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Registration number: 06626135

HARRISONS OF BUCKINGHAM LIMITED

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

HARRISONS OF BUCKINGHAM LIMITED

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

HARRISONS OF BUCKINGHAM LIMITED

Company Information

Director

M Harrison

Registered office

59 Union Street
Dunstable
Bedfordshire
LU6 1EX

Accountants

Minney & Company Limited
Chartered Accountants
249 Silbury Boulevard
Milton Keynes
Bucks
MK9 1NA

 

HARRISONS OF BUCKINGHAM LIMITED

(Registration number: 06626135)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

2,333

8,833

Tangible assets

5

26,853

45,604

 

29,186

54,437

Current assets

 

Stocks

6

-

171,285

Debtors

7

271,499

21,530

Cash at bank and in hand

 

33,271

120,263

 

304,770

313,078

Creditors: Amounts falling due within one year

8

(85,189)

(80,550)

Net current assets

 

219,581

232,528

Total assets less current liabilities

 

248,767

286,965

Creditors: Amounts falling due after more than one year

8

-

(32,388)

Provisions for liabilities

(5,102)

(8,665)

Net assets

 

243,665

245,912

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

243,565

245,812

Shareholders' funds

 

243,665

245,912

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.

Director's responsibilities:

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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 2 November 2023
 

 

HARRISONS OF BUCKINGHAM LIMITED

(Registration number: 06626135)
Balance Sheet as at 31 March 2023

.........................................
M Harrison
Director

 

HARRISONS OF BUCKINGHAM LIMITED

Notes to the Unaudited 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.

The address of its registered office is:
59 Union Street
Dunstable
Bedfordshire
LU6 1EX
England

These financial statements were authorised for issue by the director on 2 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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 income 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.

 

HARRISONS OF BUCKINGHAM LIMITED

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Furniture and fittings

20% straight line

Office equipment

20% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

over estimated useful life of 10 years

Franchise

over the franchise term of 5 years

 

HARRISONS OF BUCKINGHAM LIMITED

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 inventories 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

HARRISONS OF BUCKINGHAM LIMITED

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2022 - 12).

 

HARRISONS OF BUCKINGHAM LIMITED

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

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2022

15,000

57,500

72,500

At 31 March 2023

15,000

57,500

72,500

Amortisation

At 1 April 2022

15,000

48,667

63,667

Amortisation charge

-

6,500

6,500

At 31 March 2023

15,000

55,167

70,167

Carrying amount

At 31 March 2023

-

2,333

2,333

At 31 March 2022

-

8,833

8,833

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2022

236,599

9,863

246,462

Additions

-

153

153

At 31 March 2023

236,599

10,016

246,615

Depreciation

At 1 April 2022

191,714

9,144

200,858

Charge for the year

18,263

641

18,904

At 31 March 2023

209,977

9,785

219,762

Carrying amount

At 31 March 2023

26,622

231

26,853

At 31 March 2022

44,885

719

45,604

6

Stocks

2023
£

2022
£

Merchandise

-

171,285

 

HARRISONS OF BUCKINGHAM LIMITED

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

7

Debtors

Current

2023
£

2022
£

Trade debtors

253,222

2,071

Prepayments

18,277

19,459

 

271,499

21,530

 

HARRISONS OF BUCKINGHAM LIMITED

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

-

9,707

Trade creditors

 

18,678

32,658

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

253

492

Taxation and social security

 

63,243

34,439

Accruals and deferred income

 

3,002

3,002

Other creditors

 

13

252

 

85,189

80,550

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

-

32,388

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

32,388

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

9,707

 

HARRISONS OF BUCKINGHAM LIMITED

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

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £50.00 (2022 - £Nil) per each Ordinary shares

 

5,000

 

-

         

12

Related party transactions

Transactions with the director

2022

At 1 April 2021
£

Repayments by director
£

At 31 March 2022
£

M Harrison

Directors Current

(40,000)

40,000

-

       
     

 

Director's remuneration

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

2023
£

2022
£

Remuneration

3,938

3,435

Summary of transactions with entities with joint control or significant interest

Harrisons Jewellers Limited
During the year the company made purchases from Harrisons Jewellers Limited amounting to £2,535 (2022 - £5,954) and sales amounting to £541 (2022 - £900). At the year end the amount due to this company was £254 (2022 - £227))

P & B Harrison Limited
During the year the comany made purchases from P & B Harrison Limited amounting to £1,184 (2022 - £2,239) and sales amounting to £155 (2022 £247) As at the year end the amount due to this company was £Nil (2022 - £265)