IRIS Accounts Production v24.3.2.46 00807091 Board of Directors 31.12.24 1.1.24 31.12.24 31.12.24 precision engineering, including the manufacture of close tolerance components and all forms of precision grinding including Super Finishing. true true true false true true false false false false false false false false true false Ordinary 0 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REGISTERED NUMBER: 00807091 (England and Wales)








GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 20


HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: R Harmon
D Harmon
I C Harmon
R A Harmon
N L Harmon





REGISTERED OFFICE: 3 Durrant Road
Bournemouth
Dorset
BH2 6NE





REGISTERED NUMBER: 00807091 (England and Wales)





AUDITORS: Carter & Coley Limited
Chartered Accountants and Statutory Auditor
3 Durrant Road
Bournemouth
Dorset
BH2 6NE

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their strategic report of the company and the group for the year ended 31 December 2024.

The directors review the performance of the group of manufacturing companies on a regular basis.

REVIEW OF BUSINESS
The Harmon Group continues to provide high quality engineering services to the Aerospace and associated industries.

The Group of Companies this year have continued to service the industries to the highest levels expected from our client base.

We have had a good strong start to the year, with the industries we are involved with looking very busy, with Harmon being a key supplier to many of them.

We can see 2025 starting off well, and we believe by the end of 2025 we should be seeing very good growth in the annual turnover, this includes securing longer term business, that will expand into 2026, 2027 and onwards.

We have had very good uptake in the expansion on areas we have added to the business, customers are keen to work with us to develop us to be in a position to be key partners.

Whilst completing this we have maintained all our key KPIs in terms of Quality and Delivery above our target:-

On time Delivery - Target 95% - Actual 98.3

Quality - Target 95% - Actual 98.1

The Harmon Group recognises that it was a challenging 2024 which follows several difficult years post COVID. It is felt that 2025 will have its own challenges but these will drive the business into making key structural changes to increase growth and profitability.

As a Group, we have recovered the order intake in line with 2019 levels, but we see substantial growth in 2025 to now exceed this level.

The Group continues to recognise the benefit of training given to staff members which will ensure future improvements in profitability.

High levels of accreditation within the Aerospace industry have been maintained.

The New Rail approval has proved to be working, and the current customers are very happy with how this has been utilised and has now opened up further opportunities to Harmon.

The group is currently operating with the support of its bankers and asset finance providers.


HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES
After careful consideration, the directors have not identified any material exposure to financial risk. However in common with many groups of similar size, it is reliant on the continued support of its bankers and creditors.

The directors recognise that a major risk to the continued success of the group would arise from an adverse report from the Health and Safety Executive and the management team continue to ensure compliance with current appropriate standards.

ON BEHALF OF THE BOARD:





N L Harmon - Director


26 March 2025

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

R Harmon
D Harmon
I C Harmon

Other changes in directors holding office are as follows:

R A Harmon - appointed 11 April 2024
N L Harmon - appointed 11 April 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Carter & Coley Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N L Harmon - Director


26 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES


Opinion
We have audited the financial statements of Harmon (Form Tools) Limited and its subsidiaries (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES


Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our audit testing included testing complete populations of certain transactions and balances, and using data auditing techniques.

Our audit procedures comprise investigating a limited number of items for testing, rather than testing complete populations.

We based our audit samples following a comprehensive audit plan after reviewing the accounts and discussing them with the directors. The level of testing will then be based on our observations of controls and responses with the work targeting particular items for testing based on their size or risk characteristics.

In other cases, we used audit sampling to enable us to draw a conclusion about the population from which the sample is selected.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Andrew A Clark FCA (Senior Statutory Auditor)
for and on behalf of Carter & Coley Limited
Chartered Accountants and Statutory Auditor
3 Durrant Road
Bournemouth
Dorset
BH2 6NE

26 March 2025

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   

TURNOVER 9,010,719 8,065,240

Cost of sales 6,215,882 5,530,561
GROSS PROFIT 2,794,837 2,534,679

Administrative expenses 2,464,320 2,532,653
330,517 2,026

Other operating income 48,661 24,800
OPERATING PROFIT 4 379,178 26,826

Interest receivable and similar income - 136
379,178 26,962

Interest payable and similar expenses 5 186,127 158,369
PROFIT/(LOSS) BEFORE TAXATION 193,051 (131,407 )

