Harris Hill Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 March 2021
Company Registration No. 04112164 (England and Wales)
Harris Hill Limited
Company Information
Directors
A W Morris
J D Wellesley Wesley
Secretary
A W Morris
Company number
04112164
Registered office
1 - 2 Paris Gardens
London
SE1 8ND
Accountants
Moore Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
Harris Hill Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
Harris Hill Limited
Balance Sheet
As at 31 March 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
4
19,977
24,886
Tangible assets
5
6,189
21,376
26,166
46,262
Current assets
Debtors
6
1,537,842
2,092,183
Cash at bank and in hand
352,711
255,205
1,890,553
2,347,388
Creditors: amounts falling due within one year
8
(853,695)
(1,153,883)
Net current assets
1,036,858
1,193,505
Total assets less current liabilities
1,063,024
1,239,767
Provisions for liabilities
9
(24,885)
(27,674)
Net assets
1,038,139
1,212,093
Capital and reserves
Called up share capital
11
5,024
5,024
Profit and loss reserves
1,033,115
1,207,069
Total equity
1,038,139
1,212,093
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year 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.
Harris Hill Limited
Balance Sheet (Continued)
As at 31 March 2021
Page 2
The financial statements were approved by the board of directors and authorised for issue on 15 December 2021 and are signed on its behalf by:
A W Morris
Director
Company Registration No. 04112164
Harris Hill Limited
Notes to the Financial Statements
For the year ended 31 March 2021
Page 3
1
Accounting policies
Company information
Harris Hill Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
1 - 2 Paris Gardens, London, SE1 8ND.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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
pound
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements
true
t
he director
s
ha
ve
reasonable expectation
that the
company has adequate resources to continue in operational existence for the foreseeable future. The
director
s
ha
ve
considered the impact of the COVID-19 outbreak and the measures taken to contain it
when forming
their
assessment of going concern. Thus the director
s
continue to adopt the going concern
basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover
is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
This consists of:
(a) Turnover from temporary placements. This represents the amounts billed for the services of temporary staff including the salaries of those temporary staff. This is recognised when the service is provided.
(b) Turnover from the permanent placement of staff. This is based on the percentage of the candidate's remuneration package and is recognised on the date of commencement of the candidate's placement for non-retained assignments and on completion of defined stages of work for retained assignments. A provision is made as necessary, for any cancellation of placements in the few weeks following the commencement date.
(c) Turnover from amounts billed to clients for expenses incurred on their behalf (principally advertising). This is recognised when the related expense is incurred.
Harris Hill Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
1
Accounting policies
(Continued)
Page 4
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
33% straight line
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the term of the lease
Office equipment and furniture
33% straight line
Computer equipment
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Cash and cash equivalents
Cash at bank and in hand
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.
1.7
Financial instruments
The company only has basic financial instruments measured at amortised costs, with no financial instruments classified as other or basic instruments measured at fair value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Harris Hill Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
1
Accounting policies
(Continued)
Page 5
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised
.
Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in
profit
or
loss
in the period
in which
it arises.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons employed by the company during the year was: 28
(2020: 36)
Harris Hill Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
Page 6
3
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
70,952
Deferred tax
Origination and reversal of timing differences
(2,789)
(6,038)
Total tax (credit)/charge
(2,789)
64,914
4
Intangible fixed assets
Software
£
Cost
At 1 April 2020
103,747
Additions
12,747
At 31 March 2021
116,494
Amortisation and impairment
At 1 April 2020
78,861
Amortisation charged for the year
17,656
At 31 March 2021
96,517
Carrying amount
At 31 March 2021
19,977
At 31 March 2020
24,886
Harris Hill Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
Page 7
5
Tangible fixed assets
Leasehold improvements
Office equipment and furniture
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2020
27,448
69,992
206,626
304,066
Additions
1,563
1,563
Disposals
(27,448)
(69,992)
(97,440)
At 31 March 2021
208,189
208,189
Depreciation and impairment
At 1 April 2020
19,344
68,462
194,884
282,690
Depreciation charged in the year
5,490
689
7,116
13,295
Eliminated in respect of disposals
(24,834)
(69,151)
(93,985)
At 31 March 2021
202,000
202,000
Carrying amount
At 31 March 2021
6,189
6,189
At 31 March 2020
8,104
1,530
11,742
21,376
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
265,887
705,440
Amount due from parent undertaking
1,221,218
1,248,868
Prepayments and accrued income
24,737
111,875
1,511,842
2,066,183
Amounts falling due after one year:
Other debtors
26,000
26,000
Total debtors
1,537,842
2,092,183
Amounts owed by the parent company are unsecured, interest free and have no fixed payment date.
