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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 March 2019 |
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Harpers Environmental Limited |
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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 March 2019 |
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for |
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Harpers Environmental Limited |
Harpers Environmental Limited (Registered number: 01866895) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Income Statement | 8 |
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Other Comprehensive Income | 9 |
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Balance Sheet | 10 |
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Statement of Changes in Equity | 11 |
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Cash Flow Statement | 12 |
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Notes to the Cash Flow Statement | 13 |
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Notes to the Financial Statements | 14 |
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Harpers Environmental Limited |
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Company Information |
for the Year Ended 31 March 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & Registered Auditors |
2nd Floor, Woodside House |
261 Low Lane |
Horsforth |
Leeds |
West Yorkshire |
LS18 5NY |
Harpers Environmental Limited (Registered number: 01866895) |
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Strategic Report |
for the Year Ended 31 March 2019 |
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The directors present their strategic report for the year ended 31 March 2019. |
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REVIEW OF BUSINESS |
The directors aim to present a balanced and comprehensive review of the development and performance of |
the business during the year and its position at the year end. Their review is consistent with the size and |
complexity of the business and is written in the context of the risk and uncertainties they face. |
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The operating profit before exceptional items of £392,770 (2018: operating profit of £1,109,016) and an |
operating profit after exceptional items of £392,770 (2018: operating profit of £1,028,564). |
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The company continued to be awarded new decontamination work in the year and due to the company's hard |
work turnover has increased from £10,499,731 in 2018 to £11,284,807 in 2019. |
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Shareholders' funds have increased from £1,885,263 in 2018 to £2,371,712 in 2019. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties facing the company are: |
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Competitive risk: |
Harpers Environme ntal Limited has a wide and diversified customer base serving large and small businesses |
across many indus try sectors. Certain larger but lower margin contracts if lost would hinder the business in |
the short term bu t not affect it materially going forward. |
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Exposure to credit risk: |
Credit risk is tightly managed by the directors. Debtor dilution is monitored closely. Initial and ongoing |
credit limits are reviewed to reflect the customer debtor levels while taking into account payment history. |
Review at senior management level is regularly undertaken. |
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Liquidity risk: |
Cash flow is managed closely with regular revenue and cash collection forecasting supported by senior |
management undertaki ng weekly business and sales updates. Supplier exposure is managed to ensure all |
obligations are met on a timely basis. |
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Going concern: |
Since the year end the company has continued to gain new contracts and to grow the business. The company |
has invested in new machinery, vehicles, systems and senior staff. As a result of this increased expenditure |
trading profits have decreased since the year end, though the management team has implemented a number |
of strategies and checks to ensure cost control remains robust. The company has also employed a financial |
controller with relevant industry experience. |
After reviewing the company's forecasts and projections, the directors are confident that the company has |
adequate resources to continue in operational existence for the foreseeable future. |
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ON BEHALF OF THE BOARD: |
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Harpers Environmental Limited (Registered number: 01866895) |
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Report of the Directors |
for the Year Ended 31 March 2019 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2019. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of waste disposal and industrial |
services. |
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DIVIDENDS |
Total interim dividends of £3.379 per share were paid during the year. The directors recommend that no final |
dividend be paid on the shares. |
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The total distribution of dividends for the year ended 31 March 2019 will be £79,360. |
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FUTURE DEVELOPMENTS |
The directors remain optimistic about future developments and intend to continue to expand the company's |
operations and profits, whilst maintaining efficiencies within the company. The company continues to be |
awarded new decontamination work and to enter new markets through their knowledge and service. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2018 to the date of |
this report. |
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Other changes in directors holding office are as follows: |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial |
statements in accordance with applicable law and regulations. |
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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 of the profit or loss of the company for that period. In |
preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will continue in business. |
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Harpers Environmental Limited (Registered number: 01866895) |
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Report of the Directors |
for the Year Ended 31 March 2019 |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain |
the company's transactions and disclose with reasonable accuracy at any time the financial position of the |
company 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 hence for taking reasonable steps for the |
prevention and detection of fraud and other irregularities. |
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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 company's auditors are unaware, and each director has taken all the steps |
