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Harvey George Limited
Unaudited financial statements
31 May 2024
Company Registration Number 10754906
Harvey George Limited
Financial statements
year ended 31 May 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
Harvey George Limited
Statement of financial position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
656,613
739,783
Current assets
Stocks
259,630
220,380
Debtors
6
515,942
135,572
Cash at bank and in hand
134,049
411,715
---------
---------
909,621
767,667
Creditors: amounts falling due within one year
7
585,811
572,772
---------
---------
Net current assets
323,810
194,895
---------
---------
Total assets less current liabilities
980,423
934,678
Creditors: amounts falling due after more than one year
8
107,565
197,354
Provisions
163,595
140,108
---------
---------
Net assets
709,263
597,216
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
709,163
597,116
---------
---------
Shareholders funds
709,263
597,216
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Harvey George Limited
Statement of financial position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 27 May 2025 , and are signed on behalf of the board by:
Mrs S Griffiths
Director
Company registration number: 10754906
Harvey George Limited
Notes to the financial statements
year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is The Old Rudding School, Rudding Lane, Folifoot, Harrogate.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 32 (2023: 33 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
627,121
330,942
88,737
1,046,800
Additions
11,450
22,493
33,943
---------
---------
---------
------------
At 31 May 2024
638,571
330,942
111,230
1,080,743
---------
---------
---------
------------
Depreciation
At 1 June 2023
208,903
49,798
48,316
307,017
Charge for the year
64,542
42,172
10,399
117,113
---------
---------
---------
------------
At 31 May 2024
273,445
91,970
58,715
424,130
---------
---------
---------
------------
Carrying amount
At 31 May 2024
365,126
238,972
52,515
656,613
---------
---------
---------
------------
At 31 May 2023
418,218
281,144
40,421
739,783
---------
---------
---------
------------
6. Debtors
2024
2023
£
£
Trade debtors
67,722
Other debtors
515,942
67,850
---------
---------
515,942
135,572
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
21,161
30,000
Trade creditors
158,486
106,701
Corporation tax
106,402
36,102
Social security and other taxes
85,743
146,878
Other creditors
214,019
253,091
---------
---------
585,811
572,772
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,000
31,161
Other creditors
97,565
166,193
---------
---------
107,565
197,354
---------
---------
9. Directors' advances, credits and guarantees
At 31st May 2024 directors loans outstanding totalled £158,092 (2023 - Nil).