Registration number:
for the Year Ended
Registration number:
for the Year Ended
Harbeth Audio Ltd.
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Harbeth Audio Ltd.
Company Information
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Directors |
Mr A Shaw Mr A J W Shaw Mrs R J Shaw Mr D A Shaw Ms L Shaw |
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Registered office |
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Auditors |
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Harbeth Audio Ltd.
(Registration number: 03727963)
Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Other financial assets |
193,197 |
126,462 |
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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 assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Harbeth Audio Ltd.
Notes to the Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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.
These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.
Going concern
The financial statements have been prepared on a going concern basis.
Audit report
Harbeth Audio Ltd.
Notes to the Financial Statements for the Year Ended 31 March 2025
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2 |
Accounting policies (continued) |
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.
Government grants
Government grants are recognised when the company meets the relevant qualification criteria for the grant.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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.
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.
Harbeth Audio Ltd.
Notes to the Financial Statements for the Year Ended 31 March 2025
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2 |
Accounting policies (continued) |
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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Freehold property |
2% straight line |
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Plant and machinery |
20% straight line |
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Fixtures and fittings |
20% straight line |
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Office equipment |
25% straight line |
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 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.
Harbeth Audio Ltd.
Notes to the Financial Statements for the Year Ended 31 March 2025
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2 |
Accounting policies (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. 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.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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.
Harbeth Audio Ltd.
Notes to the Financial Statements for the Year Ended 31 March 2025
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2 |
Accounting policies (continued) |
Financial instruments
Classification
Recognition and measurement
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case off an outright short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow, discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Impairment
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying value and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Profit before tax |
Arrived at after charging/(crediting)
Harbeth Audio Ltd.
Notes to the Financial Statements for the Year Ended 31 March 2025
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4 |
Profit before tax (continued) |
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2025 |
2024 |
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Depreciation expense |
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
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Cost or valuation |
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At 1 April 2024 |
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Additions |
- |
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- |
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At 31 March 2025 |
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Depreciation |
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At 1 April 2024 |
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Charge for the year |
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At 31 March 2025 |
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Carrying amount |
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At 31 March 2025 |
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At 31 March 2024 |
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Harbeth Audio Ltd.
Notes to the Financial Statements for the Year Ended 31 March 2025
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5 |
Tangible assets (continued) |
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Total |
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Cost or valuation |
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At 1 April 2024 |
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Additions |
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At 31 March 2025 |
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Depreciation |
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At 1 April 2024 |
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Charge for the year |
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At 31 March 2025 |
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Carrying amount |
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At 31 March 2025 |
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At 31 March 2024 |
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Included within the net book value of land and buildings above is £223,890 (2024 - £229,787) in respect of freehold land and buildings.
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Investment properties |
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2025 |
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At 1 April |
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At 31 March |
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The fair value of investment property has been determined using online tools and market data. The director considers this to be a fair representation of fair value.
There has been no valuation of investment property by an independent valuer.
Harbeth Audio Ltd.
Notes to the Financial Statements for the Year Ended 31 March 2025
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Other financial assets (current and non-current) |
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2025 |
2024 |
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Non-current financial assets |
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Listed investments |
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Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 April 2024 |
126,462 |
126,462 |
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Fair value adjustments |
66,735 |
66,735 |
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At 31 March 2025 |
193,197 |
193,197 |
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Impairment |
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Carrying amount |
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At 31 March 2025 |
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193,197 |
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At 31 March 2024 |
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126,462 |
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Stocks |
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2025 |
2024 |
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Stocks |
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Harbeth Audio Ltd.
Notes to the Financial Statements for the Year Ended 31 March 2025
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Debtors |
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Current |
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Trade debtors |
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Prepayments |
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Other debtors |
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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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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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120 |
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120 |
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Reserves |
Non-distributable reserves
Included within the profit and loss account are non-distributable amounts of £- (2024: £25,114) which represent increases in the fair value of investment property.
Harbeth Audio Ltd.
Notes to the Financial Statements for the Year Ended 31 March 2025
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Loans and borrowings |
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2025 |
2024 |
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Current loans and borrowings |
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Other borrowings |
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Related party transactions |
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Transactions with directors |
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2025 |
At 1 April 2024 |
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At 31 March 2025 |
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Mr A Shaw |
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Loan to director |
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( |
- |
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2024 |
At 1 April 2023 |
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At 31 March 2024 |
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Mr A Shaw |
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Loan to director |
- |
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( |
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Harbeth Audio Ltd.
Notes to the Financial Statements for the Year Ended 31 March 2025
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14 |
Related party transactions (continued) |
Loans from related parties
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2025 |
Key management |
Total |
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At start of period |
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Advanced |
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Repaid |
( |
( |
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At end of period |
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2024 |
Key management |
Total |
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At start of period |
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Advanced |
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Repaid |
( |
( |
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At end of period |
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Terms of loans from related parties
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Financial instruments |
Categorisation of financial instruments
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2025 |
2024 |
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Financial assets measured at fair value through profit or loss |
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Financial assets measured at fair value
Listed investments
Fair value of listed investments is based upon the stated price for those shares at the year end.
The above basis for fair value assumes that the company could achieve the publicly stated selling price on that day.
The fair value is £193,197 (2024 - £126,462) and the change in value included in profit or loss is £66,735 (2024 - £15,070).
Harbeth Audio Ltd.
Notes to the Financial Statements for the Year Ended 31 March 2025
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15 |
Financial instruments (continued) |
Items of income, expense, gains or losses
The total interest income for financial assets not measured at fair value through profit or loss is £205,924 (2024 - £198,530).