Harewood Group Limited - Period Ending 2020-02-29
Harewood Group Limited - Period Ending 2020-02-29
Registration number:
Harewood Group Limited
for the Year Ended 29 February 2020
Harewood Group Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Harewood Group Limited
Company Information
Director |
Mr P Kinsey |
Registered office |
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Page 1 |
Harewood Group Limited
(Registration number: 09421350)
Balance Sheet as at 29 February 2020
Note |
2020 |
2019 |
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Current assets |
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Cash at bank and in hand |
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Capital and reserves |
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Called up and fully paid share capital |
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Total equity |
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For the financial year ending 29 February 2020 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. |
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 and the option not to file the profit and loss account has been taken.
Approved and authorised by the
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Page 2 |
Harewood Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2020
General information |
The Company is a private company limited by share capital incorporated in England and Wales. Details of the registered office are shown on page 1.
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.
Basis of preparation
These financial statements have been prepared on a going concern basis, using the historical cost convention and in accordance with FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Going concern
The financial statements have been prepared on a going concern basis. In making this assessment, the director has considered the current financial position and future needs of the company and that the company still needs the support of the trading company and the director.
The director has also considered the impact that Covid-19 has had on the performance of the business and attention is drawn to the fact that the company is still liable for all rent and fixed costs relating to the trade even though these are recharged across to the trading company.
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 value added tax, returns, rebates and discounts and is recognised when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity.
Tax
Current income tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised on timing differences between taxable profits and profits reported in the financial statements. Deferred tax is recognised on all timing differences at the reporting date and is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
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.
Page 3 |
Harewood Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2020
2 |
Accounting policies (continued) |
Share capital
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.
Dividends
Dividend distribution to the Company’s shareholders is recognised in the financial statements in the reporting period in which the dividends are paid.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary and preference shares, which are measured at fair value provided that this can be measured reliably. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Staff numbers |
The average number of persons employed by the company (including the director) in the year, was
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Operating lease commitments |
Operating leases
The total of future minimum lease payments is as follows:
2020 |
2019 |
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Not later than one year |
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- |
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- |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
The company owns the lease of 13-14 Silver Street, Lincoln, LN2 1DY.
Page 4 |
Harewood Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2020
Related party transactions |
Summary of transactions with other related parties
During the year, the company made recharges amounting to £69,662 (2019 - £Nil) to Harewood Entertainments Limited. At the balance sheet date, Harewood Entertainments Limited owed £nil (2019 - £nil) to the company having written off a loan of £40,000 during the year.
Operating Risks Limited
During the year, the company made recharges amounting to £8,053 (2019 - £Nil) to Operating Risks Limited. At the balance sheet date, Operating Risks Limited owed £nil (2019 - £nil) to the company.
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