Company registration number 06804148 (England and Wales)
HARLEY ASSOCIATES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
HARLEY ASSOCIATES LTD
COMPANY INFORMATION
Director
Mrs K L Bouchier
Company number
06804148
Registered office
Location
13-15 Albert Street
Mansfield
Nottinghamshire
NG18 1EA
Accountants
Xeinadin McGregors
i2 Mansfield, Office Suite 0-3
Hamilton Court
Oakham Business Park
Mansfield
Nottinghamshire
NG18 5FB
HARLEY ASSOCIATES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
HARLEY ASSOCIATES LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,600
8,897
Current assets
Debtors
4
86,046
98,422
Cash at bank and in hand
273,825
254,577
359,871
352,999
Creditors: amounts falling due within one year
5
(64,457)
(89,811)
Net current assets
295,414
263,188
Total assets less current liabilities
302,014
272,085
Creditors: amounts falling due after more than one year
6
(76,719)
(90,663)
Provisions for liabilities
(1,650)
(1,690)
Net assets
223,645
179,732
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
223,545
179,632
Total equity
223,645
179,732
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HARLEY ASSOCIATES LTD
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 23 October 2024
Mrs K L Bouchier
Director
Company registration number 06804148 (England and Wales)
HARLEY ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Harley Associates Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Location, 13-15 Albert Street, Mansfield, Nottinghamshire, NG18 1EA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable net of VAT and other sales related taxes. The policy adopted for recognition of turnover are as follows:
Revenue is recognised when the service has been completed.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on reducing balance and 20% straight line
Computers
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
Debtors and creditors receivable/payable with a year
Debtors and creditors are recorded at transaction price receivable or payable within one year. Any losses arising from impairment are recognised in the profit and loss account within administrative expenses.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. They are subsequently measured at amortised cost using the effective interest rate method, less impairment.
HARLEY ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
8
HARLEY ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 March 2023 and 28 February 2024
19,097
13,957
33,054
Depreciation and impairment
At 1 March 2023
13,387
10,770
24,157
Depreciation charged in the year
1,500
797
2,297
At 28 February 2024
14,887
11,567
26,454
Carrying amount
At 28 February 2024
4,210
2,390
6,600
At 28 February 2023
5,710
3,187
8,897
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,580
1,520
Other debtors
84,466
96,902
86,046
98,422
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,283
4,614
Corporation tax
11,563
5,250
Other taxation and social security
26,272
26,067
Other creditors
23,339
53,880
64,457
89,811
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Taxation and social security
76,719
90,663
HARLEY ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
6
Creditors: amounts falling due after more than one year
(Continued)
- 6 -
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
20,944
34,888
7
Directors' transactions
Included within other creditors is a directors loan account balance of £17,018 (2023; £48,192). During the year the director has withdrawn net funds of £31,174 from the company.