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Unaudited Financial Statements |
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for the Year Ended 31 December 2017 |
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for |
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HARDING BROS (SHIPPING CONTRACTORS) |
LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 December 2017 |
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for |
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HARDING BROS (SHIPPING CONTRACTORS) |
LIMITED |
HARDING BROS (SHIPPING CONTRACTORS) |
LIMITED (REGISTERED NUMBER: 00550332) |
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Contents of the Financial Statements |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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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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Chartered Accountants' Report | 10 |
HARDING BROS (SHIPPING CONTRACTORS) |
LIMITED |
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Company Information |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Fairway House |
Links Business Park |
St Mellons |
Cardiff |
CF3 OLT |
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BANKERS: |
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49 Corn Street |
Bristol |
BS99 7PP |
HARDING BROS (SHIPPING CONTRACTORS) |
LIMITED (REGISTERED NUMBER: 00550332) |
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Balance Sheet |
31 DECEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Share premium | 11 |
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Revaluation reserve | 11 |
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Capital redemption reserve | 11 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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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. |
HARDING BROS (SHIPPING CONTRACTORS) |
LIMITED (REGISTERED NUMBER: 00550332) |
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Balance Sheet - continued |
31 DECEMBER 2017 |
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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 on
signed on its behalf by: |
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HARDING BROS (SHIPPING CONTRACTORS) |
LIMITED (REGISTERED NUMBER: 00550332) |
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Notes to the Financial Statements |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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1. | STATUTORY INFORMATION |
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Harding Bros (Shipping Contractors) Limited is a
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registered in England and Wales. The company's registered number and registered office |
address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Long leasehold | - |
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Plant and machinery | - |
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Included in plant and machinery are items of computer equipment which have been |
depreciated at 33% on cost, all other items of plant and machinery have been depreciated at |
25% reducing balance. |
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Consolidation |
The company's directors have taken advantage of s.479 of the Companies Act 2006 and not |
produced consolidated financial statements as the group falls within the definition of a small |
group as defined by s.479 of the same Act. |
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Deferred taxation |
Deferred taxation is provided for in full in respect of all timing differences that have |
originated, but are not reversed by the balance sheet date except for: revaluation gains and |
losses unless, by the balance sheet date, the company has entered into a binding |
agreement to sell the asset and has revalued the asset to the selling price; and taxable gains |
arising on revaluations or sales if it is more likely than not that the gain will be rolled over into |
a replacement asset. |
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Deferred tax assets are recognised where it is considered more likely than not that future |
profits will be available for offset. |
HARDING BROS (SHIPPING CONTRACTORS) |
LIMITED (REGISTERED NUMBER: 00550332) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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3. | ACCOUNTING POLICIES - continued |
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Revaluation of properties |
Leasehold properties are carried at their open market value. A full valuation is undertaken |
every five years by a firm of independent valuers with an interim valuation in year three. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2016 - 4 ). |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2017 |
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Disposals | ( |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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A lease was entered into in 1973 for a 99 year duration. At the balance sheet date there was |
57 years remaining. |
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During 2013 a further leasehold property was acquired under a 1,000 year lease |
commencing in 1992. At the balance sheet date there was 976 years remaining. |
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During 2015 another leasehold property was acquired under a 999 year lease commencing |
in 2009. At the balance sheet date there was 992 years remaining. |
HARDING BROS (SHIPPING CONTRACTORS) |
LIMITED (REGISTERED NUMBER: 00550332) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Cost or valuation at 31 December 2017 is represented by: |
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Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
Valuation in 1999 | 653,673 | - | - | 653,673 |
Valuation in 2005 | 275,000 | - | - | 275,000 |
Cost | 719,317 | 80,611 | 3,160 | 803,088 |
1,647,990 | 80,611 | 3,160 | 1,731,761 |
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If Leasehold land and buildings had not been revalued they would have been included at the |
following historical cost: |
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2017 | 2016 |
£ | £ |
Cost | 719,317 | 719,317 |
Aggregate depreciation | (116,990 | ) | (116,990 | ) |
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Value of land in freehold land and buildings | 140,086 | 140,086 |
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The warehouse property was last valued at 31st December 2005 by DTZ Debenham Tie |
Leung. Since that time the property has been subject to improvement and high levels of |
maintenance by both the Company and the long term tenant. The tenant signed a 10 year |
lease agreement in May 2010. Having reviewed the basis of the most recent valuation, the |
rent currently payable by the tenant and the term of the current lease on the premises, it is |
the opinion of the directors that the current carrying value is a fair estimate of the open |
market value of the property and that the costs of performing a full revaluation of the |
