Registered number: 11977957
HARPERCREWE (HOLDINGS) LTD
UNAUDITED
PAGES FOR FILING WITH REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
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Creditors: amounts falling due within one year
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HARPERCREWE (HOLDINGS) LTD
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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 consolidated statement of comprehensive income 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 on 2 September 2024.
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Adrian John Bloor
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George Edward Martin Bossom
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The notes on pages 6 to 15 form part of these financial statements.
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HARPERCREWE (HOLDINGS) LTD
REGISTERED NUMBER: 11977957
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
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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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Provisions for liabilities
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Profit and loss account carried forward
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The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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 consolidated statement of comprehensive income in accordance with
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HARPERCREWE (HOLDINGS) LTD
REGISTERED NUMBER: 11977957
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
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 on 2 September 2024.
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Adrian John Bloor
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George Edward Martin Bossom
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The notes on pages 6 to 15 form part of these financial statements.
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HARPERCREWE (HOLDINGS) LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Equity attributable to owners of parent Company
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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The notes on pages 6 to 15 form part of these financial statements.
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HARPERCREWE (HOLDINGS) LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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The notes on pages 6 to 15 form part of these financial statements.
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HARPERCREWE (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
Harpercrewe (Holdings) 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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The consolidated financial statements present the results of Harpercrewe Holdings Limited and its subsidiaries (the "Group") as if they formed a single entity. Intergroup transactions and balances between group entities are eliminated in full.
The financial statements are prepared on a going concern basis which assumes the Company will continue in operation and be able to meet its liabilities as they fall due for at least 12 months from the date of these financial statements.
The Company (and the wider group to which it belongs) maintains detailed cash flow and covenant compliance models to ensure that the Company (and wider group) can continue to meet its liabilities as they fall due. These show that the Company will continue to have adequate cash to meet its liabilities as they fall due. Parent undertakings have confirmed they will support the Company in meeting its liabilities as and when they fall due, but only to the extent that money is not otherwise available to the Company to meet such liabilities.
The Company and the wider group entities have received written confirmation that the ultimate beneficial owners would provide financial support as part of the “going concern” analysis in the group’s annual report.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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.
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HARPERCREWE (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
2.Accounting policies (continued)
Finance costs are charged to the profit and loss in the period in which they are incurred.
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Current and deferred taxation
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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 differences 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.
Intangible fixed assets are stated at cost less accumulated amortisation and accumulated impairment losses.
The group assesses at each reporting date whether intangible fixed assets are impaired.
Amortisation is charged to the profit and loss account over the estimated useful lives of each part of an item of intangible fixed assets. The estimated useful lives are as follows:
Computer software 33% straight line
Amortisation methods, useful lives and residual values are reviewed if there is an indication of a significant change since last annual reporting date in the pattern by which the group expects to consume an asset's future economic benefits.
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HARPERCREWE (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
2.Accounting policies (continued)
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Depreciation is provided on the following basis:
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.
The group assesses at each reporting date whether tangible fixed assets are impaired.
Depreciation is charged to the profit and loss account over the estimated useful lives of each part of an item of tangible fixed assets.
Investments in subsidiaries are measured at cost less provision for impairment.
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.
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.
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HARPERCREWE (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Group and its subsidiaries a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Group and its subsidiaries becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of expenditure required to settle the obligation, takinginto account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
Contingent liabilities are recognised as a provision when the likelihood of economic outflow is assessed as probable. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company's control. Contingent liabilities are not recognised as a provision but are instead disclosed in the financial statements when the likelihood of economic settlement is deemed possible and not probable. Contingent liabilities are not recognised as a disclosure when the probability of an outflow of resources is remote.
Financial 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 are 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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HARPERCREWE (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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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.
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The average monthly number of employees, including the directors, during the year was as follows:
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Average number of employees
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Charge for the year on owned assets
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HARPERCREWE (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
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Charge for the year on owned assets
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Investments in subsidiary companies
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HARPERCREWE (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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HARPERCREWE (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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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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HARPERCREWE (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
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Financial assets measured at fair value through profit or loss
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Charged to profit or loss
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Charged to profit or loss
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Accelerated capital allowances
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No account has been taken of the potential deferred tax asset of £1,314,027 calculated at 25% and representing losses carried forward and short-term timing differences, owing to the uncertainty over the utilisation of the losses available
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HARPERCREWE (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
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Parent company loss for the period
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The Company has taken advantage of the exemption allowed under the Companies Act 2006 as applied to Companies and has not presented its own statement of comprehensive income in these financial statements. The parent Company loss for the period was £911,195.
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