Harman Electrical Limited - Accounts to registrar (filleted) - small 18.2

Harman Electrical Limited - Accounts to registrar (filleted) - small 18.2

HARMAN ELECTRICAL LIMITED - Company Information

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REGISTERED NUMBER: 06527822 (England and Wales)


















HARMAN ELECTRICAL LIMITED

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021





HARMAN ELECTRICAL LIMITED (REGISTERED NUMBER: 06527822)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


HARMAN ELECTRICAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2021







DIRECTOR: Mr J P Harman





SECRETARY: Mr J P Harman





REGISTERED OFFICE: Suite 2 Lancaster Mews
South Marston Industrial Estate
Swindon
Wiltshire
SN3 4YF





REGISTERED NUMBER: 06527822 (England and Wales)





ACCOUNTANTS: Haines Watts
Chartered Accountants
Old Station House
Station Approach
Newport Street
Swindon
Wiltshire
SN1 3DU
Page 1
HARMAN ELECTRICAL LIMITED (REGISTERED NUMBER: 06527822)

ABRIDGED STATEMENT OF FINANCIAL POSITION
31 MARCH 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 44,944 15,430

CURRENT ASSETS
Stocks 4,200 1,148
Debtors 56,389 51,598
Cash at bank 72,615 17,858
133,204 70,604
CREDITORS
Amounts falling due within one year 119,146 57,009
NET CURRENT ASSETS 14,058 13,595
TOTAL ASSETS LESS CURRENT
LIABILITIES
59,002
29,025

CREDITORS
Amounts falling due after more than
one year
(22,974
)
(5,321
)

PROVISIONS FOR LIABILITIES (8,537 ) -
NET ASSETS 27,491 23,704

The notes form part of these financial statements

Page 2 continued...
HARMAN ELECTRICAL LIMITED (REGISTERED NUMBER: 06527822)

ABRIDGED STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2021

2021 2020
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 1 1
Capital redemption reserve 1 1
Retained earnings 27,489 23,702
27,491 23,704

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Statement of Financial Position for the year ended 31 March 2021 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 March 2022 and were signed by:





Mr J P Harman - Director


The notes form part of these financial statements

Page 3
HARMAN ELECTRICAL LIMITED (REGISTERED NUMBER: 06527822)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021

1. STATUTORY INFORMATION

Harman Electrical Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
The COVID-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the company's trade, customers, suppliers and wider economy. The Directors' view on the impact of COVID-19 is that, given the measures that could be undertaken to mitigate the current adverse conditions and the current resources available, they can continue to adopt the going concern basis in preparing the annual report and accounts.

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.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Page 4 continued...
HARMAN ELECTRICAL LIMITED (REGISTERED NUMBER: 06527822)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2021

3. ACCOUNTING POLICIES - continued

Stocks & work in progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Costs include all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. An element of profit is included where the outcome of the project may reasonably be determined.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Page 5 continued...
HARMAN ELECTRICAL LIMITED (REGISTERED NUMBER: 06527822)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2021

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2020 - 5 ) .

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2020 85,643
Additions 41,152
At 31 March 2021 126,795
DEPRECIATION
At 1 April 2020 70,213
Charge for year 11,638
At 31 March 2021 81,851
NET BOOK VALUE
At 31 March 2021 44,944
At 31 March 2020 15,430


6. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Finance leases 28,180 -
HP loan 22,948 -
HP loan 22,948 -
74,076 -

HP loans are secured against the assets to which they relate.

Page 6