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Registered number: 09117907









HARRISON INTELLECTUAL PROPERTY LIMITED








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
HARRISON INTELLECTUAL PROPERTY LIMITED
REGISTERED NUMBER: 09117907

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
57,612
34,655

  
57,612
34,655

Current assets
  

Debtors: amounts falling due within one year
 5 
1,227,147
1,072,085

Cash at bank and in hand
  
231,853
273,451

  
1,459,000
1,345,536

Creditors: amounts falling due within one year
 6 
(1,143,578)
(1,071,255)

Net current assets
  
 
 
315,422
 
 
274,281

Total assets less current liabilities
  
373,034
308,936

Creditors: amounts falling due after more than one year
 7 
(91,664)
(154,367)

Provisions for liabilities
  

Deferred tax
 8 
(13,036)
(5,480)

  
 
 
(13,036)
 
 
(5,480)

Net assets
  
268,334
149,089


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
268,234
148,989

  
268,334
149,089

Page 1

 
HARRISON INTELLECTUAL PROPERTY LIMITED
REGISTERED NUMBER: 09117907
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 statement of income and retained earnings 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 4 September 2024.




Keith Anderson
Director

The notes on pages 3 to 10 form part of these financial statements.
Page 2

 
HARRISON INTELLECTUAL PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

The company is registered in England and Wales. The company's registered office is 15 Coleshill Street, Sutton Coldfield, West Midlands, B72 1SD. The principal activity of the company continues to be that of design consultants.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
HARRISON INTELLECTUAL PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
HARRISON INTELLECTUAL PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Tangible fixed assets

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% straight line
Computer equipment
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
HARRISON INTELLECTUAL PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

 
2.16

Dividends

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 33 (2023 - 29).

Page 6

 
HARRISON INTELLECTUAL PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 March 2023
46,745
81,880
128,625


Additions
7,831
30,776
38,607



At 29 February 2024

54,576
112,656
167,232



Depreciation


At 1 March 2023
43,556
50,415
93,971


Charge for the year on owned assets
1,700
13,949
15,649



At 29 February 2024

45,256
64,364
109,620



Net book value



At 29 February 2024
9,320
48,292
57,612



At 28 February 2023
3,190
31,465
34,655


5.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
662,640
604,464

Amounts owed by group undertakings
529,698
419,278

Other debtors
41
13,112

Prepayments and accrued income
34,768
35,231

1,227,147
1,072,085


Page 7

 
HARRISON INTELLECTUAL PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
63,600
75,725

Trade creditors
115,539
87,652

Amounts owed to group undertakings
758,376
-

Corporation tax
30,098
17,263

Other taxation and social security
144,060
125,655

Other creditors
7,861
743,630

Accruals and deferred income
24,044
21,330

1,143,578
1,071,255



7.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
91,664
154,367

91,664
154,367


The above bank loans are secured by a fixed and Floating charge dated 14 June 2019 in favour of National Westminster and covers all assets of the company..
Additional information relating to secured debts is given in the related party note.

Page 8

 
HARRISON INTELLECTUAL PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Deferred taxation






2024
2023


£

£






At beginning of year
5,480
4,752


Charged to profit or loss
7,556
728



At end of year
13,036
5,480

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Accelerated capital allowances
13,036
5,480

13,036
5,480


9.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) ordinary shares of £0.01 each
100
100



10.Directors' personal guarantees

The Natwest Loan account included at notes 6 and 7 is secured by a personal guarantee by a Director of the company.


11.


Related party transactions

On 30 September 2014 a Fixed and floating charge was registered over the assets of the company in favour of Harrison Design Company Limited, a company in which the directors have a beneficial interest. 
During the year the company made sales to the connected company Harrison USA LLC of £214,304 and made purchases of £48,658. At the balance sheet date Harrison USA LLC were owed £7,723 (2023 were owed £12,183).

Page 9

 
HARRISON INTELLECTUAL PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

12.


Controlling party

The parent company is Harrison Design Group Limited, a company registered in England and Wales. The ultimate controlling party is We Are Harrison Ltd a company registered in England and Wales.

 
Page 10