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COMPANY REGISTRATION NUMBER: 03828090
UK Home Shopping Limited
Filleted Unaudited Financial Statements
31 August 2023
UK Home Shopping Limited
Financial Statements
Period from 1 March 2022 to 31 August 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
UK Home Shopping Limited
Statement of Financial Position
31 August 2023
31 Aug 23
28 Feb 22
Note
£
£
£
Fixed Assets
Intangible assets
6
406,096
498,299
Tangible assets
7
164,141
2,722,573
---------
------------
570,237
3,220,872
Current Assets
Stocks
2,398,322
2,836,591
Debtors
8
220,713
1,350,168
Cash at bank and in hand
156,221
2,216
------------
------------
2,775,256
4,188,975
Creditors: amounts falling due within one year
9
( 2,277,676)
( 4,700,273)
------------
------------
Net Current Assets/(Liabilities)
497,580
( 511,298)
------------
------------
Total Assets Less Current Liabilities
1,067,817
2,709,574
Creditors: amounts falling due after more than one year
10
( 226,680)
( 655,426)
Provisions
Taxation including deferred tax
11
( 250,568)
------------
------------
Net Assets
841,137
1,803,580
------------
------------
Capital and Reserves
Called up share capital
12
50,402
50,402
Revaluation reserve
1,324,442
Profit and loss account
790,735
428,736
---------
------------
Shareholders Funds
841,137
1,803,580
---------
------------
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.
For the period ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period 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 .
UK Home Shopping Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mr M Adams
Director
Company registration number: 03828090
UK Home Shopping Limited
Notes to the Financial Statements
Period from 1 March 2022 to 31 August 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 91-97 Saltergate, Chesterfield, Derbyshire, S40 1LA.
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 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of Value Added Tax. The fair value of consideration also takes into account trade discounts, settlement discounts and volume rebates. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer (usually upon 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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:
Development expenditure
-
straight line over 10 years
Licences
-
straight line over 25 years
Website
-
straight line over 4 years
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.
Research and development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that technical, commercial and financial feasibility can be demonstrated.
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 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:
Freehold property
-
2 to 10% straight line
Computer hardware
-
50% straight line
Leasehold improvements
-
10% straight line
Office furniture
-
20% straight line
Office equipment
-
50% straight line
Warehouse fixtures
-
10% 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. For the purposes of impairment testing, 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.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument 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 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, 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 on year are not amortised. Debt instruments are subsequently measured 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 of 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Exceptional item
During the year, Tools To Go Limited irrevocably and unconditionally waived, released and discharged the company of an element of intercompany debt. As a result the company's income statement and balance sheet position increased by £808,377 (2022: £nil).
5. Employee numbers
The average number of persons employed by the company during the period amounted to 25 (2022: 27 ).
6. Intangible assets
Development expenditure
Licences
Website
Total
£
£
£
£
Cost
At 1 March 2022
662,227
167,719
28,458
858,404
Additions
4,960
14,100
19,060
---------
---------
--------
---------
At 31 August 2023
667,187
181,819
28,458
877,464
---------
---------
--------
---------
Amortisation
At 1 March 2022
288,942
43,061
28,102
360,105
Charge for the period
100,085
10,909
269
111,263
---------
---------
--------
---------
At 31 August 2023
389,027
53,970
28,371
471,368
---------
---------
--------
---------
Carrying amount
At 31 August 2023
278,160
127,849
87
406,096
---------
---------
--------
---------
At 28 February 2022
373,285
124,658
356
498,299
---------
---------
--------
---------
7. Tangible assets
Freehold property
Computer hardware
Leasehold improvem't
Fixtures, fittings and equipment
Warehouse fixtures
