Registration number:
HARROW ON THE HILL MOTORS LIMITED
for the Year Ended 31 January 2025
HARROW ON THE HILL MOTORS LIMITED
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
HARROW ON THE HILL MOTORS LIMITED
Company Information
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Director |
Mr AJAYKUMAR MAVADIA |
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Company secretary |
Mrs Bina Mavadia |
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Registered office |
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HARROW ON THE HILL MOTORS LIMITED
(Registration number: 6487896)
Balance Sheet as at 31 January 2025
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2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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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 liabilities |
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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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Net liabilities |
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Capital and reserves |
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Retained earnings |
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Shareholders' deficit |
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For the financial year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
HARROW ON THE HILL MOTORS LIMITED
(Registration number: 6487896)
Balance Sheet as at 31 January 2025
Approved and authorised by the
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HARROW ON THE HILL MOTORS LIMITED
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025
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General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
HARROW ON THE HILL MOTORS LIMITED
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025
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:
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 merchandise sold 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
HARROW ON THE HILL MOTORS LIMITED
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
HARROW ON THE HILL MOTORS LIMITED
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025
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Tangible assets |
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Long leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
Office equipment |
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Cost or valuation |
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At 1 February 2024 |
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Additions |
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At 31 January 2025 |
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Depreciation |
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At 1 February 2024 |
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Charge for the year |
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At 31 January 2025 |
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Carrying amount |
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At 31 January 2025 |
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At 31 January 2024 |
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HARROW ON THE HILL MOTORS LIMITED
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025
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Total |
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Cost or valuation |
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At 1 February 2024 |
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Additions |
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At 31 January 2025 |
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Depreciation |
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At 1 February 2024 |
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Charge for the year |
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At 31 January 2025 |
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Carrying amount |
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At 31 January 2025 |
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At 31 January 2024 |
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Included within the net book value of land and buildings above is £83,206 (2024 - £81,102) in respect of long leasehold land and buildings.
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Stocks |
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2025 |
2024 |
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Other inventories |
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Debtors |
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Current |
2025 |
2024 |
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Trade debtors |
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Other debtors |
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HARROW ON THE HILL MOTORS LIMITED
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025
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Creditors |
Creditors: amounts falling due within one year
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Note |
2025 |
2024 |
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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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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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2025 |
2024 |
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Due after one year |
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Loans and borrowings |
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Share capital |
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Loans and borrowings |
Non-current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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Current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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Related party transactions |
HARROW ON THE HILL MOTORS LIMITED
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025
Director's remuneration
The director's remuneration for the year was as follows:
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2025 |
2024 |
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Remuneration |
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