14
31/01/2023
2023-01-31
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No description of principal activities is disclosed
2022-02-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
01294045
2022-02-01
2023-01-31
01294045
2023-01-31
01294045
2022-01-31
01294045
2021-02-01
2022-01-31
01294045
2022-01-31
01294045
core:PlantMachinery
2022-02-01
2023-01-31
01294045
core:FurnitureFittingsToolsEquipment
2022-02-01
2023-01-31
01294045
core:MotorVehicles
2022-02-01
2023-01-31
01294045
bus:RegisteredOffice
2022-02-01
2023-01-31
01294045
bus:LeadAgentIfApplicable
2022-02-01
2023-01-31
01294045
bus:Director1
2022-02-01
2023-01-31
01294045
bus:Director2
2022-02-01
2023-01-31
01294045
bus:CompanySecretary1
2022-02-01
2023-01-31
01294045
core:WithinOneYear
2023-01-31
01294045
core:WithinOneYear
2022-01-31
01294045
core:PlantMachinery
2022-01-31
01294045
core:MotorVehicles
2022-01-31
01294045
core:PlantMachinery
2023-01-31
01294045
core:MotorVehicles
2023-01-31
01294045
core:DeferredTaxation
2022-02-01
2023-01-31
01294045
core:ShareCapital
2023-01-31
01294045
core:ShareCapital
2022-01-31
01294045
core:RetainedEarningsAccumulatedLosses
2023-01-31
01294045
core:RetainedEarningsAccumulatedLosses
2022-01-31
01294045
core:AcceleratedTaxDepreciationDeferredTax
2023-01-31
01294045
core:AcceleratedTaxDepreciationDeferredTax
2022-01-31
01294045
core:PlantMachinery
2022-01-31
01294045
core:MotorVehicles
2022-01-31
01294045
core:DeferredTaxation
2022-01-31
01294045
core:DeferredTaxation
2023-01-31
01294045
bus:Director1
2022-01-31
01294045
bus:Director1
2023-01-31
01294045
bus:Director1
2021-01-31
01294045
bus:Director1
2022-01-31
01294045
bus:Director1
2021-02-01
2022-01-31
01294045
bus:SmallEntities
2022-02-01
2023-01-31
01294045
bus:AuditExemptWithAccountantsReport
2022-02-01
2023-01-31
01294045
bus:FullAccounts
2022-02-01
2023-01-31
01294045
bus:SmallCompaniesRegimeForAccounts
2022-02-01
2023-01-31
01294045
bus:PrivateLimitedCompanyLtd
2022-02-01
2023-01-31
01294045
core:AssetsNotYetAvailableForUsePPE
2022-02-01
2023-01-31
01294045
core:AssetsNotYetAvailableForUsePPE
2023-01-31
01294045
core:OtherRelatedParties
2022-02-01
2023-01-31
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 |
|
|
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|
|
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.