HARVARD INDUSTRIES LIMITED 31/05/2019 iXBRL

HARVARD INDUSTRIES LIMITED - Company Information

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Statement of consent to prepare abridged financial statements

All of the members of HARVARD INDUSTRIES LIMITED have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the current year ending 31 May 2019 in accordance with Section 444(2A) of the Companies Act 2006.

Company registration number: 03989031

HARVARD INDUSTRIES LIMITED

Unaudited abridged financial statements

31 May 2019

HARVARD INDUSTRIES LIMITED

Contents

Director's report

Abridged statement of income and retained earnings

Abridged statement of financial position

Notes to the financial statements

HARVARD INDUSTRIES LIMITED

Director's report

Year ended 31 May 2019

The director presents his report and the unaudited financial statements of the company for the year ended 31 May 2019.

Director

The director who served the company during the year was as follows:

J R T Causer

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 29 November 2019 and signed on behalf of the board by:

J R T Causer

Director

HARVARD INDUSTRIES LIMITED

Abridged statement of income and retained earnings

Year ended 31 May 2019

		2019	2018
	Note	£	£

Gross profit		267,969	276,199

Administrative expenses		( 173,624)	( 155,442)
		_______	_______
Operating profit		94,345	120,757

Other interest receivable and similar income		-	330
Interest payable and similar expenses		( 621)	( 1,076)
		_______	_______
Profit before taxation	4	93,724	120,011

Tax on profit		( 20,600)	( 24,013)
		_______	_______
Profit for the financial year and total comprehensive income		73,124	95,998
		_______	_______

Dividends declared and paid or payable during the year		( 75,000)	( 70,000)

Retained earnings at the start of the year		258,526	232,528
		_______	_______
Retained earnings at the end of the year		256,650	258,526
		_______	_______

All the activities of the company are from continuing operations.

HARVARD INDUSTRIES LIMITED

Abridged statement of financial position

31 May 2019

		2019		2018
	Note	£	£	£	£

Fixed assets
Tangible assets	5	56,743		46,572
		_______		_______
			56,743		46,572

Current assets
Stocks		128,852		104,719
Debtors		343,324		403,273
Cash at bank and in hand		158,358		154,565
		_______		_______
		630,534		662,557
Creditors: amounts falling due
within one year		( 403,821)		( 430,357)
		_______		_______
Net current assets			226,713		232,200
			_______		_______
Total assets less current liabilities			283,456		278,772

Creditors: amounts falling due
after more than one year	6		( 16,077)		( 11,677)

Provisions for liabilities			( 10,629)		( 8,469)

			_______		_______
Net assets			256,750		258,626
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			256,650		258,526
			_______		_______
Shareholders funds			256,750		258,626
			_______		_______

For the year ending 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements were approved by the board of directors and authorised for issue on 29 November 2019 , and are signed on behalf of the board by:

J R T Causer

Director

Company registration number: 03989031

HARVARD INDUSTRIES LIMITED

Notes to the financial statements

Year ended 31 May 2019

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 121 Brownswall Road, Sedgley, West Midlands, DY3 3NS.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.

Turnover

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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.

Tangible assets

tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:


Short leasehold property	-	20 %	straight line
Fittings fixtures and equipment	-	20 %	reducing balance
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

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. 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 are largely independent of the cash inflows from other assets or groups of assets.

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 stocks to their 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 in finance costs in profit or loss in the period it arises.

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 in finance costs in profit or loss in the period in which it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties.

4. Profit before taxation

Profit before taxation is stated after charging/(crediting):

	2019	2018
	£	£
Depreciation of tangible assets	12,966	13,222
	_______	_______

5. Tangible assets


		£
	Cost
	At 1 June 2018	92,935
	Additions	30,718
	Disposals	( 24,065)
		_______
	At 31 May 2019	99,588
		_______
	Depreciation
	At 1 June 2018	46,363
	Charge for the year	12,966
	Disposals	( 16,484)
		_______
	At 31 May 2019	42,845
		_______
	Carrying amount
	At 31 May 2019	56,743
		_______
	At 31 May 2018	46,572
		_______

6. Creditors: amounts falling due after more than one year

Obligations under finance leases and hire purchase contracts £16,077 (2018 £11,677) are secured against the assets to which they relate.

7. Directors advances, credits and guarantees

	During the year the director entered into the following advances and credits with the company:

2019
		Balance brought forward	Advances /(credits) to the director	Balance o/standing
		£	£	£
	J R T Causer	( 15,320)	( 2,082)	( 17,402)
		_______	_______	_______

2018
		Balance brought forward	Advances /(credits) to the director	Balance o/standing
		£	£	£
	J R T Causer	( 10,576)	( 4,744)	( 15,320)
		_______	_______	_______

The company has taken advantage of the exemption under SAC 35 not to disclose transactions which have been conducted under normal market conditions. Loans to and from directors are interest free and repayable upon demand.