REGISTERED NUMBER: |
HARLEY REED INTERNATIONAL LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
HARLEY REED INTERNATIONAL LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
HARLEY REED INTERNATIONAL LIMITED (REGISTERED NUMBER: 06776992) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
HARLEY REED INTERNATIONAL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
HARLEY REED INTERNATIONAL LIMITED (REGISTERED NUMBER: 06776992) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
HARLEY REED INTERNATIONAL LIMITED (REGISTERED NUMBER: 06776992) |
STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
HARLEY REED INTERNATIONAL LIMITED (REGISTERED NUMBER: 06776992) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Harley Reed International Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company is insolvent but the financial statements have been prepared on a going concern basis as one of the directors and one of the associated undertakings and one of the group companies have undertaken to provide continuing financial support to enable the company to meet its liabilities as they fall due. It also assumes the recoverability of loans to group and associated undertakings as well as the recoverability of its investments in these companies. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
HARLEY REED INTERNATIONAL LIMITED (REGISTERED NUMBER: 06776992) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Investments in subsidiary undertakings |
Investments in group undertakings are stated at cost in the absence of any available financial statements of the subsidiaries or any available valuations. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
HARLEY REED INTERNATIONAL LIMITED (REGISTERED NUMBER: 06776992) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST OR VALUATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Cost or valuation at 31 December 2023 is represented by: |
Shares in |
group |
undertakings |
£ |
Valuation in 2021 | (100,000 | ) |
Cost | 356,601 |
256,601 |
Despite the lack of up to date financial statements in respect of certain group undertakings, the directors consider the amounts above to be fairly stated and ultimately the recoverable amount. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Despite the lack of up to date financial statements in respect of the group and associated undertakings to which the company has lent funds, the directors are of the opinion that the debts from them stated above are considered to be collectible. |
HARLEY REED INTERNATIONAL LIMITED (REGISTERED NUMBER: 06776992) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | RELATED PARTY DISCLOSURES |
Balances with related parties |
The following balances subsisted during the year: |
2023 | 2022 |
T.N. Tagoe - Director | £ | £ |
Balance due to the director at end of the year | (354,632 | ) | (373,877 | ) |
2023 | 2022 |
W. Tagoe - Director | £ | £ |
Balance due from the director at end of the year | - | 2,796 |
Owed to/from group and associated undertakings |
Debtors |
Harley Reed (Malawi) Limited | - | - |
Harley Reed (South Africa) Limited | 180,108 | 169,066 |
Harley Reed (Ghana) Limited | 54,479 | 42,315 |
Harley Reed (Nigeria) Limited | 36,531 | 35,520 |
Harley Reed (Kenya) Limited | 50,917 | 20,766 |
322,035 | 267,667 |
The directors are of the opinion that the debts due from these overseas company's are collectible. |
Creditors |
Harley Reed (UK) Limited | (421,496 | ) | (441,731 | ) |
Other creditors |
Quest Haven Limited (a company controlled by T.N. Tagoe) | (158,680 | ) | (158,680 | ) |
The balances are unsecured, interest free and repayable on demand. |