Tax on profit/(loss) 6 16,658 13,970
PROFIT/(LOSS) FOR THE
FINANCIAL YEAR

176,393

(145,377

)
Profit/(loss) attributable to:
Owners of the parent 176,393 (145,377 )

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 176,393 (145,377 )


OTHER COMPREHENSIVE INCOME
Revaluation of freehold property 177,020 572,002
Income tax relating to other
comprehensive income

(44,255

)

(143,000

)
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME
TAX


132,765


429,002
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

309,158

283,625

Total comprehensive income attributable to:
Owners of the parent 309,158 283,625

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 (26,910 ) (26,910 )
Tangible assets 9 4,852,635 4,714,969
Investments 10 - -
4,825,725 4,688,059

CURRENT ASSETS
Stocks 11 1,174,615 1,113,097
Debtors 12 3,210,479 3,348,357
Cash at bank and in hand 138,715 132,874
4,523,809 4,594,328
CREDITORS
Amounts falling due within one year 13 3,556,863 3,911,935
NET CURRENT ASSETS 966,946 682,393
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,792,671

5,370,452

CREDITORS
Amounts falling due after more than one
year

14

(845,637

)

(793,489

)

PROVISIONS FOR LIABILITIES 18 (607,030 ) (546,117 )
NET ASSETS 4,340,004 4,030,846

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

CONSOLIDATED BALANCE SHEET - continued
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 19 150,000 150,000
Retained earnings 20 4,190,004 3,880,846
SHAREHOLDERS' FUNDS 4,340,004 4,030,846


The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





N L Harmon - Director


HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

COMPANY BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 4,556,537 4,455,183
Investments 10 40,500 40,500
4,597,037 4,495,683

CURRENT ASSETS
Debtors 12 853,107 749,912
Cash at bank and in hand 6,614 36,209
859,721 786,121
CREDITORS
Amounts falling due within one year 13 229,977 390,402
NET CURRENT ASSETS 629,744 395,719
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,226,781

4,891,402

CREDITORS
Amounts falling due after more than one
year

14

(811,675

)

(694,179

)

PROVISIONS FOR LIABILITIES 18 (607,030 ) (546,117 )
NET ASSETS 3,808,076 3,651,106

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

COMPANY BALANCE SHEET - continued
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 19 150,000 150,000
Retained earnings 20 3,658,076 3,501,106
SHAREHOLDERS' FUNDS 3,808,076 3,651,106

Company's profit/(loss) for the financial
year

24,205

(177,517

)


The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





N L Harmon - Director


HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 150,000 3,597,221 3,747,221

Changes in equity
Total comprehensive income - 283,625 283,625
Balance at 31 December 2023 150,000 3,880,846 4,030,846

Changes in equity
Total comprehensive income - 309,158 309,158
Balance at 31 December 2024 150,000 4,190,004 4,340,004

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 150,000 3,249,621 3,399,621

Changes in equity
Total comprehensive income - 251,485 251,485
Balance at 31 December 2023 150,000 3,501,106 3,651,106

Changes in equity
Total comprehensive income - 156,970 156,970
Balance at 31 December 2024 150,000 3,658,076 3,808,076

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 339,155 434,460
Interest paid (153,780 ) (141,615 )
Interest element of hire purchase
payments paid

(32,347

)

(16,754

)
Net cash from operating activities 153,028 276,091

Cash flows from investing activities
Purchase of tangible fixed assets (172,074 ) (26,396 )
Sale of tangible fixed assets - 13,904
Interest received - 136
Net cash from investing activities (172,074 ) (12,356 )

Cash flows from financing activities
Loan repayments in year (192,426 ) (562,755 )
New loans in year 250,000 700,000
Capital repayments in year (32,687 ) (111,146 )
Net cash from financing activities 24,887 26,099

Increase in cash and cash equivalents 5,841 289,834
Cash and cash equivalents at beginning
of year

2

132,874

(156,960

)

Cash and cash equivalents at end of
year

2

138,715

132,874

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024


1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED
FROM OPERATIONS

2024 2023
£    £   
Profit/(loss) before taxation 193,051 (131,407 )
Depreciation charges 211,428 245,215
Profit on disposal of fixed assets - (2,170 )
Amounts recoverable under contract (172,923 ) (265,526 )
Finance costs 186,127 158,369
Finance income - (136 )
417,683 4,345
Increase in stocks (61,518 ) (110,324 )
Decrease/(increase) in trade and other debtors 310,801 (964,267 )
(Decrease)/increase in trade and other creditors (327,811 ) 1,504,706
Cash generated from operations 339,155 434,460

