George Harker and Company Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 00055983 (England and Wales)

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

FOR

GEORGE HARKER AND COMPANY LIMITED

Page

Company Information

1

Report of the Directors

2

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTORS:

J D N Ciclitira

Mrs R E King

REGISTERED OFFICE:

Park Drive Industrial Estate

Park Drive

Braintree

Essex

CM7 1AW

REGISTERED NUMBER:

00055983 (England and Wales)

AUDITORS:

RE Group Accountants Limited

Chartered Certified Accountants

Statutory Auditors

The Maltings

Rosemary Lane

Halstead

Essex

CO9 1HZ

BANKERS:

Barclays Bank PLC

One Churchill Place

London

E14 5HP

The directors present their report with the financial statements of the company for the year ended 31 August 2022.

REVIEW OF BUSINESS

George Harker is an established packer of dried fruits, cereals, pluses and grains for the UK retail and wholesale markets. The Company has traded continuously for almost two hundred years, being established in London in 1826

.

The Company has successfully carried out the factory roof replacement during the year, delivering an improved working environment and significant energy savings.

Retail sales have underperformed this year whereas wholesale trading has shown some improvement after the difficulties caused by the pandemic. Inflationary pressures on both raw material and other operating costs have presented challenges this year.

The market for natural, plant based foods is increasing within the UK and the business has the opportunity to take advantage of this growth.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 September 2021 to the date of this report.

J D N Ciclitira

Mrs R E King

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The director's are responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is appropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclosure with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, RE Group Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mrs R E King - Director

23 February 2023

FIXED ASSETS

Tangible assets

4

419,640

417,973

CURRENT ASSETS

Stocks

2,566

3,118

Debtors

5

26,328

116,830

Cash at bank and in hand

50,767

129,839

79,661

249,787

CREDITORS

Amounts falling due within one year

6

175,513

100,576

NET CURRENT (LIABILITIES)/ASSETS

(95,852

)

149,211

TOTAL ASSETS LESS CURRENT LIABILITIES

323,788

567,184

CREDITORS

Amounts falling due after more than one year

7

(88,911

)

(88,911

)

PROVISIONS FOR LIABILITIES

(54,341

)

-

NET ASSETS

180,536

478,273

CAPITAL AND RESERVES

Called up share capital

8

795,500

795,500

Retained earnings

(614,964

)

(317,227

)

SHAREHOLDERS' FUNDS

180,536

478,273

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 23 February 2023 and were signed on its behalf by:

Mrs R E King - Director

1.	STATUTORY INFORMATION

George Harker and Company 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.

The financial statements are presented in sterling which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added tax and trade discounts.

When the outcome of a transaction can be estimated reliably, turnover from the rendering of services is recognised by reference to the stage of completion at the balance sheet date.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

5% on cost

Plant and machinery

-

10% - 20% straight line

Fixtures and fittings

-

20% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks

Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2021 - 24 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 September 2021

217,200

1,340,598

21,169

1,578,967

Additions

8,720

3,960

-

12,680

At 31 August 2022

225,920

1,344,558

21,169

1,591,647

DEPRECIATION

At 1 September 2021

85,328

1,054,497

21,169

1,160,994

Charge for year

11,013

-

-

11,013

At 31 August 2022

96,341

1,054,497

21,169

1,172,007

NET BOOK VALUE

At 31 August 2022

129,579

290,061

-

419,640

At 31 August 2021

131,872

286,101

-

417,973

5.

DEBTORS

2022

2021

£

£

Amounts falling due within one year:

Trade debtors

8,336

17,425

Amounts owed by group undertakings

500

56,313

Other debtors

475

475

Prepayments

15,728

21,278

Accrued income

1,289

-

26,328

95,491

Amounts falling due after more than one year:

Other debtors

-

21,339

Aggregate amounts

26,328

116,830

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

22,960

38,521

Amounts owed to group undertakings

66,989

-

Social security and other taxes

6,069

7,869

VAT

10,789

12,999

Other creditors

11,447

10,459

Directors' loan accounts

15,000

15,000

Accruals and deferred income

42,259

15,728

175,513

100,576

There are arrears of fixed cumulative dividends totalling £11,449 (2021: £10,461) included within other creditors.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Directors' loan accounts

88,911

88,911

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

720,000

Ordinary

£1

720,000

720,000

7,550

Preference shares

£10

75,500

75,500

795,500

795,500

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Robert Graham Green (Senior Statutory Auditor)

for and on behalf of RE Group Accountants Limited

10.	RELATED PARTY DISCLOSURES

Demos Ciclitira Limited

The Ultimate parent company of George Harker Limited

The company made sales to Demos Ciclitira Limited during the year totalling £387,565 (2021: £469,733), and made purchases during the year totalling £14,115 (2021: £10,785). The amount outstanding to Demos Ciclitira Limited from the company at the balance sheet date is £65,700. In 2021 the amount outstanding from Demos Ciclitira Limited to the company at the balance sheet date was £55,813.

D J Ciclitira and the estate of A G Ciclitira

A director and Chairman of the Board of George Harker & Company Limited

At the year end, the director of the company, Mr D J Ciclitiria along with the estate of A G Ciclitira was owed £103,911 (2021: £103,911) and £15,000 (2021: £15,000) of this was included within one year and the remaining £88,911 (2021: £88,911) was included in other creditors due over one year.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J D N Ciclitira.