REGISTERED NUMBER: 00807091 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES |
REGISTERED NUMBER: 00807091 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 15 |
Company Statement of Changes in Equity | 16 |
Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Financial Statements | 20 |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditor |
3 Durrant Road |
Bournemouth |
Dorset |
BH2 6NE |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The directors present their strategic report of the company and the group for the year ended 31 December 2022. |
The directors review the performance of the group of manufacturing companies on a regular basis. |
REVIEW OF BUSINESS |
The Harmon Group continues to provide high quality engineering services to the Aerospace and associated industries. |
The Group of Companies this year have continued to service the industries to the highest levels expected from our client base. |
After the slow years of 2020 and 2021, 2022 started well, but was also a struggle, materials and other impacts in the industry made it hard to get going, but the upturn in business was good for the year end. |
We can see 2023 starting off well, and we believe by the end of 2023 we should be starting to get back to the operating levels of 2019. This brings a positive look on growing the business in 2023. |
We have had very good feedback on our expansion into new areas, with some customers keen on moving forward on the new processes we can now offer the industry, which we will actively pursue in 2023. |
Whilst completing this we have maintained all our key KPIs in terms of Quality and Delivery above our |
target:- |
On time Delivery - Target 95% - Actual 97.5 |
Quality - Target 95% - Actual 98.6 |
The Harmon Group of Companies recognises it has been a challenging 2022 to follow on from the challenging 2021, and we feel 2023 will hold its own challenges. But we will come through it and continue to build a strong order book and a positive outlook into 2023, with hopes of more investment. |
As a Group, we will endeavour to recover the order intake in line with 2019 levels and maybe even further. |
The Group continues to recognise the benefit of training given to staff members which will ensure future improvements in profitability. |
High levels of accreditation within the Aerospace industry have been maintained. |
We also added a new rail accreditation in March 2023. |
The group is currently operating with the support of its bankers and asset finance providers. |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
PRINCIPAL RISKS AND UNCERTAINTIES |
After careful consideration, the directors have not identified any material exposure to financial risk. However in common with many groups of similar size, it is reliant on the continued support of its bankers and creditors. |
The directors recognise that a major risk to the continued success of the group would arise from an adverse report from the Health and Safety Executive and the management team continue to ensure compliance with current appropriate standards. |
ON BEHALF OF THE BOARD: |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2022. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2022. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
AUDITORS |
The auditors, Carter & Coley Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES |
Opinion |
We have audited the financial statements of Harmon (Form Tools) Limited and its subsidiaries (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2022 and of the group's loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our audit testing included testing complete populations of certain transactions and balances, and using data auditing techniques. |
Our audit procedures comprise investigating a limited number of items for testing, rather than testing complete populations. |
We based our audit samples following a comprehensive audit plan after reviewing the accounts and discussing them with the directors. The level of testing will then be based on our observations of controls and responses with the work targeting particular items for testing based on their size or risk characteristics. |
In other cases, we used audit sampling to enable us to draw a conclusion about the population from which the sample is selected. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Statutory Auditor |
3 Durrant Road |
Bournemouth |
Dorset |
BH2 6NE |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
TURNOVER | 6,330,220 | 6,226,527 |
Cost of sales | 3,975,750 | 4,151,695 |
