D.& H.Harrod(Coaches)Limited Filleted accounts for Companies House (small and micro)

D.& H.HARROD(COACHES)LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00854237

D.& H.Harrod(Coaches)Limited

Unaudited financial statements

31 August 2022

D.& H.Harrod(Coaches)Limited

Statement of financial position

31 August 2022

	2022		2021
Note	£	£	£	£

Fixed assets

Tangible assets	5		535,804		526,699

Current assets

Stocks		53,309	64,000
Debtors	6	137,976	78,774
Cash at bank and in hand		53,496	46,224
		---------	---------
		244,781	188,998

Creditors: Amounts falling due within one year	7	( 468,267)		( 410,102)
		---------		---------
Net current liabilities			( 223,486)		( 221,104)
			---------		---------
Total assets less current liabilities			312,318		305,595

Creditors: Amounts falling due after more than one year	8		( 230,863)		( 282,962)

Provisions

Taxation including deferred tax	( 34,699)	( 22,488)
	---------	---------
Net assets	46,756	145
	---------	---------

Capital and reserves

Called up share capital	60	60
Capital redemption reserve	40	40
Profit and loss account	46,656	45
	-------	----
Shareholders funds	46,756	145
	-------	----

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

D.& H.Harrod(Coaches)Limited

Statement of financial position (continued)

31 August 2022

These financial statements were approved by the board of directors and authorised for issue on 1 November 2022 , and are signed on behalf of the board by:

D J Harrod
Director

Company registration number: 00854237

D.& H.Harrod(Coaches)Limited

Notes to the financial statements

Year ended 31 August 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Lynn Road, Ely, Cambridgeshire, CB7 4EG. The trading address of the company is Bexwell Aerodrome, Bexwell, Downham Market, Norfolk, PE38 9LU.

2. Statement of compliance

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

Revenue recognition

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.

Income tax

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

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

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

Long leasehold property	-	4% straight line
Plant and machinery	-	15% reducing balance
Motor vehicles	-	10% reducing balance
Equipment	-	15% reducing balance

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 stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the straight line method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

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 as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of employees during the year was 15 (2021: 14 ).

5. Tangible assets

	Long leasehold property	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 September 2021	2,400	40,354	1,034,419	11,592	1,088,765
Additions	–	–	80,000	1,839	81,839
Disposals	–	–	( 147,500)	–	( 147,500)
	------	-------	-----------	-------	-----------
At 31 August 2022	2,400	40,354	966,919	13,431	1,023,104
	------	-------	-----------	-------	-----------
Depreciation
At 1 September 2021	1,440	36,948	514,930	8,748	562,066
Charge for the year	96	511	53,284	452	54,343
Disposals	–	–	( 129,109)	–	( 129,109)
	------	-------	-----------	-------	-----------
At 31 August 2022	1,536	37,459	439,105	9,200	487,300
	------	-------	-----------	-------	-----------
Carrying amount
At 31 August 2022	864	2,895	527,814	4,231	535,804
	------	-------	-----------	-------	-----------
At 31 August 2021	960	3,406	519,489	2,844	526,699
	------	-------	-----------	-------	-----------

6. Debtors

	2022	2021
	£	£
Trade debtors	82,877	53,958
Other debtors	55,099	24,816
	---------	-------
	137,976	78,774
	---------	-------

7. Creditors: Amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	15,019	12,920
Trade creditors	50,163	53,825
Social security and other taxes	20,405	16,985
Other creditors	382,680	326,372
	---------	---------
	468,267	410,102
	---------	---------

The following liabilities disclosed under creditors falling due within one year are secured by the company: Hire purchase - £114,929 (2021 - £91,707). The bank loan is secured by way of a fixed and floating charge over the undertaking and all property property and assets present and future. D and A Harrod have provided personal guarantees to secure the bank loan.

8. Creditors: Amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	72,786	86,157
Other creditors	158,077	196,805
	---------	---------
	230,863	282,962
	---------	---------

The following liabilities disclosed under creditors falling due after more than one year are secured by the company: Hire purchase - £152,777 (2021 - £180,905). Included within creditors amounts falling due after one year is an amount of £16,456 (2021 - £34,475) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date. The historic bank loan is secured by way of a fixed and floating charge over the undertaking and all property property and assets present and future. D and A Harrod have provided personal guarantees to secure the bank loan. The Lloyds bank loan is secured over assets held by the company. The loans are charged at 3.8% over base rate and is due to mature on 13/10/2026. The other bank loan is charged at 2.5% and is due to mature on 07/05/2031.

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2022	2021
	£	£
Not later than 1 year	5,067	7,601
Later than 1 year and not later than 5 years	12,331	16,093
	-------	-------
	17,398	23,694
	-------	-------