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Registered number: 03063548
The Harvest Partnership Limited
Financial Statements
For The Year Ended 30 September 2023
Grugeon Reynolds Ltd
Adams & Moore House
Instone Road
Dartford
DA1 2AG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03063548
30 September 2023 30 September 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 439,069 445,097
Investments 5 57,339 57,339
496,408 502,436
CURRENT ASSETS
Debtors 6 768,967 522,895
Cash at bank and in hand 68,875 114,816
837,842 637,711
Creditors: Amounts Falling Due Within One Year 7 (322,072 ) (402,321 )
NET CURRENT ASSETS (LIABILITIES) 515,770 235,390
TOTAL ASSETS LESS CURRENT LIABILITIES 1,012,178 737,826
Creditors: Amounts Falling Due After More Than One Year 8 (299,866 ) (145,107 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (18,813 ) (17,022 )
NET ASSETS 693,499 575,697
CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 11 62,943 62,943
Profit and Loss Account 630,456 512,654
SHAREHOLDERS' FUNDS 693,499 575,697
Page 1
Page 2
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr John Richard Morris
Director
31/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
The Harvest Partnership Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03063548 . The registered office is Adams & Moore House Instone Road, Dartford, DA1 2AG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Nil
Fixtures & Fittings 15% on reducing balance
Computer Equipment 33% on reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2022: 11)
11 11
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4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 October 2022 425,000 11,572 97,988 534,560
Additions - 415 - 415
As at 30 September 2023 425,000 11,987 97,988 534,975
Depreciation
As at 1 October 2022 - 10,596 78,867 89,463
Provided during the period - 209 6,234 6,443
As at 30 September 2023 - 10,805 85,101 95,906
Net Book Value
As at 30 September 2023 425,000 1,182 12,887 439,069
As at 1 October 2022 425,000 976 19,121 445,097
5. Investments
Unlisted
£
Cost
As at 1 October 2022 57,339
As at 30 September 2023 57,339
Provision
As at 1 October 2022 -
As at 30 September 2023 -
Net Book Value
As at 30 September 2023 57,339
As at 1 October 2022 57,339
6. Debtors
30 September 2023 30 September 2022
£ £
Due within one year
Trade debtors 26,759 26,759
Prepayments and accrued income 4,122 4,122
Other debtors 375,178 363,034
Corporation tax recoverable assets 91,387 -
Net wages 744 -
Directors' loan accounts 270,777 128,980
768,967 522,895
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
30 September 2023 30 September 2022
£ £
Trade creditors 42,371 37,258
Bank loans and overdrafts 144,412 117,120
Corporation tax 196,956 127,757
Other taxes and social security 4,773 4,118
Net wages - 83,984
Other creditors (66,440 ) 5,788
Pension Payable - 26,296
322,072 402,321
8. Creditors: Amounts Falling Due After More Than One Year
30 September 2023 30 September 2022
£ £
Bank loans 299,866 145,107
9. Share Capital
30 September 2023 30 September 2022
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 October 2022 Amounts advanced Amounts repaid Amounts written off As at 30 September 2023
£ £ £ £ £
Mrs Beth Ann Morris 128,980 223,959 7,162 - 345,777
The above loan is unsecured, interest free and repayable on demand.
11. Reserves
Revaluation Reserve
£
As at 1 October 2022 62,943
As at 30 September 2023 62,943
Page 5