Period from 31 December 2022 to
Registration number:
Harding Brothers Retail Operations Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Harding Brothers Retail Operations Limited
Balance Sheet
31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Debtors |
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- |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 06489416
Harding Brothers Retail Operations Limited
Notes to the Financial Statements
Period from 31 December 2022 to 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
The functional currency of the Company is considered to be Pounds Sterling, due to the prevailing economic environment it operates in. The financial statements are also presented in Pounds Sterling.
Monetary amounts in these financial statements are rounded to the nearest pound.
Audit report
Going concern
In common with the rest of the Harding Retail IHC Limited group, the company indirectly relies on the support of its ultimate parent company, and its affiliated asset-lending platform, Breal Zeta Commercial Finance Designated Activity Company.
The directors' assessment of the group and company cash-flows, taking in to account recently signed agreements, with forecast sensitivities and risks, lead them to conclude that with the support of the ultimate parent company, it is appropriate to prepare the accounts on a going concern basis.
Harding Brothers Retail Operations Limited
Notes to the Financial Statements
Period from 31 December 2022 to 31 December 2023
Key accounting judgements and critical sources of estimation uncertainty
In the application of the company’s accounting policies management is required to make judgement estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are viewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key judgement that has a significant effect on the financial statements is in respect of going concern. The disclosure within accounting policies describes the processes undertaken around this judgement in more detail.
The key estimate that has a significant effect on the financial statements is in respect of accrued income.
Accrued income relating to management recharges provided to fellow group undertakings, but not invoiced by the company as at year end, is assessed for recoverability which represents a key accounting estimate. The carrying value of accrued income as at year end was £3,819,286 (2022 - £3,659,465).
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of management charges and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
Accrued income arises where services have been provided but not yet invoiced.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Harding Brothers Retail Operations Limited
Notes to the Financial Statements
Period from 31 December 2022 to 31 December 2023
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.
Financial instruments
Classification
• Long term other debtors;
• Short term other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company during the period, was
Harding Brothers Retail Operations Limited
Notes to the Financial Statements
Period from 31 December 2022 to 31 December 2023
Investments |
Loans to group undertakings
Loans to group undertakings |
Total |
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£ |
£ |
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Cost |
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At 31 December 2022 |
- |
- |
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Reclassification |
476,424 |
476,424 |
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At 31 December 2023 |
476,424 |
476,424 |
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Provisions for impairment |
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At 31 December 2022 and 2023 |
- |
- |
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Carrying amount |
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At 31 December 2023 |
476,424 |
476,424 |
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At 30 December 2022 |
- |
- |
Although amounts owed by group undertakings is repayable on demand it is not expected that the amount will be realised within the next 12 months and as such are held on a continuing basis.
Harding Brothers Retail Operations Limited
Notes to the Financial Statements
Period from 31 December 2022 to 31 December 2023
Debtors |
Current |
2023 |
2022 |
Prepayments |
- |
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Accrued income and other debtors |
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Non-current |
2023 |
2022 |
Amounts owed by group undertakings |
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- |
Although amounts owed by group undertakings is repayable on demand it is not expected that the amount will be realised within the next 12 months and as such are held on a continuing basis.
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Taxation and social security |
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Amounts due to group undertakings |
3,741,451 |
3,207,161 |
Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Harding Brothers Retail Operations Limited
Notes to the Financial Statements
Period from 31 December 2022 to 31 December 2023
Parent and ultimate parent undertaking |
The company's immediate parent is
The company is ultimately beneficially owned by five charities registered in the Republic of Ireland with no single ultimate controlling party. Walkers Global Shareholding Services Limited hold the shares on trust on behalf of the five Irish charities.
The parent of the largest and smallest group in which these financial statements are consolidated is Harding Retial IHC Limited, incorporated in England and Wales.
The address of Harding Retail IHC Limited is:
Avonmouth Way, Avonmouth, Bristol, United Kingdom, BS11 8DD
The consolidated accounts can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
Audit report |