Company No: 00707729 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	502,853		430,219
		502,853		430,219
Current assets
Stocks	4	2,547,363		1,413,866
Debtors	5	2,872,959		3,312,826
Cash at bank and in hand		2,385,889		2,502,303
		7,806,211		7,228,995
Creditors: amounts falling due within one year	6	( 1,080,125)		( 1,138,335)
Net current assets		6,726,086		6,090,660
Total assets less current liabilities		7,228,939		6,520,879
Provision for liabilities		( 84,812)		( 67,519)
Net assets		7,144,127		6,453,360
Capital and reserves
Called-up share capital		1,000		1,000
Capital redemption reserve		9,000		9,000
Profit and loss account		7,134,127		6,443,360
Total shareholders' funds		7,144,127		6,453,360

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Harris Bros & Collard Limited (registered number: 00707729) were approved and authorised for issue by the Board of Directors on 02 May 2024. They were signed on its behalf by:

T S Travis Director

S M Travis Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Harris Bros & Collard Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 East Quay Park, East Quay, Bridgwater, TA6 4DB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the provision of building contracting services provided in the normal course of business. Turnover is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	25 % reducing balance
Vehicles	20 % reducing balance
Fixtures and fittings	30 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	22		23

3. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 January 2023	230,975		589,620		52,895		873,490
Additions	67,970		146,710		5,861		220,541
Disposals	( 5,726)		( 57,917)		0		( 63,643)
At 31 December 2023	293,219		678,413		58,756		1,030,388
Accumulated depreciation
At 01 January 2023	157,346		240,732		45,193		443,271
Charge for the financial year	34,486		79,954		3,866		118,306
Disposals	( 2,065)		( 31,977)		0		( 34,042)
At 31 December 2023	189,767		288,709		49,059		527,535
Net book value
At 31 December 2023	103,452		389,704		9,697		502,853
At 31 December 2022	73,629		348,888		7,702		430,219

4. Stocks

	2023		2022
	£		£
Raw materials	1,000		1,000
Work in progress	2,546,363		1,412,866
	2,547,363		1,413,866

5. Debtors

	2023		2022
	£		£
Trade debtors	559,448		432,570
Other debtors	2,313,511		2,880,256
	2,872,959		3,312,826

6. Creditors: amounts falling due within one year

	2023		2022
	£		£
Trade creditors	371,548		409,781
Taxation and social security	422,016		449,882
Other creditors	286,561		278,672
	1,080,125		1,138,335

7. Related party transactions

Transactions with the entity's directors

During the year a loan was provided to the directors with interest charged at 2.25%. At the 1 January 2023 the balance owed to the company by the directors was £nil. During the year £729,513 was advanced to the directors, and £729,513 was repaid . The balance owed to the company by the directors at 31 December 2023 was £nil.

Other related party transactions

In the year, the company provided a loan to East Quay Properties Ltd, which is interest free and repayable on demand. At the balance sheet date, the amount due from East Quay Properties Ltd was £2,278,564 (2022: £2,278,564 ).