Company No:
Contents
| DIRECTORS | Emma Robbins |
| Michael John Teasdale |
| SECRETARY | Emma Louise Robbins |
| REGISTERED OFFICE | New Wing Somerset House |
| Strand | |
| London | |
| WC2R 1LA | |
| United Kingdom |
| COMPANY NUMBER | 03595066 (England and Wales) |
| ACCOUNTANT | S&W Partners LLP |
| 45 Gresham Street | |
| London | |
| EC2V 7BG |
| Note | 2024 | 2023 | ||
| £'000 | £'000 | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 20 | 12 | |||
| Current assets | ||||
| Debtors | 4 |
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| Cash at bank and in hand | 5 |
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| 5,081 | 2,318 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 408 | 130 | ||
| Total assets less current liabilities | 428 | 142 | ||
| 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 |
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| Share premium account |
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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 Harvest Digital Limited (registered number:
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Emma Robbins
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.
Harvest Digital 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 New Wing Somerset House, Strand, London, WC2R 1LA, 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 ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Harvest Digital Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
These financial statements are separate financial statements.
The financial statements have been prepared on a going concern basis.
The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.
Retainer and other non-retainer fees are recognised as the services are performed, in accordance with the terms of the contractual arrangement.
Project fees are recognised on a percentage completion basis as a contract activity progresses, if the final outcome can be assessed with reasonable certainty. The stage of completion is measured on the basis of the services performed to date as a percentage of the total services to be performed.
Expenses are recharged to all clients at cost plus an agreed mark-up or management fee.
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.
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 enacted or substantively enacted 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. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
| Land and buildings | depreciated over the life of the lease |
| Plant and machinery etc. |
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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.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
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.
Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet and carried forward to future periods. This is measured at the undiscounted salary
cost of the future holiday entitlement so accrued at the balance sheet
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Land and buildings | Plant and machinery etc. | Total | |||
| £'000 | £'000 | £'000 | |||
| Cost | |||||
| At 01 August 2023 |
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| Additions |
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| At 31 July 2024 |
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| Accumulated depreciation | |||||
| At 01 August 2023 |
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| Charge for the financial year |
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| At 31 July 2024 |
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| Net book value | |||||
| At 31 July 2024 |
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| At 31 July 2023 |
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| 2024 | 2023 | ||
| £'000 | £'000 | ||
| Trade debtors |
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| Deferred tax asset |
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| Other debtors |
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| 2024 | 2023 | ||
| £'000 | £'000 | ||
| Cash at bank and in hand |
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| Less: Bank overdrafts | (
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(
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| (214) | (173) |
| 2024 | 2023 | ||
| £'000 | £'000 | ||
| Bank loans and overdrafts |
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| Trade creditors |
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| Taxation and social security |
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| Other creditors |
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| 2024 | 2023 | ||
| £'000 | £'000 | ||
| Bank loans |
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| 2024 | 2023 | ||
| £'000 | £'000 | ||
| At the beginning of financial year |
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| Charged to the Profit and Loss Account | (
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| At the end of financial year |
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The deferred taxation balance is made up as follows:
| 2024 | 2023 | ||
| £'000 | £'000 | ||
| Fixed asset timing differences | (
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| Short term timing differences |
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Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
| 2024 | 2023 | ||
| £'000 | £'000 | ||
| Unpaid contributions due to the fund (inc. in other creditors) |
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During the year the directors received dividends of £Nil (2023: £Nil).
During the year the company also provided distributions of £300,000 (2023: £600,000) to owners of the company.