Good Harbour Trading Ltd Filleted accounts for Companies House (small and micro)

Good Harbour Trading Ltd Filleted accounts for Companies House (small and micro)

GOOD HARBOUR TRADING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08756376
GOOD HARBOUR TRADING LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 March 2021
GOOD HARBOUR TRADING LTD
STATEMENT OF FINANCIAL POSITION
31 March 2021
31 Mar 21
31 Dec 19
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
565,715
612,857
Tangible assets
6
274,520
282,107
---------
---------
840,235
894,964
CURRENT ASSETS
Stocks
97,818
123,820
Debtors
7
208,515
555,582
Cash at bank and in hand
45,669
75,092
---------
---------
352,002
754,494
CREDITORS: amounts falling due within one year
8
( 1,295,381)
( 1,583,844)
------------
------------
NET CURRENT LIABILITIES
( 943,379)
( 829,350)
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 103,144)
65,614
CREDITORS: amounts falling due after more than one year
9
( 186,667)
–
PROVISIONS
Taxation including deferred tax
–
( 9,964)
---------
--------
NET (LIABILITIES)/ASSETS
( 289,811)
55,650
---------
--------
CAPITAL AND RESERVES
Called up share capital
99
99
Profit and loss account
( 289,910)
55,551
---------
--------
SHAREHOLDERS (DEFICIT)/FUNDS
( 289,811)
55,650
---------
--------
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.
GOOD HARBOUR TRADING LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2021
For the period ending 31 March 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 period 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 .
These financial statements were approved by the board of directors and authorised for issue on 28 October 2021 , and are signed on behalf of the board by:
G E Feltham
Director
Company registration number: 08756376
GOOD HARBOUR TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 JANUARY 2020 TO 31 MARCH 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 186 Portobello Road, London, W11 1LA.
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. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements have been prepared on the going concern basis. The directors consider the going concern basis to be appropriate as they have confirmed their ongoing support.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of services supplied, exclusive of Value Added Tax.
Income tax
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. 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over the term of the lease
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Leasehold Property Improvements
-
10% straight line
Fixtures & Fittings
-
10% straight line
Computer Equipment
-
33% straight line
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.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to 39 (2019: 40 ).
5. INTANGIBLE ASSETS
Goodwill
Intellectual Property
Total
£
£
£
Cost
At 1 January 2020 and 31 March 2021
659,999
1
660,000
---------
----
---------
Amortisation
At 1 January 2020
47,143
–
47,143
Charge for the period
47,142
–
47,142
---------
----
---------
At 31 March 2021
94,285
–
94,285
---------
----
---------
Carrying amount
At 31 March 2021
565,714
1
565,715
---------
----
---------
At 31 December 2019
612,856
1
612,857
---------
----
---------
6. TANGIBLE ASSETS
Leasehold Property Improve -ments
Fixtures and fittings
Computer Equipment
Total
£
£
£
£
Cost
At 1 January 2020
201,000
100,186
20,418
321,604
Additions
8,760
31,134
3,332
43,226
---------
---------
--------
---------
At 31 March 2021
209,760
131,320
23,750
364,830
---------
---------
--------
---------
Depreciation
At 1 January 2020
25,125
12,449
1,923
39,497
Charge for the period
25,782
15,610
9,421
50,813
---------
---------
--------
---------
At 31 March 2021
50,907
28,059
11,344
90,310
---------
---------
--------
---------
Carrying amount
At 31 March 2021
158,853
103,261
12,406
274,520
---------
---------
--------
---------
At 31 December 2019
175,875
87,737
18,495
282,107
---------
---------
--------
---------
7. DEBTORS
31 Mar 21
31 Dec 19
£
£
Trade debtors
20,308
175,514
Other debtors
188,207
380,068
---------
---------
208,515
555,582
---------
---------
8. CREDITORS: amounts falling due within one year
31 Mar 21
31 Dec 19
£
£
Bank loans and overdrafts
13,333
–
Trade creditors
418,546
533,663
Corporation tax
–
33,184
Social security and other taxes
208,693
179,086
Amounts due to related companies
6,586
–
Other creditors
648,223
837,911
------------
------------
1,295,381
1,583,844
------------
------------
9. CREDITORS: amounts falling due after more than one year
31 Mar 21
31 Dec 19
£
£
Bank loans and overdrafts
186,667
–
---------
----
10. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Mar 21
31 Dec 19
£
£
Not later than 1 year
170,000
340,000
Later than 1 year and not later than 5 years
1,360,000
1,360,000
Later than 5 years
3,740,000
4,165,000
------------
------------
5,270,000
5,865,000
------------
------------