that he or she ought to have taken as a director in order to make himself or herself aware of any relevant |
audit information and to establish that the company's auditors are aware of that information. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Harpers Environmental Limited |
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Opinion |
We have audited the financial statements of Harpers Environmental Limited (the 'company') for the year |
ended 31 March 2019 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, |
Statement of Changes in Equity, Cash Flow Statement and Notes to the 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). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 March 2019 and of its profit for the
year then ended; |
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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. |
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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 |
company 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. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us |
to report to you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is
not appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may
cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in |
the Strategic Report and the Report of the Directors, but does not include the financial statements and our |
Report of the Auditors thereon. |
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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. |
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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 there is a material misstatement in the financial statements or a material misstatement of the other |
information. 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. |
Report of the Independent Auditors to the Members of |
Harpers Environmental Limited |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the 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 |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable
legal requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course |
of the audit, we have not identified material misstatements in the Strategic Report or the Report of the |
Directors. |
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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: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branches not visited by us; or |
- | the 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. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on pages three and 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. |
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In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease |
operations, or have no realistic alternative but to do so. |
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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. |
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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. |
Report of the Independent Auditors to the Members of |
Harpers Environmental Limited |
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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. |
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for and on behalf of
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Chartered Accountants & Registered Auditors |
2nd Floor, Woodside House |
261 Low Lane |
Horsforth |
Leeds |
West Yorkshire |
LS18 5NY |
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Harpers Environmental Limited (Registered number: 01866895) |
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Income Statement |
for the Year Ended 31 March 2019 |
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31.3.19 | 31.3.18 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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389,729 | 1,028,564 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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393,172 | 1,028,564 |
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Interest payable and similar expenses | 6 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 7 | ( |
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PROFIT FOR THE FINANCIAL
YEAR |
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Harpers Environmental Limited (Registered number: 01866895) |
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Other Comprehensive Income |
for the Year Ended 31 March 2019 |
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31.3.19 | 31.3.18 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR |
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Harpers Environmental Limited (Registered number: 01866895) |
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Balance Sheet |
31 March 2019 |
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31.3.19 | 31.3.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 | 3,506,852 | 3,571,742 |
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CURRENT ASSETS |
Stocks | 10 |
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Debtors | 11 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 12 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
13 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 16 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 17 |
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Share premium | 18 |
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Retained earnings | 18 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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Harpers Environmental Limited (Registered number: 01866895) |
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Statement of Changes in Equity |
for the Year Ended 31 March 2019 |
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Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
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Balance at 1 April 2017 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 March 2018 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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- |
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Balance at 31 March 2019 |
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Harpers Environmental Limited (Registered number: 01866895) |
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Cash Flow Statement |
for the Year Ended 31 March 2019 |
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31.3.19 | 31.3.18 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Interest element of hire purchase
payments paid |
( |
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( |
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Tax paid |
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( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
New hire purchase in year |
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Capital repayments in year | ( |
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Amount introduced by directors | 100,000 | 62,300 |
Amount withdrawn by directors | - | (2,500 | ) |
Equity dividends paid | ( |
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Net cash from financing activities | ( |
