ACCOUNTS - Final Accounts

Creditors: Amounts falling due within one year

HARRISON DESIGN COMPANY LIMITED - Company Information

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Registered number: 02507182

HARRISON DESIGN COMPANY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

HARRISON DESIGN COMPANY LIMITED

REGISTERED NUMBER: 02507182

STATEMENT OF FINANCIAL POSITION

AS AT 28 FEBRUARY 2021

	28 February	29 February
	2021	2020
Note	£	£

Fixed assets
Tangible assets	4		1,876		11,407
			1,876		11,407
Current assets
Debtors: amounts falling due within one year	5	599,845		516,821
Cash at bank and in hand		188,566		286,233
		788,411		803,054
Creditors: amounts falling due within one year	6	(23,562)		(1,073)
Net current assets			764,849		801,981
Total assets less current liabilities			766,725		813,388

Net assets			766,725		813,388

Capital and reserves
Called up share capital	7	3,000	3,000
Profit and loss account		763,725	810,388
		766,725	813,388

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HARRISON DESIGN COMPANY LIMITED

REGISTERED NUMBER: 02507182

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 28 FEBRUARY 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 December 2021.

Philip Harrison

Director

The notes on pages 3 to 6 form part of these financial statements.

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HARRISON DESIGN COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

1.	General information

The company is registered in England and Wales. The company's registered office is 15 Coleshill Street, Sutton Coldfield, West Midlands, B72 1SD. The principal activity of the company continues to be that of leasing of its own assets.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

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 when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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HARRISON DESIGN COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

2.Accounting policies (continued)

2.5

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles	-	25% reducing balance
Fixtures and fittings	-	25% straight line
Computer equipment	-	25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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HARRISON DESIGN COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

Employees

The average monthly number of employees, including directors, during the year was 3 (2020 - 3).

4.	Tangible fixed assets

	Long-term leasehold property	Motor vehicles	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 March 2020	25,499	17,000	9,409	46,640	98,548
Disposals	-	(17,000)	-	(9,557)	(26,557)
At 28 February 2021	25,499	-	9,409	37,083	71,991
Depreciation
At 1 March 2020	25,499	11,387	7,980	42,274	87,140
Charge for the year on owned assets	-	-	906	2,310	3,216
Disposals	-	(11,387)	-	(8,854)	(20,241)
At 28 February 2021	25,499	-	8,886	35,730	70,115
Net book value
At 28 February 2021	-	-	523	1,353	1,876
At 29 February 2020	-	5,613	1,428	4,366	11,407

Debtors

					28 February	29 February
					2021	2020
					£	£


Other debtors	599,845	516,821
	599,845	516,821

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HARRISON DESIGN COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

Trade creditors	2,000	73
Other creditors	20,562	-
Accruals and deferred income	1,000	1,000
	23,562	1,073

Allotted, called up and fully paid

840 (2020 - 840) ordinary A shares of £1.00 each	840	840
840 (2020 - 840) ordinary B shares of £1.00 each	840	840
840 (2020 - 840) ordinary C shares of £1.00 each	840	840
360 (2020 - 360) ordinary D shares of £1.00 each	360	360
120 (2020 - 120) ordinary E shares of £1.00 each	120	120

	3,000	3,000

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