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Company No: 07415697 (England and Wales)

HAROD ASSOCIATES LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

HAROD ASSOCIATES LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

HAROD ASSOCIATES LIMITED

BALANCE SHEET

As at 31 October 2024
HAROD ASSOCIATES LIMITED

BALANCE SHEET (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 2,649 0
Tangible assets 4 49,188 33,752
Investments 5 18,242 0
70,079 33,752
Current assets
Debtors 6 800,120 1,281,076
Cash at bank and in hand 511,863 970,936
1,311,983 2,252,012
Creditors: amounts falling due within one year 7 ( 493,427) ( 1,716,366)
Net current assets 818,556 535,646
Total assets less current liabilities 888,635 569,398
Creditors: amounts falling due after more than one year 8 ( 26,042) ( 151,042)
Provision for liabilities ( 12,297) ( 6,413)
Net assets 850,296 411,943
Capital and reserves
Called-up share capital 4 4
Profit and loss account 850,292 411,939
Total shareholder's funds 850,296 411,943

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Harod Associates Limited (registered number: 07415697) were approved and authorised for issue by the Director on 03 June 2025. They were signed on its behalf by:

M Dubbey
Director
HAROD ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
HAROD ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Harod Associates Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Suite 126 43 Bedford Street, London, WC2E 9HA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 10 years straight line
Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 10 years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 43 31

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 November 2023 0 0
Additions 2,740 2,740
At 31 October 2024 2,740 2,740
Accumulated amortisation
At 01 November 2023 0 0
Charge for the financial year 91 91
At 31 October 2024 91 91
Net book value
At 31 October 2024 2,649 2,649
At 31 October 2023 0 0

4. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 November 2023 63,273 63,273
Additions 27,899 27,899
At 31 October 2024 91,172 91,172
Accumulated depreciation
At 01 November 2023 29,521 29,521
Charge for the financial year 12,463 12,463
At 31 October 2024 41,984 41,984
Net book value
At 31 October 2024 49,188 49,188
At 31 October 2023 33,752 33,752

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 November 2023 0 0
Additions 1,000 1,000
Movement in fair value 17,242 17,242
At 31 October 2024 18,242 18,242
Carrying value at 31 October 2024 18,242 18,242
Carrying value at 31 October 2023 0 0

6. Debtors

2024 2023
£ £
Trade debtors 677,958 888,003
Other debtors 122,162 393,073
800,120 1,281,076

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 62,500 0
Trade creditors 176,027 651,847
Amounts owed to Group undertakings 0 740,000
Taxation and social security 212,543 279,028
Other creditors 42,357 45,491
493,427 1,716,366

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 26,042 151,042

There are no amounts included above in respect of which any security has been given by the small entity.

9. Related party transactions

Other related party transactions

2024 2023
£ £
Amounts owed (from)/to Director (22,549) 2

During the year the company made advances to the director of £40,469 (2023: £4,520) and received repayments of £17,920 (2023: £NIL)

The director's loan is unsecured, interest free and repayable on demand.

The company has taken advantage of the exemption in FRS 102 33.1A "Related Party Disclosures" from disclosing transactions with other members of the group.