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Registration number: 01895572

Harltex Limited

Unaudited Filleted Financial Statements

for the Period from 1 May 2023 to 31 August 2024

 

Harltex Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Harltex Limited

(Registration number: 01895572)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

76,536

137,154

Investments

5

161,958

161,958

 

238,494

299,112

Current assets

 

Stocks

6

162,337

156,169

Debtors

7

918,422

1,031,636

Cash at bank and in hand

 

115,716

325,969

 

1,196,475

1,513,774

Creditors: Amounts falling due within one year

8

(391,972)

(396,111)

Net current assets

 

804,503

1,117,663

Total assets less current liabilities

 

1,042,997

1,416,775

Provisions for liabilities

(9,561)

(17,083)

Net assets

 

1,033,436

1,399,692

Capital and reserves

 

Called up share capital

9

950

950

Retained earnings

1,032,486

1,398,742

Shareholders' funds

 

1,033,436

1,399,692

For the financial period 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 period 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 16 January 2025 and signed on its behalf by:
 

 

Harltex Limited

(Registration number: 01895572)
Balance Sheet as at 31 August 2024

.........................................
Mr M F Dufty
Director

 

Harltex Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 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:
37 Tything Road East
Alcester
B49 6ES

These financial statements were authorised for issue by the Board on 16 January 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.

Revenue recognition

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Harltex Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 31 August 2024

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.

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 balance sheet 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

Other tangible assets

straight line basis over 4 years

Furniture, fixtures and fittings

straight line basis over 4 years

Motor vehicles

straight line basis over 4 years

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. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Harltex Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 31 August 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. 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.

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Harltex Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 31 August 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

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.

3

Staff numbers

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

 

Harltex Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 31 August 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

14,284

43,385

1,320,078

1,377,747

Additions

932

-

22,083

23,015

Disposals

-

(22,950)

(14,065)

(37,015)

At 31 August 2024

15,216

20,435

1,328,096

1,363,747

Depreciation

At 1 May 2023

14,284

27,607

1,198,702

1,240,593

Charge for the period

65

1,434

67,790

69,289

Eliminated on disposal

-

(8,606)

(14,065)

(22,671)

At 31 August 2024

14,349

20,435

1,252,427

1,287,211

Carrying amount

At 31 August 2024

867

-

75,669

76,536

At 30 April 2023

-

15,778

121,376

137,154

5

Investments

2024
£

2023
£

Investments in subsidiaries

161,958

161,958

Subsidiaries

£

Cost or valuation

At 1 May 2023

161,958

Provision

Carrying amount

At 31 August 2024

161,958

At 30 April 2023

161,958

 

Harltex Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 31 August 2024

6

Stocks

2024
£

2023
£

Other inventories

162,337

156,169

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

370,498

461,870

Amounts owed by related parties

11

536,979

546,728

Prepayments

 

3,170

7,745

Other debtors

 

7,775

15,293

   

918,422

1,031,636

 

Harltex Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 31 August 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

66,390

162,865

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

46,683

-

Taxation and social security

 

209,412

140,695

Accruals and deferred income

 

68,572

91,573

Other creditors

 

915

978

 

391,972

396,111

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

950

950

950

950

       

10

Dividends

2024

2023

£

£

Interim dividend of £1,091.58 (2023 - £190.53) per ordinary share

1,037,000

181,000

 

 

11

Related party transactions

 

Harltex Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 31 August 2024

Directors' remuneration

The directors' remuneration for the period was as follows:

2024
£

2023
£

Remuneration

234,467

109,974

Contributions paid to money purchase schemes

20,831

17,267

255,298

127,241