GROSS PROFIT | 2,354,470 | 2,074,832 |
Administrative expenses | 2,392,203 | 2,449,762 |
(37,733 | ) | (374,930 | ) |
Other operating income | 42,855 | 441,080 |
OPERATING PROFIT | 4 | 5,122 | 66,150 |
Interest receivable and similar income | 17 | 63 |
5,139 | 66,213 |
Interest payable and similar expenses | 5 | 130,279 | 90,624 |
LOSS BEFORE TAXATION | (125,140 | ) | (24,411 | ) |
Tax on loss | 6 | 26,950 | (3,606 | ) |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Loss attributable to: |
Owners of the parent | (152,090 | ) | (20,805 | ) |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
LOSS FOR THE YEAR | (152,090 | ) | (20,805 | ) |
OTHER COMPREHENSIVE INCOME |
Revaluation of freehold property | 616,878 | - |
Income tax relating to other comprehensive income |
(115,565 |
) |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
501,313 |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
349,223 |
(20,805 |
) |
Total comprehensive income attributable to: |
Owners of the parent | 349,223 | (20,805 | ) |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | (26,910 | ) | (26,910 | ) |
Tangible assets | 9 | 4,373,520 | 3,896,684 |
Investments | 10 | - | - |
4,346,610 | 3,869,774 |
CURRENT ASSETS |
Stocks | 11 | 1,002,773 | 793,203 |
Debtors | 12 | 2,118,564 | 2,042,182 |
Cash at bank and in hand | 185 | 37,224 |
3,121,522 | 2,872,609 |
CREDITORS |
Amounts falling due within one year | 13 | 2,589,385 | 2,122,206 |
NET CURRENT ASSETS | 532,137 | 750,403 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
4,878,747 |
4,620,177 |
CREDITORS |
Amounts falling due after more than one year |
14 |
(742,379 |
) |
(975,548 |
) |
PROVISIONS FOR LIABILITIES | 18 | (389,147 | ) | (246,631 | ) |
NET ASSETS | 3,747,221 | 3,397,998 |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
CONSOLIDATED BALANCE SHEET - continued |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 19 | 150,000 | 150,000 |
Retained earnings | 20 | 3,597,221 | 3,247,998 |
SHAREHOLDERS' FUNDS | 3,747,221 | 3,397,998 |
The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2023 and were signed on its behalf by: |
D Harmon - Director |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
COMPANY BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
COMPANY BALANCE SHEET - continued |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year |
(60,555 |
) |
94,247 |
The financial statements were approved by the Board of Directors and authorised for issue on |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2021 | 150,000 | 3,268,803 | 3,418,803 |
Changes in equity |
Total comprehensive income | - | (20,805 | ) | (20,805 | ) |
Balance at 31 December 2021 | 150,000 | 3,247,998 | 3,397,998 |
Changes in equity |
Total comprehensive income | - | 349,223 | 349,223 |
Balance at 31 December 2022 | 150,000 | 3,597,221 | 3,747,221 |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2022 |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 226,809 | 255,037 |
Interest paid | (118,354 | ) | (69,911 | ) |
Interest element of hire purchase payments paid |
(11,925 |
) |
(20,713 |
) |
Net cash from operating activities | 96,530 | 164,413 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (114,177 | ) | (250,586 | ) |
Sale of tangible fixed assets | 10,700 | 25,212 |
Interest received | 17 | 63 |
Net cash from investing activities | (103,460 | ) | (225,311 | ) |
Cash flows from financing activities |
Loan repayments in year | (53,307 | ) | 147,044 |
Capital repayments in year | (133,947 | ) | (171,992 | ) |
Amount withdrawn by directors | - | (6,800 | ) |
Net cash from financing activities | (187,254 | ) | (31,748 | ) |
Decrease in cash and cash equivalents | (194,184 | ) | (92,646 | ) |
Cash and cash equivalents at beginning of year |
2 |
37,224 |
129,870 |
Cash and cash equivalents at end of year | 2 | (156,960 | ) | 37,224 |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2022 | 2021 |
£ | £ |
Loss before taxation | (125,140 | ) | (24,411 | ) |
Depreciation charges | 254,219 | 244,394 |
Profit on disposal of fixed assets | (10,700 | ) | (942 | ) |
Amounts recoverable under contract | (66,523 | ) | (29,602 | ) |
Finance costs | 130,279 | 90,624 |
Finance income | (17 | ) | (63 | ) |
182,118 | 280,000 |
Increase in stocks | (209,570 | ) | (31,434 | ) |
(Increase)/decrease in trade and other debtors | (9,858 | ) | 79,893 |
Increase/(decrease) in trade and other creditors | 264,119 | (73,422 | ) |
Cash generated from operations | 226,809 | 255,037 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2022 |
