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Registration number: 04699958

Harney & Co Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Harney & Co Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Financial Statements

5 to 13

 

Harney & Co Limited

Company Information

Directors

Mr S J Harney

Mrs S A Harney

Mr S Machulin

Ms J F Ward

Registered office

21 Market Place
Blandford Forum
Dorset
DT11 7AF

Accountants

Harney & Co Limited
Chartered Certified Accountants21 Market Place
Blandford Forum
Dorset
DT11 7AF

 

Harney & Co Limited

(Registration number: 04699958)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

234,000

260,000

Tangible assets

5

406,940

405,671

Investment property

6

170,000

170,000

Investments

7

15,044

15,044

 

825,984

850,715

Current assets

 

Stocks

8

1,200

1,200

Debtors

9

900,914

887,274

Cash at bank and in hand

 

31,910

14,901

 

934,024

903,375

Creditors: Amounts falling due within one year

10

(331,307)

(319,066)

Net current assets

 

602,717

584,309

Total assets less current liabilities

 

1,428,701

1,435,024

Creditors: Amounts falling due after more than one year

10

(290,111)

(315,342)

Provisions for liabilities

(2,770)

(2,922)

Net assets

 

1,135,820

1,116,760

Capital and reserves

 

Called up share capital

11

1,122

1,114

Share premium reserve

14,999

14,999

Retained earnings

1,119,699

1,100,647

Shareholders' funds

 

1,135,820

1,116,760

 

Harney & Co Limited

(Registration number: 04699958)
Balance Sheet as at 31 August 2024 (continued)

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 May 2025 and signed on its behalf by:
 

.........................................
Mr S J Harney
Director

.........................................
Mrs S A Harney
Director

 
     
 

Harney & Co Limited

Statement of Changes in Equity for the Year Ended 31 August 2024

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 September 2023

1,114

14,999

1,100,647

1,116,760

Profit for the year

-

-

132,605

132,605

Dividends

-

-

(113,553)

(113,553)

New share capital subscribed

8

-

-

8

At 31 August 2024

1,122

14,999

1,119,699

1,135,820

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 September 2022

1,106

14,999

1,066,016

1,082,121

Profit for the year

-

-

131,137

131,137

Dividends

-

-

(96,506)

(96,506)

New share capital subscribed

8

-

-

8

At 31 August 2023

1,114

14,999

1,100,647

1,116,760

 

Harney & Co Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
21 Market Place
Blandford Forum
Dorset
DT11 7AF

These financial statements were authorised for issue by the Board on 14 May 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.

The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

 

Harney & Co Limited

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

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 statement of financial position 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

Office equipment

25% reducing balance

Fixtures and fittings

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the Directors. The Directors 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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 20 years

Investments

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.

 

Harney & Co Limited

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

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 services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost, 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.

Stocks

Stock of consumables is valued at cost less impairment. If stocks are impaired, the impairment loss is recognised immediately in profit or loss.

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 at the transaction price.

Borrowings

Interest-bearing loans are initially recorded at fair value, net of transaction costs, and 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Harney & Co Limited

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company has basic financial instruments which are classified, measured and accounted for according to the substance of the contractual arrangement, as financial assets or financial liabilities. The company has not entered into any complex financial instruments.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2023 - 20).

4

Intangible assets

Goodwill
 £

Cost or valuation

At 1 September 2023

520,000

At 31 August 2024

520,000

Amortisation

At 1 September 2023

260,000

Amortisation charge

26,000

At 31 August 2024

286,000

Carrying amount

At 31 August 2024

234,000

At 31 August 2023

260,000

Amortisation of goodwill is included within administrative expenses in the Profit and Loss Account.