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31/12/24 1/1/24
£    £   
Cash and cash equivalents 138,715 132,874
Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 132,874 185
Bank overdrafts - (157,145 )
132,874 (156,960 )


HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/1/24 Cash flow At 31/12/24
£    £    £   
Net cash
Cash at bank and in hand 132,874 5,841 138,715
132,874 5,841 138,715
Debt
Finance leases (110,310 ) 32,687 (77,623 )
Debts falling due within 1 year (216,154 ) (33,695 ) (249,849 )
Debts falling due after 1 year (764,175 ) (23,879 ) (788,054 )
(1,090,639 ) (24,887 ) (1,115,526 )
Total (957,765 ) (19,046 ) (976,811 )

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Harmon (Form Tools) Limited and its subsidiaries is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis. This assumes that the existing bank borrowing and invoice financing facilities will be renewed when the current facilities expire or be replaced by alternative lenders.

The directors are confident that the group will continue as a going concern.

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of the business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent considerations after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for the final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at at cost less impairment.

Deferred tax is recognised on differences between the value of the assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated financial statements incorporate those of Harmon (Form Tools) Limited and all its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All the financial statements are made up to 31st December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealized gains on transactions between group companies are eliminated on consolidation. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. In the group financial statements, joint ventures are accounted for using the equity method.

Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates. In the group financial statements, associates are accounted for using the equity method.

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Turnover
The turnover shown in the profit and loss account represents amounts earned during the year, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Short leasehold - Straight line over 7 years and in accordance with the term of the lease
Plant and machinery - 20% on cost and 10% on reducing balance
Motor vehicles - 25% on reducing balance and 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,637,795 3,222,375
Social security costs 362,342 320,203
Other pension costs 107,995 96,388
4,108,132 3,638,966

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Directors 3 5
Office 16 12
Production 86 77
105 94

The directors have identified five members of staff as key management. Their salaries for the year within the group total £298,001 (2023 - £292,352).

2024 2023
£    £   
Directors' remuneration 102,200 72,333
Directors' pension contributions to money purchase schemes 6,109 2,170

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 31,683 29,559
Other operating leases 174,000 77,779
Depreciation - owned assets 197,867 170,001
Depreciation - assets on hire purchase contracts 13,561 75,214
Profit on disposal of fixed assets - (2,170 )
Auditors' remuneration 21,500 33,000
Auditors' remuneration for non audit work 3,199 1,163
Foreign exchange differences - 3,078

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 15,112 26,135
Bank loan interest 59,057 -
Interest on late tax 14,668 6,506
Factor loan interest 64,943 108,974
Hire purchase 1,214 7,898
Leasing 31,133 8,856
186,127 158,369

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax 16,658 13,970
Tax on profit/(loss) 16,658 13,970

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit/(loss) before tax 193,051 (131,407 )
Profit/(loss) multiplied by the standard rate of corporation tax in the
UK of 25 % (2023 - 19 %)

48,263

(24,967

)

Effects of:
Expenses not deductible for tax purposes 104 13
Capital allowances in excess of depreciation (2,992 ) -
Depreciation in excess of capital allowances - 12,025
Utilisation of tax losses (28,717 ) 26,899

Total tax charge 16,658 13,970

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


6. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluation of freehold property 177,020 (44,255 ) 132,765

2023
Gross Tax Net
£    £    £   
Revaluation of freehold property 572,002 (143,000 ) 429,002

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


8. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 (26,910 )
NET BOOK VALUE
At 31 December 2024 (26,910 )
At 31 December 2023 (26,910 )

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


9. TANGIBLE FIXED ASSETS

Group
Freehold Short Plant and Motor
property leasehold machinery vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2024 3,000,000 370,951 5,768,327 100,424 9,239,702
Additions 7,980 - 117,853 46,241 172,074
Revaluations 177,020 - - - 177,020
At 31 December 2024 3,185,000 370,951 5,886,180 146,665 9,588,796
DEPRECIATION
At 1 January 2024 - 141,563 4,296,963 86,207 4,524,733
Charge for year - 37,596 159,081 14,751 211,428
At 31 December 2024 - 179,159 4,456,044 100,958 4,736,161
NET BOOK VALUE
At 31 December 2024 3,185,000 191,792 1,430,136 45,707 4,852,635
At 31 December 2023 3,000,000 229,388 1,471,364 14,217 4,714,969

Included in cost or valuation of land and buildings is freehold land of £567,048 (2023 - £559,068) which is not depreciated.

