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COMPANY REGISTRATION NUMBER: 00416872
Hugh Harris Limited
Filleted Unaudited Financial Statements
31 January 2023
Hugh Harris Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
22,710
30,707
Current assets
Stocks
267,105
283,399
Debtors
6
770,021
622,826
Cash at bank and in hand
201,715
332,768
------------
------------
1,238,841
1,238,993
Creditors: amounts falling due within one year
7
619,363
654,589
------------
------------
Net current assets
619,478
584,404
---------
---------
Total assets less current liabilities
642,188
615,111
Provisions
Taxation including deferred tax
5,677
7,677
---------
---------
Net assets
636,511
607,434
---------
---------
Capital and reserves
Called up share capital
2,702
2,702
Profit and loss account
633,809
604,732
---------
---------
Shareholders funds
636,511
607,434
---------
---------
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 income and retained earnings has not been delivered.
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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Hugh Harris Limited
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 17 April 2024 , and are signed on behalf of the board by:
Mr T M Willock
Director
Company registration number: 00416872
Hugh Harris 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 and Wales. The address of the registered office is Unit 2K Albany Park, Frimley, Camberley, England, GU16 7PL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Furniture & Fittings
-
25% straight line
Motor Vehicles
-
25% straight line
Equipment
-
25% straight line
Impairment of fixed assets
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.
Stocks
Costs include all direct costs and an appropriate proportion of fixed and variable overheads.
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. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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 the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2022: 18 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 February 2022
275,668
31,723
94,021
401,412
Additions
8,409
1,709
10,118
---------
--------
--------
---------
At 31 January 2023
284,077
31,723
95,730
411,530
---------
--------
--------
---------
Depreciation
At 1 February 2022
256,725
30,774
83,206
370,705
Charge for the year
12,939
949
4,227
18,115
---------
--------
--------
---------
At 31 January 2023
269,664
31,723
87,433
388,820
---------
--------
--------
---------
Carrying amount
At 31 January 2023
14,413
8,297
22,710
---------
--------
--------
---------
At 31 January 2022
18,943
949
10,815
30,707
---------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
124,802
417,905
Amounts owed by group undertakings and undertakings in which the company has a participating interest
353,165
Other debtors
292,054
204,921
---------
---------
770,021
622,826
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
180,389
300,495
Corporation tax
17,047
8,354
Social security and other taxes
46,996
61,383
Other creditors
374,931
284,357
---------
---------
619,363
654,589
---------
---------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 1 year and not later than 5 years
100,750
165,300
---------
---------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr P Martin
48,016
( 48,016)
--------
--------
----
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr P Martin
46,236
1,780
48,016
--------
-------
--------
10. Related party transactions
As at the 31 January the company owed Fresh Air Fitness Solutions, a company under common control £353,165 (2022: £nil)