Company registration number 01261082 (England and Wales)
Harry West (Prees) Limited
Unaudited financial statements
For the year ended 31 May 2023
Harry West (Prees) Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Harry West (Prees) Limited
Statement of financial position
As at 31 May 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
740,828
700,507
Current assets
Stocks
739,585
620,882
Debtors
4
344,619
461,679
Cash at bank and in hand
91,408
349,634
1,175,612
1,432,195
Creditors: amounts falling due within one year
5
(673,551)
(758,551)
Net current assets
502,061
673,644
Total assets less current liabilities
1,242,889
1,374,151
Creditors: amounts falling due after more than one year
6
(50,985)
(10,238)
Provisions for liabilities
(10,596)
(10,596)
Net assets
1,181,308
1,353,317
Capital and reserves
Called up share capital
50,000
50,000
Revaluation reserve
7
653,900
653,900
Profit and loss reserves
477,408
649,417
Total equity
1,181,308
1,353,317

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Harry West (Prees) Limited
Statement of financial position (continued)
As at 31 May 2023
31 May 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 November 2023 and are signed on its behalf by:
Mrs J Whitfield
Director
Company Registration No. 01261082
Harry West (Prees) Limited
Notes to the financial statements
For the year ended 31 May 2023
- 3 -
1
Accounting policies
Company information

Harry West (Prees) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Offices, Lower Heath, Nr Whitchurch, SY13 2BT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Buildings 2% per annum on cost; land Nil
Plant and machinery
20% per annum on cost
Fixtures, fittings and equipment
33% per annum on cost
Motor vehicles
20% per annum on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Harry West (Prees) Limited
Notes to the financial statements (continued)
For the year ended 31 May 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

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

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Harry West (Prees) Limited
Notes to the financial statements (continued)
For the year ended 31 May 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
24
23
Harry West (Prees) Limited
Notes to the financial statements (continued)
For the year ended 31 May 2023
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 June 2022
660,000
549,698
29,144
261,487
1,500,329
Additions
-
0
1,164
-
0
85,335
86,499
Disposals
-
0
(917)
-
0
(19,750)
(20,667)
At 31 May 2023
660,000
549,945
29,144
327,072
1,566,161
Depreciation and impairment
At 1 June 2022
6,100
535,209
29,144
229,369
799,822
Depreciation charged in the year
13,200
4,329
-
0
28,024
45,553
Eliminated in respect of disposals
-
0
(292)
-
0
(19,750)
(20,042)
At 31 May 2023
19,300
539,246
29,144
237,643
825,333
Carrying amount
At 31 May 2023
640,700
10,699
-
0
89,429
740,828
At 31 May 2022
653,900
14,489
-
0
32,118
700,507

Land and buildings with a carrying amount of £653,900 were revalued at 27 May 2021 by Barbers Rural Consultancy LLP an independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

 

 

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
105,266
243,875
Other debtors
-
0
280
Prepayments and accrued income
68,653
46,824
173,919
290,979
Deferred tax asset
170,700
170,700
344,619
461,679
Harry West (Prees) Limited
Notes to the financial statements (continued)
For the year ended 31 May 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
-
0
1,720
Trade creditors
431,072
519,380
Taxation and social security
59,914
53,293
Other creditors
182,565
184,158
673,551
758,551

Included in other creditors are amounts owed on finance leases of £24,155 (2022 - £12,011) which are secured against the assets they relate to.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
50,985
10,238

Included in other creditors are amounts owed on finance leases of £50,985 (2022 - £10,238) which are secured against the assets they relate to.

7
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
653,900
653,900
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
480
6,208
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