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(Decrease)/increase in cash and cash equivalents | ( |
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Cash and cash equivalents at
beginning of year |
2 |
323,922 |
1,859 |
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Cash and cash equivalents at end of
year |
2 |
255,754 |
323,922 |
Harpers Environmental Limited (Registered number: 01866895) |
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Notes to the Cash Flow Statement |
for the Year Ended 31 March 2019 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
31.3.19 | 31.3.18 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Profit on disposal of fixed assets | ( |
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Finance costs | 114,861 | 87,325 |
Finance income | (402 | ) | - |
1,100,762 | 1,752,398 |
Increase in stocks | ( |
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Increase in trade and other debtors | ( |
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Increase/(decrease) in trade and other creditors |
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( |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in |
respect of these Balance Sheet amounts: |
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Year ended 31 March 2019 |
31.3.19 | 1.4.18 |
£ | £ |
Cash and cash equivalents | 255,754 | 323,922 |
Year ended 31 March 2018 |
31.3.18 | 1.4.17 |
£ | £ |
Cash and cash equivalents | 323,922 | 1,859 |
Harpers Environmental Limited (Registered number: 01866895) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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Harpers Environmental Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are presented in Sterling (£). |
Going concern |
After reviewing the company's forecasts and projections, the directors are confident the company has |
adequate resources to continue in operational existence for the foreseeable future and with the support |
its shareholders. The company therefore continues to adopt the going concern basis in preparing its |
financial statements. |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and |
assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and |
the amounts reported for income and expenses during the year. However, the nature of estimation |
means that actual outcomes could differ from the estimates. |
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The following judgements (apart from those involving estimates) have had the most significant effect |
on amounts recognised in the financial statements: |
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Useful economic lives of tangible fixed assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful |
economic lives and residual values of the assets. The useful lives and residual values are re-assessed |
annually and are amended when necessary to reflect current estimates. No such amendments were |
deemed necessary during the year ended 31 March 2019. See note 9 for the carrying amount of fixed |
assets, and note 2 for the useful economic lives for each class of asset. |
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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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Revenue is recognised at the point when the service has been performed and when the risks are |
rewards are transferred to the customer. |
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Contracts, which are are not long term, are accounted for at the value of the work carried out each |
month. |
Harpers Environmental Limited (Registered number: 01866895) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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No depreciation has been provided in respect of freehold property as the directors consider their |
residual value to be approximate to cost, such that any depreciation charge would not be material. |
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Stock and work in progress |
Stocks and work in progress 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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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling |
costs in bringing stocks to their present location and condition. |
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Work in progress is valued on the basis of direct costs plus attributable overheads based on normal |
levels of activity. Provisions are made for any foreseeable losses where appropriate. no element of |
profit is included in the valuation of work in progress. |
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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. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Harpers Environmental Limited (Registered number: 01866895) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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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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Invoice financing |
The invoice financing creditor represents amounts received in respect of financed debts. There is full |
recourse to the company for losses on debts, and so the financial debts continue to be recognised on |
the balance sheet. Interest and other charges relating to invoice financing are recognised in the profit |
and loss account over the relevant period. |
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Financial instruments |
Financial liabilities and equity instrument are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences as a residual interest in |
the assets of the entity after deducting all of its financial liabilities. |
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Where the contractual obligations of financial instruments (including share capital) are equivalent to a |
similar debt instrument, those financial instruments are classed as financial liabilities. Financial |
liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to |
financial liabilities are included in the profit and loss account. Finance costs are calculated so as to |
produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a |
financial liability then this is classed as an equity instrument. Dividends and distribution relating to |
equity instruments are debited direct to equity. |
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3. | EMPLOYEES AND DIRECTORS |
31.3.19 | 31.3.18 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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Harpers Environmental Limited (Registered number: 01866895) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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3. | EMPLOYEES AND DIRECTORS - continued |
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The average number of employees during the year was as follows: |
31.3.19 | 31.3.18 |
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Operating staff | 73 | 65 |
Administrative staff | 33 | 26 |
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31.3.19 | 31.3.18 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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31.3.19 | 31.3.18 |
