Registration number:
Harney & Co Limited
for the Year Ended 31 August 2024
Harney & Co Limited
Contents
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Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Harney & Co Limited
Company Information
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Directors |
Mr S J Harney Mrs S A Harney Mr S Machulin Ms J F Ward |
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Registered office |
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Accountants |
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Harney & Co Limited
(Registration number: 04699958)
Balance Sheet as at 31 August 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,122 |
1,114 |
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Share premium reserve |
14,999 |
14,999 |
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Retained earnings |
1,119,699 |
1,100,647 |
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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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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......................................... |
Harney & Co Limited
Statement of Changes in Equity for the Year Ended 31 August 2024
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Share capital |
Share premium |
Retained earnings |
Total |
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At 1 September 2023 |
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
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New share capital subscribed |
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- |
- |
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At 31 August 2024 |
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Share capital |
Share premium |
Retained earnings |
Total |
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At 1 September 2022 |
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
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New share capital subscribed |
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- |
- |
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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
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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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)
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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:
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Asset class |
Depreciation method and rate |
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Office equipment |
25% reducing balance |
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Fixtures and fittings |
25% reducing balance |
Investment property
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:
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Asset class |
Amortisation method and rate |
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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)
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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)
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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
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Intangible assets |
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Goodwill |
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Cost or valuation |
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At 1 September 2023 |
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At 31 August 2024 |
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Amortisation |
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At 1 September 2023 |
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Amortisation charge |
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At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
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At 31 August 2023 |
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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)
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Tangible assets |
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Land and buildings |
Fixtures, fittings and equipment |
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Cost or valuation |
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At 1 September 2023 |
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Additions |
- |
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At 31 August 2024 |
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Depreciation |
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At 1 September 2023 |
- |
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Charge for the year |
- |
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At 31 August 2024 |
- |
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Carrying amount |
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At 31 August 2024 |
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At 31 August 2023 |
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Included within the net book value of land and buildings above is £400,195 (2023 - £400,195) in respect of freehold land and buildings.
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Investment properties |
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2024 |
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At 1 September |
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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.
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Investments |
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2024 |
2023 |
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Investments in subsidiaries |
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Investments in participating interests |
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Harney & Co Limited
Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)
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7 |
Investments (continued) |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 September 2023 |
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Carrying amount |
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At 31 August 2024 |
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At 31 August 2023 |
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Participating interests |
£ |
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Cost or valuation |
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At 1 September 2023 |
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Carrying amount |
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At 31 August 2024 |
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At 31 August 2023 |
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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:
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Subsidiary undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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58 Kinson Road
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Ordinary |
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England & Wales |
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Associates |
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21 Market Place
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Profit share arrangement |
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England & Wales |
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Subsidiary undertakings |
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S A Gillingham Accountancy Ltd The principal activity of S A Gillingham Accountancy Ltd is |
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Associates |
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Harney & Co IFA The principal activity of Harney & Co IFA is |
Harney & Co Limited
Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)
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Stocks |
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2024 |
2023 |
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Other inventories |
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Debtors |
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2024 |
2023 |
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Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts due to related parties |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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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)
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10 |
Creditors (continued) |
Creditors: amounts falling due after more than one year
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2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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2024 |
2023 |
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Due after more than five years |
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Bank loans paid by instalments |
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Bank loans not paid by instalments |
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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.
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
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106 |
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106 |
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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)
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Dividends |
Interim dividends paid
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2024 |
2023 |
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Interim dividend of £ |
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Interim dividend of £ |
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