Company registration number 07019837 (England and Wales)
HIGH SEAT HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
HIGH SEAT HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mrs D L Burrows
Mr W J Burrows
Ms V Hodgson
Mr B Waters
(Appointed 26 June 2023)
Mrs L Eastwood
(Appointed 26 June 2023)
Mr J Cummins
(Appointed 26 June 2023)
Company number
07019837
Registered office
Units 1-3a Grange Road Industrial Estate
Grange Road
Batley
WF17 6LN
Auditor
Azets Audit Services Limited
12 King Street
Leeds
LS1 2HL
HIGH SEAT HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6 - 7
Directors' responsibilities statement
8
Independent auditor's report
9 - 11
Group statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 38
HIGH SEAT HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business

The group’s turnover increased by 4.6% during the year to £57.3m (2022: £54.8m) and gross margins increased to 38.5% (2022: 35.6%). The increase in administrative costs reflects general inflation but also the active decision to bolster the retail teams and infrastructure in order to improve the customer experience and build a sustainable and scalable operating model. Operating profits increased to £2.00m (2022: £1.78m), while underlying EBITDA increased a little to £3.10m (2022: £3.06m).

The results above were achieved in the face of significant headwinds in the post pandemic economy, which include the war in Ukraine, high inflation and interest rates, dampening UK consumer confidence and a slow housing market.

Having opened our new flagship Hendon showroom early in 2023, the group operated 54 showrooms throughout the rest of the year. Our Birmingham showroom was re-located to significantly improved premises at Brierley Hill.

Product innovation gathered some great momentum over the year with the introduction of the Ascot, new Hypnos mattresses, heat across our core riser ranges, the Bramham and late in the year, the start of production of the new Knaresborough collection.

2023 was a year of change and renewal in the board of directors. After seven years of service that included overseeing the expansion of our retail estate and steering the business through the pandemic, Guy Critchlow and Paul Roberts took the decision to leave the business in the first half of 2023. After ten years’ service that saw him oversee the transformation of the group’s manufacturing capabilities, Kevin Wall took early retirement in summer 2023. Leanne Eastwood and Ben Waters, representing the third generation of the founding family, both stepped up onto an operational board now lead by Venessa Hodgson as Managing Director.

The directors are pleased with the performance delivered during the year and are optimistic about prospects for 2024 and beyond.

 

 

HIGH SEAT HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties

The group faces a number of risks in both the day-to-day operation of its business, and in implementing its strategic plans. The board regularly reviews these risks and implements process improvements and mitigating actions, wherever possible, to manage risk.

Risks that could potentially have the most significant impact on the group are outlined below, together with mitigating actions taken. Other risks which are either not currently known or not considered material could also impact upon the group’s reported performance or net assets.

Business strategy

The group’s success depends upon the design and implementation of a successful strategy. The group’s strategy is discussed at board meetings, including meetings specifically held to undertake longer term horizon-scanning and strategic planning.

Longer-term development is also addressed at regular operational meetings which include the extensive involvement of directors and members of HSL’s family board, the group’s senior management team and other colleagues. Each department’s objectives are closely aligned with the group’s strategy, and performance against those objectives is regularly reviewed throughout the year. Colleague incentive schemes are based upon the group’s performance, to align all colleagues with delivering the group’s strategic and operational plans.

Economic conditions

UK economic conditions can impact upon consumer buying behaviour and spending levels. The group’s success is therefore dependent upon its ability, through its brand and marketing activity, to encourage customers into its retail channels and for those customers to place an order. As such, appropriate retail and marketing key performance indicators are reviewed daily and continuous actions are taken to maximise performance and respond to the impact of external factors.

During 2023, consumer confidence across much of the retail industry was negatively impacted by both geopolitical events and UK economic conditions, including high inflation and interest rates. The wider furniture industry can be considered to represent items of higher-value discretionary spend, and the nature of the group’s customer base in particular can mean that it is amongst the first to react cautiously to such economic uncertainty. However, HSL’s offering is weighted towards consumers with a need for specialist furniture which improves comfort, posture, and wellbeing. This offers protection against such negative economic conditions and, furthermore, should drive the fastest pace of recovery as market conditions improve.

