Company registration number 00361308 (England and Wales)
ALBERT HARRISON & CO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ALBERT HARRISON & CO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ALBERT HARRISON & CO LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
31,886
33,328
Tangible assets
4
272,500
297,727
304,386
331,055
Current assets
Stocks
1,144,783
896,511
Debtors
5
2,261,466
2,162,809
Cash at bank and in hand
258,076
612,159
3,664,325
3,671,479
Creditors: amounts falling due within one year
6
(2,129,419)
(2,189,531)
Net current assets
1,534,906
1,481,948
Total assets less current liabilities
1,839,292
1,813,003
Creditors: amounts falling due after more than one year
7
(26,674)
Provisions for liabilities
(35,421)
(38,391)
Net assets
1,803,871
1,747,938
Capital and reserves
Called up share capital
8
10,000
10,000
Profit and loss reserves
1,793,871
1,737,938
Total equity
1,803,871
1,747,938
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 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 member has 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.
ALBERT HARRISON & CO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 April 2024 and are signed on its behalf by:
Mr P H Sanderson
Director
Company registration number 00361308 (England and Wales)
ALBERT HARRISON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information
Albert Harrison & Co Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 14A Mead Way, Shuttleworth Mead Business Park, Padiham, Burnley, Lancashire, BB12 7NG.
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
Going concern
The directors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.true
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discount.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Software
20% straight line
Website
33% straight line
1.5
Tangible fixed assets
Tangible fixed assets are measured at cost, 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:
Leashold Improvements
Depreciated over the term of the lease - 15 years
Plant and machinery
15% reducing balance and 20% straight line
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.
ALBERT HARRISON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and net realisable value.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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 balance sheet 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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ALBERT HARRISON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.11
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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 balance sheet 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 32 (2022 - 32).
2023
2022
Number
Number
Total
32
32
ALBERT HARRISON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
3
Intangible fixed assets
Other
Website
Total
£
£
£
Cost
At 1 October 2022
85,343
40,944
126,287
Additions
23,400
23,400
Disposals
(40,944)
(40,944)
At 30 September 2023
85,343
23,400
108,743
Amortisation and impairment
At 1 October 2022
59,353
33,606
92,959
Amortisation charged for the year
12,276
10,791
23,067
Disposals
(39,169)
(39,169)
At 30 September 2023
71,629
5,228
76,857
Carrying amount
At 30 September 2023
13,714
18,172
31,886
At 30 September 2022
25,990
7,338
33,328
4
Tangible fixed assets
Plant and machinery
£
Cost
At 1 October 2022
680,024
Additions
19,337
Disposals
(6,539)
At 30 September 2023
692,822
Depreciation and impairment
At 1 October 2022
382,297
Depreciation charged in the year
44,564
Eliminated in respect of disposals
(6,539)
At 30 September 2023
420,322
Carrying amount
At 30 September 2023
272,500
At 30 September 2022
297,727
ALBERT HARRISON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,330,441
1,188,536
Amounts owed by group undertakings
848,287
904,752
Other debtors
3,984
108
Prepayments and accrued income
78,754
69,413
2,261,466
2,162,809
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
698,151
906,799
Trade creditors
539,286
630,159
Corporation tax
97,079
40,443
Other taxation and social security
151,181
151,918
Other creditors
643,722
460,212
2,129,419
2,189,531
Bank loans due within one year includes amounts owed to RBS Invoice Finance Ltd of £683,909 (2022 - £850,310) which are secured over the debtor book of the company.
Bank loans due within one year also includes debt secured by a debenture in favour of National Westminster Bank plc of £14,242 (2022 - £56,489).
Other creditors includes finance liabilities payable within the next twelve months and accrued costs.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
12,291
Other creditors
14,383
26,674
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
ALBERT HARRISON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
9
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
£
£
Total future commitments
784,297
198,092
Included within total future lease commitments is total future committed costs of £750,000 (2022 - £135,389) in respect of the rental of the company's trading property.