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REGISTRAR OF COMPANIES |
Registration number:
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Harrison Northern Limited
Contents
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Harrison Northern Limited
for the Year Ended 31 October 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Harrison Northern Limited for the year ended 31 October 2024 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Harrison Northern Limited, as a body, in accordance with the terms of our engagement letter dated 7 November 2024. Our work has been undertaken solely to prepare for your approval the accounts of Harrison Northern Limited and state those matters that we have agreed to state to the Board of Directors of Harrison Northern Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Harrison Northern Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Harrison Northern Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Harrison Northern Limited. You consider that Harrison Northern Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Harrison Northern Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Chartered Accountants
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW
Harrison Northern Limited
(Registration number: 00672926)
Balance Sheet as at 31 October 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Allotted, called up and fully paid share capital |
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Non-distributable reserve |
3,572,377 |
2,964,877 |
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Profit and loss account |
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Total equity |
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Harrison Northern Limited
(Registration number: 00672926)
Balance Sheet as at 31 October 2024 (continued)
For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
.........................................
S Harrison
Director
Harrison Northern Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Harrison Northern Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and equipment |
20% reducing balance |
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Motor vehicles |
25% reducing balance |
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Furniture, fittings and office equipment |
20% reducing balance |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Harrison Northern Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.
Harrison Northern Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Harrison Northern Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)
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Tangible assets |
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Plant and equipment |
Motor vehicles |
Furniture, fittings and office equipment |
Total |
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Cost or valuation |
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At 1 November 2023 |
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Additions |
- |
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At 31 October 2024 |
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Depreciation |
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At 1 November 2023 |
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Charge for the year |
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At 31 October 2024 |
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Carrying amount |
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At 31 October 2024 |
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At 31 October 2023 |
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Investment properties |
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£ |
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At 1 November 2023 |
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Additions |
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Fair value adjustments |
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At 31 October 2024 |
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Avison Young valued the land and buildings of the company in March 2025. The directors of the company are of the opinion that this valuation is a reasonable estimate of the fair value of the investment properties at 31 October 2024.
Valuation is shown using the valuation carried out by Avison Young in March 2025 plus the cost of a property acquired in the year that was not part of the valuation carried out.
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Debtors |
Harrison Northern Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)
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2024 |
2023 |
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Trade debtors |
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Other debtors |
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Creditors |
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Corporation tax liability |
119,132 |
35,715 |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Reserves |
A reconciliation of the opening and closing non-distributable reserve for the current year is as follows:
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Non-distributable reserve |
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Brought forward |
2,964,877 |
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Transfer |
810,000 |
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Other movement |
- |
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Deferred tax |
(202,500) |
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Carried forward |
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Deferred tax has been provided on investment property valuation uplifts credited to the non-distributable reserve.
Harrison Northern Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)
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Loans and borrowings |
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2024 |
2023 |
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Current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
9,624 |
7,972 |
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Current loans and borrowings includes the following liabilities, on which security has been given by the company:
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2024 |
2023 |
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Bank borrowings |
146,903 |
256,794 |
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Finance lease liabilities |
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156,527 |
264,766 |
Bank borrowings are secured by fixed and floating charges over the company's assets.
Finance lease liabilities are secured on the assets to which they relate.
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2024 |
2023 |
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Non-current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:
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2024 |
2023 |
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Bank borrowings |
2,017,980 |
1,856,381 |
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Finance lease liabilities |
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2,149,287 |
1,980,721 |
Bank borrowings are secured by fixed and floating charges over the company's assets.
Finance lease liabilities are secured on the assets to which they relate.
Harrison Northern Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)
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Related party transactions |
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Transactions with directors |
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2024 |
At 1 November 2023 |
Advances |
Repayments |
Other payments |
Dividends credited |
Interest |
At 31 October 2024 |
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S Harrison |
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Loan |
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( |
- |
- |
- |
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D F Harrison |
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Loan |
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( |
- |
- |
- |
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2023 |
At 1 November 2022 |
Advances |
Repayments |
Other payments |
Dividends credited |
Interest |
At 31 October 2023 |
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S Harrison |
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Loan |
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( |
- |
- |
- |
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D F Harrison |
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Loan |
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( |
- |
- |
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Directors' advances are repayable on demand.
No interest has been charged on advances to directors.