Harcom Holdings Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01874869 (England and Wales)

HARCOM HOLDINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M P Harris

SECRETARY:

Mrs J F Harris

REGISTERED OFFICE:

1 Abacus House

Newlands Road

Corsham

Wiltshire

SN13 0BH

REGISTERED NUMBER:

01874869 (England and Wales)

ACCOUNTANTS:

Clear Vision Accountancy Limited

1 Abacus House

Newlands Road

Corsham

Wiltshire

SN13 0BH

BANKERS:

HSBC Bank Plc

45 Milson Street

Bath

BA1 1DU

FIXED ASSETS

Tangible assets

4

1,726

2,535

Investments

5

102

102

Investment property

6

2,210,000

2,210,000

2,211,828

2,212,637

CURRENT ASSETS

Debtors

7

767,412

774,397

Cash at bank

6,148

5,781

773,560

780,178

CREDITORS

Amounts falling due within one year

8

454,836

430,214

NET CURRENT ASSETS

318,724

349,964

TOTAL ASSETS LESS CURRENT LIABILITIES

2,530,552

2,562,601

CREDITORS

Amounts falling due after more than one year

9

(719,642

)

(729,757

)

PROVISIONS FOR LIABILITIES

(328

)

(481

)

NET ASSETS

1,810,582

1,832,363

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Fair value reserve

11

1,718,296

1,718,296

Retained earnings

91,286

113,067

SHAREHOLDERS' FUNDS

1,810,582

1,832,363

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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.

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

The financial statements were approved by the director and authorised for issue on 28 September 2023 and were signed by:

M P Harris - Director

1.	STATUTORY INFORMATION

Harcom Holdings 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.	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 as modified by the revaluation of certain assets.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

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 etc

-

33% on cost and 25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

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.

Deferred 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.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Going concern

The director has assessed whether the company is a going concern and has considered all available information about the future and is confident of the company's ability to continue as a going concern.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2022

17,794

Additions

269

At 31 January 2023

18,063

DEPRECIATION

At 1 February 2022

15,259

Charge for year

1,078

At 31 January 2023

16,337

NET BOOK VALUE

At 31 January 2023

1,726

At 31 January 2022

2,535

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 February 2022

and 31 January 2023

102

NET BOOK VALUE

At 31 January 2023

102

At 31 January 2022

102

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2022

and 31 January 2023

2,210,000

NET BOOK VALUE

At 31 January 2023

2,210,000

At 31 January 2022

2,210,000

Investment property was valued on an open market value by a third party ahead of signing an option agreement in December 2021.This valuation has been agreed by the director as the current valuation as at 31 January 2023.

The historical cost of investment property is £491,704

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/23

31/1/22

£

£

Amounts owed by group undertakings

763,947

762,651

Other debtors

3,465

11,746

767,412

774,397

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/23

31/1/22

£

£

Bank loans and overdrafts

45,253

35,190

Taxation and social security

19,307

8,126

Other creditors

390,276

386,898

454,836

430,214

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/1/23

31/1/22

£

£

Bank loans

719,642

729,757

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

719,642

729,757

10.	SECURED DEBTS

The following secured debts are included within creditors:

31/1/23

31/1/22

£

£

Bank loans

764,895

764,947

There is a personal guarantee on the bank loan from the Director, Mr M Harris to a maximum of £250,000. The loan is also personally guaranteed by Mrs J Harris, Company Secretary, to a maximum of £250,000.

11.

RESERVES

Fair

value

reserve

£

At 1 February 2022

and 31 January 2023

1,718,296

12.	RELATED PARTY DISCLOSURES

During the year the company advanced £1,296 (2022 - £3,869) by way of a loan to Harcom Overseas Limited, a subsidiary of the company. The balance of £763,947 (2022- £762,651) was outstanding at the year end.