Company registration number 14209655 (England and Wales)
PETER HARRINGTON US LIMITED
Unaudited financial statements
For the year ended 31 December 2023
Pages for filing with registrar
PETER HARRINGTON US LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PETER HARRINGTON US LIMITED
BALANCE SHEET
As at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
350,752
264,762
Current assets
-
-
Creditors: amounts falling due within one year
5
(372,793)
(291,435)
Net current liabilities
(372,793)
(291,435)
Net liabilities
(22,041)
(26,673)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(22,141)
(26,773)
Total equity
(22,041)
(26,673)
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 year ended 31 December 2023 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary 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 member has 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.
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
Mr P L Harrington
Director
Company registration number 14209655 (England and Wales)
PETER HARRINGTON US LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
- 2 -
1
Accounting policies
Company information
Peter Harrington US Limited is a private company limited by shares incorporated in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, London, SW19 7JY.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Peter Harrington Limited. These consolidated financial statements are available from its registered office,
1.2
Fixed asset investments
Interests in jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
PETER HARRINGTON US LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 3 -
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.5
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.
1.6
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
PETER HARRINGTON US LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
- 4 -
3
Employees
The average monthly number of employees during the year was 0.
Total
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
350,752
264,762
Movements in fixed asset investments
Shares in joint ventures
£
Cost or valuation
At 1 January 2023
264,762
Additions
85,990
At 31 December 2023
350,752
Carrying amount
At 31 December 2023
350,752
At 31 December 2022
264,762
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
371,192
287,935
Corporation tax
101
Other creditors
1,500
3,500
372,793
291,435
6
Related party transactions
During the year a loan was provided by the parent to the company to the value of £371,192. This balance was still outstanding as at year end. The amount is repayable on demand and is interest free.
PETER HARRINGTON US LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
- 5 -
7
Parent company
The company is a subsidiary of Peter Harrington Limited, which owns 100% of the shares and is the ultimate controlling party.
Peter Harrington Limited draws up consolidated financial statements, in which it incorporates Peter Harrington US Limited. These consolidated financial statements are the smallest and largest financial statements in which the entity is consolidated. The registered office is 133 - 137 Alexandra Road, London, SW19 7JY.