Limited totalling £nil (2022 - £208). The company also sold goods to Harding Brothers Retail Limited totalling £5,216 (2022 - £23,716). The price charged was the normal market price in the case of each individual purchase and sale. At the balance sheet date the company was owed £5,450 by Harding Brothers Retail Limited (2022 - £18,979).

D J Harding, S H Rees and J M Lawrence are also directors of Harding Marine Services (Rotterdam) BV. During the year the company purchased goods in the normal course of business from Harding Marine Services (Rotterdam) BV totalling £73,308 (2022 - £236,069). The company sold goods to Harding Marine Services (Rotterdam) BV totalling £nil (2022 - £639). The price charged was the normal market price in the case of each individual purchase and sale. At the balance sheet date the company owed £159,082 to Harding Marine Services (Rotterdam) BV (2022 - £137,335).

27. ULTIMATE CONTROLLING PARTY

The company has no controlling party.