Company No:
Contents
| DIRECTORS | N J Harris |
| J M Tanner |
| SECRETARY | G Henley |
| REGISTERED OFFICE | The Shed |
| Charbridge Lane | |
| Bicester | |
| Oxfordshire | |
| OX26 4SS | |
| United Kingdom |
| COMPANY NUMBER | 08400414 (England and Wales) |
| ACCOUNTANT | Shaw Gibbs Limited |
| 264 Banbury Road | |
| Oxford | |
| OX2 7DY | |
| United Kingdom |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| Investment property | 4 |
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| 11,051,821 | 11,581,322 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 3,714,021 | 5,729,804 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 3,438,887 | 5,152,681 | ||
| Total assets less current liabilities | 14,490,708 | 16,734,003 | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Hard 8 Limited (registered number:
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N J Harris
Director |
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.
Hard 8 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 The Shed, Charbridge Lane, Bicester, Oxfordshire, OX26 4SS, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| Plant and machinery | 0 -
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| Vehicles |
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| Fixtures and fittings | 0 -
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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.
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.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Plant and machinery | Vehicles | Fixtures and fittings | Total | ||||
| £ | £ | £ | £ | ||||
| Cost | |||||||
| At 01 January 2024 |
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| Additions |
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| Disposals | (
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| At 31 December 2024 |
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| Accumulated depreciation | |||||||
| At 01 January 2024 |
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| Charge for the financial year |
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| Disposals | (
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| At 31 December 2024 |
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| Net book value | |||||||
| At 31 December 2024 |
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| At 31 December 2023 |
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| Investment property | |
| £ | |
| Valuation | |
| As at 01 January 2024 |
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| Disposals | (306,389) |
| As at 31 December 2024 |
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Investment property brought forward comprises The Muddy Duck Staff House, Hethe, The Muddy Duck Pub, The Shed, Bicester and Eagles, Deddington.
The fair value of the The Muddy Duck Staff House, Hethe and The Muddy Duck Pub have been arrived at on the basis of a valuation carried out in April 2015 by Lambert Smith Hampton, who are not connected with the company. The valuations of £365,000 and £2,250,000 were made on an open market value basis by reference to market evidence of transaction prices for similar properties. The valuation for The Muddy Duck Pub included fixtures and fittings and plant and machinery which are not shown in the investment property value above because they are included in tangible assets.
In November 2016 Hard 8 Limited purchased The Shed, Bicester. The purchase was made on an open market basis. During the year improvements have been made to the property. The directors consider the cost to reflect the fair value at the year end.
In December 2017 Hard 8 purchased Eagles, Market Place, Deddington. The purchase was made on an open market basis. The directors consider the cost to reflect the fair value at the year end.
| 2024 | 2023 | ||
| £ | £ | ||
| Prepayments |
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| Other debtors |
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| £ | £ | ||
| Trade creditors |
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| Taxation and social security |
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| Obligations under finance leases and hire purchase contracts |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| Amounts owed to directors |
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| Obligations under finance leases and hire purchase contracts |
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Included in creditors due after more than one year is the directors loan balance due to N J Harris at 31 December 2023 of £9,262,156 (2023: £10,477,671).
The long-term bank loans are secured by fixed charges registered by Coutts & Company over 28 Hardwick Road, Unit 2 Bicester Park, Eagles Market Place Deddington and The Muddy Duck Hethe. There is also a cross guarantee placed on the assets of Absolute Taste Limited and The Menu Partners Limited by Coutts & Company . Coutts & Company also have a fixed and floating charge over all the property or undertaking of the company. This charge contains a negative pledge.
| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 100 | 100 |
Commitments
| 2024 | 2023 | ||
| £ | £ | ||
| Total future minimum lease payments under non-cancellable operating lease |
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During the year ended 31 December 2024, the company made sales totalling £861,657 (2023: £638,696) to companies under common control and received rental income totalling £1,028,219 (2023: £1,147,778).
As at 31 December 2024, the company was owed by companies under common control £3,472,008 (2023: £4,647,681).
As at 31 December 2024, the company owed the companies under common control £26,441 (2023: £187,800).
As at 31 December 2024, the company owed directors £9,307,156 (2023: £10,507,671). £45,000 is included within creditors due within one year and £9,262,156 is included within creditors due after more than one year (2023: £30,000 within creditors due within one year and £10,477,671 due after more than one year). No interest has been charged on these loans.
The company was under the control of it's directors who own 100% of the share capital.