Although the group’s performance is also exposed to the actions of competitors in the retail sector, this is further mitigated by HSL’s specialism in the design and sale of furniture which improves health and wellbeing informed by long-standing partnerships with Occupational Therapists.

Supply chain

The group’s success is dependent upon a reliable, high quality supply chain. As with many other businesses at this time, the group is exposed to risks of supply chain disruption and inflation in the purchase price of raw material, subcontract manufactured furniture and bought-in services.

A significant majority of the products sold by HSL are designed and manufactured in its own factory in West Yorkshire. Furthermore, the vast majority of deliveries are now completed by the group’s in-house logistics operation. As well as ensuring a consistently high-quality product and service for customers, these strategies help to defend against cost increases and lead time extensions.

To ensure continuity of supply the group continuously reviews future order expectations and works in close partnership with its suppliers to ensure that appropriate stock levels are held in or close to the UK to mitigate the risk of supply chain delays. The group closely reviews all external sources of supply of both parts and services and maintains flexible supply arrangements wherever possible, to maintain competitiveness and ensure consistently high-quality standards.

HIGH SEAT HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Key performance indicators

Key performance indicators used by the directors to monitor the group include the following:

 

 

2023

2022

 

 

 

 

 

 

£000

£000

 

 

 

 

Sales

 

57,336

54,835

 

 

 

 

EBITDA

 

3,104

3,066

 

 

 

 

EBITDA Margin %

5.4%

5.6%

 

 

 

Net cash

 

4,454

3,555

 

 

 

 

EBITDA reconciliation

 

 

 

 

 

 

Profit before tax

1,927

1,668

 

 

 

Depreciation

 

1,100

1,085

 

 

 

 

Interest

 

77

115

 

 

 

 

Exceptional Items

0

198

 

 

 

 

 

3,104

3,066

 

Other

In addition, the directors use a number of other financial and operational key performance indicators which they consider are effective in monitoring the performance of the company. These include footfall, order and profitability data by channel and by location, and customer satisfaction indices.

Promoting the success of the company

The directors of High Seat Holdings Limited consider that, in both the individual and collective decision making which took place during the year ended 31 December 2023, they have acted in a way which is most likely to promote the success of the company for the benefit of the group’s shareholders as a whole, whilst having regard to the stakeholders and matters set out in s172(1)(a-f) of the Companies Act 2006.

The directors’ objective is to promote the long-term financial viability and success of the company. In doing so they have considered matters including the following:

HIGH SEAT HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

In this regard, the directors discharge their duties as follows:

Risk management

The directors have consideration of long-term risks to the group, which are managed through a continuous exercise of risk identification, risk appraisal and, where appropriate, the implementation of mitigating actions. This exercise includes regular review of risks in board meetings, which take place at least monthly, and input from colleagues within relevant areas of the business and from a range of external sources.

The principal risks and uncertainties faced by the group are outlined on page 2.

Customers

As a retailer serving a typically older demographic, the directors always recognise the group’s responsibility to its customers. All key strategic and operational decisions include consideration of the impact on the customer experience, product quality, service standards, and value-for-money. This includes gathering feedback directly from customers via surveys, independent customer reviews, customer listening groups and seeking input from colleagues who work within the group’s retail channel.

Colleagues

The directors recognise the critical role that all colleagues play in protecting HSL’s heritage and unique culture and values, which in turn help promote the success of the group.

The directors are committed to treating all colleagues with fairness, respect and equality, and continue to assess ways of enhancing the pay and benefits and wider support available to all colleagues. Health and safety and colleague wellbeing are key focuses and are managed by measures including a group health & safety committee which reports into the group board of directors, trained mental health first-aiders, wellbeing content provided to colleagues via a range of channels and a free-to-use Employee Assistance Programme.

Colleague feedback is gathered regularly through a variety of formal and informal channels. Further information is detailed in the directors’ report on pages 6 to 8.

Bank and funding partners

HSL’s strategic plans are developed and appraised with careful regard to the interests of the group’s bank and other funding partners. The directors seek to ensure that appropriate facilities remain available to meet current needs, and to provide sufficient headroom for future investment and unexpected events.

