IRIS Accounts Production v23.3.1.45 11078444 director 31.5.23 1.6.22 31.5.23 31.5.23 true true false true true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh110784442022-05-31110784442023-05-31110784442022-06-012023-05-31110784442021-05-31110784442021-06-012022-05-31110784442022-05-3111078444ns10:Originalns15:EnglandWales2022-06-012023-05-3111078444ns14:PoundSterlingns10:Original2022-06-012023-05-3111078444ns10:Originalns10:Director12022-06-012023-05-3111078444ns10:Original2022-06-012023-05-3111078444ns10:Originalns10:Consolidated2023-05-3111078444ns10:Original2023-05-3111078444ns10:Originalns10:ConsolidatedGroupCompanyAccounts2022-06-012023-05-3111078444ns10:Originalns10:PrivateLimitedCompanyLtd2022-06-012023-05-3111078444ns10:Originalns10:Consolidatedns10:FRS1022022-06-012023-05-3111078444ns10:Originalns10:Consolidatedns10:Audited2022-06-012023-05-3111078444ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-06-012023-05-3111078444ns10:SmallCompaniesRegimeForAccountsns10:Original2022-06-012023-05-3111078444ns10:Originalns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-06-012023-05-3111078444ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Originalns10:Consolidated2022-06-012023-05-3111078444ns10:Originalns10:FullAccounts2022-06-012023-05-3111078444ns10:Original12022-06-012023-05-3111078444ns10:Originalns10:OrdinaryShareClass12022-06-012023-05-3111078444ns10:Originalns10:Consolidated2022-06-012023-05-3111078444ns10:Originalns10:RegisteredOffice2022-06-012023-05-3111078444ns10:Originalns10:Consolidated2021-06-012022-05-3111078444ns10:Original2022-05-3111078444ns10:Originalns5:CurrentFinancialInstruments2023-05-3111078444ns10:Originalns5:CurrentFinancialInstruments2022-05-3111078444ns5:ShareCapitalns10:Original2023-05-3111078444ns5:ShareCapitalns10:Original2022-05-3111078444ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-05-3111078444ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-05-3111078444ns5:ShareCapitalns10:Original2021-05-3111078444ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-05-3111078444ns10:Original2021-05-3111078444ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-06-012022-05-3111078444ns10:Original2021-06-012022-05-3111078444ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-06-012023-05-3111078444ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-06-012023-05-3111078444ns10:Originalns5:ComputerSoftware2022-06-012023-05-3111078444ns10:Originalns5:OwnedOrFreeholdAssetsns5:LandBuildings2022-06-012023-05-3111078444ns10:Originalns5:LeaseholdImprovements2022-06-012023-05-3111078444ns10:Originalns5:PlantMachinery2022-06-012023-05-3111078444ns10:Originalns5:FurnitureFittings2022-06-012023-05-3111078444ns10:Originalns5:MotorVehicles2022-06-012023-05-3111078444ns10:Originalns5:CostValuation2022-05-3111078444ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3111078444ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-05-3111078444ns10:Originalns10:OrdinaryShareClass12023-05-31
REGISTERED NUMBER: 11078444 (England and Wales)

















MARK HARRIS (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023






MARK HARRIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11078444)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


MARK HARRIS (HOLDINGS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: M R Harris



REGISTERED OFFICE: The Old Stables
42 Sudbrooke Road
Scothern
Lincoln
Lincolnshire
LN2 2UZ



REGISTERED NUMBER: 11078444 (England and Wales)



SENIOR STATUTORY AUDITOR: Joanne Brown



AUDITORS: Nicholsons Audit
Newland House
The Point
Weaver Road
Lincoln
Lincolnshire
LN6 3QN

MARK HARRIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11078444)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2023


The director presents his strategic report of the company and the group for the year ended 31 May 2023.

REVIEW OF BUSINESS
The group continues to manufacture bespoke commercial vehicles for a variety of industries.

The group is based just outside Lincoln in Lincolnshire and primarily retails Peugeot and Fiat alongside other makes such as Vauxhall, Citroen, Renault and Mercedes.