Cost or valuation at 31 December 2024 is represented by:

Freehold Short Plant and Motor
property leasehold machinery vehicles Totals
£    £    £    £    £   
Valuation in 2015 1,090,142 - - - 1,090,142
Valuation in 2022 616,878 - - - 616,878
Valuation in 2023 169,424 - - - 169,424
Valuation in 2024 177,020 - - - 177,020
Cost 1,131,536 370,951 5,886,180 146,665 7,535,332
3,185,000 370,951 5,886,180 146,665 9,588,796

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


9. TANGIBLE FIXED ASSETS - continued

Group

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,131,536 1,114,720
Aggregate depreciation 325,828 314,539

Value of land in freehold land and buildings 567,048 559,068

Freehold land and buildings were valued on an open market value basis on 5 December 2024 by Symonds and Sampson .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 January 2024 364,294 - 364,294
Additions 43,136 46,241 89,377
Transfer to ownership (364,294 ) - (364,294 )
At 31 December 2024 43,136 46,241 89,377
DEPRECIATION
At 1 January 2024 134,668 - 134,668
Charge for year 4,313 9,248 13,561
Transfer to ownership (134,667 ) - (134,667 )
At 31 December 2024 4,314 9,248 13,562
NET BOOK VALUE
At 31 December 2024 38,822 36,993 75,815
At 31 December 2023 229,626 - 229,626

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


9. TANGIBLE FIXED ASSETS - continued

Company
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2024 3,000,000 5,732,879 100,424 8,833,303
Additions 7,980 73,459 - 81,439
Revaluations 177,020 - - 177,020
At 31 December 2024 3,185,000 5,806,338 100,424 9,091,762
DEPRECIATION
At 1 January 2024 - 4,291,913 86,207 4,378,120
Charge for year - 151,602 5,503 157,105
At 31 December 2024 - 4,443,515 91,710 4,535,225
NET BOOK VALUE
At 31 December 2024 3,185,000 1,362,823 8,714 4,556,537
At 31 December 2023 3,000,000 1,440,966 14,217 4,455,183

Included in cost or valuation of land and buildings is freehold land of £ 567,048 (2023 - £ 559,068 ) which is not depreciated.

Cost or valuation at 31 December 2024 is represented by:

Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Valuation in 2015 1,090,142 - - 1,090,142
Valuation in 2022 616,878 - - 616,878
Valuation in 2023 169,424 - - 169,424
Valuation in 2024 177,020 - - 177,020
Cost 1,131,536 5,806,338 100,424 7,038,298
3,185,000 5,806,338 100,424 9,091,762

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


9. TANGIBLE FIXED ASSETS - continued

Company

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,131,536 1,114,720
Aggregate depreciation 325,828 314,539

Value of land in freehold land and buildings 567,048 559,068

Freehold land and buildings were valued on an open market value basis on 5 December 2024 by Symonds and Sampson .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 January 2024 364,294
Additions 43,136
Transfer to ownership (364,294 )
At 31 December 2024 43,136
DEPRECIATION
At 1 January 2024 134,667
Charge for year 4,313
Transfer to ownership (134,667 )
At 31 December 2024 4,313
NET BOOK VALUE
At 31 December 2024 38,823
At 31 December 2023 229,627

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakin
£   
COST
At 1 January 2024
and 31 December 2024 40,500
NET BOOK VALUE
At 31 December 2024 40,500
At 31 December 2023 40,500

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Harmon Group Limited
Registered office: 3 Durrant Road, Bournemouth, Dorset, BH2 6NE
Nature of business: Engineering
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 566,344 414,156
Profit for the year 152,188 32,140

Harmon Precision Grinding Limited
Registered office: 3 Durrant Road, Bournemouth, Dorset, BH2 6NE
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,000 1,000

