IRIS Accounts Production v24.2.0.383 SC295684 Board of Directors 1.2.23 31.1.24 31.1.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC2956842023-01-31SC2956842024-01-31SC2956842023-02-012024-01-31SC2956842022-01-31SC2956842022-02-012023-01-31SC2956842023-01-31SC295684ns16:Scotland2023-02-012024-01-31SC295684ns15:PoundSterling2023-02-012024-01-31SC295684ns11:Director12023-02-012024-01-31SC295684ns11:PrivateLimitedCompanyLtd2023-02-012024-01-31SC295684ns11:SmallEntities2023-02-012024-01-31SC295684ns11:AuditExempt-NoAccountantsReport2023-02-012024-01-31SC295684ns11:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-31SC295684ns11:SmallCompaniesRegimeForAccounts2023-02-012024-01-31SC295684ns11:FullAccounts2023-02-012024-01-31SC295684ns11:Director22023-02-012024-01-31SC295684ns11:Director32023-02-012024-01-31SC295684ns11:Director42023-02-012024-01-31SC295684ns11:Director52023-02-012024-01-31SC295684ns11:CompanySecretary12023-02-012024-01-31SC295684ns11:RegisteredOffice2023-02-012024-01-31SC295684ns6:CurrentFinancialInstruments2024-01-31SC295684ns6:CurrentFinancialInstruments2023-01-31SC295684ns6:Non-currentFinancialInstruments2024-01-31SC295684ns6:Non-currentFinancialInstruments2023-01-31SC295684ns6:ShareCapital2024-01-31SC295684ns6:ShareCapital2023-01-31SC295684ns6:RetainedEarningsAccumulatedLosses2024-01-31SC295684ns6:RetainedEarningsAccumulatedLosses2023-01-31SC295684ns6:LandBuildings2023-02-012024-01-31SC295684ns6:PlantMachinery2023-02-012024-01-31SC295684ns6:LandBuildings2023-01-31SC295684ns6:PlantMachinery2023-01-31SC295684ns6:LandBuildings2024-01-31SC295684ns6:PlantMachinery2024-01-31SC295684ns6:LandBuildings2023-01-31SC295684ns6:PlantMachinery2023-01-31SC295684ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2023-01-31SC295684ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2023-02-012024-01-31SC295684ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2024-01-31SC295684ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2023-01-31SC295684ns6:WithinOneYearns6:CurrentFinancialInstruments2024-01-31SC295684ns6:WithinOneYearns6:CurrentFinancialInstruments2023-01-31SC295684ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2024-01-31SC295684ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2023-01-31SC295684ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2024-01-31SC295684ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2023-01-31SC295684ns6:HirePurchaseContracts2024-01-31SC295684ns6:HirePurchaseContracts2023-01-31SC295684ns6:WithinOneYear2024-01-31SC295684ns6:WithinOneYear2023-01-31SC295684ns6:BetweenOneFiveYears2024-01-31SC295684ns6:BetweenOneFiveYears2023-01-31SC295684ns6:AllPeriods2024-01-31SC295684ns6:AllPeriods2023-01-31SC295684ns6:Secured2024-01-31SC295684ns6:Secured2023-01-31SC295684ns11:Director112023-01-31SC295684ns11:Director112022-01-31SC295684ns11:Director112023-02-012024-01-31SC295684ns11:Director112022-02-012023-01-31SC295684ns11:Director112024-01-31SC295684ns11:Director112023-01-31
REGISTERED NUMBER: SC295684 (Scotland)
















Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Hunter Furnishings Limited

Hunter Furnishings Limited (Registered number: SC295684)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Hunter Furnishings Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: R A Richardson
Mrs M E Richardson
N C Richardson
A W J Richardson
Ms S Williams





SECRETARY: R A Richardson





REGISTERED OFFICE: Fleming House
134 Renfrew Street
Glasgow
G3 6ST





REGISTERED NUMBER: SC295684 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
147 Bath Street
Glasgow
G2 4SN

Hunter Furnishings Limited (Registered number: SC295684)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,293,623 1,168,939

CURRENT ASSETS
Stocks 1,074,048 1,222,087
Debtors 5 392,902 402,909
Cash in hand 56 250
1,467,006 1,625,246
CREDITORS
Amounts falling due within one year 6 809,203 827,668
NET CURRENT ASSETS 657,803 797,578
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,951,426

1,966,517

CREDITORS
Amounts falling due after more than one
year

7

(941,038

)

(962,260

)

PROVISIONS FOR LIABILITIES (68,012 ) (23,651 )
NET ASSETS 942,376 980,606

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 942,375 980,605
942,376 980,606

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Hunter Furnishings Limited (Registered number: SC295684)

Balance Sheet - continued
31 January 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 June 2024 and were signed on its behalf by:





N C Richardson - Director


Hunter Furnishings Limited (Registered number: SC295684)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Hunter Furnishings Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements are prepared on the going concern basis of accounting as, in the opinion of the directors, there are no matters of material uncertainty which cast doubt on the company's ability to continue.

