REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2022 |
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HARP WINDOWS (WATFORD) LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2022 |
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FOR |
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HARP WINDOWS (WATFORD) LIMITED |
HARP WINDOWS (WATFORD) LIMITED (REGISTERED NUMBER: 02411960) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 May 2022 |
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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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HARP WINDOWS (WATFORD) LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 May 2022 |
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DIRECTOR: |
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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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The Stile, Rowley Lane |
Arkley |
Hertfordshire |
EN5 3HS |
HARP WINDOWS (WATFORD) LIMITED (REGISTERED NUMBER: 02411960) |
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BALANCE SHEET |
31 May 2022 |
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31.5.22 | 31.5.21 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Prepayments and accrued income |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
HARP WINDOWS (WATFORD) LIMITED (REGISTERED NUMBER: 02411960) |
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BALANCE SHEET - continued |
31 May 2022 |
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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 director and authorised for issue on
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HARP WINDOWS (WATFORD) LIMITED (REGISTERED NUMBER: 02411960) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 May 2022 |
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1. | STATUTORY INFORMATION |
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Harp Windows (Watford) Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
Preparation of the financial statements requires management to make certain judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: |
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Work in progress: |
Consideration is given to the percentage of completion, related revenue and costs for contracts in progress at balance sheet date. Reliable estimation of the outcome requires reliable estimates of the stage of completion, future costs and collectability of billings. |
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Tangible assets depreciation: |
The depreciation rates are calculated according to the useful economic life that the directors believe to be appropriate based on the nature of the asset in operation. |
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Warranty provision: |
The company does not operate a warranty provision due to the low level of claim experience. The company continues to meet warranty claims out of the normal operating capacity of the business. |
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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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Short leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. |
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At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss. |
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HARP WINDOWS (WATFORD) LIMITED (REGISTERED NUMBER: 02411960) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2022 |
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2. | ACCOUNTING POLICIES - continued |
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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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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Leasing commitments |
Assets obtained under finance lease contracts are capitalised in the balance sheet and depreciated over their estimated useful lives. The interest element of these obligation is charged to the profit and loss account over the relevant period. Rentals paid under operating leases are charged to the profit and loss account as incurred. |
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Going concern |
During early 2020 the international community was impacted by the COVID pandemic which caused |
significant disruption to UK business and worldwide supply chain issues. In early 2022, the world economy was severely impacted by the outbreak of the Ukraine war. Accordingly, the director has assessed the risk that the company may not be a going concern with reference to its financial position and performance. |
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The director will continue to assess the impact of COVID and the Ukraine war on an ongoing basis as it is possible that market conditions in the company sector of operation may deteriorate along with the general complexion of the UK economy. |
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However, at the current date, the director has concluded that the company is able to continue to meet all of its obligations without recourse to additional third party capital and accordingly the going concern basis is appropriate for the preparation of the annual financial statements. |
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Work in progress |
Where the outcome of a construction contract can be estimated reliably, the director has recognised contract revenue and contract costs associated with the construction contract as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period. Reliable estimation of the outcome requires reliable estimates of the stage of completion, future costs and collectability of billings. |
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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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HARP WINDOWS (WATFORD) LIMITED (REGISTERED NUMBER: 02411960) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2022 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 June 2021 |
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Additions |
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At 31 May 2022 |
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DEPRECIATION |
At 1 June 2021 |
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Charge for year |
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At 31 May 2022 |
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NET BOOK VALUE |
At 31 May 2022 |
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At 31 May 2021 |
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Motor | Computer |
vehicles | equipment | Totals |
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COST |
At 1 June 2021 |
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Additions |
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At 31 May 2022 |
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DEPRECIATION |
At 1 June 2021 |
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Charge for year |
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At 31 May 2022 |
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NET BOOK VALUE |
At 31 May 2022 |
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At 31 May 2021 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.22 | 31.5.21 |
£ | £ |
Trade debtors |
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Other debtors |
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HARP WINDOWS (WATFORD) LIMITED (REGISTERED NUMBER: 02411960) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2022 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.22 | 31.5.21 |
£ | £ |
Bank loans and overdrafts (see note 8) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.5.22 | 31.5.21 |
£ | £ |
Bank loans (see note 8) |
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8. | LOANS |
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An analysis of the maturity of loans is given below: |
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31.5.22 | 31.5.21 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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Bank loan |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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9. | RELATED PARTY DISCLOSURES |
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The controlling shareholders of the company are Mr G K Hays and Mrs T Hays. |
The Company owed Mr & Mrs Hays £14,271 at the 31st May 2022. |