The key financial performance indicators are considered to be sales, gross margins and profit on ordinary activities, as shown in the income statement along with solvency and the working capital position as indicated in the statement of financial position.

With the challenging economic and retail climate the core trade element of the business has continued to perform well. Turnover has increased in the year to £31,497,729 (2022: £21,736,205) the gross profit margin has also increased to 35% (2022: 31%).

The above have combined to produce a profit on ordinary activities of £10,035,914 (2022: £5,904,381).

The director considers the statement of financial position of the group to be strong, with a comfortable net asset and working capital position. Management remains mindful of the competitive environment in which the group operates and the need to maintain close control over the group's working capital and financial position.

PRINCIPAL RISKS AND UNCERTAINTIES
The group is affected by a number of factors, the principle ones of which are:

- The group is exposed to the risk of negative developments in global and regional economies and financial markets, either directly or through the impact on the group's bankers, suppliers or customers. These developments can result in recession, inflation, deflation, currency fluctuations, restrictions in the availability of credit, business failures in the customer or supplier base, or increase in financing costs, and the cost of utilities, raw materials and finished products. Such development might increase operating costs, reduce revenues, lower asset values or result in the business being unable to meet in full its strategic objectives.

- The group operates in a competitive market and failure to compete effectively in terms of price, product specification or levels of service can have an adverse effect on demand and/or margins.

The group mitigates risk in several ways:

- The group has in place an organisational structure with clearly defined lines of responsibility and delegation of authority. There are established policies and procedures for the setting of corporate strategies; financial planning and budgeting; for information and reporting systems; for systems of operational and financial internal control; for assessment of risk; and for monitoring operations and performance.

- Management and staff at all levels work closely with customers and suppliers to operate as effectively and efficiently as possible whilst maintaining long term working relationships, innovation and good lines of communication.

- The group operates a recruitment and selection process to ensure employees are experienced and competent in their work. The workforce is trained to be alert, responsive to customer needs and to operate in line with the group's corporate objectives.

FUTURE DEVELOPMENTS
The director looks forward to the future with cautious optimism and is ready to take advantage of opportunities which may present themselves. The electrification of vehicles has been taken into account in the company's strategic plans and in financial growth forecasts however at this stage is not thought to present any risk to the company's operations.

ON BEHALF OF THE BOARD:





M R Harris - Director


14 February 2024

MARK HARRIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11078444)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MAY 2023


The director presents his report with the financial statements of the company and the group for the year ended 31 May 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of commercial vehicle sales and property management.

DIVIDENDS
An interim dividend of £770 per share was paid on 6 April 2023. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 May 2023 will be £ 77,000 .

DIRECTOR
M R Harris held office during the whole of the period from 1 June 2022 to the date of this report.

EVENTS SINCE THE YEAR END
The current ongoing issues in Israel and the Ukraine and not anticipated to impact on the company's supply of materials or production lines. The director remains confident that the company will enjoy expansion and increased profitability in future years through innovation and efficiencies.

STREAMLINED ENERGY AND CARBON REPORTING
The director has invested significantly in measures to reduce the carbon footprint of the group. The acquisition of a biomass system, the switch to energy efficient lighting and the capture of rain water for use, all contribute significantly to improvements in energy reduction. The Director continues to seek avenues of efficiency and intends to invest in this area in future years.

DISCLOSURE IN THE STRATEGIC REPORT
The group has chosen to include information regarding future developments, and principle risks and uncertainties in the strategic report rather than the directors report.

DIRECTOR'S RESPONSIBILITIES STATEMENT
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





M R Harris - Director


14 February 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MARK HARRIS (HOLDINGS) LIMITED


Opinion
We have audited the financial statements of Mark Harris (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:

- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MARK HARRIS (HOLDINGS) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of director
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MARK HARRIS (HOLDINGS) LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the organisation and determined that the most significant are those that relate to the reporting framework (FRS102), the Companies Act 2006 and the relevant tax compliance.