Despite the ongoing issues of the Covid-19 pandemic and the attendant lockdown restrictions, the management have accessed all available support (financial or otherwise) which has been available at local and national levels. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
The Directors have made judgements, estimates and assumptions that affect the amounts reported within the financial statements during the year. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The Directors' estimates, assumptions and judgements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the financial statements are addressed and detail is provided in the associated notes.

Turnover
Turnover represents net sales of goods and services, excluding value added tax and discounts offered. Income is recognised when the company becomes entitled to the income, it can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the entity.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 33% on cost, 25% on reducing balance, 20% on reducing balance, 4% on cost and 2% on cost

If any impairment exists, the carrying amount of the asset shall be reduced to its estimated recoverable amount.

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

Hunter Furnishings Limited (Registered number: SC295684)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has no complex financial instruments but does hold basic financial instruments of cash at bank, debtors and creditors.

Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities.

Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effect of discounting would be immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts.

Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other creditors are stated at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Hunter Furnishings Limited (Registered number: SC295684)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Employee benefits
The total cost of employee benefits to which employees have become entitled as a result of service rendered to the entity during the reporting period are recognised and charged to the profit and loss account in the period to which they relate.

Provision for liabilities
A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 20 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2023 1,039,723 640,810 1,680,533
Additions - 286,894 286,894
Disposals - (135,104 ) (135,104 )
At 31 January 2024 1,039,723 792,600 1,832,323
DEPRECIATION
At 1 February 2023 233,941 277,653 511,594
Charge for year 20,794 86,241 107,035
Eliminated on disposal - (79,929 ) (79,929 )
At 31 January 2024 254,735 283,965 538,700
NET BOOK VALUE
At 31 January 2024 784,988 508,635 1,293,623
At 31 January 2023 805,782 363,157 1,168,939

In the opinion of the directors, the amount at which the assets are stated is reflective of their current value.

Hunter Furnishings Limited (Registered number: SC295684)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 February 2023 289,676
Additions 187,268
Disposals (131,352 )
At 31 January 2024 345,592
DEPRECIATION
At 1 February 2023 123,139
Charge for year 55,911
Eliminated on disposal (76,663 )
At 31 January 2024 102,387
NET BOOK VALUE
At 31 January 2024 243,205
At 31 January 2023 166,537

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 314,115 359,115
Other debtors 78,787 43,794
392,902 402,909

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 260,761 271,031
Hire purchase contracts (see note 8) 55,811 39,642
Trade creditors 252,002 282,479
Taxation and social security 64,062 85,784
Other creditors 176,567 148,732
809,203 827,668

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 702,247 810,742
Hire purchase contracts (see note 8) 184,192 151,518
Other creditors 54,599 -
941,038 962,260

Hunter Furnishings Limited (Registered number: SC295684)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 55,811 39,642
Between one and five years 184,192 151,518
240,003 191,160

Non-cancellable operating leases
2024 2023
£    £   
Within one year 21,003 36,463
Between one and five years - 21,003
21,003 57,466

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 152,266 165,061
Bank loans 810,742 916,712
Hire purchase contracts 240,003 191,160
1,203,011 1,272,933

A Standard Security in favour of the Clydesdale Bank was created on 6 June 2011 over the subjects at Boundary Road, Ayr. Two Bond and Floating charges are in place in favour of the Clydesdale Bank, created on 10 February 2006 and 25 May 2011 over all property and assets of Hunter Furnishings Limited.

A Guarantee is in place by R A Richardson (Furnishings) Limited for all monies owing to the Clydesdale Bank by Hunter Furnishings Limited. This is supported by two Bond and Floating Charges over all property and assets of R A Richardson (Furnishings) Limited and a Standard Security over property at Fleming House, 134 Renfrew Street, Glasgow.

The company received a Coronavirus Business Interruption Loan from the Clydesdale Bank in May 2020 for £157,000. Interest is chargeable at 4% over base rate and is secured by the Enterprise Finance Guarantee as well as the above named securities.

Hire purchase and finance lease creditors are secured over the assets to which the finance relates.

Hunter Furnishings Limited (Registered number: SC295684)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
N C Richardson
Balance outstanding at start of year - 4,779
Amounts advanced 854 6,988
Amounts repaid - (11,767 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 854 -

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. ULTIMATE CONTROLLING PARTY

The controlling party is RA Richardson (Furnishings) Limited.

The parent company is R A Richardson (Furnishings) Limited, registered office address: Fleming House, 134 Renfrew Street, Glasgow.