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


10. FIXED ASSET INVESTMENTS - continued

Harmon Metal Treatments Limited
Registered office: 3 Durrant Road, Bournemouth, Dorset, BH2 6NE
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 30,901 30,901

Harmon Fabrication Limited
Registered office: 3 Durrant Road, Bournemouth, Dorset, BH2 6NE
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,000 1,000

Harmon Manufacturing Limited
Registered office: 3 Durrant Road, Bournemouth, Dorset, BH2 6NE
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 100 100


HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


11. STOCKS

Group
2024 2023
£    £   
Raw materials 330,095 356,434
Finished goods 844,520 756,663
1,174,615 1,113,097

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,969,799 2,256,109 - -
Amounts owed by group undertakings - - 836,848 739,104
Amounts recoverable on contract 1,216,005 1,043,082 - -
VAT - - 9,519 -
Prepayments and accrued income 24,675 49,166 6,740 10,808
3,210,479 3,348,357 853,107 749,912

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 15) 249,849 216,154 151,840 145,169
Hire purchase contracts (see note 16) 20,040 80,996 9,503 80,996
Trade creditors 1,051,227 1,075,215 15,828 97,701
Social security and other taxes 182,508 180,224 2,806 820
VAT 227,722 195,149 - 13,010
Wages control 1,307 1,500 - -
Pension 21,478 71,030 - 138
Factor loan 1,699,684 1,942,833 - -
Directors' current accounts 6,413 6,413 6,413 6,413
Accruals and deferred income 96,635 142,421 43,587 46,155
3,556,863 3,911,935 229,977 390,402

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 15) 788,054 764,175 780,401 664,865
Hire purchase contracts (see note 16) 57,583 29,314 31,274 29,314
845,637 793,489 811,675 694,179

15. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 249,849 216,154 151,840 145,169
Amounts falling due between one and two years:
Bank loans - 1-2 years 161,574 193,607 153,921 94,297
Amounts falling due between two and five years:
Bank loans 376,480 245,568 376,480 245,568
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 250,000 325,000 250,000 325,000

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 24,581 80,996
Between one and five years 40,353 32,722
In more than five years 22,236 -
87,170 113,718

Finance charges repayable:
Within one year 4,541 -
Between one and five years 5,006 3,408
9,547 3,408

Net obligations repayable:
Within one year 20,040 80,996
Between one and five years 35,347 29,314
In more than five years 22,236 -
77,623 110,310

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


16. LEASING AGREEMENTS - continued

Company
Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 14,044 80,996
Between one and five years 14,044 32,722
In more than five years 22,236 -
50,324 113,718

Finance charges repayable:
Within one year 4,541 -
Between one and five years 5,006 3,408
9,547 3,408

Net obligations repayable:
Within one year 9,503 80,996
Between one and five years 9,038 29,314
In more than five years 22,236 -
40,777 110,310

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 246,500 246,500
Between one and five years 201,800 402,092
448,300 648,592

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


16. LEASING AGREEMENTS - continued

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 420,500 177,700
Between one and five years 3,700 598,200
424,200 775,900

17. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans 1,037,903 980,329 932,241 810,034
Hire purchase contracts 77,623 110,310 40,777 110,310
Factor account 1,699,684 1,942,833 - -
2,815,210 3,033,472 973,018 920,344

The borrowings are secured by a fixed and floating charge over the group's assets.

18. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 607,030 546,117 607,030 546,117

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


18. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 January 2024 546,117
Provided during year 16,658
Freehold property revaluation 44,255
Balance at 31 December 2024 607,030

Company
Deferred
tax
£   
Balance at 1 January 2024 546,117
Provided during year 16,658
On revaluation 44,255
Balance at 31 December 2024 607,030

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
150,000 Ordinary £1 150,000 150,000

HARMON (FORM TOOLS) LIMITED AND
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


20. RESERVES

Group
Retained
earnings
£   

At 1 January 2024 3,880,846
Profit for the year 176,393
Transfer 132,765
At 31 December 2024 4,190,004

Company
Retained
earnings
£   

At 1 January 2024 3,501,106
Profit for the year 24,205
Transfer 132,765
At 31 December 2024 3,658,076

Of the above, £2,035,381 (2023 £1,902,616) is non-distributable.

21. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 425,000 -

22. ULTIMATE CONTROLLING PARTY

In the opinion of the directors no one person exercised overall control over the company in either the current or preceding year.