Harcom Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01874869 (England and Wales)

HARCOM HOLDINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2018

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

1,865

2,232

Investments

5

102

102

Investment property

6

1,375,000

1,040,000

1,376,967

1,042,334

CURRENT ASSETS

Debtors

7

723,337

720,469

Cash at bank

377

1,529

723,714

721,998

CREDITORS

Amounts falling due within one year

8

535,970

548,622

NET CURRENT ASSETS

187,744

173,376

TOTAL ASSETS LESS CURRENT LIABILITIES

1,564,711

1,215,710

CREDITORS

Amounts falling due after more than one year

9

(511,184

)

(515,028

)

PROVISIONS FOR LIABILITIES

(357

)

(446

)

NET ASSETS

1,053,170

700,236

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Fair value reserve

11

883,296

548,296

Retained earnings

168,874

150,940

SHAREHOLDERS' FUNDS

1,053,170

700,236

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the director on 21 September 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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, 20% on cost and 15% 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.

This is in accordance with the FRSSE which, unlike the Companies Act 2006, does not require depreciation of

the investment properties. Investment properties are held for their investment potential and not for use by the

company and so their current value is of prime importance. The departure from the provisions of the Act is

required in order to give a true and fair view.

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 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2017

and 31 January 2018

15,984

DEPRECIATION

At 1 February 2017

13,752

Charge for year

367

At 31 January 2018

14,119

NET BOOK VALUE

At 31 January 2018

1,865

At 31 January 2017

2,232

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 February 2017

and 31 January 2018

102

NET BOOK VALUE

At 31 January 2018

102

At 31 January 2017

102

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2017

1,040,000

Revaluations

335,000

At 31 January 2018

1,375,000

NET BOOK VALUE

At 31 January 2018

1,375,000

At 31 January 2017

1,040,000

Investment property was valued on an open market value for existing use basis on 14 October 2013 by Brooks

Chartered Surveyors on behalf of HSBC Bank Plc. The director has assessed this valuation and revalued the

property accordingly to a valuation applicable at the balance sheet date.

The historical cost of investment property is £491,704

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/18

31/1/17

£

£

Trade debtors

396

3,216

Amounts owed by group undertakings

719,239

713,748

Other debtors

3,702

3,505

723,337

720,469

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/18

31/1/17

£

£

Bank loans and overdrafts

3,764

3,372

Trade creditors

17

-

Taxation and social security

9,296

10,706

Other creditors

522,893

534,544

535,970

548,622

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/1/18

31/1/17

£

£

Bank loans

511,184

515,028

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

500,000

500,000

Repayable by instalments

Bank loans more 5 yr by instal

11,184

15,028

10.	SECURED DEBTS

The following secured debts are included within creditors:

31/1/18

31/1/17

£

£

Bank loans

514,948

518,400

11.

RESERVES

Fair

value

reserve

£

At 1 February 2017

548,296

Revaluation reserve

335,000

At 31 January 2018

883,296

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the company advanced £23,060 to the director of the company.

13.	RELATED PARTY DISCLOSURES

During the year the company advanced £5,491 (2017 - £10,463) by way of a loan to Harcom Overseas Limited,

a subsidiary of the company. A debtor of £719,239 (2017 - £713,748) is outstanding at the year end.

14.	ULTIMATE CONTROLLING PARTY

The company was under the control of Mr M P Harris throughout the current and previous year.