We understood how the organisation is complying with those frameworks by making enquiries of management and those charged with governance, and we corroborated our enquiries by reviewing board minutes and reviewing third party correspondence, including correspondence with HMRC.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur by meeting with management from various parts of the business to understand where they considered there was susceptibility to fraud. We considered the controls that the organisation has established to address risks identified, or that otherwise prevent, deter and detect fraud and also reviewed how these had operated in the year.

Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk along with procedures to identify non-compliance with such laws and regulations identified in the paragraphs above along with areas where management override of controls may be relevant. These procedures included assessing the appropriateness of presentation of separately disclosed items with a focus on manual journals and journals indicating large or unusual transactions based on our understanding of the organisation. These procedures were designed to provide reasonable assurance that the financial statements were free from material fraud or error.

We also considered the risk associated with completeness of income and work-in-progress and whether this could have a material impact on the financial statements. Work was targeted in these areas.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The audit was planned to ensure that the more complex areas were performed by more experienced members of the audit team and there were no areas of the audit which were considered to require external experts to be appointed by the audit team.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MARK HARRIS (HOLDINGS) LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Joanne Brown (Senior Statutory Auditor)
for and on behalf of Nicholsons Audit
Newland House
The Point
Weaver Road
Lincoln
Lincolnshire
LN6 3QN

14 February 2024

MARK HARRIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11078444)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 MAY 2023

2023 2022
Notes £    £   

REVENUE 31,497,729 21,736,205

Cost of sales 20,627,999 15,075,741
GROSS PROFIT 10,869,730 6,660,464

Administrative expenses 901,795 832,010
9,967,935 5,828,454

Other operating income - 72,764
OPERATING PROFIT 4 9,967,935 5,901,218

Interest receivable and similar income 72,995 3,163
10,040,930 5,904,381

Interest payable and similar expenses 6 5,016 -
PROFIT BEFORE TAXATION 10,035,914 5,904,381

Tax on profit 7 1,810,533 878,273
PROFIT FOR THE FINANCIAL YEAR 8,225,381 5,026,108

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

8,225,381

5,026,108

Profit attributable to:
Owners of the parent 8,225,381 5,026,108

Total comprehensive income attributable to:
Owners of the parent 8,225,381 5,026,108

MARK HARRIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11078444)

CONSOLIDATED BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 13,387 -
Property, plant and equipment 11 2,356,084 2,305,008
Investments 12 957 957
2,370,428 2,305,965

CURRENT ASSETS
Inventories 13 7,602,209 7,439,334
Debtors 14 2,229,128 891,428
Cash at bank and in hand 21,154,174 13,888,461
30,985,511 22,219,223
CREDITORS
Amounts falling due within one year 15 2,827,362 2,174,509
NET CURRENT ASSETS 28,158,149 20,044,714
TOTAL ASSETS LESS CURRENT
LIABILITIES

30,528,577

22,350,679

PROVISIONS FOR LIABILITIES 17 74,901 45,384
NET ASSETS 30,453,676 22,305,295

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 30,453,576 22,305,195
SHAREHOLDERS' FUNDS 30,453,676 22,305,295

The financial statements were approved by the director and authorised for issue on 14 February 2024 and were signed by:





M R Harris - Director


MARK HARRIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11078444)

COMPANY BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Property, plant and equipment 11 - -
Investments 12 5,100 5,100
5,100 5,100

CURRENT ASSETS
Debtors 14 100 100

CREDITORS
Amounts falling due within one year 15 400 200
NET CURRENT LIABILITIES (300 ) (100 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,800

5,000

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 4,700 4,900
SHAREHOLDERS' FUNDS 4,800 5,000

Company's profit for the financial year 76,800 80,980

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

The financial statements were approved by the director and authorised for issue on 14 February 2024 and were signed by:





M R Harris - Director


MARK HARRIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11078444)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2021 100 17,360,087 17,360,187

Changes in equity
Dividends - (81,000 ) (81,000 )
Total comprehensive income - 5,026,108 5,026,108
Balance at 31 May 2022 100 22,305,195 22,305,295

Changes in equity
Dividends - (77,000 ) (77,000 )
Total comprehensive income - 8,225,381 8,225,381
Balance at 31 May 2023 100 30,453,576 30,453,676

