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Registration number: 01208995

P & B HARRISON LIMITED

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 May 2023

 

P & B HARRISON LIMITED

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 11

 

P & B HARRISON 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

 

P & B HARRISON LIMITED

(Registration number: 01208995)
Abridged Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

61,553

75,523

Other financial assets

5

3,800

-

 

65,353

75,523

Current assets

 

Stocks

6

119,000

152,000

Debtors

7

319,333

297,483

Cash at bank and in hand

 

80,205

122,498

 

518,538

571,981

Prepayments and accrued income

 

3,838

3,798

Creditors: Amounts falling due within one year

(107,787)

(105,118)

Net current assets

 

414,589

470,661

Total assets less current liabilities

 

479,942

546,184

Creditors: Amounts falling due after more than one year

(20,653)

(59,250)

Provisions for liabilities

(13,049)

(12,497)

Accruals and deferred income

 

(5,410)

(5,706)

Net assets

 

440,830

468,731

Capital and reserves

 

Called up share capital

8

5,400

5,400

Retained earnings

435,430

463,331

Shareholders' funds

 

440,830

468,731

For the financial year ending 31 May 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.

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

 

P & B HARRISON LIMITED

(Registration number: 01208995)
Abridged Balance Sheet as at 31 May 2023

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 3 November 2023
 

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

 

P & B HARRISON LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 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 3 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 abridged 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 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.

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.

 

P & B HARRISON LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 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

Leasehold improvements

25% on reducing balance

Furniture and fittings

15% on reducing balance

Motor vehicles

25% on reducing balance

Plant and machinery

15% on reducing balance

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.

 

P & B HARRISON LIMITED

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

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

 

P & B HARRISON LIMITED

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

3

Staff numbers

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

 

P & B HARRISON LIMITED

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

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 June 2022

49,480

53,935

53,283

50,988

Additions

-

-

1,851

-

At 31 May 2023

49,480

53,935

55,134

50,988

Depreciation

At 1 June 2022

47,468

47,325

28,883

8,487

Charge for the year

503

991

3,701

10,626

At 31 May 2023

47,971

48,316

32,584

19,113

Carrying amount

At 31 May 2023

1,509

5,619

22,550

31,875

At 31 May 2022

2,012

6,610

24,400

42,501

Total
£

Cost or valuation

At 1 June 2022

207,686

Additions

1,851

At 31 May 2023

209,537

Depreciation

At 1 June 2022

132,163

Charge for the year

15,821

At 31 May 2023

147,984

Carrying amount

At 31 May 2023

61,553

At 31 May 2022

75,523

Included within the net book value of land and buildings above is £1,509 (2022 - £2,012) in respect of short leasehold land and buildings.
 

 

P & B HARRISON LIMITED

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

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

Additions

3,800

3,800

At 31 May 2023

3,800

3,800

Impairment

Carrying amount

At 31 May 2023

3,800

3,800

6

Stocks

2023
£

2022
£

Merchandise

119,000

152,000

7

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

5,400

5,400

5,400

5,400

         

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £21.26 (2022 - £2.76) per each Ordinary shares

 

114,788

 

14,879

         

Interim dividends paid

 

P & B HARRISON LIMITED

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

   

2023
£

 

2022
£

Interim dividend of £21 (2022 - £3) per each Ordinary shares

 

114,788

 

14,879

         

10

Related party transactions

 

P & B HARRISON LIMITED

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

Director's remuneration

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

2023
£

2022
£

Remuneration

3,360

6,504

Summary of transactions with entities with joint control or significant interest

Morgan Huzzey & Sons Limited.
This company has not traded during the year and is dormant. As at the year end the amount due from this company was £75,000 (2022 - £75,000)

Chiltern Jewellers Limited.
This company has not traded during the year and is dormant. As at the year end the amount due from this company wa £20,000 (2022 - £20,000)

Harrisons Jewellers Limited.
The company made sales of £167,361 (2022 - £202,284) and purchases of £21,958 (2022 - £23,866).
As at the year end the amount due from this company was £112,478 (2022 £118,120)

Harrisons of Buckingham Limited. The company made purchases of £155 (2022 - £Nil)
As at the year end the amount due to this company was £nil (2022 - £Nil)