31 29/02/2024 2024-02-29 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-03-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 09096625 2023-03-01 2024-02-29 09096625 2024-02-29 09096625 2023-02-28 09096625 2022-03-01 2023-02-28 09096625 2023-02-28 09096625 core:NetGoodwill 2023-03-01 2024-02-29 09096625 core:LandBuildings core:ShortLeaseholdAssets 2023-03-01 2024-02-29 09096625 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 09096625 core:MotorVehicles 2023-03-01 2024-02-29 09096625 core:OnerousContractsExcludingVacantProperties 2023-03-01 2024-02-29 09096625 bus:Director1 2023-03-01 2024-02-29 09096625 core:NetGoodwill 2023-02-28 09096625 core:NetGoodwill 2024-02-29 09096625 core:LandBuildings core:ShortLeaseholdAssets 2023-02-28 09096625 core:FurnitureFittingsToolsEquipment 2023-02-28 09096625 core:MotorVehicles 2023-02-28 09096625 core:LandBuildings core:ShortLeaseholdAssets 2024-02-29 09096625 core:FurnitureFittingsToolsEquipment 2024-02-29 09096625 core:MotorVehicles 2024-02-29 09096625 core:WithinOneYear 2024-02-29 09096625 core:WithinOneYear 2023-02-28 09096625 core:AfterOneYear 2024-02-29 09096625 core:AfterOneYear 2023-02-28 09096625 core:ShareCapital 2024-02-29 09096625 core:ShareCapital 2023-02-28 09096625 core:RetainedEarningsAccumulatedLosses 2024-02-29 09096625 core:RetainedEarningsAccumulatedLosses 2023-02-28 09096625 core:BetweenOneFiveYears 2024-02-29 09096625 core:BetweenOneFiveYears 2023-02-28 09096625 core:MoreThanFiveYears 2024-02-29 09096625 core:MoreThanFiveYears 2023-02-28 09096625 core:NetGoodwill 2023-02-28 09096625 core:LandBuildings core:ShortLeaseholdAssets 2023-02-28 09096625 core:FurnitureFittingsToolsEquipment 2023-02-28 09096625 core:MotorVehicles 2023-02-28 09096625 bus:SmallEntities 2023-03-01 2024-02-29 09096625 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 09096625 bus:FullAccounts 2023-03-01 2024-02-29 09096625 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 09096625 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 09096625 core:ComputerEquipment 2023-03-01 2024-02-29 09096625 core:ComputerEquipment 2023-02-28 09096625 core:ComputerEquipment 2024-02-29 09096625 core:CommunicationNetworkEquipment 2023-02-28 09096625 core:AllAssociates 2023-03-01 2024-02-29
Company registration number: 09096625
Home Outlet Direct Limited
Unaudited filleted financial statements
29 February 2024
Home Outlet Direct Limited
Statement of financial position
29 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 80,000 90,000
Tangible assets 173,552 68,593
_______ _______
253,552 158,593
Current assets
Stocks 1,242,617 1,260,134
Debtors 7 629,511 285,441
Cash at bank and in hand 223,647 883,323
_______ _______
2,095,775 2,428,898
Creditors: amounts falling due
within one year 8 ( 1,189,186) ( 1,396,049)
_______ _______
Net current assets 906,589 1,032,849
_______ _______
Total assets less current liabilities 1,160,141 1,191,442
Creditors: amounts falling due
after more than one year 9 ( 53,030) ( 98,485)
Provisions for liabilities ( 43,388) ( 13,033)
_______ _______
Net assets 1,063,723 1,079,924
_______ _______
Capital and reserves
Called up share capital 200,100 200,100
Profit and loss account 863,623 879,824
_______ _______
Shareholder funds 1,063,723 1,079,924
_______ _______
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
Mr M J Horton
Director
Company registration number: 09096625
Home Outlet Direct Limited
Notes to the financial statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Crossways House, Wellingborough Road, Rushden, Northants, NN10 6AY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Directors believe that the company will have adequate resources to meet its liabilities as they fall due and so to operate as a going concern for a period of at least twelve months from the date of these financial statements. The Directors therefore consider it appropriate to continue to adopt the going concern basis in the preparation of these accounts.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Short leasehold property - 15 % straight line
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 31 (2023: 24 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 March 2023 100,000 100,000
Additions 3 3
_______ _______
At 29 February 2024 100,003 100,003
_______ _______
Amortisation
At 1 March 2023 10,000 10,000
Charge for the year 10,003 10,003
_______ _______
At 29 February 2024 20,003 20,003
_______ _______
Carrying amount
At 29 February 2024 80,000 80,000
_______ _______
At 28 February 2023 90,000 90,000
_______ _______
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £
Cost
At 1 March 2023 10,770 54,595 45,509 14,315 125,189
Additions - 55,947 95,833 5,808 157,588
_______ _______ _______ _______ _______
At 29 February 2024 10,770 110,542 141,342 20,123 282,777
_______ _______ _______ _______ _______
Depreciation
At 1 March 2023 4,156 19,792 22,605 10,043 56,596
Charge for the year 992 17,288 29,685 4,664 52,629
_______ _______ _______ _______ _______
At 29 February 2024 5,148 37,080 52,290 14,707 109,225
_______ _______ _______ _______ _______
Carrying amount
At 29 February 2024 5,622 73,462 89,052 5,416 173,552
_______ _______ _______ _______ _______
At 28 February 2023 6,614 34,803 22,904 4,272 68,593
_______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 515,743 177,046
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 27,150
Other debtors 113,768 81,245
_______ _______
629,511 285,441
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 45,455 45,455
Trade creditors 595,550 265,680
Amounts owed to group undertakings and undertakings in which the company has a participating interest 363,636 760,562
Corporation tax 47,022 155,080
Social security and other taxes 44,566 79,863
Other creditors 92,957 89,409
_______ _______
1,189,186 1,396,049
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 53,030 98,485
_______ _______
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 490,637 359,950
Later than 1 year and not later than 5 years 1,702,291 1,417,072
Later than 5 years 729,167 565,267
_______ _______
2,922,095 2,342,289
_______ _______
11. Related party transactions
The company has taken advantage of the provisions of FRS102 not to disclose transactions between group companies.
12. Controlling party
The company is a wholly owned subsidiary of Home Outlet Group Limited (of the same registered office) which is controlled by Mr M J Horton .