MARK HARRIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11078444)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2021 100 4,920 5,020

Changes in equity
Dividends - (81,000 ) (81,000 )
Total comprehensive income - 80,980 80,980
Balance at 31 May 2022 100 4,900 5,000

Changes in equity
Dividends - (77,000 ) (77,000 )
Total comprehensive income - 76,800 76,800
Balance at 31 May 2023 100 4,700 4,800

MARK HARRIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11078444)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 9,239,155 7,602,500
Interest paid (5,016 ) -
Tax paid (1,813,940 ) (669,266 )
Net cash from operating activities 7,420,199 6,933,234

Cash flows from investing activities
Purchase of intangible fixed assets (13,500 ) -
Purchase of tangible fixed assets (135,986 ) (204,092 )
Interest received 72,995 3,163
Net cash from investing activities (76,491 ) (200,929 )

Cash flows from financing activities
Amount introduced by directors 85,338 129,856
Amount withdrawn by directors (86,433 ) (147,867 )
Share issue 100 -
Equity dividends paid (77,000 ) (81,000 )
Net cash from financing activities (77,995 ) (99,011 )

Increase in cash and cash equivalents 7,265,713 6,633,294
Cash and cash equivalents at beginning of year 2 13,888,461 7,255,167

Cash and cash equivalents at end of year 2 21,154,174 13,888,461

MARK HARRIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11078444)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 10,035,914 5,904,381
Depreciation charges 85,023 83,724
Finance costs 5,016 -
Finance income (72,995 ) (3,163 )
10,052,958 5,984,942
(Increase)/decrease in inventories (162,875 ) 2,730,420
(Increase)/decrease in trade and other debtors (1,347,289 ) 210,492
Increase/(decrease) in trade and other creditors 696,361 (1,323,354 )
Cash generated from operations 9,239,155 7,602,500

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 21,154,174 13,888,461
Year ended 31 May 2022
31.5.22 1.6.21
£    £   
Cash and cash equivalents 13,888,461 7,255,167


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.6.22 Cash flow At 31.5.23
£    £    £   
Net cash
Cash at bank and in hand 13,888,461 7,265,713 21,154,174
13,888,461 7,265,713 21,154,174
Total 13,888,461 7,265,713 21,154,174

MARK HARRIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11078444)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. STATUTORY INFORMATION

Mark Harris (Holdings) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of ten years.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 2% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance and 20% on reducing balance

No depreciation is provided for on Freehold Land.

Inventories and work in progress
Inventories and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Work in progress is valued on the basis of direct costs plus attributable overhead based on a normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

MARK HARRIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11078444)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,381,480 1,231,046
Social security costs 138,464 119,408
Other pension costs 32,347 30,413
1,552,291 1,380,867

The average number of employees during the year was as follows:
2023 2022

Workshop 37 39
Sales and Administration 7 6
Director 1 1
45 46

The average number of employees by undertakings that were proportionately consolidated during the year was 45 (2022 - 46 ) .

2023 2022
£    £   
Director's remuneration 8,424 8,424
Director's pension contributions to money purchase schemes 4,274 4,070

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 84,910 83,725
Website amortisation 113 -
Auditors' remuneration 6,300 6,300

5. EXCEPTIONAL ITEMS
2023 2022
£    £   
Intercompany loan write off (290 ) 221,916
Intercompany loan write off - (149,356 )
(290 ) 72,560

MARK HARRIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11078444)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


Exceptional items, included within other income, includes the reduction in the agreed settlement with HM Revenue and Customs in respect of tax planning from earlier years.