31/12/22 | 1/1/22 |
£ | £ |
Cash and cash equivalents | 185 | 37,224 |
Bank overdrafts | (157,145 | ) | - |
(156,960 | ) | 37,224 |
Year ended 31 December 2021 |
31/12/21 | 1/1/21 |
£ | £ |
Cash and cash equivalents | 37,224 | 129,870 |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/1/22 | Cash flow | At 31/12/22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 37,224 | (37,039 | ) | 185 |
Bank overdrafts | - | (157,145 | ) | (157,145 | ) |
37,224 | (194,184 | ) | (156,960 | ) |
Debt |
Finance leases | (355,403 | ) | 133,947 | (221,456 | ) |
Debts falling due within 1 year | (158,972 | ) | (51,298 | ) | (210,270 | ) |
Debts falling due after 1 year | (737,419 | ) | 104,605 | (632,814 | ) |
(1,251,794 | ) | 187,254 | (1,064,540 | ) |
Total | (1,214,570 | ) | (6,930 | ) | (1,221,500 | ) |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Harmon (Form Tools) Limited and its subsidiaries is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis. This assumes that the existing bank borrowing and invoice financing facilities will be renewed when the current facilities expire or be replaced by alternative lenders. |
The directors are confident that the group will continue as a going concern. |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Basis of consolidation |
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of the business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent considerations after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for the final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at at cost less impairment. |
Deferred tax is recognised on differences between the value of the assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill. |
The consolidated financial statements incorporate those of Harmon (Form Tools) Limited and all its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. |
All the financial statements are made up to 31st December 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring accounting policies used into line with those used by other members of the group. |
All intra-group transactions, balances and unrealized gains on transactions between group companies are eliminated on consolidation. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. In the group financial statements, joint ventures are accounted for using the equity method. |
Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates. In the group financial statements, associates are accounted for using the equity method. |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
The turnover shown in the profit and loss account represents amounts earned during the year, exclusive of Value Added Tax. |
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. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£ | £ |
Wages and salaries | 2,965,181 | 2,864,463 |
Social security costs | 307,632 | 288,766 |
Other pension costs | 59,756 | 90,224 |
3,332,569 | 3,243,453 |
The average number of employees during the year was as follows: |
2022 | 2021 |
Directors | 5 | 5 |
Office | 6 | 3 |
Production | 85 | 118 |
The average number of employees by undertakings that were proportionately consolidated during the year was 90 (2021 - 120 ) . |
The directors have identified five members of staff as key management. Their salaries for the year within the group total £ 241,715 (2021 - £238,594). |
2022 | 2021 |
£ | £ |
Directors' remuneration | 79,000 | 178,261 |
Directors' pension contributions to money purchase schemes | 2,370 | 3,262 |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
3. | EMPLOYEES AND DIRECTORS - continued |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2022 | 2021 |
£ | £ |
Hire of plant and machinery | 31,091 | 25,943 |
Other operating leases | 149,685 | 174,000 |
Depreciation - owned assets | 254,219 | 231,577 |
Depreciation - assets on hire purchase contracts | - | 12,817 |
Profit on disposal of fixed assets | (10,700 | ) | (942 | ) |
Auditors' remuneration | 34,705 | 37,600 |
Auditors' remuneration for non audit work | 1,059 | 10,911 |
Foreign exchange differences | 3,205 | 333 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2022 | 2021 |
£ | £ |
Bank interest | 56,646 | 18,454 |
Interest on late tax | 21,009 | - |
Factor loan interest | 40,699 | 51,457 |
Hire purchase | 11,925 | 20,713 |
130,279 | 90,624 |
6. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the loss for the year was as follows: |
2022 | 2021 |
£ | £ |
Deferred tax | 26,950 | (3,606 | ) |