 

Harney & Co Limited

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

5

Tangible assets

Land and buildings
£

Fixtures, fittings and equipment
£

Cost or valuation

At 1 September 2023

400,195

37,081

Additions

-

3,100

At 31 August 2024

400,195

40,181

Depreciation

At 1 September 2023

-

31,605

Charge for the year

-

1,831

At 31 August 2024

-

33,436

Carrying amount

At 31 August 2024

400,195

6,745

At 31 August 2023

400,195

5,476

Included within the net book value of land and buildings above is £400,195 (2023 - £400,195) in respect of freehold land and buildings.
 

6

Investment properties

2024
£

At 1 September

170,000

As at 31 August 2023 the directors consider that the investment property has a fair value of £170,000 based on the market value of other similar properties adjusted for location and condition. Fair value adjustments are included in the Profit and Loss Account. There has been no valuation of investment property by an independent valuer.

7

Investments

2024
£

2023
£

Investments in subsidiaries

15,000

15,000

Investments in participating interests

44

44

15,044

15,044

 

Harney & Co Limited

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

7

Investments (continued)

Subsidiaries

£

Cost or valuation

At 1 September 2023

15,000

Carrying amount

At 31 August 2024

15,000

At 31 August 2023

15,000

Participating interests

£

Cost or valuation

At 1 September 2023

44

Carrying amount

At 31 August 2024

44

At 31 August 2023

44

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Subsidiary undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

S A Gillingham Accountancy Ltd

58 Kinson Road
Bournemouth, Dorset

Ordinary

100%

100%

 

England & Wales

     

Associates

Harney & Co IFA

21 Market Place
Blandford Forum, Dorset

Profit share arrangement

44%

44%

 

England & Wales

     

Subsidiary undertakings

S A Gillingham Accountancy Ltd

The principal activity of S A Gillingham Accountancy Ltd is Chartered Certified Accountants.

Associates

Harney & Co IFA

The principal activity of Harney & Co IFA is the provision of regulated products and services.

 

Harney & Co Limited

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

8

Stocks

2024
£

2023
£

Other inventories

1,200

1,200

9

Debtors

2024
£

2023
£

Trade debtors

597,587

616,546

Amounts owed by related parties

209,944

178,915

Prepayments

12,819

11,504

Other debtors

80,564

80,309

 

900,914

887,274

10

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

25,231

21,388

Trade creditors

11,387

4,628

Amounts due to related parties

60,067

53,248

Taxation and social security

215,644

203,039

Accruals and deferred income

6,067

12,432

Other creditors

12,911

24,331

331,307

319,066

Creditors include bank loans due within one year of £15,231 (2023: £11,388) that are secured by way of mortgage on the business premises in favour of Lloyds Bank. It is on a repayment basis at 3.25% over bank base rate.

 

Harney & Co Limited

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

10

Creditors (continued)

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

290,111

315,342

2024
£

2023
£

Due after more than five years

Bank loans paid by instalments

107,676

124,830

Bank loans not paid by instalments

107,100

107,100

214,776

231,930

Creditors falling due after one year include bank loans of £290,111 (2023: £315,342) and of this £174,677 (2023: £189,908) is secured by way of mortgage on the business premises in favour of Lloyds Bank as mentioned above. There is also a mortgage on the investment property of £107,100 in favour of Landbay Partners Limited. This is an interest only mortgage at a variable rate of 4.75% over Bank of England Base Rate with an expiry date of 31st August 2034.

11

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A of £1 each

1,000

1,000

1,000

1,000

Ordinary B of £1 each

106

106

106

106

 

1,106

1,106

1,106

1,106

12

Reserves

Revaluation gains and losses are recognised in the Profit and Loss Account in the year in which they arise. Unrealised revaluation gains and losses are deducted from profits for the purposes of the Corporation Tax computation with the associated deferred tax being provided in the accounts.

 

Harney & Co Limited

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

13

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £101.25 (2023: £86.00) per each Ordinary A

101,250

86,000

Interim dividend of £101.25 (2023: £92.75) per each Ordinary B

12,303

10,506

113,553

96,506