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Registered number: 07711164
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HARRISONS BUSINESS RECOVERY & INSOLVENCY (LONDON) LIMITED
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UNAUDITED
ANNUAL REPORT
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED
31 JULY 2025
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HARRISONS BUSINESS RECOVERY & INSOLVENCY (LONDON) LIMITED
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CONTENTS
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Statement of Changes in Equity
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Notes to the Financial Statements
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HARRISONS BUSINESS RECOVERY & INSOLVENCY (LONDON) LIMITED
REGISTERED NUMBER:07711164
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BALANCE SHEET
AS AT 31 JULY 2025
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements on pages 1 to 9 were approved and authorised for issue by the board and were signed on its behalf on 8 December 2025.
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HARRISONS BUSINESS RECOVERY & INSOLVENCY (LONDON) LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JULY 2025
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Dividends: equity capital
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HARRISONS BUSINESS RECOVERY & INSOLVENCY (LONDON) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2025
1.Accounting policies
The Company's principal activity is that of business recovery and insolvency practitioners.
Harrisons Business Recovery & Insolvency (London) Limited is a private company limited by shares and is incorporated and domiciled in England and Wales. The address of its registered office is Westgate House, 9 Holborn, London, England, EC1N 2LL.
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Basis of preparation of financial statements
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The financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Section 1A "Small Entities" of Financial Reporting Standard 102, 'the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland' (“FRS 102”) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, except for where adjustments have been made to reflect the departure from the going concern basis of accounting, as disclosed in note 1.3.
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2.
On 1 August 2025, the trade and certain assets of the Company were sold to a third party. The director intends to settle all liabilities of the Company and then close the Company under a members' voluntary liquidation. The Company therefore is not a going concern.
Therefore, the financial statements have not been prepared on a going concern basis. The director has conducted a review of the recoverable amount of each asset held by the Company, and assets have been accordingly reduced to their recoverable amount at the balance sheet date. The reduction in the carrying value of work in progress at the balance sheet date has been recognised as a reduction in turnover. The reduction in the carrying value of fixed assets at the balance sheet date has been recognised as an impairment in administrative expenses.
The director has also reviewed the Company's contractual commitments for any that have become onerous at the balance sheet date. Onerous contractual commitments have either been recognised by reducing the carrying value of the associated prepayment to nil or by recognising an appropriate accrual. The resulting expense is recognised in administrative expenses.
There are no other adjustments resulting from the departure from the going concern basis in the financial statements.
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HARRISONS BUSINESS RECOVERY & INSOLVENCY (LONDON) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2025
1.Accounting policies (continued)
Revenue is recognised to the extent that the Company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received or receivable, net of discounts, rebates and value added tax. The following criteria must also be met before revenue is recognised:
Sale of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Interest income
Revenue is recognised as interest accrues using the effective interest method.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use and dismantling and restoration costs.
Depreciation is calculated, using the straight line method, to allocate the cost of assets less their residual value over their estimated useful lives, as follows:
Computer equipment - 25% straight line
The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.
Subsequent costs are included in the assets’ carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the Company and the cost can be measured reliably. Repairs and maintenance costs are expensed as incurred.
Tangible fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Profit and Loss Account and included in ‘administrative expenses’.
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HARRISONS BUSINESS RECOVERY & INSOLVENCY (LONDON) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2025
1.Accounting policies (continued)
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
Short term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Profit and Loss Account in ‘administrative expenses’.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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Functional and presentation currency
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The company's functional and presentation currency is the pound sterling.
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals payable under operating leases are charged to the Profit and Loss Account on a straight line basis over the period of the lease. Lease incentives are recognised over the lease term on a straight line basis.
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HARRISONS BUSINESS RECOVERY & INSOLVENCY (LONDON) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2025
1.Accounting policies (continued)
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the Profit and Loss Account. Current or deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is the amount of corporation tax payable in respect of the taxable profit for the period or prior period. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and profit on ordinary activities before taxation as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
Ordinary shares are classified as equity.
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Distributions to equity holders
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Final dividends to the Company’s shareholder are recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholder. These amounts are recognised in the Statement of Changes in Equity. Interim dividends are recognised in the Statement of Changes in Equity as paid.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In preparing the financial statements management are required to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from these estimates. Whilst management have made judgements, estimates and assumptions in preparing the financial statements, they consider that these have not had a significant effect on amounts recognised.
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HARRISONS BUSINESS RECOVERY & INSOLVENCY (LONDON) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2025
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The average monthly number of employees, including directors, during the period was 7 (2024 - 7).
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Corporation tax repayable
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Included in other debtors is a loan to the director of £248,676 (2024 - £nil). The loan is interest-free and repayable on demand.
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HARRISONS BUSINESS RECOVERY & INSOLVENCY (LONDON) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2025
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Allotted, called up and fully paid
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200 (2024 - 200) Ordinary shares of £0.01 each
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Profit and loss account
The profit and loss account is a wholly distributable reserve.
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Commitments under operating leases
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At 31 July 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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