Mark Harris Upholstery Limited 06726630 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is selling foam inserts for furniture & home furnishings via the internet and telephone. Digita Accounts Production Advanced 6.30.9574.0 true 06726630 2022-04-01 2023-03-31 06726630 2023-03-31 06726630 core:RetainedEarningsAccumulatedLosses 2023-03-31 06726630 core:ShareCapital 2023-03-31 06726630 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06726630 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 06726630 bus:SmallEntities 2022-04-01 2023-03-31 06726630 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06726630 bus:FullAccounts 2022-04-01 2023-03-31 06726630 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 06726630 bus:RegisteredOffice 2022-04-01 2023-03-31 06726630 bus:Director1 2022-04-01 2023-03-31 06726630 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06726630 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-04-01 2023-03-31 06726630 core:Goodwill 2022-04-01 2023-03-31 06726630 core:IntangibleAssetsOtherThanGoodwill 2022-04-01 2023-03-31 06726630 core:ComputerEquipment 2022-04-01 2023-03-31 06726630 core:LandBuildings 2022-04-01 2023-03-31 06726630 core:MotorVehicles 2022-04-01 2023-03-31 06726630 core:OfficeEquipment 2022-04-01 2023-03-31 06726630 core:PlantMachinery 2022-04-01 2023-03-31 06726630 countries:AllCountries 2022-04-01 2023-03-31 06726630 2022-03-31 06726630 2021-04-01 2022-03-31 06726630 2022-03-31 06726630 core:RetainedEarningsAccumulatedLosses 2022-03-31 06726630 core:ShareCapital 2022-03-31 06726630 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 06726630 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 06726630

Mark Harris Upholstery Limited

trading as The Foam Shop

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2023

 

Mark Harris Upholstery Limited

trading as The Foam Shop

Contents

Abridged Balance Sheet

1

Notes to the Unaudited Abridged Financial Statements

2 to 5

 

Mark Harris Upholstery Limited

trading as The Foam Shop

(Registration number: 06726630)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

80,000

-

Tangible assets

5

62,840

65,637

 

142,840

65,637

Current assets

 

Stocks

6

61,040

51,248

Debtors

65,453

154,676

Cash at bank and in hand

 

36,227

55,397

 

162,720

261,321

Creditors: Amounts falling due within one year

(182,008)

(134,026)

Net current (liabilities)/assets

 

(19,288)

127,295

Total assets less current liabilities

 

123,552

192,932

Creditors: Amounts falling due after more than one year

(104,107)

(165,984)

Provisions for liabilities

(4,032)

(3,607)

Net assets

 

15,413

23,341

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

15,313

23,241

Total equity

 

15,413

23,341

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 26 October 2023
 

Mr L M Harris

Director

 

Mark Harris Upholstery Limited

trading as The Foam Shop

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Calyx House
South Road
Taunton
Somerset
TA1 3DU

These financial statements were authorised for issue by the director on 26 October 2023.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

 

Mark Harris Upholstery Limited

trading as The Foam Shop

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Office equipment

20% reducing balance

Computer equipment / fixtures and fittings

33% reducing balance

Land and buildings

20% straight line

Motor vehicles

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Website development

20% straight line

Other intangible assets

20% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2022 - 13).

 

Mark Harris Upholstery Limited

trading as The Foam Shop

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2022

41,384

Additions acquired separately

80,000

At 31 March 2023

121,384

Amortisation

At 1 April 2022

41,384

At 31 March 2023

41,384

Carrying amount

At 31 March 2023

80,000

5

Tangible assets

Total
£

Cost or valuation

At 1 April 2022

176,658

Additions

12,877

At 31 March 2023

189,535

Depreciation

At 1 April 2022

111,021

Charge for the year

15,674

At 31 March 2023

126,695

Carrying amount

At 31 March 2023

62,840

At 31 March 2022

65,637

6

Stocks

2023
£

2022
£

Stock

61,040

51,248

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £464,063 (2022 - £520,313).

 

Mark Harris Upholstery Limited

trading as The Foam Shop

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

8

Related party transactions

Advances to directors

Mr L M Harris

During the period Mr L M Harris went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £93,677 (2022 - £93,677). At the year end the amount outstanding from Mr L M Harris was £nil (2022 - £93,677). Interest has been charged at the commercial rate.

Directors' remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

30,000

30,000

Contributions paid to money purchase schemes

13,713

1,713

43,713

31,713