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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
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JAMES HARVIE & SONS LTD. |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
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FOR |
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JAMES HARVIE & SONS LTD. |
JAMES HARVIE & SONS LTD. (REGISTERED NUMBER: SC360707) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2021 |
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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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JAMES HARVIE & SONS LTD. |
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COMPANY INFORMATION |
for the Year Ended 31 March 2021 |
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DIRECTORS: |
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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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Chartered Accountants |
9 Glasgow Road |
PAISLEY |
Renfrewshire |
PA1 3QS |
JAMES HARVIE & SONS LTD. (REGISTERED NUMBER: SC360707) |
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BALANCE SHEET |
31 March 2021 |
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31.3.20 | 31.3.21 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
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Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
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Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
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Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
( |
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Amounts falling due after more than one
year |
9 |
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( |
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NET ASSETS |
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CAPITAL AND RESERVES |
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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. |
JAMES HARVIE & SONS LTD. (REGISTERED NUMBER: SC360707) |
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BALANCE SHEET - continued |
31 March 2021 |
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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 Board of Directors and authorised for issue on
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JAMES HARVIE & SONS LTD. (REGISTERED NUMBER: SC360707) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2021 |
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1. | STATUTORY INFORMATION |
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James Harvie & Sons Ltd. is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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Going concern |
In light of the ongoing global health crisis caused by COVID-19, the directors have assessed the impact that a period of interrupted trading could bring and have taken measures to manage the company's cost base in order to combat the reduction in revenues that this may cause. The directors have put in place contingency plans to reduce the cost base in order to ensure the company can continue as a going concern. Accordingly the directors continue to adopt the going concern basis of accounting in preparing these financial statements. |
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Turnover |
Turnover represents the total invoice value, less credit notes, excluding value added tax of sales made during the period. |
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Revenue is recognised when goods or services are received by the customer and the risks and rewards of ownership have been passed to them. Revenue is measured at the fair value of consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of the business, net of discounts and value added tax. |
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Goodwill |
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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. |
JAMES HARVIE & SONS LTD. (REGISTERED NUMBER: SC360707) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2021 |
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3. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Plant & machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
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At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. |
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Stocks |
Stocks consist of goods for resale and are valued at the lower of purchase cost and estimated selling price less costs to sell, after making due allowances for obsolete and slow moving items. |
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When stocks are sold, the carrying amount of these stock is recognised as an expense in the period in which the related revenue is recognised. The amounts of any write-down of stocks to net realisable value and all losses of stock are recognised as an expense in the period in which the write-down or loss occurs, The amount of any reversal of any write-down of stocks is recognised as a reduction on the amounts of stocks recognised as an expense in the period in which the reversal occurs. |
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Taxation |
Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis. |
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The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
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Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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. |
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Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
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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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Cash & 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. |
JAMES HARVIE & SONS LTD. (REGISTERED NUMBER: SC360707) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2021 |
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3. | ACCOUNTING POLICIES - continued |
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Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholders. These amounts are recognised in the statement of changes in equity. |
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Dividends received are included in the company financial statements in the period in which the related dividends are actually paid, or in respect of the final dividend for the year, approved by shareholders. |
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Financial instruments |
Basic financial instruments are recognised at amortised cost. Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2020 |
and 31 March 2021 |
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AMORTISATION |
At 1 April 2020 |
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Amortisation for year |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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JAMES HARVIE & SONS LTD. (REGISTERED NUMBER: SC360707) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2021 |
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6. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant & | and | Motor | Computer |
Totals | machinery | fittings | vehicles | equipment |
£ | £ | £ | £ | £ |
COST |
At 1 April 2020 |
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Additions |
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At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Other creditors |
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10. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.21 | 31.3.20 |
£ | £ |
Within one year |
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JAMES HARVIE & SONS LTD. (REGISTERED NUMBER: SC360707) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2021 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.21 | 31.3.20 |
value: | £ | £ |
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Ordinary | £1 | 10,000 | 10,000 |
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12. | RELATED PARTY DISCLOSURES |
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Dividends of £66,000 (2020 - £40,000) were paid to the directors during the year. |
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The amount due to the directors at the balance sheet date was £146,828 (2020 - £185,306). The loan is repayable on demand, has no fixed repayment terms and interest is payable on the balance at 3% per annum. |
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13. | CONTROLLING PARTY |
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100% of the issued ordinary share capital. |