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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
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HARNESS HANDITOUCH UK PRIVATE LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
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HARNESS HANDITOUCH UK PRIVATE LIMITED |
HARNESS HANDITOUCH UK PRIVATE LIMITED (REGISTERED NUMBER: 09192382) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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HARNESS HANDITOUCH UK PRIVATE LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 March 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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46 Queen's Grove |
London |
NW8 6HH |
HARNESS HANDITOUCH UK PRIVATE LIMITED (REGISTERED NUMBER: 09192382) |
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BALANCE SHEET |
31 March 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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The directors acknowledge their 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. |
HARNESS HANDITOUCH UK PRIVATE LIMITED (REGISTERED NUMBER: 09192382) |
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BALANCE SHEET - continued |
31 March 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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HARNESS HANDITOUCH UK PRIVATE LIMITED (REGISTERED NUMBER: 09192382) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2021 |
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1. | STATUTORY INFORMATION |
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Harness Handitouch Uk Private Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Goodwill |
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. |
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Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years. |
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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. |
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Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. |
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Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date. |
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Amortisation |
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Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: |
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Goodwill - 20% straight line |
Intellectual Property - 20% straight line |
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. The amortisation charge for intangible assets is included in cost of sales. |
HARNESS HANDITOUCH UK PRIVATE LIMITED (REGISTERED NUMBER: 09192382) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Computer equipment | - |
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Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
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Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
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Debt instruments are subsequently measured at amortised cost. |
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Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
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For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
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Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
HARNESS HANDITOUCH UK PRIVATE LIMITED (REGISTERED NUMBER: 09192382) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Going concern |
The financial statements have been prepared on the going concern basis. At the balance sheet date the company has net current liabilities of £454,000 (2020: £424,045). The directors are of the opinion that the shareholders of the company will support it, and provide adequate funding necessary to enable it to meet its obligations for the foreseeable future, being for period of at least twelve months from the date of the financial statements. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2020 - NIL). |
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4. | INTANGIBLE FIXED ASSETS |
Intellectual |
Goodwill | property | Totals |
£ | £ | £ |
COST |
At 1 April 2020 |
and 31 March 2021 |
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AMORTISATION |
At 1 April 2020 |
and 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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HARNESS HANDITOUCH UK PRIVATE LIMITED (REGISTERED NUMBER: 09192382) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2021 |
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5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
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COST |
At 1 April 2020 |
and 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Other creditors |
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Included in other creditors falling due after one year, is an amount of £121,373 (2020: £126,604) which is secured by a fixed and floating charge over the assets of the company. An annual facility fee of 12.5% is payable on the outstanding loan balance. The remaining £315,494 (2020: £294,021) is unsecured. Interest varies between Nil and 10% per annum on the outstanding loan balance. |
HARNESS HANDITOUCH UK PRIVATE LIMITED (REGISTERED NUMBER: 09192382) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2021 |
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9. | RELATED PARTY DISCLOSURES |
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At the year end the company had £173,151 (2020: £180,585) convertible debt outstanding with shareholders. Of this amount, £121,373 (2020: £126,604) is secured as detailed in note 9. |