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COMPANY REGISTRATION NUMBER: 04510223
C K Harwood and Sons Limited
Filleted Unaudited Financial Statements
31 May 2024
C K Harwood and Sons Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
423,293
335,240
Current assets
Stocks
200,483
188,963
Debtors
7
122,112
147,954
Cash at bank and in hand
67,152
81,768
---------
---------
389,747
418,685
Creditors: amounts falling due within one year
8
148,400
174,945
---------
---------
Net current assets
241,347
243,740
---------
---------
Total assets less current liabilities
664,640
578,980
Creditors: amounts falling due after more than one year
9
218,077
234,595
Provisions
Taxation including deferred tax
16,219
2,050
---------
---------
Net assets
430,344
342,335
---------
---------
Capital and reserves
Called up share capital
10
6
6
Profit and loss account
430,338
342,329
---------
---------
Shareholders funds
430,344
342,335
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
C K Harwood and Sons Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 26 February 2025 , and are signed on behalf of the board by:
C Harwood
Director
Company registration number: 04510223
C K Harwood and Sons Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 98 South Street, Crewkerne, Somerset TA18 8AD. The address of the principal place of business is Wey's Yard, 24 South Street, Crewkerne, Somerset, TA18 8DA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is recognised when the outcome of a transaction can be estimated reliably, by reference to the stage of completion of the transaction at the end of the reporting period. The outcome of a transaction can be estimated reliably when all of the following conditions are met; the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will flow to the entity; the stage of completion of the transaction at the end of the reporting period can be measured reliably; and the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
20 years Straight line
Plant & machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2023: 17 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
120,000
---------
Amortisation
At 1 June 2023 and 31 May 2024
120,000
---------
Carrying amount
At 31 May 2024
---------
At 31 May 2023
---------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost or valuation
At 1 June 2023
255,745
16,745
124,332
7,692
404,514
Additions
45,581
2,872
16,400
1,008
65,861
Disposals
( 2,405)
( 2,405)
Revaluations
56,678
56,678
---------
--------
---------
-------
---------
At 31 May 2024
358,004
19,617
138,327
8,700
524,648
---------
--------
---------
-------
---------
Depreciation
At 1 June 2023
12,856
50,864
5,554
69,274
Charge for the year
9,400
1,692
22,422
787
34,301
Disposals
( 2,220)
( 2,220)
---------
--------
---------
-------
---------
At 31 May 2024
9,400
14,548
71,066
6,341
101,355
---------
--------
---------
-------
---------
Carrying amount
At 31 May 2024
348,604
5,069
67,261
2,359
423,293
---------
--------
---------
-------
---------
At 31 May 2023
255,745
3,889
73,468
2,138
335,240
---------
--------
---------
-------
---------
A property owned for its investment potential was revalued by a local estate agent to reflect it's the market value of £170,000 at the year end. The carrying amount that would have been recognised had the property been measured using the cost model would be £113,322.
7. Debtors
2024
2023
£
£
Trade debtors
111,188
108,024
Other debtors
10,924
39,930
---------
---------
122,112
147,954
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,271
9,369
Trade creditors
24,050
35,696
Corporation tax
29,757
32,539
Social security and other taxes
54,975
57,523
Other creditors
29,347
39,818
---------
---------
148,400
174,945
---------
---------
The following liabilities are included in creditors falling due within one year and are secured against assets of the company: Bank loans £10,271 (2023: £9,369) and Hire purchase agreements £4,768 (2023: £3,275). A charge is registered with Companies House and is secured on the land/buildings at Wey's Yard, 24 South Street, Crewkerne, Somerset, TA18 8DA in relation to bank loans with Lloyds Bank.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
173,462
185,212
Other creditors
44,615
49,383
---------
---------
218,077
234,595
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £122,360 (2023: £138,189) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The liability of £3,762 is in relation to a loan from Lloyds Bank, which has a term of 10 years and an interest rate of 3.80% over Bank Base Rate.
The liabilities of £60,829 and £57,769 are both in relation to two further loans from Lloyds Bank, which both have a term of 15 years and an interest rate of 7.83% over Bank Base Rate
The following liabilities are included in creditors falling due after more than one year and are secured against assets of the company: Bank loans £173,462 (2023: £185,122) and Hire purchase agreements £38,594(2023: £43,362). Lloyds Bank PLC holds a floating charge over all the property or undertaking of the company in respect of loans totalling £183,733. These include a negative pledge against all mentioned assets of the company. The assets upon which a fixed charge is held, is in respect of the freehold land and buildings, along with plant and machinery, at Wey's Yard,24 South Street, Crewkerne, Somerset, TA18 8DA. The charge registered with Companies House is secured on the land/buildings at Wey's Yard, 24 South Street, Crewkerne, Somerset, TA18 8DA.
10. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
6
6
6
6
----
----
----
----
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
4,000
----
-------