Company registration number 04030197 (England and Wales)
Harwood Management London Limited
Audited Financial Statements
For the year ended
31 December 2023
Pages for filing with registrar
Harwood Management London Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
The following statement does not form part of the financial statements
Detailed income statement
Harwood Management London Limited
Statement Of Financial Position
As at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
24,604,805
1,429,638
Cash at bank and in hand
407,201
253,985
25,012,006
1,683,623
Creditors: amounts falling due within one year
5
(23,721,864)
(532,420)
Net current assets
1,290,142
1,151,203
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,290,141
1,151,202
Total equity
1,290,142
1,151,203
The notes on pages 2 to 4 form part of these financial statements.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
C.E.R. Selsby
Director
Company registration number 04030197 (England and Wales)
Harwood Management London Limited
Notes To The Financial Statements
For the year ended 31 December 2023
- 2 -
1
General information
Harwood Management London Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cleveland House, 33 King Street, St James's, London, United Kingdom, SW1Y 6RJ.
2
Accounting policies
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2
Turnover
The turnover shown in the profit and loss account represents amounts receivable for the year from the company's principal activity, exclusive of value added tax. Income is invoiced on a monthly basis for work done in that month.
2.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
2.4
Taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
2.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Harwood Management London Limited
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
2
Accounting policies
(Continued)
- 3 -
2.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
3
Employees
The average monthly number of persons employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,119
Amounts owed by group undertakings
24,021,758
1,422,708
Other debtors
583,047
811
24,604,805
1,429,638
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,134
1,056
Corporation tax
44,716
25,040
Other taxation and social security
52,131
100,958
Other creditors
23,623,883
405,366
23,721,864
532,420
At the end of the year, the company owed £23,050,000 (2022: £384,800) to connected companies. £350,000 (2022: £384,800) is interest free and repayable on demand.
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Harwood Management London Limited
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
6
Audit report information
(Continued)
- 4 -
Senior Statutory Auditor:
Rebecca White BSc FCA
Statutory Auditor:
Riches & Company
Date of audit report:
21 August 2024
7
Controlling party
Throughout the current and preceding years, the company was controlled by its parent company, Harwood International Inc., a company incorporated in the United States of America. The registered office is 2501 N.Harwood, Suite 1400, Dallas, Texas, 75201 USA