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REGISTERED NUMBER: 12302236 (England and Wales)










Harlequin Ink Limited

Financial Statements

for the Year Ended 31 December 2023






Harlequin Ink Limited (Registered number: 12302236)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Harlequin Ink Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: D J Wallis





REGISTERED OFFICE: Unit 2 Eastman Way
Pin Green Industrial Area
Stevenage
Hertfordshire
SG1 4SZ





REGISTERED NUMBER: 12302236 (England and Wales)





AUDITORS: SKS Audit LLP
3 Sheen Road
Richmond Upon Thames
TW9 1AD

Harlequin Ink Limited (Registered number: 12302236)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 3 - 42,165

CURRENT ASSETS
Stocks - 21,279
Debtors: amounts falling due within one
year

4

516,866

217,181
Cash at bank 10,865 17,901
527,731 256,361
CREDITORS
Amounts falling due within one year 5 (316,664 ) (237,079 )
NET CURRENT ASSETS 211,067 19,282
TOTAL ASSETS LESS CURRENT
LIABILITIES

211,067

61,447

DEFERRED TAXATION 6 - (10,714 )
NET ASSETS 211,067 50,733

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 210,967 50,633
SHAREHOLDERS' FUNDS 211,067 50,733

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 May 2025 and were signed by:





D J Wallis - Director


Harlequin Ink Limited (Registered number: 12302236)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES

COMPANY INFORMATION
Harlequin Ink Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Eastman Way, Pin Green Industrial Area, Stevenage, Hertfordshire, SG1 4SZ.

ACCOUNTING CONVENTION
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements of the company are consolidated in the financial statements of Harlequin Design (London) LImited. These consolidated financial statements may be obtained from Companies House, Crown Way, Cardiff.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

BASIS OTHER THAN GOING CONCERN
During 2023 the decision was made for the company to transfer all operations to another group company and therefore cease trading and subsequently liquidate the company. Thus the basis of accounting in preparing the financial statements has changed from the going concern basis to an alternative basis reflecting these developments.

The company has reviewed its assets and liabilities and determined that:
- All assets held at 31 December 2023 are reflected at their recoverable amounts;
- All liabilities, including contractual commitments that have become onerous as at 31 December 2023 as a result of the company no longer being a going concern have been recorded or disclosed as appropriate.

TURNOVER
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

TANGIBLE FIXED ASSETS
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment 25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

IMPAIRMENT OF FIXED ASSETS
At each reporting period end date, the company reviews the carrying amounts of its tangible assets and any impairment loss is recognised immediately in profit and loss.

Harlequin Ink Limited (Registered number: 12302236)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES - continued

STOCKS
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment and any impairment loss is recognised in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

FINANCIAL INSTRUMENTS
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

TRADE AND OTHER DEBTORS
Trade and other debtors are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

TRADE AND OTHER CREDITORS
Creditors and other creditors including loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

TAXATION
The tax expense represents the sum of the tax currently payable and deferred tax.

CURRENT TAX
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DEFERRED TAX
Deferred tax is recognised on all 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 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.

EMPLOYEE BENEFITS
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.


Harlequin Ink Limited (Registered number: 12302236)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES - continued
RETIREMENT BENEFITS
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

GOVERNMENT GRANTS
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 7 ) .

3. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2023 68,239
Disposals (10,947 )
Reclassification/transfer (57,292 )
At 31 December 2023 -
DEPRECIATION
At 1 January 2023 26,074
Eliminated on disposal (4,556 )
Reclassification/transfer (21,518 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 42,165

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 502,718 200,752
Other debtors 14,148 16,429
516,866 217,181

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 10,781 43,589
Amounts owed to group undertakings 253,028 157,359
Taxation and social security 47,950 31,061
Other creditors 4,905 5,070
316,664 237,079

Harlequin Ink Limited (Registered number: 12302236)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

A debenture was created on 31 October 2023 in favour of the company's bankers giving fixed and floating charges over all assets of the company for loan and overdraft facilities made available to the company. At 31 December 2023 the balance owing to the bank on these facilities amounted to £nil (2022: £nil).

6. DEFERRED TAXATION
2023 2022
£    £   
Deferred taxation liability - 10,714

Deferred
tax
£   
Balance at 1 January 2023 10,714
Utilised during year (10,714 )
Balance at 31 December 2023 -

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary shares of £1 each 1 100 100

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.


We draw attention to Note 2 in the financial statements "Basis other than Going Concern" which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 2.

Our opinion is not modified in respect of this matter.

Paul Craggs (Senior Statutory Auditor)
for and on behalf of SKS Audit LLP

9. RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemption available under FRS 102 chapter 33 not to disclose transactions with its parent company and wholly owned fellow subsidiaries.

10. CONTROLLING PARTY

The immediate and ultimate parent company and controlling party is Harlequin Design (London) Limited, a company registered in England and Wales with its registered office at Unit 2 Eastman Way, Pin Green Industrial Area, Stevenage, Hertfordshire, England, SG1 4SZ.