Company Registration No. 03174819 (England and Wales)
HARRIER FLUID POWER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
PAGES FOR FILING WITH REGISTRAR
HARRIER FLUID POWER LIMITED
COMPANY INFORMATION
Directors
Mr S J Parsonage
Mr A G Cole
Secretary
Mr S J Parsonage
Company number
03174819
Registered office
Parys Road
Ludlow Business Park
Ludlow
Shropshire
SY8 1XY
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
HARRIER FLUID POWER LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
HARRIER FLUID POWER LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HARRIER FLUID POWER LIMITED FOR THE YEAR ENDED 31 MAY 2021
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Harrier Fluid Power Limited for the year ended 31 May 2021 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Harrier Fluid Power Limited, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Harrier Fluid Power Limited
and state those matters that we have agreed to state to the Board of Directors of Harrier Fluid Power Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Harrier Fluid Power Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Harrier Fluid Power Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of Harrier Fluid Power Limited. You consider that Harrier Fluid Power Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Harrier Fluid Power Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
30 November 2021
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
HARRIER FLUID POWER LIMITED
BALANCE SHEET
AS AT 31 MAY 2021
31 May 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,345,141
1,308,757
Investments
4
60,000
1,405,141
1,308,757
Current assets
Stocks
1,537,696
1,235,840
Debtors
5
1,062,882
760,955
Cash at bank and in hand
452,582
147,676
3,053,160
2,144,471
Creditors: amounts falling due within one year
6
(2,251,810)
(1,531,428)
Net current assets
801,350
613,043
Total assets less current liabilities
2,206,491
1,921,800
Creditors: amounts falling due after more than one year
7
(338,442)
(385,970)
Provisions for liabilities
9
(25,485)
(18,764)
Net assets
1,842,564
1,517,066
Capital and reserves
Called up share capital
10
1,000
1,000
Revaluation reserve
11
276,545
276,545
Profit and loss reserves
1,565,019
1,239,521
Total equity
1,842,564
1,517,066
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HARRIER FLUID POWER LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2021
31 May 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 30 November 2021 and are signed on its behalf by:
Mr S J Parsonage
Director
Company Registration No. 03174819
HARRIER FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
- 4 -
1
Accounting policies
Company information
Harrier Fluid Power Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Parys Road, Ludlow Business Park, Ludlow, Shropshire, SY8 1XY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business
, and
is shown net of VAT
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
Not provided
Plant and machinery
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on reducing balance
No depreciation is provided on freehold property. This treatment may be a departure from the requirements of Companies Act 2006 concerning depreciation of fixed assets, however, the company follows a program of regular refurbishment and maintenance of its properties, which includes the reinstatement of the fabric of the buildings where necessary in order to maintain them to a high standard. Accordingly, in the opinion of the directors, any element of depreciation would be immaterial and no provision has been made
.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
HARRIER FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
1
Accounting policies
(Continued)
- 5 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
HARRIER FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
1
Accounting policies
(Continued)
- 6 -
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the
profit and loss account
for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 31 (2020 - 32
).
3
Tangible fixed assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2020
1,210,000
69,443
250,394
22,790
1,552,627
Additions
6,371
75,064
81,435
At 31 May 2021
1,210,000
75,814
325,458
22,790
1,634,062
Depreciation and impairment
At 1 June 2020
47,541
181,454
14,875
243,870
Depreciation charged in the year
7,069
36,003
1,979
45,051
At 31 May 2021
54,610
217,457
16,854
288,921
Carrying amount
At 31 May 2021
1,210,000
21,204
108,001
5,936
1,345,141
At 31 May 2020
1,210,000
21,902
68,940
7,915
1,308,757
HARRIER FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 7 -
4
Fixed asset investments
2021
2020
£
£
Investments
60,000
-
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 June 2020
-
Additions
60,000
At 31 May 2021
60,000
Carrying amount
At 31 May 2021
60,000
At 31 May 2020
-
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
793,728
440,165
Other debtors
269,154
320,790
1,062,882
760,955
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
69,503
54,956
Trade creditors
987,939
646,227
Taxation and social security
492,276
472,248
Other creditors
702,092
357,997
2,251,810
1,531,428
HARRIER FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 8 -
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
338,442
385,970
8
Secured debts
The following secured debts are included within creditors:
2021
2020
£
£
Bank overdrafts
4
Bank loans
407,945
440,922
Factoring account
657,334
318,066
1,065,279
758,992
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
All monies due or to become due from the company to the factoring company, Barclays Sales Finance, are secured against trade debtors.
9
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
25,485
18,764
10
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary of £1 each
1,000
1,000
1,000
1,000
11
Revaluation reserve
2021
2020
£
£
At the beginning of the year
276,545
239,710
Revaluation surplus arising in the year
36,835
At the end of the year
276,545
276,545
HARRIER FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 9 -
12
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Closing balance
£
£
Loan accounts
-
128,007
128,007
128,007
128,007
13
Ultimate controlling party
There is no ultimate controlling party.
2021-05-31
2020-06-01
false
30 November 2021
CCH Software
CCH Accounts Production 2021.300
No description of principal activity
Mr A G Cole
Mr A G Cole
Mr S J Parsonage
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