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Unaudited Financial Statements |
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for the Year Ended 31 December 2020 |
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for |
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T. HARPER & SON LIMITED |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 December 2020 |
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for |
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T. HARPER & SON LIMITED |
T. HARPER & SON LIMITED (REGISTERED NUMBER: 00680129) |
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Contents of the Financial Statements |
for the year ended 31 December 2020 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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T. HARPER & SON LIMITED |
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Company Information |
for the year ended 31 December 2020 |
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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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Chartered Accountants |
Northside House |
69 Tweedy Road |
Bromley |
Kent |
BR1 3WA |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
T. Harper & Son 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 Statement of Comprehensive Income 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 T. Harper & Son Limited for the year ended 31 December 2020 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 T. Harper & Son 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 T. Harper & Son Limited and state those matters that we have agreed to state to the Board of Directors of T. Harper & Son 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 T. Harper & Son 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 T. Harper & Son 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 T. Harper & Son Limited. You consider that T. Harper & Son 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 T. Harper & Son 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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Chartered Accountants |
Northside House |
69 Tweedy Road |
Bromley |
Kent |
BR1 3WA |
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T. HARPER & SON LIMITED (REGISTERED NUMBER: 00680129) |
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Balance Sheet |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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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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Creditors |
Amounts falling due after more than one
year |
8 |
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Net assets |
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Capital and reserves |
Called up share capital | 11 |
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Retained earnings |
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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. |
T. HARPER & SON LIMITED (REGISTERED NUMBER: 00680129) |
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Balance Sheet - continued |
31 December 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income 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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T. HARPER & SON LIMITED (REGISTERED NUMBER: 00680129) |
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Notes to the Financial Statements |
for the year ended 31 December 2020 |
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1. | Statutory information |
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T. Harper & Son Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
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There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets. |
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There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of. |
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There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable. |
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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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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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Tangible fixed assets |
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Plant and machinery | - |
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T. HARPER & SON LIMITED (REGISTERED NUMBER: 00680129) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
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2. | Accounting policies - continued |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
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Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
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Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
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Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Departure from companies act |
The company does not depreciate freehold land & buildings. The directors are satisfied that the holding value of the property at the balance sheet date is at least equal to its ultimate residual value. |
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3. | Employees and directors |
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The average number of employees during the year was
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T. HARPER & SON LIMITED (REGISTERED NUMBER: 00680129) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
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4. | Tangible fixed assets |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
Cost |
At 1 January 2020 |
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Additions |
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At 31 December 2020 |
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Depreciation |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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Net book value |
At 31 December 2020 |
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At 31 December 2019 |
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5. | Stocks |
2020 | 2019 |
£ | £ |
Stocks |
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6. | Debtors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Trade debtors |
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VAT |
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Prepayments |
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7. | Creditors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts (see note 9) |
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Trade creditors |
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Social security and other taxes |
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VAT | - | 5,445 |
Credit card | 3,845 | 16,340 |
Accruals and deferred income |
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T. HARPER & SON LIMITED (REGISTERED NUMBER: 00680129) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
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8. | Creditors: amounts falling due after more than one year |
2020 | 2019 |
£ | £ |
Bank loans (see note 9) |
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Harpers of Pepperstock Ltd |
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Directors' loan accounts | 159,866 | 209,618 |
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9. | Loans |
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An analysis of the maturity of loans is given below: |
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2020 | 2019 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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10. | Secured debts |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Loan by parent company | 624,080 | 621,900 |
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The debt due to the parent company is secured by a floating charge over all of the property or undertaking of the company. |
T. HARPER & SON LIMITED (REGISTERED NUMBER: 00680129) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
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11. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 30,000 | 30,000 |
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Preference | £1 | - | - |
30,000 | 30,000 |