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REGISTERED NUMBER: 01362323 (England and Wales)













Audited Financial Statements

for the Year Ended 30 April 2024

for

Harry Hall International Limited

Harry Hall International Limited (Registered number: 01362323)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Harry Hall International Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: O C St John Hoare
E A Hopper
M S Alexander
M P Martin



SECRETARY: M S Alexander



REGISTERED OFFICE: Hope Park Business Centre
4 Coop Place
Rooley Lane
BRADFORD
BD5 8JX



REGISTERED NUMBER: 01362323 (England and Wales)



SENIOR STATUTORY AUDITOR: Kevin Shotton BA BFP FCA



AUDITORS: Clive Owen LLP
Chartered Accountants
& Statutory Auditors
140 Coniscliffe Road
Darlington
County Durham
DL3 7RT

Harry Hall International Limited (Registered number: 01362323)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 335,238 413,635
Tangible assets 5 12,840 14,101
Investments 6 406 406
348,484 428,142

CURRENT ASSETS
Stocks 7 735 1,961
Debtors 8 3,894,712 2,809,062
Cash at bank and in hand 587,676 513,597
4,483,123 3,324,620
CREDITORS
Amounts falling due within one year 9 4,216,940 3,590,024
NET CURRENT ASSETS/(LIABILITIES) 266,183 (265,404 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

614,667

162,738

CREDITORS
Amounts falling due after more than one
year

10

32,917

37,917
NET ASSETS 581,750 124,821

CAPITAL AND RESERVES
Called up share capital 12 4,462,002 4,062,002
Share premium 3,916,854 3,916,854
Retained earnings (7,797,106 ) (7,854,035 )
SHAREHOLDERS' FUNDS 581,750 124,821

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:





E A Hopper - Director


Harry Hall International Limited (Registered number: 01362323)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Harry Hall International 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

The financial statements are presented in £ sterling.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Going concern
In the year to 30 April 2024 the company made profits of £56,929. The company forms part of the International Riding Company Limited group. The company has prepared forecasts for 12 months from the date of approval of the accounts. Taking account of the forecasts the directors believe that they will be able to manage working capital to operate within the facilities available to the company in the period of the review.

The directors have received confirmation from the parent company, International Riding Company Limited, that it will continue to make available financial support as may be required for the 12 months from the date of signing these financial statements.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

Preparation of consolidated financial statements
The financial statements contain information about Harry Hall International Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
In preparing these financial statements, the directors have had to make the following judgements:

Determine whether there are indicators of impairment of the Company's tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Harry Hall International Limited (Registered number: 01362323)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents sales to external customers at invoiced amounts less value added tax or local taxes on sales.

Income recognition
Income from the sale of goods is recognised on despatch of goods to the customer.

Broker income is recognised as commitments are fulfilled.

Insurance membership income is recognised as services are provided.

Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer software- 25% on cost
Product development - 25% on cost and 33% on cost
and intellectual property

Goodwill arising on an acquisition of a subsidiary undertaking is the difference between the fair value of the consideration paid and the fair value of the assets and liabilities acquired.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 50% on cost, 25% on cost and 10% on cost
Computer equipment - 50% on cost, 33% on cost and 25% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of average stock. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss.

Financial instruments
Basic financial instruments are measured at amortised cost with changes recognised in profit or loss.

Taxation
Taxation 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 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.

Harry Hall International Limited (Registered number: 01362323)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

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.

Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is occurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Foreign currencies
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Harry Hall International Limited (Registered number: 01362323)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2023 - 31 ) .

4. INTANGIBLE FIXED ASSETS
Product
development
and
Intellectual
property Computer
Goodwill costs software Totals
£    £    £    £   
COST
At 1 May 2023 35,462 484,229 798,293 1,317,984
Additions - - 117,566 117,566
At 30 April 2024 35,462 484,229 915,859 1,435,550
AMORTISATION
At 1 May 2023 35,462 355,166 513,721 904,349
Amortisation for year - 73,750 122,213 195,963
At 30 April 2024 35,462 428,916 635,934 1,100,312
NET BOOK VALUE
At 30 April 2024 - 55,313 279,925 335,238
At 30 April 2023 - 129,063 284,572 413,635

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 May 2023 28,453 47,955 76,408
Additions - 4,741 4,741
At 30 April 2024 28,453 52,696 81,149
DEPRECIATION
At 1 May 2023 21,363 40,944 62,307
Charge for year 2,449 3,553 6,002
At 30 April 2024 23,812 44,497 68,309
NET BOOK VALUE
At 30 April 2024 4,641 8,199 12,840
At 30 April 2023 7,090 7,011 14,101

Harry Hall International Limited (Registered number: 01362323)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 406
NET BOOK VALUE
At 30 April 2024 406
At 30 April 2023 406

The following are subsidiary undertakings of the company:


Name
Country of
Incorporation
Class of
shares

Holding
Principle
activity
The Riding Sock Company Limited England and Wales Ordinary 100% Dormant
Matchmakers International Limited England and Wales Ordinary 100% Dormant
Masta Rug Company Limited England and Wales Ordinary 100% Dormant
Harry Hall Limited England and Wales Ordinary 100% Dormant
Caldene Limited England and Wales Ordinary 100% Dormant
Cottage Craft Limited England and Wales Ordinary 100% Dormant

7. STOCKS
2024 2023
£    £   
Finished goods 735 1,961

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,310,670 969,341
Amounts owed by group undertakings 2,188,430 1,448,119
Other debtors 176,494 159,081
Deferred tax asset 200,000 200,000
Prepayments and accrued income 19,118 32,521
3,894,712 2,809,062

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,620 5,000
Trade creditors 191,712 95,165
Amounts owed to group undertakings 2,285,428 2,479,065
Taxation and social security 345,521 116,447
Other creditors 897,440 550,124
Accruals and deferred income 491,219 344,223
4,216,940 3,590,024

Harry Hall International Limited (Registered number: 01362323)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 5,000 5,000
Bank loans - 2-5 years 15,000 15,000
Bank loans more than 5 years 12,917 17,917
32,917 37,917

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 12,917 17,917

The bank loan is repayable over 10 years, with no repayment due for the first year. Interest is charged at a rate of 2.5% commencing after 1 year. The loan is due to mature in May 2030. The loan is secured by a debenture.

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 127,116 116,379
Between one and five years 331,357 448,076
458,473 564,455

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,501 Ordinary £1 1,501 1,501
4,460,501 Ordinary B £1 4,460,501 4,060,501
4,462,002 4,062,002

400,000 Ordinary B shares of £1 each were allotted and fully paid for cash at par during the year.

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kevin Shotton BA BFP FCA (Senior Statutory Auditor)
for and on behalf of Clive Owen LLP

14. CONTINGENT LIABILITIES

There is a multilateral cross guarantee in place between the company, Stuncroft Limited, a fellow subsidiary, and International Riding Company Limited, the parent undertaking. At 30 April 2024 the bank borrowings of the other group companies amounted to £3,084,369 (2023: £3,254,840).

Harry Hall International Limited (Registered number: 01362323)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

15. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions, including those on normal market terms, with wholly owned subsidiaries within the group.

16. ULTIMATE PARENT COMPANY

The ultimate parent undertaking is International Riding Company Limited, a company incorporated in England and Wales. The registered office of International Riding Company Limited is Hope Park Business Centre, 4 Coop Place, Rooley Lane, Bradford, England, BD5 8JX

17. DEFERRED TAX

A deferred tax asset of £200,000 (2023: £200,000) has been recognised in relation to losses which are considered to have a high probability of utilisation in the near future.