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Registration number: 04648552

Harkers (Dry Liners & Plasterers) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Harkers (Dry Liners & Plasterers) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Harkers (Dry Liners & Plasterers) Limited

(Registration number: 04648552)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

46,401

 

33,002

Current assets

   

 

Stocks

81,725

 

97,274

 

Debtors

5

1,256,172

 

1,320,216

 

Cash at bank and in hand

 

690,633

 

677,342

 

 

2,028,530

 

2,094,832

 

Creditors: Amounts falling due within one year

6

(364,437)

 

(516,228)

 

Net current assets

   

1,664,093

 

1,578,604

Total assets less current liabilities

   

1,710,494

 

1,611,606

Provisions for liabilities

 

(6,836)

 

(2,922)

Net assets

   

1,703,658

 

1,608,684

Capital and reserves

   

 

Called up share capital

7

101

 

101

 

Retained earnings

1,703,557

 

1,608,583

 

Shareholders' funds

   

1,703,658

 

1,608,684

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 November 2024 and signed on its behalf by:
 

.........................................
T J Harker
Director

.........................................
N P Harker
Director

 
     
 

Harkers (Dry Liners & Plasterers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
Unit E3
Lotherton Business Park
Lotherton Way
Leeds
LS25 2HP

These financial statements were authorised for issue by the Board on 15 November 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A 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 company's functional and presentation currency is pound sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Tax

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

The current corporation 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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Harkers (Dry Liners & Plasterers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line basis

Plant and machinery

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Harkers (Dry Liners & Plasterers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 6).

 

Harkers (Dry Liners & Plasterers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

87,261

113,518

200,779

Additions

25,982

1,182

27,164

At 31 March 2024

113,243

114,700

227,943

Depreciation

At 1 April 2023

67,675

100,102

167,777

Charge for the year

10,311

3,454

13,765

At 31 March 2024

77,986

103,556

181,542

Carrying amount

At 31 March 2024

35,257

11,144

46,401

At 31 March 2023

19,586

13,416

33,002

5

Debtors

Current

2024
£

2023
£

Trade debtors

696,395

1,026,834

Prepayments

22,605

21,385

Other debtors

537,172

271,997

 

1,256,172

1,320,216

6

Creditors

2024
£

2023
£

Due within one year

Trade creditors

158,271

297,370

Taxation and social security

119,056

111,071

Accruals and deferred income

85,137

102,057

Other creditors

1,973

5,730

364,437

516,228

 

Harkers (Dry Liners & Plasterers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

'A' Ordinary shares of £1 each

100

100

100

100

'B' Ordinary shares of £1 each

1

1

1

1

101

101

101

101

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £28,593 (2023 - £45,730). The commitments relate to operating leases.

9

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Directors loan account

132,578

152,137

(85,055)

199,660

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Directors loan account

-

207,578

(75,000)

132,578

 

There is interest charged at 2.25% on the loan balance and the loan is repayable on demand.

Income and receivables from related parties

2024

Other related parties
£

Amounts receivable from related party

180,000