77 false false false false true true false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2024 - FRS102_2024 246,021 675,400 483,399 26,086 63,258 89,344 394,055 457,313 1 1 1 235,334 61,987 297,321 xbrli:pure xbrli:shares iso4217:GBP 05918354 2024-01-01 2024-12-31 05918354 2024-12-31 05918354 2023-12-31 05918354 2023-01-01 2023-12-31 05918354 2023-12-31 05918354 2022-12-31 05918354 core:Subsidiary1 2024-01-01 2024-12-31 05918354 core:PlantMachinery 2024-01-01 2024-12-31 05918354 core:FurnitureFittings 2024-01-01 2024-12-31 05918354 core:NetGoodwill 2024-01-01 2024-12-31 05918354 bus:RegisteredOffice 2024-01-01 2024-12-31 05918354 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 05918354 bus:OrdinaryShareClass2 2024-01-01 2024-12-31 05918354 bus:LeadAgentIfApplicable 2024-01-01 2024-12-31 05918354 bus:Director1 2024-01-01 2024-12-31 05918354 bus:Director2 2024-01-01 2024-12-31 05918354 core:WithinOneYear 2024-12-31 05918354 core:WithinOneYear 2023-12-31 05918354 core:NetGoodwill 2023-12-31 05918354 core:NetGoodwill 2024-12-31 05918354 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 05918354 core:PlantMachinery 2023-12-31 05918354 core:FurnitureFittings 2023-12-31 05918354 core:MotorVehicles 2023-12-31 05918354 core:LandBuildings core:LongLeaseholdAssets 2024-12-31 05918354 core:PlantMachinery 2024-12-31 05918354 core:FurnitureFittings 2024-12-31 05918354 core:MotorVehicles 2024-12-31 05918354 core:DeferredTaxation 2024-01-01 2024-12-31 05918354 core:LandBuildings core:LongLeaseholdAssets 2024-01-01 2024-12-31 05918354 core:MotorVehicles 2024-01-01 2024-12-31 05918354 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05918354 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 05918354 core:UKTax 2024-01-01 2024-12-31 05918354 core:UKTax 2023-01-01 2023-12-31 05918354 bus:AllOrdinaryShares 2024-01-01 2024-12-31 05918354 bus:AllOrdinaryShares 2023-01-01 2023-12-31 05918354 core:ShareCapital 2024-12-31 05918354 core:ShareCapital 2023-12-31 05918354 core:RetainedEarningsAccumulatedLosses 2024-12-31 05918354 core:RetainedEarningsAccumulatedLosses 2023-12-31 05918354 core:ShareCapital 2022-12-31 05918354 core:RetainedEarningsAccumulatedLosses 2022-12-31 05918354 core:BetweenOneFiveYears 2024-12-31 05918354 core:BetweenOneFiveYears 2023-12-31 05918354 core:NetGoodwill 2023-12-31 05918354 core:CostValuation core:Non-currentFinancialInstruments 2024-12-31 05918354 core:Non-currentFinancialInstruments 2024-12-31 05918354 core:Non-currentFinancialInstruments 2023-12-31 05918354 core:AcceleratedTaxDepreciationDeferredTax 2024-12-31 05918354 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05918354 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 05918354 core:PlantMachinery 2023-12-31 05918354 core:FurnitureFittings 2023-12-31 05918354 core:MotorVehicles 2023-12-31 05918354 core:DeferredTaxation 2023-12-31 05918354 core:DeferredTaxation 2024-12-31 05918354 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 05918354 bus:Director1 2023-01-01 2023-12-31 05918354 bus:Director2 2023-01-01 2023-12-31 05918354 bus:MediumEntities 2024-01-01 2024-12-31 05918354 bus:Audited 2024-01-01 2024-12-31 05918354 bus:Medium-sizedCompaniesRegimeForAccounts 2024-01-01 2024-12-31 05918354 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 05918354 bus:FullAccounts 2024-01-01 2024-12-31 05918354 bus:OrdinaryShareClass1 2024-12-31 05918354 bus:OrdinaryShareClass1 2023-12-31 05918354 bus:OrdinaryShareClass2 2024-12-31 05918354 bus:OrdinaryShareClass2 2023-12-31 05918354 bus:AllOrdinaryShares 2024-12-31 05918354 bus:AllOrdinaryShares 2023-12-31 05918354 core:ComputerEquipment 2023-12-31 05918354 core:ComputerEquipment 2024-12-31 05918354 core:EntitiesControlledByKeyManagementPersonnel 2024-01-01 2024-12-31 05918354 1 2024-01-01 2024-12-31
COMPANY REGISTRATION NUMBER: 05918354
