Harewood Kingston Limited - Period Ending 2016-12-31

Registration number: 07387483

Harewood Kingston Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Harewood Kingston Limited

Contents

Company Information	1
Balance Sheet	2
Statement of Changes in Equity	3
Notes to the Financial Statements	4 to 8

Harewood Kingston Limited

Company Information

Director

P Kinsey

Registered office

2 Kings Road Harrogate North Yorkshire HG1 1BT

Page 1

Harewood Kingston Limited

(Registration number: 07387483)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Intangible assets	4	19,984	24,259
Tangible assets	5	14,224	28,448
		34,208	52,707
Current assets
Stocks	6	16,463	19,452
Debtors	7	317,236	321,036
Cash at bank and in hand		8,000	7,000
		341,699	347,488
Creditors: Amounts falling due within one year	8	(277,181)	(280,408)
Net current assets		64,518	67,080
Net assets		98,726	119,787
Capital and reserves
Called up and fully paid share capital		1	1
Profit and loss account		98,725	119,786
Total equity		98,726	119,787

For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 29 September 2017
 

.........................................

P Kinsey

Director

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

Harewood Kingston Limited

Statement of Changes in Equity for the Year Ended 31 December 2016

	Share capital £	Profit and loss account £	Total £
At 1 January 2016	1	119,786	119,787
Total comprehensive income	-	(21,061)	(21,061)
At 31 December 2016	1	98,725	98,726

	Share capital £	Profit and loss account £	Total £
At 1 January 2015	1	(36,255)	(36,254)
Profit for the year	-	156,041	156,041
Total comprehensive income	-	156,041	156,041
At 31 December 2015	1	119,786	119,787

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Harewood Kingston Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1	General information

The Company is a private company limited by share capital incorporated in England and Wales. Details of the registered office are shown on page 1.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Basis of preparation

These financial statements have been prepared on a going concern basis, using the historical cost convention and in accordance with FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and is recognised when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, 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.

Current income tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised on timing differences between taxable profits and profits reported in the financial statements. Deferred tax is recognised on all timing differences at the reporting date and it determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures, fittings and equipment	25% straight line

Page 4

Harewood Kingston Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

2	Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Financial instruments

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual arrangement. Equity instruments are those that entitle the holder to a residual interest in the Company's assets after deducting all of its liabilities.

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

3	Staff numbers

The average number of persons employed by the company (including the director) in the year, was 35 (2015 - 35).

Page 5

Harewood Kingston Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

4	Intangible assets

	Goodwill  £	Total £
Cost
At 1 January 2016	42,747	42,747
At 31 December 2016	42,747	42,747
Amortisation
At 1 January 2016	18,488	18,488
Amortisation charge	4,275	4,275
At 31 December 2016	22,763	22,763
Carrying amount
At 31 December 2016	19,984	19,984
At 31 December 2015	24,259	24,259

5	Tangible assets

	Fixtures, fittings and equipment £	Total £
Cost or valuation
At 1 January 2016	56,896	56,896
At 31 December 2016	56,896	56,896
Depreciation
At 1 January 2016	28,448	28,448
Charge for the year	14,224	14,224
At 31 December 2016	42,672	42,672
Carrying amount
At 31 December 2016	14,224	14,224
At 31 December 2015	28,448	28,448

6

Stocks

	2016 £	2015 £
Other inventories	16,463	19,452

Page 6

Harewood Kingston Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

7

Debtors

	2016 £	2015 £
Amounts owed by group undertakings	250,000	280,000
Other debtors	1	1
Prepayments	67,235	41,035
	317,236	321,036

8

Creditors

Creditors: amounts falling due within one year

	2016 £	2015 £
Due within one year
Trade creditors	155,387	215,629
Amounts owed to group undertakings	45,000	-
Taxation and social security	58,831	58,889
Other creditors	-	1,129
Accrued expenses	17,963	4,761
	277,181	280,408

9	Share capital

Allotted, called up and fully paid shares

	2016		2015
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1	1

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Harewood Kingston Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

10	Related party transactions

Summary of transactions with parent

Mindfulglance Limited
(Parent)
 At the balance sheet date, the company was owed £250,000 (2016 - £250,000) by its parent coampany, Mindfulglance ltd. The loan is interest free and repayable on demand.
 

Summary of transactions with other related parties

Latenight Bars Limited
(Under common Control)
 During the year, the company was charged a management fee of £75,000 by (2016 - £30,000 charged to) Latenight Bars Limited. At the balance sheet date, the amount due from Latenight Bars Limited was £45,000 (2016 - £30,000 owed to).
 

11	Parent and ultimate parent undertaking

The company's immediate parent is Mindfulglance Limited, incorporated in England and Wales.

 The ultimate parent is Fresh Evening Limited, incorporated in England and Wales.

The address of its parent company's and ultimate parent company's registered office is 2 Kings Road, Harrogate. North Yorkshire. HG1 1BT.

The ultimate controlling party is P Kinsey by virtue of his majority holding of the share capital in Mindfulglance Limited.

12	Transition to FRS 102

This is the first year that the Company has presented its results under FRS 102. In view of this, the financial statements for the prior year are also required to be adjusted to an FRS 102 basis and accordingly the Company is now presenting financial statements that include comparative figures to be prepared in accordance with FRS 102. The date of transition to FRS 102 is 1st January 2015. There were no material amendments arising from the adoption of FRS 102.

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