property would be disproportionate to the benefit that would be obtained |
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During 2013 the company acquired a further leasehold property under a lease of 1,000 years |
commencing in 1992. The directors consider the value of this property to be equal to its |
acquisition cost. |
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During 2015 the company acquired a further leasehold property under a lease of 999 years |
commencing in 2009. The directors consider the value of this property to be equal to its |
acquisition cost. |
HARDING BROS (SHIPPING CONTRACTORS) |
LIMITED (REGISTERED NUMBER: 00550332) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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6. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 January 2017 |
and 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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The company's investments at the Balance Sheet date in the share capital of companies |
include the following: |
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Registered office: |
Nature of business:
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Class of shares: | holding |
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2017 | 2016 |
£ | £ |
Aggregate capital and reserves | ( |
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In 1999 it was recognised that the above investment had no value and as such provision was |
made to bring the carrying value to nil. |
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Registered office: |
Nature of business:
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% |
Class of shares: | holding |
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2017 | 2016 |
£ | £ |
Aggregate capital and reserves |
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Profit/(loss) for the year |
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( |
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HARDING BROS (SHIPPING CONTRACTORS) |
LIMITED (REGISTERED NUMBER: 00550332) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Deferred tax asset |
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Prepayments |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 8,572 | 4,694 |
Other creditors |
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Amount due to related parties | 10,875 | 10,875 |
Accrued expenses |
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The directors current accounts are interest free and repayable on demand. |
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9. | DEFERRED TAX |
£ |
Balance at 1 January 2017 | ( |
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Movement for the year | 102 |
Balance at 31 December 2017 | ( |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary A shares | £1 | 4,056 | 4,056 |
HARDING BROS (SHIPPING CONTRACTORS) |
LIMITED (REGISTERED NUMBER: 00550332) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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11. | RESERVES |
Capital |
Retained | Share | Revaluation | redemption |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
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At 1 January 2017 |
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1,670,103 |
Profit for the year |
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At 31 December 2017 |
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1,699,297 |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The directors have rights accruing under a company pension scheme. |
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During the year the company traded with its subsidiary company and companies in which the |
directors have a material interest as follows; |
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(a) Mr N G Harding and Mr D J Harding are directors in Harding Brothers (Shipping Bond) |
Limited a dormant company. At 31 December 2017 an amount of £10,875 (2016 - £10,875) |
was due to that company. |
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(b) Mr N G Harding is also a director of Harding Brothers Retail Limited. During the year |
Harding Brothers (Shipping Contractors) Limited recharged goods and services to them. As |
at 31 December 2017 Harding Brothers Retail Limited owed the company £32,631 (2016 - |
£32,631) this is included within trade debtors. Similarly, at 31 December 2017 an amount of |
£nil (2016 - £13,710) is due to Harding Brothers Retail Limited, this amount is included in |
Trade Creditors. |
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(c) Mr D J Harding is also a director of Harding Marine Services Limited. During the year |
Harding Brothers (Shipping Contractors) Limited recharged goods and services to them. As |
at 31 December 2017 Harding Marine Services Limited owed the company £nil (2016 - |
£19,004) this is included within trade debtors. |
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13. | ULTIMATE CONTROLLING PARTY |
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Mr D J Harding a director, controlled the company by virtue of an interest of 45% of the |
issued ordinary voting share capital in the company |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Harding Bros (Shipping Contractors) |
Limited |
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The following reproduces the text of the report prepared for the directors in respect of the |
company's annual unaudited financial statements. In accordance with the Companies Act |
2006, the company is only required to file a Balance Sheet. Readers are cautioned that the |
Income Statement and certain other primary statements and the Report of the Directors are |
not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for |
your approval the financial statements of Harding Bros (Shipping Contractors) Limited for the year |
ended 31 December 2017 which comprise the Income Statement, Balance Sheet and the related |
notes from the company's accounting records and from information and explanations you have |
given us. |
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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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Harding Bros (Shipping Contractors) 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 Harding Bros (Shipping Contractors) Limited and state those matters that we have agreed to state to the Board of Directors of Harding Bros (Shipping Contractors) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Harding Bros (Shipping Contractors) Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Harding Bros (Shipping Contractors) 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 Harding Bros (Shipping Contractors) Limited. You consider that Harding Bros (Shipping Contractors) Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Harding Bros (Shipping Contractors) 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. |
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Fairway House |
Links Business Park |
St Mellons |
Cardiff |
CF3 OLT |
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