Tax on loss | 26,950 | (3,606 | ) |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
6. | TAXATION - continued |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2022 | 2021 |
£ | £ |
Loss before tax | (125,140 | ) | (24,411 | ) |
Loss multiplied by the standard rate of corporation tax in the UK of 19 % (2021 - 19 %) |
(23,777 |
) |
(4,638 |
) |
Effects of: |
Due to change in rates | 50,727 | 1,032 |
Total tax charge/(credit) | 26,950 | (3,606 | ) |
Tax effects relating to effects of other comprehensive income |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of freehold property | 616,878 | (115,565 | ) | 501,313 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
8. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 | (26,910 | ) |
NET BOOK VALUE |
At 31 December 2022 | (26,910 | ) |
At 31 December 2021 | (26,910 | ) |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
9. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Short | Plant and | Motor |
property | leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2022 | 2,200,418 | 364,111 | 5,731,474 | 116,253 | 8,412,256 |
Additions | 5,300 | - | 108,877 | - | 114,177 |
Disposals | - | - | (10,700 | ) | - | (10,700 | ) |
Revaluations | 616,878 | - | - | - | 616,878 |
At 31 December 2022 | 2,822,596 | 364,111 | 5,829,651 | 116,253 | 9,132,611 |
DEPRECIATION |
At 1 January 2022 | 391,176 | 51,952 | 3,995,630 | 76,814 | 4,515,572 |
Charge for year | 11,402 | 52,015 | 183,327 | 7,475 | 254,219 |
Eliminated on disposal | - | - | (10,700 | ) | - | (10,700 | ) |
At 31 December 2022 | 402,578 | 103,967 | 4,168,257 | 84,289 | 4,759,091 |
NET BOOK VALUE |
At 31 December 2022 | 2,420,018 | 260,144 | 1,661,394 | 31,964 | 4,373,520 |
At 31 December 2021 | 1,809,242 | 312,159 | 1,735,844 | 39,439 | 3,896,684 |
Included in cost or valuation of land and buildings is freehold land of £559,068 (2021 - £559,068) which is not depreciated. |
Cost or valuation at 31 December 2022 is represented by: |
Freehold | Short | Plant and | Motor |
property | leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2015 | 1,090,142 | - | - | - | 1,090,142 |
Valuation in 2022 | 616,878 | - | - | - | 616,878 |
Cost | 1,115,576 | 364,111 | 5,829,651 | 116,253 | 7,425,591 |
2,822,596 | 364,111 | 5,829,651 | 116,253 | 9,132,611 |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
9. | TANGIBLE FIXED ASSETS - continued |
Group |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2022 | 2021 |
£ | £ |
Cost | 1,106,740 | 1,106,740 |
Aggregate depreciation | 303,426 | 265,001 |
Value of land in freehold land and buildings | 559,068 | 559,068 |
Freehold land and buildings were valued on an open market value basis on 23 November 2022 by Goadsby, Chartered Surveyors . |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2022 |
and 31 December 2022 | 638,144 | 23,995 | 662,139 |
DEPRECIATION |
At 1 January 2022 |
and 31 December 2022 | 122,319 | 9,598 | 131,917 |
NET BOOK VALUE |
At 31 December 2022 | 515,825 | 14,397 | 530,222 |
At 31 December 2021 | 515,825 | 14,397 | 530,222 |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
9. | TANGIBLE FIXED ASSETS - continued |
Company |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2022 |
Additions |
Disposals | ( |
) | ( |
) |
Revaluations |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Included in cost or valuation of land and buildings is freehold land of £ 559,068 (2021 - £ 559,068 ) which is not depreciated. |
Cost or valuation at 31 December 2022 is represented by: |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 2015 | 1,090,142 | - | - | 1,090,142 |
Valuation in 2022 | 616,878 | - | - | 616,878 |
Cost | 1,115,576 | 5,796,232 | 116,253 | 7,028,061 |
2,822,596 | 5,796,232 | 116,253 | 8,735,081 |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
9. | TANGIBLE FIXED ASSETS - continued |
Company |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2022 | 2021 |
£ | £ |
Cost | 1,106,740 | 1,106,740 |
Aggregate depreciation | 303,426 | 292,024 |
Value of land in freehold land and buildings | 559,068 | 559,068 |
Freehold land and buildings were valued on an open market value basis on 23 November 2022 by Goadsby, Chartered Surveyors . |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2022 |
and 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 3 Durrant Road, Bournemouth, Dorset, BH2 6NE |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
Registered office: 3 Durrant Road, Bournemouth, Dorset, BH2 6NE |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
10. | FIXED ASSET INVESTMENTS - continued |