Harrison Products Co Limited
Financial Statements
31 December 2024
Harrison Products Co Limited
Financial Statements
Year ended 31 December 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14
Harrison Products Co Limited
Officers and Professional Advisers
The board of directors
Mr C E Bedford
Mr D Bedford
Registered office
Unit 420 Bramley Drive
Vale Park
Evesham
England
WR11 1JH
Auditor
Riverside Accountancy Lancaster Limited
Chartered accountants & statutory auditor
Suite 2, 2 Mannin Way
Lancaster Business Park
Caton Road
Lancaster
LA1 3SU
Harrison Products Co Limited
Strategic Report
Year ended 31 December 2024
REVIEW OF BUSINESS The company has again maintained a strong market position in 2024, seeing growth of 5.8% compared to 2023 turnover figures, this is after bringing in the trade of the companies subsidiary. Net profits have decreased compared to 2023 due to more investment in people and infrastructure. However this will in turn allow them to continue to deliver the values of the business that we know are so important to our customers, this has resulted in increased revenue, as was seen in 2023 accounts, and a very positive outlook got 2025. The manufacturing side of the business is continuing to develop and there are strong signals this will contribute to the success of the business. The company continually develops strategically improving processes and the company's dynamic culture to take advantage of opportunities that arise which includes research and development. The net assets of the company have remained consistent at £9,047,099 compared to £9,028,915 in 2023. The significant asset base provides the company with a robust footing to continue to invest to ensure it remains a market leader and also giving certainty of resource should it be need in the current climate where costs continue to increase, with new contracts the holding of stock is crucial to exceeding SLA targets. The company regularly uses Key performance indicators such as sales, GP % and targets, customer satisfaction and employee satisfaction in order to develop and grow the business.
PRINCIPAL RISKS AND UNCERTAINTIES The company has a comprehensive risk assessment to guard against a number of external risks and uncertainties relating to market shifts and global trading uncertainties, and they are mindful of the possible impacts. The currency exchange fluctuations are also a consequence of trading uncertainties. The company has invested in its structure throughout Europe and the rest of the world so that it is well positioned to remain competitive. FUTURE DEVELOPMENTS The companies projected plan in terms of increasing trading revenue is projecting strong growth in both the UK and globally and they are looking to increase the profitability ratios.
GOING CONCERN The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis on which the directors have reached their conclusion. The company had a net current assets of £9,047,099 as at the balance sheet date. The cash flow forecasts, prepared by the directors, for the 12 month period ending 12 months from the date of approval of these financial statements, are considered to be achievable given the current levels of trading. These forecasts indicate (taking into account reasonable possible changes in trading performance) that the company will be able to operate within the terms of its current arrangements.
This report was approved by the board of directors on 25 September 2025 and signed on behalf of the board by:
Mr C E Bedford
Mr D Bedford
Director
Director
Registered office:
Unit 420 Bramley Drive
Vale Park
Evesham
England
WR11 1JH
Harrison Products Co Limited
Directors' Report
Year ended 31 December 2024
The directors present their report and the financial statements of the company for the year ended 31 December 2024 .