Total
£
£
£
£
£
£
Cost
At 1 Mar 2022
2,700,000
53,484
54,430
71,604
2,879,518
Additions
16,542
117,513
30,725
33,356
198,136
Disposals
( 2,700,000)
( 2,700,000)
------------
--------
---------
--------
---------
------------
At 31 Aug 2023
70,026
117,513
85,155
104,960
377,654
------------
--------
---------
--------
---------
------------
Depreciation
At 1 Mar 2022
53,484
54,430
49,031
156,945
Charge for the period
12,400
17,630
11,724
14,814
56,568
------------
--------
---------
--------
---------
------------
At 31 Aug 2023
65,884
17,630
66,154
63,845
213,513
------------
--------
---------
--------
---------
------------
Carrying amount
At 31 Aug 2023
4,142
99,883
19,001
41,115
164,141
------------
--------
---------
--------
---------
------------
At 28 Feb 2022
2,700,000
22,573
2,722,573
------------
--------
---------
--------
---------
------------
8. Debtors
31 Aug 23
28 Feb 22
£
£
Trade debtors
3,414
949,398
Corporation tax repayable
128,155
Other debtors
217,299
272,615
---------
------------
220,713
1,350,168
---------
------------
9. Creditors: amounts falling due within one year
31 Aug 23
28 Feb 22
£
£
Bank loans and overdrafts
17,169
1,379,368
Trade creditors
627,392
931,267
Accruals and deferred income
64,831
13,380
Social security and other taxes
79,004
245,828
Obligations under finance leases and hire purchase contracts
9,706
Director loan accounts
143,250
77,000
Other borrowings
991,134
929,236
Other creditors
345,190
1,124,194
------------
------------
2,277,676
4,700,273
------------
------------
Loans and overdrafts included within creditors: amounts falling due within one year amounting to £nil (2022: £1,379,368) are secured by fixed and floating charges against the assets of the company.
10. Creditors: amounts falling due after more than one year
31 Aug 23
28 Feb 22
£
£
Bank loans and overdrafts
494,636
Obligations under finance leases and hire purchase contracts
39,715
Other borrowings
186,965
160,790
---------
---------
226,680
655,426
---------
---------
Loans and overdrafts included within creditors: amounts falling due after more than one year amounting to £nil (2022: £494,636) are secured by fixed and floating charges against the assets of the company. Included within creditors: amounts falling due after more than one year are liabilities of £nil (2022: £208,783) payable or repayable by instalments which fall due for repayment after more than five years from the reporting date.
11. Provisions
Deferred tax
£
At 1 March 2022
250,568
Release of provision
( 250,568)
---------
At 31 August 2023
---------
12. Called up share capital
Issued, called up and fully paid
31 Aug 23
28 Feb 22
No.
£
No.
£
Ordinary shares of £ 1 each
50,002
50,002
50,002
50,002
Ordinary A shares of £ 1 each
100
100
100
100
Ordinary B shares of £ 1 each
100
100
100
100
Ordinary C shares of £ 1 each
100
100
100
100
Ordinary D shares of £ 1 each
100
100
100
100
--------
--------
--------
--------
50,402
50,402
50,402
50,402
--------
--------
--------
--------
13. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Aug 23
28 Feb 22
£
£
Not later than 1 year
246,468
18,656
Later than 1 year and not later than 5 years
1,876,250
15,149
------------
--------
2,122,718
33,805
------------
--------
14. Related party transactions
Included within creditors: amounts falling due within one year are the following liabilities: - Included within other creditors is an amount of £139,191 (2022: £999,511) due to Tools To Go Limited, a company in which Mr. M Irwin and Mr M Adams are directors and Mr M Irwin is the sole shareholder. The amount is unsecured, interest free and repayable on demand. During the year, Tools To Go Limited irrevocably and unconditionally waived, released and discharged the company of £808,377 of intercompany debt. - Included within other debtors is an amount of £6,300 (2022: creditor of £50,779) due from/to Chatsworth Industrial Limited, a company in which Mr. M Irwin and Mr M Adams are directors and Mr M Irwin is the sole shareholder. The amount is unsecured, interest free and repayable on demand. - Included within other creditors is an amount of £nil (2022: £48,217) due to Crikey Mikey Limited, a company in which Mr. M Irwin and Mr M Adams are directors and Mr M Irwin is the sole shareholder. The amount is unsecured, interest free and repayable on demand. - An amount of £131,000 (2022: £77,000) is due to Mr. M Irwin, a director of the company. The amount is unsecured, interest free and repayable on demand. - An amount of £12,250 (2022: £nil) is due to Mr. M Adams, a director of the company. The amount is unsecured, interest free and repayable on demand. Mr. M Irwin has provided a specific capped personal agreement in respect of the company's borrowing.