HENRY'S OF BANBURY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024
Company Registration Number: 07245803
HENRY'S OF BANBURY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 9
HENRY'S OF BANBURY LTD
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024
DIRECTORS
M S Douglas
J Douglas
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
C9 Glyme Court
Oxford Office Village
Langford Lane
Kidlington
Oxford
OX5 1LQ
COMPANY REGISTRATION NUMBER
07245803 England and Wales
HENRY'S OF BANBURY LTD
BALANCE SHEET
AS AT 31 MAY 2024
Notes 2024 2023
£ £
FIXED ASSETS
Intangible assets 5 24,000 28,000
Tangible assets 6 13,426 12,386
37,426 40,386
CURRENT ASSETS
Stock 134,045 128,731
Debtors 7 1,308 1,285
Cash at bank and in hand 7,866 28,144
143,219 158,160
CREDITORS: Amounts falling due within one year 8 110,567 130,947
NET CURRENT ASSETS 32,652 27,213
TOTAL ASSETS LESS CURRENT LIABILITIES 70,078 67,599
Provisions for liabilities and charges 3,357 3,097
NET ASSETS 66,721 64,502
CAPITAL AND RESERVES
Called up share capital 100 100
Distributable profit and loss account 66,621 64,402
SHAREHOLDERS' FUNDS 66,721 64,502
HENRY'S OF BANBURY LTD
BALANCE SHEET
AS AT 31 MAY 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
M S Douglas J Douglas
Director Director
Date approved by the board: 13 August 2024
HENRY'S OF BANBURY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
1 GENERAL INFORMATION
Henry's of Banbury Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:
Registered office Principal place of business
C9 Glyme Court 52 High Street
Oxford Office Village Banbury
Langford Lane Oxfordshire
Kidlington OX16 5JJ
Oxford
OX5 1LQ
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable and represents the sale and hire of clothing, stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Intangible fixed assets
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.
Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be 20 years.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.
HENRY'S OF BANBURY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Furniture and fittings Reducing Balance basis at 20% per annum
Motor vehicles Reducing Balance basis at 20% per annum
Website costs Reducing Balance basis at 20% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
HENRY'S OF BANBURY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a standard cost basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
HENRY'S OF BANBURY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Provisions
A provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use is recognised. The provision is measured at the salary cost payable for the period of absence.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 7 7
HENRY'S OF BANBURY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
5 INTANGIBLE FIXED ASSETS
Goodwill
£
Cost
At 1 June 2023 80,000
At 31 May 2024 80,000
Accumulated amortisation and impairments
At 1 June 2023 52,000
Charge for year 4,000
At 31 May 2024 56,000
Net book value
At 1 June 2023 28,000
At 31 May 2024 24,000
6 TANGIBLE ASSETS
Furniture and fittings Motor vehicles Website costs Total
£ £ £ £
Cost
At 1 June 2023 40,019 8,969 2,021 51,009
Additions 3,954 - - 3,954
At 31 May 2024 43,973 8,969 2,021 54,963
Accumulated depreciation and impairments
At 1 June 2023 29,423 7,589 1,611 38,623
Charge for year 2,556 276 82 2,914
At 31 May 2024 31,979 7,865 1,693 41,537
Net book value
At 1 June 2023 10,596 1,380 410 12,386
At 31 May 2024 11,994 1,104 328 13,426
HENRY'S OF BANBURY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
7 DEBTORS
2024 2023
£ £
Prepayments and accrued income 1,308 1,285
8 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Trade creditors 33,790 42,981
Taxation and social security 23,255 28,821
Accruals and deferred income 4,330 4,123
Other creditors 49,192 55,022
110,567 130,947
9 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
M S Douglas
Director and shareholder 2024 2023
£ £
Advances to company The director has made advances to the
company which are repayable on demand. No
interest has been charged on these advances.
At the year end, the company owed the
director the following amount:
41,606 45,759
J Douglas
Director and shareholder 2024 2023
£ £
Advances to company The director has made advances to the
company which are repayable on demand. No
interest has been charged on these advances.
At the year end, the company owed the
director the following amount:
1,612 3,676
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