Registered office: 3 Durrant Road, Bournemouth, Dorset, BH2 6NE |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Registered office: 3 Durrant Road, Bournemouth, Dorset, BH2 6NE |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Registered office: 3 Durrant Road, Bournemouth, Dorset, BH2 6NE |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
11. | STOCKS |
Group |
2022 | 2021 |
£ | £ |
Finished goods | 1,002,773 | 793,203 |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Trade debtors | 1,324,380 | 1,296,101 |
Amounts owed by group undertakings | - | - |
Amounts recoverable on contract | 777,556 | 711,033 |
VAT | - | - |
Prepayments and accrued income | 16,628 | 35,048 |
2,118,564 | 2,042,182 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 15) | 367,415 | 158,972 |
Hire purchase contracts (see note 16) | 111,891 | 138,274 |
Trade creditors | 828,247 | 531,798 |
Social security and other taxes | 72,954 | 102,743 |
VAT | 166,305 | 178,364 | - | 270 |
Other creditors | - | 53,307 |
Pension | 17,342 | 52,053 | 2,694 | - |
Factor loan | 942,840 | 798,897 | - | - |
Directors' current accounts | 6,413 | 6,413 | 6,413 | 6,413 |
Accruals and deferred income | 75,978 | 101,385 |
2,589,385 | 2,122,206 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Bank loans (see note 15) | 632,814 | 737,419 |
Hire purchase contracts (see note 16) | 109,565 | 217,129 |
Other creditors | - | 21,000 |
742,379 | 975,548 |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 157,145 | - |
Bank loans | 210,270 | 158,972 |
367,415 | 158,972 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 182,875 | 162,226 |
Amounts falling due between two and five | years: |
Bank loans | 241,968 | 322,693 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 207,971 | 252,500 | 207,971 | 252,500 |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2022 | 2021 |
£ | £ |
Gross obligations repayable: |
Within one year | 119,201 | 148,630 |
Between one and five years | 113,973 | 233,179 |
233,174 | 381,809 |
Finance charges repayable: |
Within one year | 7,310 | 10,356 |
Between one and five years | 4,408 | 16,050 |
11,718 | 26,406 |
Net obligations repayable: |
Within one year | 111,891 | 138,274 |
Between one and five years | 109,565 | 217,129 |
221,456 | 355,403 |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
16. | LEASING AGREEMENTS - continued |
Company |
Hire purchase contracts |
2022 | 2021 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Group |
Non-cancellable | operating leases |
2022 | 2021 |
£ | £ |
Within one year | 177,700 | 177,700 |
Between one and five years | 703,400 | 703,400 |
In more than five years | 72,500 | 72,500 |
953,600 | 953,600 |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
16. | LEASING AGREEMENTS - continued |
Company |
Non-cancellable | operating leases |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Bank overdrafts | 157,145 | - |
Bank loans | 843,084 | 896,391 |
Hire purchase contracts | 221,456 | 355,403 | 221,456 | 355,403 |
Factor account | 942,840 | 798,897 | - | - |
2,164,525 | 2,050,691 |
The loan is secured by a fixed and floating charge over the company's debtors. |
18. | PROVISIONS FOR LIABILITIES |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Deferred tax | 389,147 | 246,631 | 389,147 | 246,631 |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
18. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2022 | 246,631 |
Provided during year | 26,195 |
Freehold property revaluation | 115,565 |
In respect of change of rates | 756 |
Balance at 31 December 2022 | 389,147 |
Company |
Deferred |
tax |
£ |
Balance at 1 January 2022 |
Provided during year |
On revaluation | 115,565 |
In respect of change of rate | 756 |
Balance at 31 December 2022 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 150,000 | 150,000 |
20. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 January 2022 | 3,247,998 |
Deficit for the year | (152,090 | ) |
Transfer | 501,313 |
At 31 December 2022 | 3,597,221 |
HARMON (FORM TOOLS) LIMITED AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 00807091) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
20. | RESERVES - continued |
Company |
Retained |
earnings |
£ |
At 1 January 2022 |
Deficit for the year | ( |
) |
Transfer | 501,313 |
At 31 December 2022 |
Of the above, £1,473,614 (2021 £972,302) is non-distributable. |
21. | ULTIMATE CONTROLLING PARTY |
In the opinion of the directors no one person exercised overall control over the company in either the current or preceding year. |