Directors
The directors who served the company during the year were as follows:
Mr C E Bedford
Mr D Bedford
Dividends
Particulars of recommended dividends are detailed in note 10 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 25 September 2025 and signed on behalf of the board by:
Mr C E Bedford
Mr D Bedford
Director
Director
Registered office:
Unit 420 Bramley Drive
Vale Park
Evesham
England
WR11 1JH
Harrison Products Co Limited
Independent Auditor's Report to the Members of Harrison Products Co Limited
Year ended 31 December 2024
Opinion
We have audited the financial statements of Harrison Products Co Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - Review of directors minutes and review of nominal postings for legal and professional fees ensured we identified any regulatory compliance issues and laws that company must follow in the year and to the date of signing the financial statements. - The assessment of fraud was consider as low due to the segregation of duties seen, the low levels of cash handled and the regular reporting required of the company to its parent. A review of journal entries and consideration of their appropriateness was carried out through the audit. - During the audit we speak to management, test the systems and speak to various members of the finance function to understand the entity its processes and the nature of trade to assist in determining if the financial statements are true and fair. - Challenging assumptions made by management in making their significant accounting estimates. - Reviewing financial statement disclosure and testing to supporting documentation to assess compliance with applicable laws and regulations. - We ensure the stock held at the year end is recoverable by the after date sales and also recorded in line with the accounting policy. - Tangible assets are reviewed for impairment and useful life as well as valuation in accordance with deprecation polices. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Penelope Bowden ACA
(Senior Statutory Auditor)
For and on behalf of
Riverside Accountancy Lancaster Limited
Chartered accountants & statutory auditor
Suite 2, 2 Mannin Way
Lancaster Business Park
Caton Road
Lancaster
LA1 3SU
25 September 2025
Harrison Products Co Limited
Statement of Comprehensive Income
Year ended 31 December 2024
2024
2023
Note
£
£
Turnover
4
17,565,866
16,608,792
Cost of sales
10,026,351
9,820,778
-------------
-------------
Gross profit
7,539,515
6,788,014
Administrative expenses
7,177,041
5,961,475
------------
------------
Operating profit
5
362,474
826,539
Other interest receivable and similar income
8
1,458
21,132
------------
------------
Profit before taxation
363,932
847,671
Tax on profit
9
117,911
172,271
---------
---------
Profit for the financial year and total comprehensive income
246,021
675,400
---------
---------
All the activities of the company are from continuing operations.
Harrison Products Co Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
11
394,055
457,313
Tangible assets
12
1,710,118
1,463,469
Investments
13
1
1
------------
------------
2,104,174
1,920,783
Current assets
Stocks
14
2,875,833
2,866,998
Debtors
15
4,952,746
4,508,276
Cash at bank and in hand
1,156,968
2,637,309
------------
-------------
8,985,547
10,012,583
Creditors: amounts falling due within one year
16
1,745,301
2,669,117
------------
-------------
Net current assets
7,240,246
7,343,466
------------
------------
Total assets less current liabilities
9,344,420
9,264,249
Provisions
17
297,321
235,334
------------
------------
Net assets
9,047,099
9,028,915
------------
------------
Capital and reserves
Called up share capital
20
30,435
30,435
Profit and loss account
21
9,016,664
8,998,480
------------
------------
Shareholders funds
9,047,099
9,028,915
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 25 September 2025 , and are signed on behalf of the board by:
Mr C E Bedford
Mr D Bedford
Director
Director
Company registration number: 05918354
Harrison Products Co Limited
Statement of Changes in Equity
Year ended 31 December 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2023
30,435
10,324,517
10,354,952
Profit for the year
675,400
675,400
--------
-------------
-------------
Total comprehensive income for the year
–
675,400
675,400
Dividends paid and payable
10
–
( 2,001,437)
( 2,001,437)
--------
-------------
-------------
Total investments by and distributions to owners
–
( 2,001,437)
( 2,001,437)
At 31 December 2023
30,435
8,998,480
9,028,915
Profit for the year
246,021
246,021
--------
-------------
-------------
Total comprehensive income for the year
–
246,021
