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Registration number: 09685481

Harwood Ventures Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Harwood Ventures Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Harwood Ventures Ltd

(Registration number: 09685481)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

839

1,164

Investment property

5

708,449

708,449

Investments

6

110,550

89,300

 

819,838

798,913

Current assets

 

Debtors

7

825,515

-

Cash at bank and in hand

 

31,910

14,456

 

857,425

14,456

Creditors: Amounts falling due within one year

8

(1,470,621)

(797,589)

Net current liabilities

 

(613,196)

(783,133)

Total assets less current liabilities

 

206,642

15,780

Provisions for liabilities

(159)

(221)

Net assets

 

206,483

15,559

Capital and reserves

 

Called up share capital

320

320

Retained earnings

206,163

15,239

Shareholders' funds

 

206,483

15,559

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.

 

Harwood Ventures Ltd

(Registration number: 09685481)
Balance Sheet as at 31 May 2024

Approved and authorised by the director on 19 February 2025
 

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

 

Harwood Ventures Ltd

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 United Kingdom.

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 19 February 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..

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.

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.

 

Harwood Ventures Ltd

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

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

Computer equipment

20% Straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 Ventures Ltd

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

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 1).

 

Harwood Ventures Ltd

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

4

Tangible assets

Computer Equipment
£

Total
£

Cost or valuation

At 1 June 2023

1,624

1,624

At 31 May 2024

1,624

1,624

Depreciation

At 1 June 2023

460

460

Charge for the year

325

325

At 31 May 2024

785

785

Carrying amount

At 31 May 2024

839

839

At 31 May 2023

1,164

1,164

5

Investment properties

2024
£

At 1 June

708,449

At 31 May

708,449

The investment properties are included at their cost of £708,449 which the directors believe remains a fair estimate of their market value.

There has been no valuation of investment property by an independent valuer.

6

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Other investments

110,450

89,200

110,550

89,300

 

Harwood Ventures Ltd

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

Subsidiaries

£

Cost or valuation

At 1 June 2023

100

Provision

Carrying amount

At 31 May 2024

100

At 31 May 2023

100

Other Investments
The other investments are held at cost less impairment. There were additions of £21,250 (2023: £4,200) during the year and the value at 31 May 2024 was £110,450 (2023 - £89,200).

7

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

71,900

-

Prepayments

 

3,615

-

Other debtors

 

750,000

-

Less non-current portion

 

(750,000)

-

 

75,515

-

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

1,387,470

794,700

Trade creditors

 

3,833

(351)

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

-

100

Taxation and social security

 

917

1,540

Accruals and deferred income

 

1,795

1,600

Other creditors

 

76,606

-

 

1,470,621

797,589

United Trust Bank Limited hold a fixed charge and negative pledge over the investment properties held by the company.

 

Harwood Ventures Ltd

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

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

776,126

-

Other borrowings

611,344

794,700

1,387,470

794,700

10

Related party transactions

Other transactions with directors

During the year the director maintained an interest free loan to the company of £711,344 (2023: £794,700). This loan was repayable on demand.

Summary of transactions with other related parties

There was an interest free loan owed to a related company at the year end of £72,205 (2023: £nil) that was repayable on demand. There was an interest free loan owed from a related company at the year end of £71,900 (2023: -£100) that was repayable on demand.