HARKNESS SCREENS (HOLDINGS) LIMITED

Company Registration Number:
05888056 (England and Wales)

Unaudited abridged accounts for the year ended 30 September 2022

Period of accounts

Start date: 01 October 2021

End date: 30 September 2022

HARKNESS SCREENS (HOLDINGS) LIMITED

Contents of the Financial Statements

for the Period Ended 30 September 2022

Balance sheet
Notes

HARKNESS SCREENS (HOLDINGS) LIMITED

Balance sheet

As at 30 September 2022


Notes

2022

2021


£

£
Called up share capital not paid: 0 0
Fixed assets
Investments: 3 0 9,358,037
Total fixed assets: 0 9,358,037
Current assets
Debtors: 4 188,728 5,372
Total current assets: 188,728 5,372
Creditors: amounts falling due within one year: 5 (803,124) (1,050,691)
Net current assets (liabilities): (614,396) (1,045,319)
Total assets less current liabilities: (614,396) 8,312,718
Total net assets (liabilities): (614,396) 8,312,718
Capital and reserves
Called up share capital: 2 2
Profit and loss account: (614,398) 8,312,716
Shareholders funds: (614,396) 8,312,718

The notes form part of these financial statements

HARKNESS SCREENS (HOLDINGS) LIMITED

Balance sheet statements

For the year ending 30 September 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 29 November 2024
and signed on behalf of the board by:

Name: Patrick Carolan
Status: Director

The notes form part of these financial statements

HARKNESS SCREENS (HOLDINGS) LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2022

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

HARKNESS SCREENS (HOLDINGS) LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2022

2. Employees

2022 2021
Average number of employees during the period 0 0

HARKNESS SCREENS (HOLDINGS) LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2022

3. Fixed investments

3.3 Valuation of investments Investments in subsidiaries are measured at cost less accumulated impairment. Income from financial fixed assets, together with any related tax credit, is recognised as profit or loss in the statement of comprehensive income in the year in which it is receivable. 3.4 Impairment of non-financial assets At the end of each financial year date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset (or asset’s cash generating unit) may be impaired. If there is such an indication the recoverable amount of the asset (or asset’s cash generating unit) is estimated. The recoverable amount of the asset (or cash-generating unit) is the higher of it’s fair value less costs to sell and it’s value in use. Value in use is the present value of the future cash flows expected to be derived from continuing use of the asset (or cash-generating unit) and from its ultimate disposal. In measuring value-in-use pre-tax and interest cash flows are discounted using a pre-tax discount rate that represents the current market risk-free rate and the risks specific to the asset for which the future cash flow estimates have not been adjusted. If the recoverable amount of the asset (or cash-generating unit) is less than the carrying amount of the asset (or cash-generating unit) the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in profit or loss, unless the asset has been revalued. If the asset has been revalued the impairment loss is recognised in other comprehensive income to the extent of the revaluation gains accumulated in equity in respect of that asset. Thereafter any excess is recognised in profit or loss.

HARKNESS SCREENS (HOLDINGS) LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2022

4. Debtors

2022 2021
££
Debtors due after more than one year: 0 0

HARKNESS SCREENS (HOLDINGS) LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2022

5. Creditors: amounts falling due within one year note

Creditors: Amounts falling due within one year 2022 2021 $ $ Amounts owed to group undertakings 799,857 1,004,002 Corporation tax 3,267 - Accruals and deferred income - 46,689 803,124 1,050,691 Amounts due to group undertakings are unsecured, have no fixed date of repayment and are repayable on demand. Interest is charged at 3.0% on balances with Harkness Hall (Group) Limited and 9.5% on balances with Harkness Screens (USA) Limited. All other group borrowings are interest free.

HARKNESS SCREENS (HOLDINGS) LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2022

6. Post balance sheet events

Post balance sheet events As detailed in the going concern note above, the Company is dependent on the financial support from its ultimate parent, Harkness Screens Group Limited, in respect of its ability to continue as a going concern. The directors of Harkness Screens Group Limited, having assessed the Group’s financial forecasts, have determined restructuring of the Group’s financial liabilities and operating overheads, and raising new equity capital is required to ensure future financial viability. Subsequent to the balance sheet date, the directors of Harkness Screens Group Limited are negotiating the restructure of its primary external debt. The ultimate Parent Company has also received a commitment from certain shareholders in respect of new equity investment.