The group has a proactive and transparent relationship with all funding partners, including its bank, NatWest. The group’s approach includes sharing budgetary and financial information regularly and meeting periodically to discuss trading performance and strategic plans.

Suppliers and business partners

HSL works with carefully selected third party manufacturers and service partners, and suppliers of manufacturing components and support services, which together are key to its ability to continue to offer high quality products and service standards for its customers.

The directors and key members of the senior management team regularly engage with suppliers to discuss performance, quality, price and how, by working in close partnership, the group can continually improve its supply chain. Further information on the group’s supply chain is outlined on page 2.

HIGH SEAT HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

Society and the environment

The group seeks to positively impact on the lives of customers and colleagues, and it sets a strategy and operational plans which pay careful regard to the communities it operates in and its wider social responsibilities.

As a national retailer, the group recognises its responsibility to all areas of society and sets out to support these through local and national charitable activities.

In 2023, the company made several steps forward with regards to its environment and sustainability strategy. Its key focuses for the year under review included refining processes and utilising technology effectively to reduce waste.

Over the course of 2023, HSL developed processes which enabled the company to reuse over 14,000 units of its own furniture packaging. HSL continued to work closely with the British Heart Foundation to divert over 1,000 tons of furniture from landfill between 2022 and 2023. The company also installed a new and more efficient extraction system in their manufacturing facility and expanded LED lighting throughout the factory building.

Looking forward, the board is developing ambitions for the future including the installation of solar panels at their Leeds distribution centre.

Business conduct and shareholders

The directors are committed to acting responsibly to all stakeholders and ensuring that the business is operated in a responsible manner, with appropriately high standards of business conduct and governance. The directors understand that maintaining these standards will support the delivery of the group’s strategy and promote its longterm success.

All key beneficial shareholders of the company are represented on the group board of directors.

Through regular board meetings, which include reports which review the business and its performance, prepared by the directors and senior management team and circulated in advance, shareholders are able to properly consider and input to matters relevant to them as shareholders and ensure that the group’s activities remain compliant with these conduct standards.

On behalf of the board

Mr J Cummins
Director
7 June 2024
HIGH SEAT HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The company acts as the holding company for its two wholly owned subsidiaries, High Seat Limited and HSL Manufacturing Limited. The results presented are those for the consolidated group, the principal activities of which are the design, manufacture, retail sale and delivery of fixed and motion furniture.

Results and dividends

The results for the year are set out on page 12.

Ordinary dividends of £1.1m (2022: £1.625m) were paid during the year. The directors do not recommend payment of a further dividend in relation to the year.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs D L Burrows
Mr W J Burrows
Mr G C Critchlow
(Resigned 20 January 2023)
Ms V Hodgson
Mr P R Roberts
(Resigned 23 June 2023)
Mr K M Wall
(Resigned 16 June 2023)
Mr B Waters
(Appointed 26 June 2023)
Mrs L Eastwood
(Appointed 26 June 2023)
Mr J Cummins
(Appointed 26 June 2023)
Disabled persons

The group is committed to a policy of recruitment and promotion on the basis of aptitude and ability, without discrimination of any kind. Particular attention is given to the training and promotion of disabled colleagues to ensure that their career development is not unfairly restricted by their disability, or perceptions of it.

 

The group’s HR procedures make clear that full and fair consideration must be given to applications made by and the promotion of disabled persons. Where a colleague becomes disabled, the group’s HR procedures also require that reasonable effort is made to ensure that they have the opportunity for continued employment within the group. Where appropriate colleagues who become disabled are offered the opportunity to retrain.

Employee involvement

The group maintains a colleague intranet, ourHSL, providing information on matters of interest. In addition, colleagues receive regular briefings from the directors and the senior management team through a number of other channels, highlighting matters relevant to them, including the economic, financial, and commercial factors affecting the performance of the group.

 

The group also periodically undertakes listening groups across all areas of the business, ad hoc questionnaires and an annual survey to measure colleague engagement levels and canvass views on significant matters. In 2022 the group started a partnership with Best Companies Limited and earned its first Best Companies accreditation.

