Harding Holdings U.K. Limited - Period Ending 2015-12-31

Registration number: 02616984

Harding Holdings U.K. Limited Unaudited Abbreviated Accounts for the Year Ended 31 December 2015

Harding Holdings U.K. Limited
Contents

Abbreviated Balance Sheet   1 to 2

Notes to the Abbreviated Accounts   3 to 6

Harding Holdings U.K. Limited
(Registration number: 02616984)
Abbreviated Balance Sheet at 31 December 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		2			11,883,409			10,657,758
Investments		2			100			100
					11,883,509			10,657,858
Current assets
Stocks					5,338,166			3,249,735
Debtors		3			1,459,912			1,059,788
Cash at bank and in hand					20,903			-
					6,818,981			4,309,523
Creditors: Amounts falling due within one year					(1,261,101)			(1,435,365)
Net current assets					5,557,880			2,874,158
Total assets less current liabilities					17,441,389			13,532,016
Creditors: Amounts falling due after more than one year					(8,654,825)			(4,310,393)
Net assets					8,786,564			9,221,623
Capital and reserves
Called up share capital		5			21,893			21,893
Revaluation reserve					5,652,815			5,652,815
Other reserves					6,667			6,667
Profit and loss account					3,105,189			3,540,248
Shareholders' funds					8,786,564			9,221,623

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

For the year ending 31 December 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved by the Board on 29 September 2016 and signed on its behalf by:

.........................................
Mr P G Harding
Director

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 1

Harding Holdings U.K. Limited
(Registration number: 02616984)
Abbreviated Balance Sheet at 31 December 2015

For the year ending 31 December 2015 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 2

Harding Holdings U.K. Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. Rental income is recognised in the financial statements on the date it is receivable. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Depreciation

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

Asset class	Depreciation method and rate
Equipment	25% on reducing balance

Investment properties

Page 3

Harding Holdings U.K. Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015

Tangible fixed assets comprise investment properties consisting of freehold land and buildings. Investment properties are included in the balance sheet at open market valuation or cost of additions since the last valuation. Where properties are at cost, the directors believe this to be a fair approximation to open market value. Investment properties are revalued annually. Surpluses or deficits on individual properties are transferred to the investment revaluation reserve, except that a deficit which is expected to be permanent and which is in excess of any previously recognised surplus over cost relating to the same property or the reversal of such is a deficit, is charged to the profit and loss account. Where properties held for investment are appropriated to trading stock they are transferred at estimated market value on the transfer date. In accordance with Financial Reporting Standard for Smaller Entities (effective January 2015) no depreciation is provided in respect of investment properties. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Amounts recoverable on long term contracts, included in debtors, are stated at the net sales value of the work done less amounts received as progress payments on account. Any excess progress payments would be included in creditors as payments on account. Any cumulative costs incurred net of amounts transferred to cost of sales, less provision for contingencies and anticipated future losses on contracts, will be included as long term contract balances in stock.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 4

Harding Holdings U.K. Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015

Pensions

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 January 2015		10,661,178			100			10,661,278
Additions		1,225,651			-			1,225,651
At 31 December 2015		11,886,829			100			11,886,929
Depreciation
At 1 January 2015		3,420			-			3,420
At 31 December 2015		3,420			-			3,420
Net book value
At 31 December 2015		11,883,409			100			11,883,509
At 31 December 2014		10,657,758			100			10,657,858

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

Principal activity

Subsidiary undertakings
G.E. Harding & Sons Limited	Ordinary	100%	Plumbing and heating contractors
Boilercare (Southampton) Ltd	Ordinary	100%	Non-trading entity

The loss for the financial period of G.E. Harding & Sons Limited was £137,561 and the aggregate amount of capital and reserves at the end of the period was £148,593.

The profit for the financial period of Boilercare (Southampton) Ltd was £nil and the aggregate amount of capital and reserves at the end of the period was (£2).

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Harding Holdings U.K. Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015

3

Debtors

Debtors includes £57,000 (2014 - £33,000) receivable after more than one year.

 

4

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		264,682			855,352
Amounts falling due after more than one year		7,962,805			3,618,373
Total secured creditors		8,227,487			4,473,725

5	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		21,893			21,893			21,893			21,893

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