HARWOOD FOODS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE FINAL PERIOD ENDED 31 MAY 2021
PAGES FOR FILING WITH REGISTRAR
Company Registration No. 02610645 (England and Wales)
HARWOOD FOODS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
HARWOOD FOODS LIMITED
STATEMENT OF FINANCIAL POSITION
- 1 -
2021
2019
Notes
£
£
£
£
Current assets
Trade and other receivables
4
460,000
541,500
Cash and cash equivalents
650
533
460,650
542,033
Current liabilities
5
(1,072,483)
(778,106)
Net current liabilities
(611,833)
(236,073)
Non-current liabilities
6
(332,500)
Net liabilities
(611,833)
(568,573)
Equity
Called up share capital
100
100
Retained earnings
(611,933)
(568,673)
Total equity
(611,833)
(568,573)
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial final period ended 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the final period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 11 June 2021
Mr L K C Battel
Director
Company Registration No. 02610645
HARWOOD FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINAL PERIOD ENDED 31 MAY 2021
- 2 -
1
Accounting policies
Company information
Harwood Foods Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
18 Hyde Gardens, Eastbourne, East Sussex, BN21 4PT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company meets its day to day working capital requirements through loans from associated companies, which have no fixed repayment date. The directors of these companies have agreed not to demand repayment of these loans within the foreseeable future. On the basis of this continuing support,
I
consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the loan facilities by the company’s associated undertakings.
In addition, at the date of this report, there exists considerable uncertainty regarding the potential impact of the Coronavirus and the economic consequences, both within the U.K. and overseas, which may result from government policies to contain the spread. The duration and geographical extent of any possible lockdown or future government policies are unknown. Whilst I am unable to predict what the economic consequences may be and the impact on the company’s future ability to continue trading, I
have continued to use the going concern basis as appropriate in the preparation of these accounts.
1.3
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
HARWOOD FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE FINAL PERIOD ENDED 31 MAY 2021
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
HARWOOD FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE FINAL PERIOD ENDED 31 MAY 2021
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the final period was:
2021
2019
Number
Number
Total
4
Trade and other receivables
2021
2019
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
460,000
541,500
5
Current liabilities
2021
2019
£
£
Amounts owed to group undertakings
14,029
13,055
Other payables
1,058,454
765,051
1,072,483
778,106
6
Non-current liabilities
2021
2019
£
£
Other payables
332,500
7
Parent company
The parent and ultimate parent company is Equcibus Holding BV BA, a company incorporated in Belgium.