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Company No: 03595066 (England and Wales)

HARVEST DIGITAL LIMITED

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

HARVEST DIGITAL LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

HARVEST DIGITAL LIMITED

COMPANY INFORMATION

For the financial year ended 31 July 2024
HARVEST DIGITAL LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 July 2024
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
HARVEST DIGITAL LIMITED

BALANCE SHEET

As at 31 July 2024
HARVEST DIGITAL LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£'000 £'000
Fixed assets
Tangible assets 3 20 12
20 12
Current assets
Debtors 4 4,914 2,307
Cash at bank and in hand 5 167 11
5,081 2,318
Creditors: amounts falling due within one year 6 ( 4,673) ( 2,188)
Net current assets 408 130
Total assets less current liabilities 428 142
Creditors: amounts falling due after more than one year 7 ( 50) ( 96)
Net assets 378 46
Capital and reserves
Called-up share capital 0 0
Share premium account 15 15
Profit and loss account 363 31
Total shareholders' funds 378 46

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

Directors' responsibilities:

The financial statements of Harvest Digital Limited (registered number: 03595066) were approved and authorised for issue by the Board of Directors on 23 June 2025. They were signed on its behalf by:

Emma Robbins
Director
HARVEST DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
HARVEST DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 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

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.

Going concern

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.

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 on monetary items.

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.

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.

Employee benefits

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

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 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.

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:

Land and buildings depreciated over the life of the lease
Plant and machinery etc. 4 years straight line

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.

Leases

The Company as lessee
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 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.

Research and development

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.

Holiday pay accrual

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

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 34 29

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£'000 £'000 £'000
Cost
At 01 August 2023 31 257 288
Additions 0 14 14
At 31 July 2024 31 271 302
Accumulated depreciation
At 01 August 2023 31 245 276
Charge for the financial year 0 6 6
At 31 July 2024 31 251 282
Net book value
At 31 July 2024 0 20 20
At 31 July 2023 0 12 12

4. Debtors

2024 2023
£'000 £'000
Trade debtors 4,564 2,192
Deferred tax asset 5 7
Other debtors 345 108
4,914 2,307

5. Cash and cash equivalents

2024 2023
£'000 £'000
Cash at bank and in hand 167 11
Less: Bank overdrafts ( 381) ( 184)
(214) (173)

6. Creditors: amounts falling due within one year

2024 2023
£'000 £'000
Bank loans and overdrafts 431 238
Trade creditors 2,049 1,153
Taxation and social security 790 481
Other creditors 1,403 316
4,673 2,188

In July 2020 the company took out an unsecured loan of £250,000 which incurred no interest in the first 12 months and then interest at 3.99% above the official Bank of England interest rate. The first repayment date of the loan was 1 July 2021. At the year-end £100,000 (2023: £150,000) was owed in this regard - £50,000 (2023: £54,167) included in less than one year.

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

2024 2023
£'000 £'000
Bank loans 50 96

Within creditors: amounts falling due after more than one year, is an unsecured loan of £250,000 which incurs no interest in the first 12 months and then interest at 3.99% above the official Bank of England interest rate. The first repayment date of the loan was 1 July 2021. At the year-end £100,000 (2022: £150,000) was owed in this regard - £50,000 (2023: £95,833) included in more than one year.

8. Deferred tax

2024 2023
£'000 £'000
At the beginning of financial year 7 7
Charged to the Profit and Loss Account ( 2) 0
At the end of financial year 5 7

The deferred taxation balance is made up as follows:

2024 2023
£'000 £'000
Fixed asset timing differences ( 2) 1
Short term timing differences 7 6
5 7

9. Financial commitments

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) 6 5

10. Related party transactions

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.