Harewood Kingston Limited - Period Ending 2017-12-31

Registration number: 07387483

Harewood Kingston Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

Harewood Kingston Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 7

Harewood Kingston Limited

Company Information

Director

Mr 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 2017

	Note	2017 £	2016 £
Fixed assets
Intangible assets	4	15,709	19,984
Tangible assets	5	200,000	14,224
		215,709	34,208
Current assets
Stocks	6	23,345	16,463
Debtors	7	69,533	317,236
Cash at bank and in hand		7,000	8,000
		99,878	341,699
Creditors: Amounts falling due within one year	8	(280,760)	(277,181)
Net current (liabilities)/assets		(180,882)	64,518
Net assets		34,827	98,726
Capital and reserves
Called up and fully paid share capital		1	1
Profit and loss account		34,826	98,725
Total equity		34,827	98,726

For the financial year ending 31 December 2017 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the profit and loss account has been taken.

Approved and authorised by the director on 21 December 2018
 

......................................... Mr P Kinsey Director

The notes on pages 3 to 7 form an integral part of these financial statements.

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Harewood Kingston Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

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.

Group accounts not prepared

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

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 current 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 is 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:

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Harewood Kingston Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

2	Accounting policies (continued)

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

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. 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 and preference shares, which are measured at fair value provided that this can be measured reliably. 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 30 (2016 - 35).

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Harewood Kingston Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

4	Intangible assets

	Goodwill  £	Total £
Cost
At 1 January 2017	42,747	42,747
At 31 December 2017	42,747	42,747
Amortisation
At 1 January 2017	22,763	22,763
Amortisation charge	4,275	4,275
At 31 December 2017	27,038	27,038
Carrying amount
At 31 December 2017	15,709	15,709
At 31 December 2016	19,984	19,984

5	Tangible assets

	Fixtures, fittings and equipment £	Total £
Cost or valuation
At 1 January 2017	56,896	56,896
Additions	250,000	250,000
At 31 December 2017	306,896	306,896
Depreciation
At 1 January 2017	42,672	42,672
Charge for the year	64,224	64,224
At 31 December 2017	106,896	106,896
Carrying amount
At 31 December 2017	200,000	200,000
At 31 December 2016	14,224	14,224

6

Stocks

	2017 £	2016 £
Other inventories	23,345	16,463

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Harewood Kingston Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

7

Debtors

	2017 £	2016 £
Amounts owed by group undertakings	-	250,000
Other debtors	361	1
Prepayments	69,172	67,235
	69,533	317,236

8

Creditors

	2017 £	2016 £
Due within one year
Trade creditors	147,598	155,387
Amounts owed to group undertakings	46,912	45,000
Taxation and social security	43,368	58,831
Accrued expenses	42,882	17,963
	280,760	277,181

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Harewood Kingston Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

9	Related party transactions

Summary of transactions with parent

Mindfulglance Limited
(Parent)
 At the balance sheet date, the company was owed £Nil (2016 - £250,000) by its parent coampany, Mindfulglance ltd. The loan was 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 £125,000 (2016 - £75,000) by Latenight Bars Limited. At the balance sheet date, the amount due to Latenight Bars Limited was £46,912 (2017 - £45,000).
 

10	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.

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