Company registration number 04526064 (England and Wales)
G T HARVEY & PARTNERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
G T HARVEY & PARTNERS LIMITED
CONTENTS
Page
Company information
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
G T HARVEY & PARTNERS LIMITED
BALANCE SHEET
- 1 -
31 July 2024
30 September 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
201,987
302,268
Investments
5
990
201,987
303,258
Current assets
Stocks
55,312
62,968
Debtors
6
23,069
57,802
Cash at bank and in hand
333,514
328,707
411,895
449,477
Creditors: amounts falling due within one year
7
(189,367)
(311,975)
Net current assets
222,528
137,502
Total assets less current liabilities
424,515
440,760
Creditors: amounts falling due after more than one year
8
(28,538)
Provisions for liabilities
(35,485)
(48,637)
Net assets
389,030
363,585
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
388,030
362,585
Total equity
389,030
363,585
G T HARVEY & PARTNERS LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial Period ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the Period 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.
The financial statements were approved by the board of directors and authorised for issue on 11 November 2024 and are signed on its behalf by:
Mr S A Henderson
Director
Company registration number 04526064 (England and Wales)
G T HARVEY & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
G T Harvey & Partners Limited is a private company limited by shares incorporated in England and Wales. The registered office at the accounting period end was 9 Saville Row, Newcastle upon Tyne, NE1 8JE.
1.1
Reporting period
The annual financial statements are presented for a period shorter than one year due to a change in management and control. Comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
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.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Website
20% Straight Line
1.5
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.
G T HARVEY & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
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:
Leasehold land and buildings
Over remaining length of lease
Fixtures, fittings & equipment
20% reducing balance
Motor vehicles
25% 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.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Stocks
Stock is valued at the lower of cost and net realisable value.
1.8
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.
G T HARVEY & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
2023
Number
Number
Total
10
10
G T HARVEY & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 6 -
3
Intangible fixed assets
Website
£
Cost
At 1 October 2023 and 31 July 2024
7,040
Amortisation and impairment
At 1 October 2023 and 31 July 2024
7,040
Carrying amount
At 31 July 2024
At 30 September 2023
4
Tangible fixed assets
Leasehold land and buildings
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
206,170
278,325
94,368
578,863
Additions
9,704
9,704
Disposals
(42,020)
(94,368)
(136,388)
At 31 July 2024
206,170
246,009
452,179
Depreciation and impairment
At 1 October 2023
86,268
171,253
19,074
276,595
Depreciation charged in the Period
9,634
25,057
34,691
Eliminated in respect of disposals
(42,020)
(19,074)
(61,094)
At 31 July 2024
95,902
154,290
250,192
Carrying amount
At 31 July 2024
110,268
91,719
201,987
At 30 September 2023
119,902
107,072
75,294
302,268
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
990
G T HARVEY & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
5
Fixed asset investments
(Continued)
- 7 -
The company held all of the share capital of The Vision Performance Hub Limited until it disposed of them in the year.
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023
990
Disposals
(990)
At 31 July 2024
-
Carrying amount
At 31 July 2024
-
At 30 September 2023
990
During the year the company sold its shares in The Vision Performance Hub Limited to a director and his spouse.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
15,634
9,756
Amounts owed by group undertakings
42,682
Other debtors
7,435
5,364
23,069
57,802
G T HARVEY & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 8 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
13,500
Trade creditors
20,392
31,399
Corporation tax
58,178
62,624
Other taxation and social security
13,636
7,653
Other creditors
97,161
196,799
189,367
311,975
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
5,123
Other creditors
23,415
28,538
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
314,900
343,375
10
Related party transactions
Transactions with related parties
During the Period the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
-
42,682
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