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Corporation tax interest 5,016 -

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 1,781,016 874,534

Deferred tax 29,517 3,739
Tax on profit 1,810,533 878,273

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 10,035,914 5,904,381
Profit multiplied by the standard rate of corporation tax in the UK of 20.003 %
(2022 - 19 %)

2,007,484

1,121,832

Effects of:
Expenses not deductible for tax purposes - 284
Capital allowances in excess of depreciation - (1,075 )
Depreciation in excess of capital allowances 5,331 -
Temporary timing differences 29,517 3,739
Research and development (231,896 ) (246,549 )
Holding company loss carried forward 97 42
Total tax charge 1,810,533 878,273

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2023 2022
£    £   
Interim 77,000 81,000

MARK HARRIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11078444)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


10. INTANGIBLE FIXED ASSETS

Group
Website
£   
COST
Additions 13,500
At 31 May 2023 13,500
AMORTISATION
Amortisation for year 113
At 31 May 2023 113
NET BOOK VALUE
At 31 May 2023 13,387

11. PROPERTY, PLANT AND EQUIPMENT

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 June 2022 1,882,446 260,396 558,101
Additions - 110,967 906
At 31 May 2023 1,882,446 371,363 559,007
DEPRECIATION
At 1 June 2022 96,521 7,451 379,630
Charge for year 22,062 7,427 35,830
At 31 May 2023 118,583 14,878 415,460
NET BOOK VALUE
At 31 May 2023 1,763,863 356,485 143,547
At 31 May 2022 1,785,925 252,945 178,471

MARK HARRIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11078444)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


11. PROPERTY, PLANT AND EQUIPMENT - continued

Group

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 June 2022 314,954 4,149 3,020,046
Additions 24,113 - 135,986
At 31 May 2023 339,067 4,149 3,156,032
DEPRECIATION
At 1 June 2022 228,485 2,951 715,038
Charge for year 19,165 426 84,910
At 31 May 2023 247,650 3,377 799,948
NET BOOK VALUE
At 31 May 2023 91,417 772 2,356,084
At 31 May 2022 86,469 1,198 2,305,008

12. FIXED ASSET INVESTMENTS

Group Company
2023 2022 2023 2022
£    £    £    £   
Shares in group undertakings - - 5,100 5,100
Other investments not loans 957 957 - -
957 957 5,100 5,100

Additional information is as follows:


Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Paintings 957 957
Company
Shares in
group
undertakings
£   
COST
At 1 June 2022
and 31 May 2023 5,100
NET BOOK VALUE
At 31 May 2023 5,100
At 31 May 2022 5,100


MARK HARRIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11078444)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


13. STOCKS

Group
2023 2022
£    £   
Stocks 6,923,159 7,073,334
Work-in-progress 679,050 366,000
7,602,209 7,439,334

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,660,941 649,813 - -
Bad debt provision (14,528 ) (14,528 ) - -
Other debtors 179,419 182,974 100 -
Tax - 9,489 - -
Called up share capital not paid - 100 - 100
Prepayments and accrued income 403,296 63,580 - -
2,229,128 891,428 100 100

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade creditors 579,555 367,304 - -
Tax 481,016 523,429 - -
Social security and other taxes 35,722 29,036 - -
VAT 465,865 43,462 - -
Other creditors 785,063 1,121,311 - -
Directors' current accounts 3,398 4,494 - -
Accruals and deferred income 476,743 85,473 400 200
2,827,362 2,174,509 400 200

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 10,318 14,011
Between one and five years 2,464 11,090
12,782 25,101

MARK HARRIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11078444)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


17. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 74,901 45,384

Group
Deferred
tax
£   
Balance at 1 June 2022 45,384
Provided during year 29,517
Balance at 31 May 2023 74,901

The deferred tax provision is made in respect of accelerated capital allowances already claimed.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

The holders of the ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.

19. RESERVES

Group
Retained
earnings
£   

At 1 June 2022 22,305,195
Profit for the year 8,225,381
Dividends (77,000 )
At 31 May 2023 30,453,576


20. RELATED PARTY DISCLOSURES

At the balance sheet date Mark Harris (Lincoln) Limited and Mark Harris (Properties) Limited are both 100% owned subsidiaries of Mark Harris (Holdings) Limited. M R Harris is the managing director and majority shareholder of Mark Harris (Holdings) Limited.

The key management personnel of the company are considered to be that of only the directors of the company.

21. ULTIMATE CONTROLLING PARTY

The controlling party is M R Harris.