Auditor

The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

HIGH SEAT HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
Energy and carbon report

In accordance with the Streamlined Energy and Carbon (“SECR”) reporting requirements, the directors report on the group’s energy usage and greenhouse gas emissions for the year ended 31 December 2023.

In accordance with the requirements, energy usage data reflect the group’s electricity and gas use during the year at HSL’s factory, office and warehouse premises as well as across the estate of showrooms. In addition, reported energy use captures fuel used by company operated vehicles and machinery, and business mileage undertaken by colleagues in privately owned cars.

Emissions have been calculated using conversion factors available from public information sources. Emissions and intensity ratios are presented on both a location-basis and market-basis, in the latter case reflecting the impact of a renewable energy tariff.

 

 

Year ended 31 December 2023

Year ended 31 December 2022

Total UK energy use

Thousand kWh

6,592

6,680

Total UK emissions – location based

Tonnes of CO2e

1,518

1,523

Intensity ratio – location based

tCO2e per £’million of turnover

26.5

27.8

 

 

 

 

Total UK emissions – market based

Tonnes of CO2e

1,072

1,342

Intensity ratio – market based

tCO2e per £’million of turnover

18.7

24.5

We are pleased to report that HSL re-entered a renewable electricity tariff at all its sites from 1 December 2022 and has remained on this tariff throughout 2023 and to date. This has had the impact of significantly lowering market based C02 emissions.

Activities undertaken to reduce the group’s carbon footprint include the following:

The directors are pleased with progress in 2023 and are looking forward to measuring scope 3 emissions as the next significant step in the journey to net zero.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr J Cummins
Director
7 June 2024
HIGH SEAT HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

HIGH SEAT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HIGH SEAT HOLDINGS LIMITED
- 9 -
Opinion

We have audited the financial statements of High Seat Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

HIGH SEAT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HIGH SEAT HOLDINGS LIMITED
- 10 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

HIGH SEAT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HIGH SEAT HOLDINGS LIMITED
- 11 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's report 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.

Jessica Lawrence
Senior Statutory Auditor
For and on behalf of Azets Audit Services Limited
7 June 2024
Chartered Accountants
Statutory Auditor
12 King Street
Leeds
LS1 2HL
HIGH SEAT HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
Turnover
3
57,336,390
54,834,819
Cost of sales
(35,233,378)
(35,296,737)
Gross profit
22,103,012
19,538,082
Administrative expenses
(20,170,427)
(17,614,175)
Other operating income
71,973
57,765
Exceptional item
4
-
0
(198,080)
Operating profit
5
2,004,558
1,783,592
Interest receivable and similar income
9
42,001
3,261
Interest payable and similar expenses
10
(119,448)
(118,599)
Profit before taxation
1,927,111
1,668,254
Tax on profit
11
(4,500)
79,500
Profit for the financial year
1,922,611
1,747,754
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
HIGH SEAT HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
13
4,913,808
4,752,948
Current assets
Stocks
17
4,465,066
5,755,935
Debtors
18
2,338,902
1,850,130
Cash at bank and in hand
19
4,488,039
4,636,581
11,292,007
12,242,646
Creditors: amounts falling due within one year
20
(9,272,981)
(10,616,302)
Net current assets
2,019,026
1,626,344
Total assets less current liabilities
6,932,834
6,379,292
Creditors: amounts falling due after more than one year
21
-
(33,621)
Provisions for liabilities
Deferred tax liability
24
144,000
73,000
(144,000)
(73,000)
Net assets
6,788,834
6,272,671
Capital and reserves
Called up share capital
26
20
20
Share premium account
38,994
38,994
Other reserves
(1,157,029)
(850,581)
Profit and loss reserves
7,906,849
7,084,238
Total equity
6,788,834
6,272,671
The financial statements were approved by the board of directors and authorised for issue on 7 June 2024 and are signed on its behalf by:
07 June 2024
Mr J  Cummins
Director
HIGH SEAT HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 14 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
748,000
785,400
Investments
15
6,713,250
6,713,250
7,461,250
7,498,650
Current assets
Debtors
18
2,575,620
1,658,982
Cash at bank and in hand
214,194
42,921
2,789,814
1,701,903
Creditors: amounts falling due within one year
20
(8,117,648)
(6,941,787)
Net current liabilities
(5,327,834)
(5,239,884)
Net assets
2,133,416
2,258,766
Capital and reserves
Called up share capital
26
20
20
Share premium account
38,994
38,994
Profit and loss reserves
2,094,402
2,219,752
Total equity
2,133,416
2,258,766

