Company registration number 02616984 (England and Wales)
HARDING HOLDINGS U.K LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
HARDING HOLDINGS U.K LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 9
HARDING HOLDINGS U.K LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
16,411
5,686
Investment property
6
12,954,999
12,557,503
Investments
4
100
100
12,971,510
12,563,289
Current assets
Stocks
8,384,988
8,584,381
Debtors
7
1,831,639
2,177,940
Cash at bank and in hand
321,916
160,989
10,538,543
10,923,310
Creditors: amounts falling due within one year
8
(1,416,644)
(1,261,515)
Net current assets
9,121,899
9,661,795
Total assets less current liabilities
22,093,409
22,225,084
Creditors: amounts falling due after more than one year
9
(10,750,507)
(10,570,507)
Provisions for liabilities
(652,615)
(725,145)
Net assets
10,690,287
10,929,432
Capital and reserves
Called up share capital
10
21,893
21,893
Fair value reserve
11
5,002,097
4,961,909
Capital redemption reserve
6,667
6,667
Profit and loss reserves
5,659,630
5,938,963
Total equity
10,690,287
10,929,432
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HARDING HOLDINGS U.K LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 June 2025 and are signed on its behalf by:
Mr P G Harding
Director
Company Registration No. 02616984
HARDING HOLDINGS U.K LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Share capital
Fair value reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2023
21,893
4,064,832
6,667
6,024,525
10,117,917
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
811,515
811,515
Transfers
-
-
(897,077)
(897,077)
Other movements
-
897,077
-
-
897,077
Balance at 31 December 2023
21,893
4,961,909
6,667
5,938,963
10,929,432
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
-
(239,145)
(239,145)
Transfers
-
-
(40,188)
(40,188)
Other movements
-
40,188
-
-
40,188
Balance at 31 December 2024
21,893
5,002,097
6,667
5,659,630
10,690,287
HARDING HOLDINGS U.K LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information
Harding Holdings U.K Limited is a private company limited by shares incorporated in England and Wales. The registered office is Drivers Wharf, Northam Road, Southampton, Hampshire, United Kingdom, SO14 0PF.
1.1
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 have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
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.
1.3
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:
Motor vehicles
25% straight line
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.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
HARDING HOLDINGS U.K LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. The company consideres all its financial instruments to be basic.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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.
1.8
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
HARDING HOLDINGS U.K LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
The company is part of a small group. The group has taken advantage of the exemption provided by section 398 of the Companies Act 2006 and has not prepared group accounts.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
HARDING HOLDINGS U.K LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
3
Tangible fixed assets
Computers
Motor vehicles
Total
£
£
£
Cost
At 1 January 2024
3,420
16,711
20,131
Additions
14,809
14,809
At 31 December 2024
3,420
31,520
34,940
Depreciation and impairment
At 1 January 2024
3,420
11,025
14,445
Depreciation charged in the year
4,084
4,084
At 31 December 2024
3,420
15,109
18,529
Carrying amount
At 31 December 2024
16,411
16,411
At 31 December 2023
5,686
5,686
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
GE Harding & Sons Limited
U.K
Ordinary Shares
100.00
6
Investment property
2024
£
Fair value
At 1 January 2024
12,557,503
Additions
414,379
Revaluations
(16,883)
At 31 December 2024
12,954,999
The directors consider investment properties to be recorded at market value. Had this class of assets been measured on a historical cost basis, the carrying amount would have been £7,125,367 (2023: £6,710,988).
HARDING HOLDINGS U.K LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
123,219
177,531
Corporation tax recoverable
183,200
Amounts owed by group undertakings
504,594
446,286
Other debtors
1,203,826
1,370,923
1,831,639
2,177,940
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
160,000
160,000
Trade creditors
40,036
30,313
Taxation and social security
19,504
36,409
Other creditors
156,628
138,536
Accruals and deferred income
1,040,476
896,257
1,416,644
1,261,515
9
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
8,178,487
7,998,487
Other borrowings
2,572,020
2,572,020
10,750,507
10,570,507
Barclays hold charges over assets held by the company as security for monies loaned to the company. At the balance sheet date the amount due to Barclays was £8,338,487 (2023: £8,158,487).
HARDING HOLDINGS U.K LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
21,893
21,893
21,893
21,893
11
Fair value reserve
2024
2023
£
£
At the beginning of the year
4,961,909
4,064,832
Other movements
40,188
897,077
At the end of the year
5,002,097
4,961,909
12
Related party transactions
GE Harding & Sons Limited
At the year end the company was owed £504,594 (2023: £446,286) by GE Harding & Sons Limited, a subsidiary company.
Ibex Land and Property Limited
At the year end the company was owed £1,065,183 (2023: £828,959) by Ibex Land and Property Limited, which has common directors with the company.
Questmap Limited
At the year end the company was owed £78,322 (2023: £317,960) by Questmap Limited, which has common directors with the company.
13
Directors' transactions
Loans have been granted by the company to its directors as follows. The loans are repayable on demand.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr B G Harding - DCA
-
715
-
-
-
715
Mr A G Harding - DCA
-
-
8,000
-
-
8,000
Mr G E Harding - DCA
2.25
23,210
-
522
(23,210)
522
Mrs J D Harding - DCA
2.25
32,194
13,006
496
(40,291)
5,405
56,119
21,006
1,018
(63,501)
14,642
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