Harman Electrical Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 06527822 (England and Wales)

HARMAN ELECTRICAL LIMITED

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

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

Swindon

Wiltshire

SN1 3DU

FIXED ASSETS

Tangible assets

5

55,210

44,944

CURRENT ASSETS

Stocks

6,015

4,200

Debtors

58,178

56,389

Cash at bank

51,411

72,615

115,604

133,204

CREDITORS

Amounts falling due within one year

79,037

119,146

NET CURRENT ASSETS

36,567

14,058

TOTAL ASSETS LESS CURRENT LIABILITIES

91,777

59,002

CREDITORS

Amounts falling due after more than one year

(49,177

)

(22,974

)

PROVISIONS FOR LIABILITIES

(10,491

)

(8,537

)

NET ASSETS

32,109

27,491

CAPITAL AND RESERVES

Called up share capital

1

1

Capital redemption reserve

1

1

Retained earnings

32,107

27,489

32,109

27,491

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 2022 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 13 March 2023 and were signed by:

Mr J P Harman - Director

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.

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.

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

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 9 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2021

126,795

Additions

28,913

Disposals

(36,757

)

At 31 March 2022

118,951

DEPRECIATION

At 1 April 2021

81,851

Charge for year

15,288

Eliminated on disposal

(33,398

)

At 31 March 2022

63,741

NET BOOK VALUE

At 31 March 2022

55,210

At 31 March 2021

44,944

6.	SECURED DEBTS

The following secured debts are included within creditors:

31/3/22

31/3/21

£

£

Finance leases

22,974

28,180

HP loan

14,712

22,948

HP loan

14,712

22,948

52,398

74,076

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