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £974,650 (2022 - £1,622,622 profit).

The financial statements were approved by the board of directors and authorised for issue on 7 June 2024 and are signed on its behalf by:
07 June 2024
Mr J  Cummins
Director
Company registration number 07019837 (England and Wales)
HIGH SEAT HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
20
38,994
-
6,961,484
7,000,498
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
1,747,754
1,747,754
Dividends
12
-
-
-
(1,625,000)
(1,625,000)
Balance at 31 December 2022 (as previously reported)
20
38,994
-
7,084,238
7,123,252
Effect of adjustment (note 32)
-
-
(850,581)
(850,581)
Balance at 31 December 2022 (restated)
20
38,994
(850,581)
7,084,238
6,272,671
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
1,922,611
1,922,611
Dividends
12
-
-
-
(1,100,000)
(1,100,000)
Other movements
-
-
(306,448)
-
(306,448)
Balance at 31 December 2023
20
38,994
(1,157,029)
7,906,849
6,788,834
HIGH SEAT HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
20
38,994
2,222,130
2,261,144
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
1,622,622
1,622,622
Dividends
12
-
-
(1,625,000)
(1,625,000)
Balance at 31 December 2022
20
38,994
2,219,752
2,258,766
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
974,650
974,650
Dividends
12
-
-
(1,100,000)
(1,100,000)
Balance at 31 December 2023
20
38,994
2,094,402
2,133,416
HIGH SEAT HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
3,341,964
419,927
Interest paid
(119,448)
(118,599)
Net cash inflow from operating activities
3,222,516
301,328
Investing activities
Purchase of tangible fixed assets
(1,265,163)
(1,378,893)
Proceeds on disposal of tangible fixed assets
153
74,399
Interest received
42,001
3,261
Net cash used in investing activities
(1,223,009)
(1,301,233)
Financing activities
Proceeds of new bank loans
-
1,000,000
Repayment of bank loans
(1,000,000)
-
Movement on finance lease obligations
(48,049)
(51,268)
Dividends paid to equity shareholders
(1,100,000)
(1,625,000)
Net cash used in financing activities
(2,148,049)
(676,268)
Net decrease in cash and cash equivalents
(148,542)
(1,676,173)
Cash and cash equivalents at beginning of year
4,636,581
6,312,754
Cash and cash equivalents at end of year
4,488,039
4,636,581
HIGH SEAT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
1
Accounting policies
Company information

High Seat Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Units 1-3a Grange Road Industrial Estate, Grange Road, Batley, West Yorkshire, WF17 6LN.

 

The group consists of High Seat Holdings Limited and all of its subsidiaries.

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.

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 £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

HIGH SEAT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company High Seat Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

HIGH SEAT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Freehold land and buildings
4% Straight line
Leasehold land and buildings
Over the term of the lease
Plant and equipment
6% - 50% Straight line
Fixtures and fittings
10% - 33% Straight line
Motor vehicles
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 recognised in the profit and loss account.

Assets in the course of construction are not depreciated.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

HIGH SEAT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

HIGH SEAT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
1.10
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

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.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

HIGH SEAT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group 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 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

HIGH SEAT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 24 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
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 leased asset are consumed.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

HIGH SEAT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock provision

The stock provision has been calculated based on estimated net realisable value of demonstration stock items. The directors have assumed that a consistent stock provision will be needed against all stock lines in all stores, based upon stock type, and the historical stock write downs will remain consistent in the future.

Returns provision

The returns provision has been calculated based on historical levels of customer returns. The directors have assumed that the future level of returns will continue to be consistent with historical levels.