246,021
Dividends paid and payable
10
–
( 227,837)
( 227,837)
----
---------
---------
Total investments by and distributions to owners
–
( 227,837)
( 227,837)
--------
------------
------------
At 31 December 2024
30,435
9,016,664
9,047,099
--------
------------
------------
Harrison Products Co Limited
Statement of Cash Flows
Year ended 31 December 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
246,021
675,400
Adjustments for:
Depreciation of tangible assets
261,792
196,825
Amortisation of intangible assets
63,258
26,086
Other interest receivable and similar income
( 1,458)
( 21,132)
Loss on disposal of tangible assets
225
4,469
Tax on profit
117,911
172,271
Accrued (income)/expenses
( 255,572)
87,958
Changes in:
Stocks
( 8,835)
1,107,102
Trade and other debtors
( 231,156)
115,945
Trade and other creditors
( 726,238)
772,634
---------
------------
Cash generated from operations
( 534,052)
3,137,558
Interest received
1,458
21,132
Tax paid
( 44,739)
( 117,274)
---------
------------
Net cash (used in)/from operating activities
( 577,333)
3,041,416
---------
------------
Cash flows from investing activities
Purchase of tangible assets
( 524,084)
( 1,230,718)
Proceeds from sale of tangible assets
15,418
2,850
Purchase of intangible assets
–
( 532,149)
Proceeds from sale of intangible assets
–
48,750
---------
------------
Net cash used in investing activities
( 508,666)
( 1,711,267)
---------
------------
Cash flows from financing activities
Proceeds from borrowings
( 1)
1
Proceeds from loans from participating interests
( 166,504)
195,890
Dividends paid
( 227,837)
( 2,001,437)
---------
------------
Net cash used in financing activities
( 394,342)
( 1,805,546)
---------
------------
Net decrease in cash and cash equivalents
( 1,480,341)
( 475,397)
Cash and cash equivalents at beginning of year
2,637,309
3,112,706
------------
------------
Cash and cash equivalents at end of year
1,156,968
2,637,309
------------
------------
Harrison Products Co Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 420 Bramley Drive, Vale Park Evesham, England, WR11 1JH. The business address of the company is Apex House, Conference way, Vale Park South, Evesham, WR11 1LB.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements are rounded to the nearest £1.
Judgements and key sources of estimation uncertainty
The following judgements and estimations have been made in the process of applying the company's accounting polices that have had the most significant effect on amounts recognised in the financial statements. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where it affects only that period or in both current and future periods. Useful economic lives of tangible fixed assets The annual deprecation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. These are assessed by the directors on an annual basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Straight line over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
Straight line over 10 years
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
25% straight line
Motor vehicles
-
20% and 25% Reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
17,565,866
16,608,792
-------------
-------------
The whole turnover of the company is attributable to the principle activity of the company. During the year total sales of £14,856,826 (2023 - £14,714,350) was carried out in the UK and £2,709,045 (2023- £1,894,441) was carried out in Europe.
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Amortisation of intangible assets
63,258
26,086
Depreciation of tangible assets
261,792
196,825
Loss on disposal of tangible assets
225
4,469
Impairment of trade debtors
80,971
16,525
Foreign exchange differences
51,453
( 1,916)
---------
---------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
12,800
12,800
--------
--------
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Number of other staff
77
71
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
3,093,365
2,627,791
Social security costs
286,259
265,424
Other pension costs
46,933
38,822
------------
------------
3,426,557
2,932,037
------------
------------
8. Other interest receivable and similar income
2024
2023
£
£
Interest receivable
1,458
21,132
-------
--------
9. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
77,250
66,065
Adjustments in respect of prior periods
( 21,326)
( 34,279)
--------
--------
Total current tax
55,924
31,786
--------
--------
Deferred tax:
Origination and reversal of timing differences
61,987
140,485
---------
---------
Tax on profit
117,911
172,271
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 23.52 %).
