Harwood Project One Limited 11389032 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is Property investment and development Digita Accounts Production Advanced 6.30.9574.0 true true true 11389032 2023-06-01 2024-05-31 11389032 2024-05-31 11389032 core:RetainedEarningsAccumulatedLosses 2024-05-31 11389032 core:ShareCapital 2024-05-31 11389032 core:CurrentFinancialInstruments 2024-05-31 11389032 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 11389032 core:FurnitureFittingsToolsEquipment 2024-05-31 11389032 core:OtherPropertyPlantEquipment 2024-05-31 11389032 bus:SmallEntities 2023-06-01 2024-05-31 11389032 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 11389032 bus:FilletedAccounts 2023-06-01 2024-05-31 11389032 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 11389032 bus:RegisteredOffice 2023-06-01 2024-05-31 11389032 bus:Director1 2023-06-01 2024-05-31 11389032 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 11389032 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 11389032 core:OfficeEquipment 2023-06-01 2024-05-31 11389032 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 11389032 core:PlantMachinery 2023-06-01 2024-05-31 11389032 core:OtherRelatedParties 2023-06-01 2024-05-31 11389032 1 2023-06-01 2024-05-31 11389032 countries:AllCountries 2023-06-01 2024-05-31 11389032 2023-05-31 11389032 core:FurnitureFittingsToolsEquipment 2023-05-31 11389032 core:OtherPropertyPlantEquipment 2023-05-31 11389032 2022-06-01 2023-05-31 11389032 2023-05-31 11389032 core:RetainedEarningsAccumulatedLosses 2023-05-31 11389032 core:ShareCapital 2023-05-31 11389032 core:CurrentFinancialInstruments 2023-05-31 11389032 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 11389032 core:FurnitureFittingsToolsEquipment 2023-05-31 11389032 core:OtherPropertyPlantEquipment 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 11389032

Harwood Project One Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Harwood Project One Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Harwood Project One Limited

(Registration number: 11389032)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

29,252

58,610

Current assets

 

Stocks

5

602,891

599,201

Debtors

6

94,508

77,474

Cash at bank and in hand

 

28,777

179,343

 

726,176

856,018

Creditors: Amounts falling due within one year

7

(677,228)

(784,378)

Net current assets

 

48,948

71,640

Total assets less current liabilities

 

78,200

130,250

Provisions for liabilities

(5,558)

(12,671)

Net assets

 

72,642

117,579

Capital and reserves

 

Called up share capital

100

100

Retained earnings

72,542

117,479

Shareholders' funds

 

72,642

117,579

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 January 2025
 

.........................................
Mr J P Harwood
Director

 

Harwood Project One Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Suite 2 Healey House
Dene Road
Andover
Hampshire
SP10 2AA

These financial statements were authorised for issue by the director on 27 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

 

Harwood Project One Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

20% straight line

Plant and Machinery

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Harwood Project One Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments


Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Harwood Project One Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

378

113,821

114,199

Additions

-

1,557

1,557

Disposals

-

(40,250)

(40,250)

At 31 May 2024

378

75,128

75,506

Depreciation

At 1 June 2023

158

55,431

55,589

Charge for the year

75

14,740

14,815

Eliminated on disposal

-

(24,150)

(24,150)

At 31 May 2024

233

46,021

46,254

Carrying amount

At 31 May 2024

145

29,107

29,252

At 31 May 2023

220

58,390

58,610

5

Stocks

2024
£

2023
£

Other inventories

602,891

599,201

6

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

9

14,933

14,565

Other debtors

 

9,532

57,303

Prepayments

 

-

5,606

Accrued income

 

70,043

-

 

94,508

77,474

 

Harwood Project One Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

561,572

664,821

Trade creditors

 

8,739

93,023

Taxation and social security

 

8,889

15,890

Accruals and deferred income

 

2,670

10,644

Other creditors

 

95,358

-

 

677,228

784,378

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

561,572

664,821

9

Related party transactions

Other transactions with the director

Summary of transactions with other related parties

During the year £468 (2023: £7,190) was paid on behalf of a company of which the company's director is also a director. The balance due from said company at the year end was £8,018. Also during the year £40,000 was lent to Harwood Project One Ltd by the parent company. At the year end the parent company was owed £39,900 (2023 £100 owed by the parent company).

 

10

Parent and ultimate parent undertaking

The company's immediate parent is Harwood Ventures Limited, incorporated in United Kingdom.

  These financial statements are available upon request from Suite 2, Healey House, Andover, Hampshire, United Kingdom, SP10 2AA