HARVARD INDUSTRIES LIMITED 31/05/2021 iXBRL
HARVARD INDUSTRIES LIMITED 31/05/2021 iXBRL
Company registration number:
03989031
Contents
Director's report
Abridged statement of income and retained earnings
Abridged statement of financial position
Notes to the financial statements
Director's report
Year ended 31 May 2021
The director presents his report and the unaudited financial statements of the company for the year ended 31 May 2021.
Director
The director who served the company during the year was as follows:
|
Small company provisions
This report was approved by the board of directors on
23 February 2022
and signed on behalf of the board by:
Director
Abridged statement of income and retained earnings
Year ended 31 May 2021
2021 | 2020 | ||||
Note | £ | £ | |||
Gross profit |
|
|
|||
Administrative expenses |
(
|
(
|
|||
_______ | _______ | ||||
Operating profit |
|
|
|||
Other interest receivable and similar income |
|
|
|||
Interest payable and similar expenses |
(
|
(
|
|||
_______ | _______ | ||||
Profit before taxation | 5 |
|
|
||
Tax on profit |
(
|
(
|
|||
_______ | _______ | ||||
Profit for the financial year and total comprehensive income |
|
|
|||
_______ | _______ | ||||
Dividends declared and paid or payable during the year |
(
|
(
|
|||
Retained earnings at the start of the year |
|
|
|||
_______ | _______ | ||||
Retained earnings at the end of the year |
|
|
|||
_______ | _______ | ||||
All the activities of the company are from continuing operations.
Abridged statement of financial position
31 May 2021
2021 | 2020 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Tangible assets | 6 |
|
|
||||||
_______ | _______ | ||||||||
|
|
||||||||
Current assets | |||||||||
Stocks |
|
|
|||||||
Debtors |
|
|
|||||||
Cash at bank and in hand |
|
|
|||||||
_______ | _______ | ||||||||
|
|
||||||||
Creditors: amounts falling due | |||||||||
within one year |
(
|
(
|
|||||||
_______ | _______ | ||||||||
Net current assets |
|
|
|||||||
_______ | _______ | ||||||||
Total assets less current liabilities |
|
|
|||||||
Creditors: amounts falling due | |||||||||
after more than one year | - |
(
|
|||||||
Provisions for liabilities |
(
|
(
|
|||||||
_______ | _______ | ||||||||
Net assets |
|
|
|||||||
_______ | _______ | ||||||||
Capital and reserves | |||||||||
Called up share capital |
|
|
|||||||
Profit and loss account |
|
|
|||||||
_______ | _______ | ||||||||
Shareholders funds |
|
|
|||||||
_______ | _______ | ||||||||
Director's 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 director acknowledges 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
23 February 2022
, and are signed on behalf of the board by:
Director
Company registration number:
03989031
Notes to the financial statements
Year ended 31 May 2021
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is 121 Brownswall Road, Sedgley, West Midlands, DY3 3NS.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
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.
Taxation
Tangible assets
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:
Short leasehold property | - |
|
|
|
Fittings fixtures and equipment | - |
|
|
|
Motor vehicles | - |
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Government grants
Provisions
Defined contribution plans
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The Company only enters into basic financial instruments 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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
9
(2020:
9
).
5.
Profit before taxation
Profit before taxation is stated after charging/(crediting):
2021 | 2020 | ||||
£ | £ | ||||
Depreciation of tangible assets |
|
|
|||
_______ | _______ | ||||
6.
Tangible assets
£ | ||
Cost | ||
At 1 June 2020 and 31 May 2021 |
|
|
_______ | ||
Depreciation | ||
At 1 June 2020 |
|
|
Charge for the year |
|
|
_______ | ||
At 31 May 2021 |
|
|
_______ | ||
Carrying amount | ||
At 31 May 2021 |
|
|
_______ | ||
At 31 May 2020 |
|
|
_______ | ||
7.
Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company: | |||||
2021 | |||||
Balance brought forward | Advances /(credits) to the director | Amounts repaid | Balance o/standing | ||
£ | £ | £ | £ | ||
|
(
|
- |
|
(
|
|
_______ | _______ | _______ | _______ | ||
2020 | |||||
Balance brought forward | Advances /(credits) to the director | Amounts repaid | Balance o/standing | ||
£ | £ | £ | £ | ||
|
(
|
(
|
- |
(
|
|
_______ | _______ | _______ | _______ | ||
The company has taken advantage of the exemption under SAC 35 not to disclose transactions which have been conducted under normal market conditions. Loans to and from directors are interest free and repayable upon demand.
8.
Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value | Balance owed by/(owed to) | ||||
2021 | 2020 | 2021 | 2020 | ||
£ | £ | £ | £ | ||
|
( 1,775) |
(
|
(
|
(
|
|
_______ | _______ | _______ | _______ | ||
Loans from participators are interest free and repayable upon demand.