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Company registration number: 01294045
L F Harris (International) Limited
Unaudited filleted financial statements
31 January 2023
L F HARRIS (INTERNATIONAL) LIMITED
DIRECTORS AND OTHER INFORMATION
Directors Mrs Shirley Ann Harris-Spong
Mrs Deborah Anne Harris
Secretary Mrs Shirley Ann Harris-Spong
Company number 01294045
Registered office Plym House
3 Longbridge Road
Marsh Mills
Plymouth
PL6 8LT
Business address 2 Pavor Road
Watcombe
Torquay
Devon
TQ2 8BQ
Accountants Westcotts
Plym House
3 Longbridge Road
Marsh Mills
Plymouth
PL6 8LT
L F HARRIS (INTERNATIONAL) LIMITED
STATEMENT OF FINANCIAL POSITION
31 JANUARY 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 75,453 68,138
_______ _______
75,453 68,138
Current assets
Stocks 277,520 186,116
Debtors 6 143,745 143,053
Cash at bank and in hand 306,363 444,359
_______ _______
727,628 773,528
Creditors: amounts falling due
within one year 7 ( 233,596) ( 241,160)
_______ _______
Net current assets 494,032 532,368
_______ _______
Total assets less current liabilities 569,485 600,506
Provisions for liabilities 8 ( 10,964) ( 10,585)
_______ _______
Net assets 558,521 589,921
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 10 557,521 588,921
_______ _______
Shareholder funds 558,521 589,921
_______ _______
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 October 2023 , and are signed on behalf of the board by:
Mrs Shirley Ann Harris-Spong
Director
Company registration number: 01294045
L F HARRIS (INTERNATIONAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Plym House, 3 Longbridge Road, Marsh Mills, Plymouth, PL6 8LT.
Principal activity
The principal activity of the company is that of trading as a motorcycle part manufacturer and supplier.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Computer equipment - 25 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.Government grants are recognised using the performance model.Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 14 ).
5. Tangible assets
Plant and machinery Motor vehicles Assets under construction Total
£ £ £ £
Cost
At 1 February 2022 619,991 6,250 - 626,241
Additions 3,850 - 20,302 24,152
_______ _______ _______ _______
At 31 January 2023 623,841 6,250 20,302 650,393
_______ _______ _______ _______
Depreciation
At 1 February 2022 552,029 6,074 - 558,103
Charge for the year 16,793 44 - 16,837
_______ _______ _______ _______
At 31 January 2023 568,822 6,118 - 574,940
_______ _______ _______ _______
Carrying amount
At 31 January 2023 55,019 132 20,302 75,453
_______ _______ _______ _______
At 31 January 2022 67,962 176 - 68,138
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 134,289 126,928
Other debtors 9,456 16,125
_______ _______
143,745 143,053
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts - 15,448
Trade creditors 136,368 120,986
Accruals and deferred income 22,179 18,683
Social security and other taxes 49,848 61,840
Other creditors 25,201 24,203
_______ _______
233,596 241,160
_______ _______
Any bank overdraft is secured.
8. Provisions
Deferred tax (note 9) Total
£ £
At 1 February 2022 10,585 10,585
Additions 379 379
_______ _______
At 31 January 2023 10,964 10,964
_______ _______
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 8) 10,964 10,585
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 10,585 10,585
_______ _______
10. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Directors ( 14) - - ( 14)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Directors 52,690 2,086 ( 54,790) ( 14)
_______ _______ _______ _______
12. Related party transactions
Mrs S A Harris-Spong is a trustee and member of the LF Harris (Rushden) Limited Retirement Fund. The pension fund owns the commercial property at Pavor Road, Torquay from which the company trades. Rent of £69,568, including arrears of £9,568 (2022: £34,000) was paid to the pension fund in the year.
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.