2024
2023
£
£
Profit on ordinary activities before taxation
363,932
847,671
---------
---------
Profit on ordinary activities by rate of tax
90,983
199,372
Adjustment to tax charge in respect of prior periods
( 21,326)
(34,271)
Effect of expenses not deductible for tax purposes
961
19,116
Effect of capital allowances and depreciation
( 14,694)
( 124,642)
Utilisation of tax losses
–
( 27,789)
Deferred Tax
61,987
140,485
---------
---------
Tax on profit
117,911
172,271
---------
---------
10. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
227,837
2,001,437
---------
------------
11. Intangible assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
483,399
---------
Amortisation
At 1 January 2024
26,086
Charge for the year
63,258
---------
At 31 December 2024
89,344
---------
Carrying amount
At 31 December 2024
394,055
---------
At 31 December 2023
457,313
---------
12. Tangible assets
Long leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2024
693,172
972,950
432,073
301,172
1,830
2,401,197
Additions
28,804
229,199
25,893
240,188
–
524,084
Disposals
–
–
–
( 26,069)
–
( 26,069)
---------
------------
---------
---------
-------
------------
At 31 Dec 2024
721,976
1,202,149
457,966
515,291
1,830
2,899,212
---------
------------
---------
---------
-------
------------
Depreciation
At 1 Jan 2024
45,577
496,541
345,246
50,364
–
937,728
Charge for the year
72,893
82,039
39,518
67,342
–
261,792
Disposals
–
–
–
( 10,426)
–
( 10,426)
---------
------------
---------
---------
-------
------------
At 31 Dec 2024
118,470
578,580
384,764
107,280
–
1,189,094
---------
------------
---------
---------
-------
------------
Carrying amount
At 31 Dec 2024
603,506
623,569
73,202
408,011
1,830
1,710,118
---------
------------
---------
---------
-------
------------
At 31 Dec 2023
647,595
476,409
86,827
250,808
1,830
1,463,469
---------
------------
---------
---------
-------
------------
13. Investments
Shares in group undertakings
£
Cost
At 1 January 2024 and 31 December 2024
1
----
Impairment
At 1 January 2024 and 31 December 2024
–
----
Carrying amount
At 31 December 2024
1
----
At 31 December 2023
1
----
Subsidiaries, associates and other investments
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Harrison Manufacturing Limited
After the year end this company was dissolved
Ordinary
100
14. Stocks
2024
2023
£
£
Raw materials and consumables
2,875,833
2,866,998
------------
------------
15. Debtors
2024
2023
£
£
Trade debtors
3,198,555
3,553,177
Amounts owed by group undertakings
–
150,000
Amounts owed by undertakings in which the company has a participating interest
961,583
425,357
Prepayments and accrued income
526,212
134,669
Directors loan account
–
1
Other debtors
266,396
245,072
------------
------------
4,952,746
4,508,276
------------
------------
16. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,108,918
1,741,916
Amounts owed to undertakings in which the company has a participating interest
29,386
195,890
Accruals and deferred income
60,000
102,258
Corporation tax
77,250
66,065
Social security and other taxes
459,908
554,114
Director loan accounts
–
1
Other creditors
9,839
8,873
------------
------------
1,745,301
2,669,117
------------
------------
17. Provisions
Deferred tax (note 18)
£
At 1 January 2024
235,334
Additions
61,987
---------
At 31 December 2024
297,321
---------
18. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 17)
297,321
235,334
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
297,321
235,334
---------
---------
19. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 46,933 (2023: £ 38,822 ).
20. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
30,335
30,335
30,335
30,335
Ordinary Class T shares of £ 1 each
100
100
100
100
--------
--------
--------
--------
30,435
30,435
30,435
30,435
--------
--------
--------
--------
21. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
22. Analysis of changes in net debt
At 1 Jan 2024
Cash flows
At 31 Dec 2024
£
£
£
Cash at bank and in hand
2,637,309
(1,480,341)
1,156,968
Debt due within one year
(195,891)
166,505
(29,386)
------------
------------
------------
2,441,418
( 1,313,836)
1,127,582
------------
------------
------------
Harrison Products Co Limited
Notes to the Financial Statements (continued)
Year ended 31 December 2024
23. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
295,480
306,376
Later than 1 year and not later than 5 years
838,938
1,122,809
------------
------------
1,134,418
1,429,185
------------
------------
During the year the rental costs to the company was £43,056 for motor and £263,316 for office space.
24. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr C E Bedford
–
486,448
( 486,448)
–
Mr D Bedford
–
463,014
( 463,014)
–
----
---------
---------
----
–
949,462
( 949,462)
–
----
---------
---------
----
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr C E Bedford
–
631,780
( 631,780)
–
Mr D Bedford
–
904,030
( 904,030)
–
----
------------
------------
----
–
1,535,810
( 1,535,810)
–
----
------------
------------
----
25. Related party transactions
Within Debtors there are amounts owed from connected parties totalling £961,582 (2024 - £425,357). Within Creditors there are amounts owed from connected parties totalling £29,386 (2024 - £195,889).
26. Controlling party
The company is a subsidiary of Rockgate Holdings Limited this being its parent. The ultimate controlling party is CE Bedford via is shareholding in the ultimate parent company.