Revenue cut-off

A cut-off adjustment has been posted to the financial statements for dispatches where title had not passed to the customer at the year end. The directors have calculated this adjustment based on information obtained during the stock counts performed internally and at the company's two largest carriers, covering a significant majority of dispatches.

 

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Furniture sales
57,336,390
54,834,819
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
57,336,390
54,834,819
2023
2022
£
£
Other revenue
Interest income
42,001
3,261
HIGH SEAT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
4
Exceptional item
2023
2022
£
£
Expenditure
Exceptional items
-
198,080

£179,713 of prior year exceptional costs relate to the write-down of legacy costs incurred and capitalised in relation to a business-wide IT project. The remainder of prior year exceptional costs are in relation to redundancies within the year and the costs from store closures.

 

 

5
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
1,085,138
1,064,901
Depreciation of tangible fixed assets held under finance leases
14,943
20,553
Loss on disposal of tangible fixed assets
4,069
14,650
Operating lease charges
3,338,931
3,214,074
6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
7,700
7,700
Audit of the financial statements of the company's subsidiaries
36,300
37,050
44,000
44,750
For other services
Taxation compliance services
9,900
6,600
All other non-audit services
6,350
6,050
16,250
12,650
HIGH SEAT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Directors
6
6
6
6
Office and management
125
123
-
-
Retail
254
224
-
-
Manufacturing
130
132
-
-
Total
515
485
6
6

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
14,061,554
12,077,457
-
0
-
0
Social security costs
1,257,511
1,063,092
-
-
Pension costs
246,856
190,264
28,000
-
0
15,565,921
13,330,813
28,000
-
0
8
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
881,872
1,058,424
Company pension contributions to defined contribution schemes
32,563
5,283
914,435
1,063,707
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 7 (2022 - 4).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
170,583
280,424
Company pension contributions to defined contribution schemes
-
1,321
HIGH SEAT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
9
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
42,001
3,261
10
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
116,737
115,570
Interest on finance leases and hire purchase contracts
2,711
3,029
Total finance costs
119,448
118,599
11
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
4,500
(79,500)

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,927,111
1,668,254
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
453,257
316,968
Tax effect of expenses that are not deductible in determining taxable profit
12,189
18,111
Unutilised tax losses carried forward
375,552
399,209
Depreciation on assets not qualifying for tax allowances
87,997
116,603
Patent box deduction
(963,283)
(877,195)
Other
38,788
(53,196)
Taxation charge/(credit)
4,500
(79,500)

The UK corporation tax rate was 19% to 5 April 2023 and 25% from 6 April 2023.

12
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
1,100,000
1,625,000
HIGH SEAT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2023
637,619
6,665,597
455,853
708,483
4,718,386
433,269
13,619,207
Additions
-
0
536,389
47,112
168,317
435,336
78,009
1,265,163
Disposals
-
0
(185,622)
(2,650)
(181,104)
(500,604)
(31,590)
(901,570)
Transfers
-
0
7,500
(221,795)
-
0
214,295
-
0
-
0
At 31 December 2023
637,619
7,023,864
278,520
695,696
4,867,413
479,688
13,982,800
Depreciation and impairment
At 1 January 2023
200,778
4,492,212
-
0
639,604
3,392,458
141,207
8,866,259
Depreciation charged in the year
9,550
527,493
-
0
17,096
462,910
83,032
1,100,081
Eliminated in respect of disposals
-
0
(184,255)
-
0
(181,104)
(500,604)
(31,385)
(897,348)
At 31 December 2023
210,328
4,835,450
-
0
475,596
3,354,764
192,854
9,068,992
Carrying amount
At 31 December 2023
427,291
2,188,414
278,520
220,100
1,512,649
286,834
4,913,808
At 31 December 2022
436,841
2,173,385
455,853
68,879
1,325,928
292,062
4,752,948
HIGH SEAT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
Company
Freehold land and buildings
£
Cost
At 1 January 2023 and 31 December 2023
935,000
Depreciation and impairment
At 1 January 2023
149,600
Depreciation charged in the year
37,400
At 31 December 2023
187,000
Carrying amount
At 31 December 2023
748,000
At 31 December 2022
785,400

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Fixtures and fittings
112,071
127,014
-
0
-
0
Motor vehicles
-
0
2,338
-
0
-
0
112,071
129,352
-
-

The directors applied the amendments to FRS102, effective 1 January 2019, and as a result elected to transfer investment properties at deemed cost to tangible fixed assets at this date. These properties are owned by the company and leased to other entities within the group.

