Company No:
Contents
DIRECTORS | James Edward Hirst |
Brian Palmer | |
John Wherrett |
REGISTERED OFFICE | Unit 7 |
Buccaneer Court Airfield Estate | |
Elvington | |
York | |
YO41 4XW | |
United Kingdom |
COMPANY NUMBER | 09353193 (England and Wales) |
AUDITOR | Sowerby |
Chartered Accountants and | |
Statutory Auditor | |
Beckside Court | |
Annie Reed Road | |
Beverley | |
East Yorkshire | |
HU17 0LF |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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87,132 | 97,639 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand | 7 |
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223,254 | 157,463 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current liabilities | (634,286) | (558,604) | ||
Total assets less current liabilities | (547,154) | (460,965) | ||
Creditors: amounts falling due after more than one year | 9 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 10 |
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Profit and loss account | (
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Total shareholders' deficit | (
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These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Harvest Moon Confectionery Ltd (registered number:
John Wherrett
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Harvest Moon Confectionery Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 7, Buccaneer Court Airfield Estate, Elvington, York, YO41 4XW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements.
The director's believe that the company's future prospects, taking into consideration the current environment, show that the company is expected to begin to make profit and generate positive cashflows following the date of this report, giving the company the ability to continue to operate for the foreseeable future. The directors are positive about new opportunities in the near future.
However, it is not possible for the directors to predict this with certainty and formal evidence of confirmed future orders cannot be provided. The directors acknowledge and accept that this, combined with the high gearing level of the business and informal funding structure, indicates that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Short term benefits
Short-term employee benefits are recognised as an expense in the period they are incurred.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Leasehold improvements |
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Plant and machinery | 10 -
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Computer equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
For the purposes of these financial statements, a party is considered to be related to the company if:
(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company;
(ii) the company and the party are subject to common control;
(iii) the party is an associate of the company or a joint venture in which the company is a venture
(iv) the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;
(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or
(vi) the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.
(vii) the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent.
Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.
No Key sources of estimation uncertainty are noted by management that have a significant effect on the amounts recognised in the financial statements.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Leasehold improve- ments |
Plant and machinery | Computer equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 April 2023 |
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At 31 March 2024 |
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Accumulated depreciation | |||||||
At 01 April 2023 |
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Charge for the financial year |
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At 31 March 2024 |
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Net book value | |||||||
At 31 March 2024 |
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At 31 March 2023 |
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2024 | 2023 | ||
£ | £ | ||
Stocks |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Cash at bank and in hand |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Amounts owed to Group undertakings |
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Other taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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401,000 | 401,000 |
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2024 | 2023 | ||
£ | £ | ||
within one year |
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between one and five years |
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The company held a loan due to The Brecks Company Limited, the immediate parent company, of £418,833 (2023: £352,622) as at the year end.
Transactions with the Brecks Company Limited amounted to £36,804 (2023: £32,544).
The company held a loan due to Harvest Moon Trading Limited, a company with common directorship of £135,350 (2023: £103,069) at the year end.
In the current year purchases relating to Harvest Moon Trading Limited amounted to £39,985 (2023: £76,641). The amount due to Harvest Moon Trading Limited at the year end was £138,775 (2023: £98,789). Sales were £278,191 (2023: £163,274) Amounts due from the company at the year end was £32,979 (2023: £3,707).
Basis for Qualification
During our audit work we have been unable to obtain adequate evidence to support the value of finished goods held within the financial statements. Whilst our work on the inventory records that are available has raised no issues, we were unable to satisfy ourselves by alternative means concerning these inventory items held at 31 March 2024. Inventory is included in the balance sheet at £153,910. Consequently, we were unable to determine whether any adjustment to this amount was necessary. In addition, were any adjustment to the inventory balance to be required, the director’s report may also need to be amended.
Arising solely from the limitation on the scope of our work relating to inventory, referred to above:
- We have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
- We were unable to determine whether adequate accounting records have been kept.
We have nothing further to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-the financial statements are not in agreement with the accounting records and returns; or
-certain disclosures of directors' remuneration specified by law are not made; or
-we have not received all the information and explanations we require for our audit; or
-the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.
We also draw attention to note 1 in the financial statements, which indicates that the director's believe that the company's future prospects, taking into consideration the current environment, show that the company is expected to begin to make profit and generate positive cashflows following the date of this report, giving the company the ability to continue to operate for the foreseeable future.
However, it is not possible for the directors to predict this with certainty and formal evidence of confirmed future orders cannot be provided. This, combined with the high gearing level of the business and informal funding structure, indicates that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
The audit report was signed by Elizabeth Blanchard BA (Hons) BFP ACA PGCE on behalf of Sowerby, Chartered Accountants and Statutory Auditors.
Parent Company:
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Breighton Airfield, Bubwith, Selby, North Yorkshire, YO8 6DH |
The ulitmate parent company is Brecks Holdings Limited, by virtue of its 100% shareholding in the Brecks Company.
Consolidation is performed at the ultimate parent company level.
The consolidated accounts of Brecks Holdings Limited are publicly available from Companies House.
The controlling party is J E Hirst.