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

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 2021
D.& H.Harrod(Coaches)Limited
Statement of financial position
31 August 2021
2021
2020
Note
£
£
£
£
Fixed assets
Tangible assets
5
526,699
588,422
Current assets
Stocks
64,000
75,937
Debtors
6
78,774
106,766
Cash at bank and in hand
46,224
49,285
---------
---------
188,998
231,988
Creditors: Amounts falling due within one year
7
( 410,102)
( 339,175)
---------
---------
Net current liabilities
( 221,104)
( 107,187)
---------
---------
Total assets less current liabilities
305,595
481,235
Creditors: Amounts falling due after more than one year
8
( 282,962)
( 377,019)
Provisions
Taxation including deferred tax
( 22,488)
( 22,488)
---------
---------
Net assets
145
81,728
---------
---------
Capital and reserves
Called up share capital
60
60
Capital redemption reserve
40
40
Profit and loss account
45
81,628
----
-------
Shareholders funds
145
81,728
----
-------
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 2021 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 2021
These financial statements were approved by the board of directors and authorised for issue on 3 November 2021 , 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 2021
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 and the performance 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. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 14 (2020: 14 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 September 2020
2,400
40,354
1,039,919
11,592
1,094,265
Disposals
–
–
( 5,500)
–
( 5,500)
------
-------
-----------
-------
-----------
At 31 August 2021
2,400
40,354
1,034,419
11,592
1,088,765
------
-------
-----------
-------
-----------
Depreciation
At 1 September 2020
1,344
36,348
459,904
8,247
505,843
Charge for the year
96
600
57,935
501
59,132
Disposals
–
–
( 2,909)
–
( 2,909)
------
-------
-----------
-------
-----------
At 31 August 2021
1,440
36,948
514,930
8,748
562,066
------
-------
-----------
-------
-----------
Carrying amount
At 31 August 2021
960
3,406
519,489
2,844
526,699
------
-------
-----------
-------
-----------
At 31 August 2020
1,056
4,006
580,015
3,345
588,422
------
-------
-----------
-------
-----------
6. Debtors
2021
2020
£
£
Trade debtors
53,958
63,805
Other debtors
24,816
42,961
-------
---------
78,774
106,766
-------
---------
7. Creditors: Amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
12,920
8,024
Trade creditors
53,825
31,806
Social security and other taxes
16,985
4,740
Other creditors
326,372
294,605
---------
---------
410,102
339,175
---------
---------
The following liabilities disclosed under creditors falling due within one year are secured by the company: Bank loan - £7,364 (2020 - £8,024). Hire purchase - £91,707 (2020 - £94,352). 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
2021
2020
£
£
Bank loans and overdrafts
86,157
49,807
Other creditors
196,805
327,212
---------
---------
282,962
377,019
---------
---------
The following liabilities disclosed under creditors falling due within one year are secured by the company: Bank loans - £43,102 (2020 - £49,807). Hire purchase - £180,905 (2020 - £248,708). Included within creditors amounts falling due after one year is an amount of £34,475 (2020 - £17,711) 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:
2021
2020
£
£
Not later than 1 year
7,601
8,740
Later than 1 year and not later than 5 years
16,093
15,660
-------
-------
23,694
24,400
-------
-------