HIGH SEAT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
14
Intangible fixed assets
Group
Negative goodwill
£
Cost
At 1 January 2023 and 31 December 2023
(95,183)
Amortisation and impairment
At 1 January 2023 and 31 December 2023
(95,183)
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
15
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
6,713,250
6,713,250
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
6,713,250
Carrying amount
At 31 December 2023
6,713,250
At 31 December 2022
6,713,250
16
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
High Seat Limited
1
Retail sales
Ordinary
100.00
HSL Manufacturing Limited
1
Manufacturing
Ordinary
100.00
-
HIGH SEAT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
16
Subsidiaries
(Continued)
- 32 -

Registered office addresses (all UK unless otherwise indicated):

1
Units 1-3a Grange Road Industrial Estate, Grange Road, Batley, West Yorkshire, WF17 6LN
17
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
2,222,534
3,476,477
-
-
Work in progress
192,077
281,413
-
-
Finished goods and goods for resale
2,050,455
1,998,045
-
0
-
0
4,465,066
5,755,935
-
-
18
Debtors
Group
as restated
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
84,251
48,380
-
0
-
0
Amounts owed by group undertakings
-
-
1,400,158
768,859
Other debtors
610,485
714,854
1,164,359
860,026
Prepayments and accrued income
1,532,166
1,041,396
11,103
30,097
2,226,902
1,804,630
2,575,620
1,658,982
Deferred tax asset (note 24)
112,000
45,500
-
0
-
0
2,338,902
1,850,130
2,575,620
1,658,982
19
Cash at bank and in hand
Included within cash at bank is £1.5m (2022 - £1.5m) of restricted cash. Restricted cash represents amounts held as security by financial institutions which is not accessible on demand by the company.
HIGH SEAT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
20
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
22
-
0
1,000,000
-
0
1,000,000
Obligations under finance leases
23
33,621
48,049
-
0
-
0
Trade creditors
3,108,896
3,549,646
5,487
2,400
Customer deposits
2,478,468
3,041,613
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
8,091,086
5,917,647
Other taxation and social security
324,065
290,166
-
-
Other creditors
1,575,231
1,341,061
-
0
-
0
Accruals and deferred income
1,752,700
1,345,767
21,075
21,740
9,272,981
10,616,302
8,117,648
6,941,787
21
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
23
-
0
33,621
-
0
-
0

Obligations under finance leases are secured against the assets to which they relate.

22
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
-
0
1,000,000
-
0
1,000,000
Payable within one year
-
0
1,000,000
-
0
1,000,000

 

HIGH SEAT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
23
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
33,621
50,697
-
0
-
0
In two to five years
-
0
35,608
-
0
-
0
33,621
86,305
-
-
Less: future finance charges
-
0
(4,635)
-
0
-
0
33,621
81,670
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of fixtures and fittings. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
591,000
454,000
-
-
Tax losses
(439,000)
(378,000)
106,000
41,500
Provisions
(8,000)
(3,000)
6,000
4,000
144,000
73,000
112,000
45,500
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
27,500
-
Charge to profit or loss
4,500
-
Liability at 31 December 2023
32,000
-

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

HIGH SEAT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
24
Deferred taxation
(Continued)
- 35 -

Deferred tax is not recognised in respect of tax losses of £4,631,244 (2022 - £7,637,026) as it is not probable that they will be recovered against the reversal of deferred tax liabilities or future taxable profits. Had this not been the case a deferred tax asset of £1,157,811 (2022 - £1,909,257) would have been recognised when calculated at the estimated future rate of 25% (2022 - 25%).

