HARKNESS SCREENS (USA) LIMITED

Company Registration Number:
03336130 (England and Wales)

Unaudited abridged accounts for the year ended 30 September 2023

Period of accounts

Start date: 01 October 2022

End date: 30 September 2023

HARKNESS SCREENS (USA) LIMITED

Contents of the Financial Statements

for the Period Ended 30 September 2023

Balance sheet
Notes

HARKNESS SCREENS (USA) LIMITED

Balance sheet

As at 30 September 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 1,442,601 1,659,124
Total fixed assets: 1,442,601 1,659,124
Current assets
Stocks: 470,792 240,329
Debtors: 4 432,645 1,034,770
Cash at bank and in hand: 251,642 832,577
Total current assets: 1,155,079 2,107,676
Creditors: amounts falling due within one year: 5 (2,112,557) (1,462,183)
Net current assets (liabilities): (957,478) 645,493
Total assets less current liabilities: 485,123 2,304,617
Provision for liabilities: (15,988) (43,404)
Total net assets (liabilities): 469,135 2,261,213
Capital and reserves
Called up share capital: 2 2
Profit and loss account: 469,133 2,261,211
Shareholders funds: 469,135 2,261,213

The notes form part of these financial statements

HARKNESS SCREENS (USA) LIMITED

Balance sheet statements

For the year ending 30 September 2023 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 02 December 2024
and signed on behalf of the board by:

Name: Patrick Carolan
Status: Director

The notes form part of these financial statements

HARKNESS SCREENS (USA) LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

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 (USA) LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

2. Employees

2023 2022
Average number of employees during the period 15 12

HARKNESS SCREENS (USA) LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

3. Tangible Assets

Total
Cost £
At 01 October 2022 3,817,676
Additions 10,894
At 30 September 2023 3,828,570
Depreciation
At 01 October 2022 2,158,552
Charge for year 227,417
At 30 September 2023 2,385,969
Net book value
At 30 September 2023 1,442,601
At 30 September 2022 1,659,124

HARKNESS SCREENS (USA) LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

4. Debtors

2023 2022
££
Debtors due after more than one year: 0 0

HARKNESS SCREENS (USA) LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

5. Creditors: amounts falling due within one year note

Creditors: Amounts falling due within one year 2023 $ 2022 $ Trade creditors 121,115 390,551 Amounts owed to group undertakings 1,758,377 643,813 Accruals and deferred income 233,065 427,819 2,112,557 1,462,183 Amounts due to group undertakings are unsecured, have no fixed date of repayment and are repayable on demand. Interest is charged at 3.836% on balances with Harkness Screens Group Limited. This interest rate is a deemed market rate. All other group borrowings are interest free.

HARKNESS SCREENS (USA) LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

6. Related party transactions

Related party transactions The Company is exempt from disclosing other related party transactions as they are with other companies that are wholly owned within the Harkness Screens Group Limited Group.

HARKNESS SCREENS (USA) LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

7. 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. In July 2024, the directors passed a resolution to close the manufacturing facility of the Company. This is expected to be completed in January 2025 and it is anticipated that an impairment of tangible fixed assets will be recorded in the financial statements for the year ended 30 September 2025.