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Registered number: 06004947
Harlech Commercial Finance Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 March 2025
HSJ Accountants Ltd
Contents
Page
Company Information 1
Abridged Balance Sheet 2—3
Notes to the Abridged Financial Statements 4—6
Page 1
Company Information
Directors Mrs S M McDonagh
Mr N A McDonagh
Secretary Mrs S M McDonagh
Company Number 06004947
Registered Office 7 Watts Close
Rogerstone
Newport
NP10 0DW
Accountants HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
NP10 8FY
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Abridged Balance Sheet
Registered number: 06004947
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 8,418 8,669
Investment Properties 5 181,734 181,734
Investments 6 207,550 238,991
397,702 429,394
CURRENT ASSETS
Debtors 11,928 10,502
Cash at bank and in hand 53,212 65,488
65,140 75,990
Creditors: Amounts Falling Due Within One Year (24,060 ) 22,736
NET CURRENT ASSETS (LIABILITIES) 41,080 98,726
TOTAL ASSETS LESS CURRENT LIABILITIES 438,782 528,120
Creditors: Amounts Falling Due After More Than One Year (1,667 ) (11,667 )
NET ASSETS 437,115 516,453
CAPITAL AND RESERVES
Called up share capital 7 10 10
Profit and Loss Account 437,105 516,443
SHAREHOLDERS' FUNDS 437,115 516,453
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For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 March 2025 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr N A McDonagh
Director
21 May 2025
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Abridged Financial Statements
1. General Information
Harlech Commercial Finance Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06004947 . The registered office is 7 Watts Close, Rogerstone, Newport, NP10 0DW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 20% straight line
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2024: 2)
2 2
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4. Tangible Assets
Total
£
Cost
As at 1 April 2024 17,515
Additions 2,101
As at 31 March 2025 19,616
Depreciation
As at 1 April 2024 8,846
Provided during the period 2,352
As at 31 March 2025 11,198
Net Book Value
As at 31 March 2025 8,418
As at 1 April 2024 8,669
5. Investment Property
2025
£
Fair Value
As at 1 April 2024 and 31 March 2025 181,734
6. Investments
Total
£
Cost
As at 1 April 2024 238,991
Additions 5,162
Disposals (25,000 )
Revaluations (11,603 )
As at 31 March 2025 207,550
Provision
As at 1 April 2024 -
As at 31 March 2025 -
Net Book Value
As at 31 March 2025 207,550
As at 1 April 2024 238,991
7. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 10 10
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8. Directors Advances, Credits and Guarantees
During the year the director provided the company with an unsecured, interest free, repayable on demand loan. At the balance sheet date the amount due to the directors was £143 (2024 - £365).
As at 1 April 2024 Amounts advanced Amounts repaid Amounts written off As at 31 March 2025
£ £ £ £ £
Mr Neil McDonagh 365 (222 ) - - 143
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