25
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
246,856
190,264

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

26
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A1 Ordinary of 0.5p each
1,200
1,200
6
6
A2 Ordinary of 0.5p each
1,200
1,200
6
6
B1 Ordinary of 1p each
600
600
6
6
B2 Ordinary of 1p each
50
50
1
1
C Ordinary of 1p each
163
195
1
1
D Ordinary of 1p each
25
25
-
-
3,238
3,270
20
20
Ordinary A1 shares carry the right of one vote each, have the entitlement to receive dividends and £25,000,000 return of capital subject to the holders of B shares being paid out fixed amounts first.

Ordinary A2 shares carry the right of one vote per four shares, have the entitlement to receive dividends and are entitled to 55% of the surplus on a return of capital, subject to the A1 shares being paid out first.

Ordinary B1 shares carry no right to vote, are not entitled to receive dividends but are entitled to a fixed amount of £2,000 to each shareholder on a return of capital. Thereafter the shares are entitled to 33.75% of the surplus on a return of capital subject to the A1 shares being paid out first.

Ordinary B2 shares carry no right to vote, are not entitled to receive dividends but are entitled to a fixed amount of £2,000 to each shareholder on a return of capital. Thereafter the shares are entitled to 2.5% of the surplus on a return of capital subject to the A1 shares being paid out first.

Ordinary C shares carry the right of one vote each, are not entitled to receive dividends but are entitled to 7.5% of the surplus on a return of capital subject to the A1 shares being paid out first. During the year 32 Ordinary C shares were cancelled reducing the total number of shares to 163 (2022: 195).

Ordinary D shares carry no right to vote, are not entitled to receive dividends but are entitled to 1.25% of the surplus on a return of capital subject to the A1 shares being paid out first.
HIGH SEAT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 36 -
27
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
3,216,033
2,899,132
-
-
Between two and five years
6,614,962
5,675,904
-
-
In over five years
205,890
446,859
-
-
10,036,885
9,021,895
-
-
During the year HSL Manufacturing Limited entered into a new 10 year lease agreement in Novemeber 2023 for its main manufacturing premises. The lease includes a break clause dated 16 December 2028.
HIGH SEAT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 37 -
28
Related party transactions
Transactions with related parties

During the year the group paid rent of £60,850 (2022 - £95,445) to P Burrows, a relative of Mr W J Burrows, a director.

 

29
Controlling party

The company is jointly controlled by Mr W J Burrows and Mrs D L Burrows, both of whom are directors.

30
Cash generated from group operations
2023
2022
as restated
£
£
Profit for the year after tax
1,922,611
1,747,754
Adjustments for:
Taxation charged/(credited)
4,500
(79,500)
Finance costs
119,448
118,599
Investment income
(42,001)
(3,261)
Loss on disposal of tangible fixed assets
4,069
14,650
Depreciation and impairment of tangible fixed assets
1,100,081
1,085,454
Non-cash exceptional item
-
179,713
Reserves transfer
(301,525)
(850,581)
Repurchase of own shares
(4,923)
-
Movements in working capital:
Decrease/(increase) in stocks
1,290,869
(159,287)
(Increase)/decrease in debtors
(422,272)
333,079
Decrease in creditors
(328,893)
(1,966,693)
Cash generated from operations
3,341,964
419,927
31
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
4,636,581
(148,542)
4,488,039
Borrowings excluding overdrafts
(1,000,000)
1,000,000
-
Obligations under finance leases
(81,670)
48,049
(33,621)
3,554,911
899,507
4,454,418
HIGH SEAT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 38 -
32
Prior period adjustment
Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 31 Dec 2022
£
£
£
Current assets
Debtors due within one year
2,700,711
(850,581)
1,850,130
Capital and reserves
Other reserves
-
(850,581)
(850,581)
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 31 December 2022
£
£
£
Profit after taxation
1,747,754
-
1,747,754
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Notes to reconciliation

The prior period adjustments do not give rise to any effect upon profit and loss in either the group or the company.

Employee Benefit Trust

The employee benefit trust has been consolidated in the accounts this year due to the nature of the EBT’s activities being controlled by the company it has also been consolidated in the prior year.

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