£ | £ |
Plant leasing charges |
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Other operating leases |
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Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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Profit on disposal of fixed assets | ( |
) | ( |
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Auditors' remuneration |
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Other non audit services |
|
|
|
5. | EXCEPTIONAL ITEMS |
31.3.19 | 31.3.18 |
£ | £ |
Exceptional items | - | (80,452 | ) |
|
The exceptional items relate to costs incurred due to the onerous contracts that were entered into in |
December 2015 and as disclosed in the previous year's financial statements. |
Harpers Environmental Limited (Registered number: 01866895) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
|
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.19 | 31.3.18 |
£ | £ |
Bank interest |
|
|
Hire purchase |
|
|
|
|
|
7. | TAXATION |
|
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the profit for the year was as follows: |
31.3.19 | 31.3.18 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
|
|
Deferred tax | ( |
) |
|
Tax on profit | ( |
) |
|
|
UK corporation tax has been charged at 19% . |
|
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The |
difference is explained below: |
|
31.3.19 | 31.3.18 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK
of |
|
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Depreciation in excess of capital allowances |
|
|
R&D tax credit | (215,852 | ) | - |
Surrender of tax losses for R&D tax credit refund | 33,460 | - |
Adjustment in respect of prior periods | (3,073 | ) | - |
Adjustments in respect of previous periods deferred tax | (162,650 | ) | - |
Deferred taxation changes | - | (18,852 | ) |
Brought forward losses utilised | - | (146,563 | ) |
Amounts relating to changes in tax rates | 1,642 | - |
Total tax (credit)/charge | (287,498 | ) | 16,756 |
Harpers Environmental Limited (Registered number: 01866895) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
|
8. | DIVIDENDS |
31.3.19 | 31.3.18 |
£ | £ |
Ordinary C shares of £1 each |
Interim | 79,360 | 87,357 |
|
9. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 April 2018 |
|
|
|
Additions |
|
|
|
Disposals |
|
|
( |
) |
At 31 March 2019 |
|
|
|
DEPRECIATION |
At 1 April 2018 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
|
( |
) |
At 31 March 2019 |
|
|
|
NET BOOK VALUE |
At 31 March 2019 |
|
|
|
At 31 March 2018 |
|
|
|
Harpers Environmental Limited (Registered number: 01866895) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
|
9. | TANGIBLE FIXED ASSETS - continued |
|
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2018 |
|
|
|
Additions |
|
|
|
Disposals |
|
( |
) | ( |
) |
At 31 March 2019 |
|
|
|
DEPRECIATION |
At 1 April 2018 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) |
At 31 March 2019 |
|
|
|
NET BOOK VALUE |
At 31 March 2019 |
|
|
|
At 31 March 2018 |
|
|
|
|
During the prior year, the company entered into a sale and leaseback arrangement in respect of certain |
assets of the company, and the funds advanced amounted to £650,000. The loan, which is repayable |
within 4 years, is included within obligations under hire purchase agreements and the note below. |
Harpers Environmental Limited (Registered number: 01866895) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
|
9. | TANGIBLE FIXED ASSETS - continued |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2018 |
|
|
|
Additions |
|
|
|
Transfer to ownership | - | (2,385,784 | ) | (2,385,784 | ) |
At 31 March 2019 |
|
|
|
DEPRECIATION |
At 1 April 2018 |
|
|
|
Charge for year |
|
|
|
Transfer to ownership | (79,812 | ) | (1,735,651 | ) | (1,815,463 | ) |
At 31 March 2019 |
|
|
|
NET BOOK VALUE |
At 31 March 2019 |
|
|
|
At 31 March 2018 |
|
|
|
|
10. | STOCKS |
31.3.19 | 31.3.18 |
£ | £ |
Stocks |
|
|
Work-in-progress |
|
|
|
|
|
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
Tax |
|
|
Prepayments and accrued income |
|
|
|
|
Harpers Environmental Limited (Registered number: 01866895) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
|
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Hire purchase contracts (see note 14) |
|
|
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
VAT | 249,668 | 237,606 |
Other creditors |
|
|
Invoice discounting | 979,537 | 856,214 |
Directors' current accounts | 153,920 | 53,920 |
Accrued expenses |
|
|
|
|
|
13. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Hire purchase contracts (see note 14) |
|
|
|
14. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase |
contracts |
31.3.19 | 31.3.18 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Non-cancellable |
operating leases |
31.3.19 | 31.3.18 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
Harpers Environmental Limited (Registered number: 01866895) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
|
15. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
31.3.19 | 31.3.18 |
£ | £ |
Hire purchase contracts | 1,763,066 | 2,109,919 |
Invoice factoring account | 979,537 | 856,214 |
|
|
|
The banking indebtedness is secured by a debenture over the assets and undertakings of Harpers |
Environmental Limited and a charge over the land and buildings. |
|
Hire purchase borrowings are secured against the assets to which they relate. |
|
16. | PROVISIONS FOR LIABILITIES |
31.3.19 | 31.3.18 |
£ | £ |
Deferred tax |
Accelerated capital allowances | ( |
) |
|
Deferred tax | 265,465 | 265,465 |
Prior year overprovision | (162,650 | ) | - |
88,857 | 265,465 |
|
Deferred |
tax |
£ |
Balance at 1 April 2018 |
|
Movement in the period | (13,958 | ) |
Adjustments for prior period | (162,650 | ) |
Balance at 31 March 2019 |
|
Harpers Environmental Limited (Registered number: 01866895) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
|
17. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
|
Number |
|
Class |
|
Nominal
Value |
|
31/3/2019 |
|
31/3/2018 |
|
36,905 | Ordinary A | £1 | 36,905 | 36,905 |
15,274 | Ordinary B | £1 | 15,274 | 15,274 |
23,485 | Ordinary C | £1 | 23,485 | 23,485 |
55 | Ordinary D | £1 | 55 | 55 |
75,719 | 75,719 |
|
|
18. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
|
At 1 April 2018 |
|
|
1,809,544 |
Profit for the year |
|
|
Dividends | ( |
) | ( |
) |
At 31 March 2019 |
|
|
2,295,993 |
|
19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to a director subsisted during the years ended 31 March 2019 and |
31 March 2018: |
|
31.3.19 | 31.3.18 |
£ | £ |
|
Balance outstanding at start of year | ( |
) |
|
Amounts advanced |
|
|
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
|
20. | RELATED PARTY DISCLOSURES |
|
|
31.3.19 | 31.3.18 |
£ | £ |
Rents paid | 16,959 | 16,959 |
Dividends paid | 79,360 | 87,357 |
Harpers Environmental Limited (Registered number: 01866895) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
|
|
|
During the year, a total of key management personnel compensation of £
|
|
21. | ULTIMATE CONTROLLING PARTY |
|
The company was under the control of N H Harper and J K Harper, two of the directors, throughout |
the current and previous year. |