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REGISTERED NUMBER: 02068415 (England and Wales)















Financial Statements for the Year Ended 31 December 2024

for

Harman Incorporated Limited

Harman Incorporated Limited (Registered number: 02068415)






Contents of the Financial Statements
for the year ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Harman Incorporated Limited

Company Information
for the year ended 31 December 2024







DIRECTORS: P R Harman
N C Harman





SECRETARY: P R Harman





REGISTERED OFFICE: Barn Studios
Gaterounds
Parkgate Road
Newdigate
Surrey
RH5 5AJ





REGISTERED NUMBER: 02068415 (England and Wales)





ACCOUNTANTS: LJP Accounting Ltd
Barn Studios
Gaterounds
Parkgate Road
Newdigate
Surrey
RH5 5AJ

Harman Incorporated Limited (Registered number: 02068415)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 868,127 868,727

CURRENT ASSETS
Stocks 57,141 53,787
Debtors 5 102,976 70,676
Cash at bank and in hand 73,079 10,065
233,196 134,528
CREDITORS
Amounts falling due within one year 6 55,781 113,253
NET CURRENT ASSETS 177,415 21,275
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,045,542

890,002

CREDITORS
Amounts falling due after more than one
year

7

1,030,284

755,000
NET ASSETS 15,258 135,002

CAPITAL AND RESERVES
Called up share capital 376,178 376,178
Retained earnings (360,920 ) (241,176 )
SHAREHOLDERS' FUNDS 15,258 135,002

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 July 2025 and were signed on its behalf by:




P R Harman - Director



N C Harman - Director


Harman Incorporated Limited (Registered number: 02068415)

Notes to the Financial Statements
for the year ended 31 December 2024

1. STATUTORY INFORMATION

Harman Incorporated Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - not provided
Plant and machinery etc - 25% on reducing balance, 25% on cost and 20% on reducing balance

Freehold buildings are depreciated to write down the cost less estimated residual value over their remaining useful life by equal instalments. Where buildings are maintained to such a standard that their residual value is not less than their cost or valuation, no depreciation is charged as it is not material.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

Harman Incorporated Limited (Registered number: 02068415)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2024 867,301 73,817 941,118
Disposals - (50,946 ) (50,946 )
At 31 December 2024 867,301 22,871 890,172
DEPRECIATION
At 1 January 2024 - 72,391 72,391
Charge for year - 504 504
Eliminated on disposal - (50,850 ) (50,850 )
At 31 December 2024 - 22,045 22,045
NET BOOK VALUE
At 31 December 2024 867,301 826 868,127
At 31 December 2023 867,301 1,426 868,727

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 9,252 6,771
Other debtors 93,724 63,905
102,976 70,676

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 25,529 21,889
Taxation and social security 13,738 12,832
Other creditors 16,514 78,532
55,781 113,253

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 1,030,284 755,000

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,030,284 755,000

Bank borrowings are secured by a first legal charge over the company's freehold properties.

Harman Incorporated Limited (Registered number: 02068415)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 2023
£    £   
P R Harman
Balance outstanding at start of year - -
Amounts advanced 13,515 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 13,515 -

N C Harman
Balance outstanding at start of year - -
Amounts advanced 5,053 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,053 -