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Harding Brothers Retail Operations Limited

Annual Report and Financial Statements
Period from 31 December 2022 to 31 December 2023

Registration number: 06489416

 

Harding Brothers Retail Operations Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Harding Brothers Retail Operations Limited

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Debtors

4

476,424

-

Current assets

 

Debtors

5

3,819,286

3,663,936

Creditors: Amounts falling due within one year

6

(3,807,329)

(3,303,818)

Net current assets

 

11,957

360,118

Net assets

 

488,381

360,118

Capital and reserves

 

Called up share capital

7

1

1

Profit and loss account

488,380

360,117

Shareholders' funds

 

488,381

360,118

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 director on 8 October 2024
 

.........................................
N G Harding
Director

Company Registration Number: 06489416

 

Harding Brothers Retail Operations Limited

Notes to the Financial Statements

Period from 31 December 2022 to 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Avonmouth Way
Avonmouth
Bristol
BS11 8DD

These financial statements were authorised for issue by the director on 8 October 2024.

2

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

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 16 October 2024 was Nicholas Farrant BA MSc FCA, who signed for and on behalf of PKF Francis Clark.

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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
The company holds the following financial instruments:

• 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
The company has chosen to apply the recognition and measurement principles in FRS102.

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.


 

3

Staff numbers

The average number of persons employed by the company during the period, was 28 (2022 - 23).

 

Harding Brothers Retail Operations Limited

Notes to the Financial Statements

Period from 31 December 2022 to 31 December 2023

4

Investments

Loans to group undertakings

Loans to group undertakings

Total

£

£

Cost

At 31 December 2022

-

-

Reclassification

476,424

476,424

At 31 December 2023

476,424

476,424

Provisions for impairment

At 31 December 2022 and 2023

-

-

Carrying amount

At 31 December 2023

476,424

476,424

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

5

Debtors

Current

2023
£

2022
£

Prepayments

-

4,148

Accrued income and other debtors

3,819,286

3,659,788

 

3,819,286

3,663,936

Non-current

2023
£

2022
£

Amounts owed by group undertakings

476,424

-

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.

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Taxation and social security

1,703

11,039

Amounts due to group undertakings

3,741,451

3,207,161

Accruals and deferred income

64,175

85,618

3,807,329

3,303,818

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         
 

Harding Brothers Retail Operations Limited

Notes to the Financial Statements

Period from 31 December 2022 to 31 December 2023

8

Parent and ultimate parent undertaking

The company's immediate parent is Harding Brothers Holdings Limited, incorporated in England and Wales.

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.

9

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Nicholas Farrant BA MSc FCA, who signed for and on behalf of PKF Francis Clark on 16 October 2024.