Other debtors falling due after one year relate to rental deposits that will become due upon termination of the lease.
Harris Hill Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
Page 8
7
Invoice finance prepayment facility
In December 2009, the company entered into an invoice finance prepayment facility with HSBC plc whereby amounts can be drawn down against trade receivables up to a maximum limit of £650,000 subject to certain conditions. The company remains responsible for the collection of debts and for the risk of slow or non payment. Charges are applied to the value of debts notified for collection and interest is charged daily on amounts drawn down at LIBOR plus 3.96%. HSBC has a charge over the trade receivables for their outstanding debt.
As at the balance sheet date, included in bank loans and overdrafts, the company had drawn down cash of £157,564(2020: £458,985) in advance of this money being received from debtors.
8
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
157,564
458,985
Trade creditors
42,100
85,371
Corporation tax
60,952
70,952
Other taxation and social security
485,565
355,274
Other creditors
107,514
183,301
853,695
1,153,883
9
Provisions for liabilities
2021
2020
£
£
Dilapidations provision
21,730
21,730
Deferred tax liabilities
10
3,155
5,944
24,885
27,674
10
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2021
2020
Balances:
£
£
ACAs
3,155
5,944
Harris Hill Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
10
Deferred taxation
(Continued)
Page 9
2021
Movements in the year:
£
Liability at 1 April 2020
5,944
Credit to profit or loss
(2,789)
Liability at 31 March 2021
3,155
T
he deferred tax liability
set out above
is expected to reverse within
36
months and relates to accelerated capital allowances that are expected to
be fully unwound
within the same period.
11
Called up share capital
2021
2020
£
£
Ordinary share capital
Authorised
5,020 A Ordinary voting shares shares of £1 each
5,020
5,020
2 B Ordinary non voting shares of £1 each
2
2
2 C Ordinary non voting shares of £1 each
2
2
5,024
5,024
A' O
rdinar
y
shares are entitled to receive notice of a General Meeting and the right to vote at any such meeting. The 'A' Ordinary shareholders are entitled to any dividend as the directors resolve to distribute to such shareholders. On a winding up they are entitled to receive,
pari
passu, with each 'B' and 'C' Ordinary share any such sum that shall be paid up but will also be entitled to share in any surplus assets.
B' O
rdinary shares and C' Ordinary shares each have the same rights. They are non voting right shares and have no right to attend any general Meeting or receive notice thereof. They are entitled to any dividend as the directors resolve to distribute to the holders of 'B' or 'C' Ordinary shares. These two classes of shares can only be transferred at a price no higher than the capital amount paid up on those shares. On a winding up they are entitled to receive
pari
passu, with the 'A' Ordinary Shares any such sum that shall be paid up
but
will not be entitled to participate in any surplus assets after any such payment.
Harris Hill Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
Page 10
12
Operating lease commitments
Lessee
As at 31 March 2021 the company had future minimum lease payments under non-cancellable operating leases as follows:
2021
2020
£
£
Within one year
77,583
80,315
Between two and five years
267,072
303,933
In over five years
40,722
344,655
424,970
13
Directors' transactions
The remuneration paid to the directors was paid by the ultimate parent company, Harris Hill Holdings Limited and the remuneration of the directors is disclosed in those accounts. No director was entitled to any pension benefit.
14
Parent company
The company is a wholly owned subsidiary of Harris Hill Holdings Limited which is the ultimate parent company, The parent company is registered in England and Wales at 1-2 Paris Garden, London, England, SE1 8ND.
The largest and smallest group in which the results of the company are consolidated is that headed by Harris Hill Holdings Limited, incorporated in the United Kingdom. The consolidated accounts of this company are available to the public and may be obtained from Companies House, Crown Way, Maindy, Cardiff, CF4 3UZ. No other group accounts include the results of the company.
2021-03-31
2020-04-01
false
17 December 2021
CCH Software
CCH Accounts Production 2021.300
No description of principal activity
A W Morris
J D Wellesley Wesley
A W Morris
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