Company Registration No. 02983471 (England and Wales)
HARK LONDON LIMITED
FORMERLY KNOWN AS EVERFI LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
2 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
The Courtyard
Shoreham Road
Upper Beeding
Steyning
BN44 3TN
HARK LONDON LIMITED
FORMERLY KNOWN AS EVERFI LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 10
HARK LONDON LIMITED
FORMERLY KNOWN AS EVERFI LIMITED
COMPANY INFORMATION
- 1 -
Directors
K J McColl
(Appointed 2 March 2024)
V R Millar
(Appointed 2 March 2024)
Company number
02983471
Registered office
Kings Croft
Jaspers Green
Shalford
Essex
United Kingdom
CM7 5AT
Auditor
TC Group
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
HARK LONDON LIMITED
FORMERLY KNOWN AS EVERFI LIMITED
BALANCE SHEET
AS AT 2 MARCH 2024
02 March 2024
- 2 -
2024
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
14,709
130,342
Investments
4
100
102
14,809
130,444
Current assets
Debtors
5
1,552,803
1,957,966
Cash at bank and in hand
1,035,597
934,018
2,588,400
2,891,984
Creditors: amounts falling due within one year
6
(2,076,282)
(4,283,249)
Net current assets/(liabilities)
512,118
(1,391,265)
Net assets/(liabilities)
526,927
(1,260,821)
Capital and reserves
Called up share capital
7
3,267,662
1,907
Share premium account
192,920
192,920
Capital redemption reserve
1,696
1,696
Other reserves
(1,070)
(1,070)
Profit and loss reserves
(2,934,281)
(1,456,274)
Total equity
526,927
(1,260,821)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 26 November 2024 and are signed on its behalf by:
K J McColl
Director
Company Registration No. 02983471
HARK LONDON LIMITED
FORMERLY KNOWN AS EVERFI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 MARCH 2024
- 3 -
1
Accounting policies
Company information

Hark London Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kings Croft, Jaspers Green, Shalford, Essex, United Kingdom, CM7 5AT.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Until 31 December 2023, Hark London Limited was a wholly owned subsidiary of Blackbaud Inc. and the results of Hark London Limited are included in the consolidated financial statements of Blackbaud Inc. which are available from 65 Fairchild Street, Charleston, United States, SC 29492.

1.2
Going concern

The financial statements have been prepared on a going concern basis. The Directors have considered the Company’s ability to continue as a going concern for the foreseeable future, which is defined as a period of at least twelve months from the date of approval of these financial statements.

In assessing the Company’s going concern status, the Directors have taken into account the historical financial performance of the Company, including recent losses, and have also carefully considered the future outlook. While the Company has experienced losses in prior periods, management has prepared detailed forecasts and projections that indicate a return to profitability in the near term. These forecasts are based on an improvement in the Company’s trading conditions, cost control measures, and confirmed business pipeline.

The Directors have considered various scenarios, including potential downside risks, and have assessed the impact on the Company’s liquidity and working capital. Based on this review, and considering the Company’s access to adequate financing facilities and the support of its shareholders, the Directors are confident that the Company has sufficient resources to meet its liabilities as they fall due.

Therefore, the Directors consider it appropriate to prepare the financial statements on a going concern basis.

 

 

HARK LONDON LIMITED
FORMERLY KNOWN AS EVERFI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 2 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.3
Reporting period

The financial statements represent a 14-month period due to the sale of the company taking place at the period end and therefore comparative amounts presented (including the related notes) are not entirely comparable.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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.

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 the term of the lease
Plant and equipment
SLM over 3 to 5 years, SLM over 4 years, 60% RBM

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.

HARK LONDON LIMITED
FORMERLY KNOWN AS EVERFI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 2 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Cash at bank and in hand

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.

1.8
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.

1.9
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.10
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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

HARK LONDON LIMITED
FORMERLY KNOWN AS EVERFI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 2 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.12
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.

1.13
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
2022
Number
Number
Total
58
74
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 January 2023
31,034
836,297
867,331
Disposals
(31,034)
(748,634)
(779,668)
At 2 March 2024
-
0
87,663
87,663
Depreciation and impairment
At 1 January 2023
20,741
716,248
736,989
Depreciation charged in the period
2,333
40,062
42,395
Eliminated in respect of disposals
(23,074)
(683,356)
(706,430)
At 2 March 2024
-
0
72,954
72,954
Carrying amount
At 2 March 2024
-
0
14,709
14,709
At 31 December 2022
10,293
120,049
130,342
HARK LONDON LIMITED
FORMERLY KNOWN AS EVERFI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 2 MARCH 2024
- 7 -
4
Fixed asset investments
2024
2022
£
£
Investments
100
102

 

5
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
1,198,146
476,051
Amounts owed by group undertakings
-
0
855,732
Other debtors
325
-
0
Prepayments and accrued income
354,332
563,593
1,552,803
1,895,376
2024
2022
Amounts falling due after more than one year:
£
£
Other debtors
-
0
62,590
Total debtors
1,552,803
1,957,966
6
Creditors: amounts falling due within one year
2024
2022
£
£
Trade creditors
225,526
220,068
Amounts due to group undertakings
-
0
1,906,811
Other taxation and social security
220,466
214,433
Other creditors
23,891
16,319
Accruals and deferred income
1,606,399
1,925,618
2,076,282
4,283,249
HARK LONDON LIMITED
FORMERLY KNOWN AS EVERFI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 2 MARCH 2024
- 8 -
7
Called up share capital
2024
2022
2024
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3,267,662
1,907
3,267,662
1,907

During the year, the company issued 3,265,755 ordinary shares at £1 each.

 

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Chris Checkley FCCA
Statutory Auditor:
TC Group
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2022
£
£
-
0
296,360

All leases were reassigned during the year in anticipation of the sale hence there were no lease commitments at the period end.

10
Events after the reporting date

After the balance sheet date the entire share capital of the company was acquired by the directors.

HARK LONDON LIMITED
FORMERLY KNOWN AS EVERFI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 2 MARCH 2024
- 9 -
11
Parent company

During the period under review, the company’s parent company was Everfi International Limited. Blackbaud Inc is regarded by the directors as being the ultimate parent company.

 

After the balance sheet date, the parent and ultimate parent of the company was McColl Millar Limited.

 

12
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2022
£
£
£
Creditors due within one year
Other creditors
(4,195,379)
126,563
(4,068,816)
Capital and reserves
Profit and loss reserves
(1,582,837)
126,563
(1,456,274)
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2022
£
£
£
Turnover
7,353,252
126,563
7,479,815
Loss for the financial period
(1,139,993)
126,563
(1,013,430)
Reconciliation of changes in equity
1 January
31 December
2022
2022
£
£
Adjustments to prior period
Revenue correction
-
126,563
Equity as previously reported
(247,391)
(1,387,384)
Equity as adjusted
(247,391)
(1,260,821)
Analysis of the effect upon equity
Profit and loss reserves
-
126,563
HARK LONDON LIMITED
FORMERLY KNOWN AS EVERFI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 2 MARCH 2024
12
Prior period adjustment
(Continued)
- 10 -
Reconciliation of changes in loss for the previous financial period
2022
£
Adjustments to prior period
Revenue correction
126,563
Loss as previously reported
(1,139,993)
Loss as adjusted
(1,013,430)
Notes to reconciliation
Understated comparative year income

The accounts have been restated to incorporate the impact of understated income in the prior year. The change has resulted in increasing the profits available for distribution at 31st December 2022 after tax by £126,563.

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