Company registration number 00916661 (England and Wales)
HIGH SEAT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
HIGH SEAT LIMITED
COMPANY INFORMATION
Directors
Mrs D L Burrows
Mr W J Burrows
Ms V Hodgson
Mr J Cummins
(Appointed 26 June 2023)
Mr B Waters
(Appointed 26 June 2023)
Mrs L Eastwood
(Appointed 26 June 2023)
Secretary
Mr W J Burrows
Company number
00916661
Registered office
Units 1-3a Grange Road Industrial Estate
Grange Road
Batley
West Yorkshire
WF17 6LN
Auditor
Azets Audit Services Limited
12 King Street
Leeds
LS1 2HL
HIGH SEAT LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6 - 7
Directors' responsibilities statement
8
Independent auditor's report
9 - 11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Notes to the financial statements
15 - 27
HIGH SEAT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Review of the business
The company’s turnover increased by 4.7% during the year to £57.3m (2022: £54.7m) and gross margins increased to 32.4% (2022: 29.9%). 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 £1.12m (2022: £1.03m), while underlying EBITDA reduced a little to £1.98m (2022: £2.10m).
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 business 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 manufacturing capabilities of High Seat Ltd’s sister company, 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 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties
The company 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 puts in place process improvements and mitigating actions, wherever possible, to manage its risk.
Risks that could potentially have the most significant impact on the company 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 company’s reported performance or net assets.
Business strategy
The company’s success depends upon the design and implementation of a successful strategy. The strategy for the group of which the company is a member 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 HSL’s family board, the company’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 wider HSL group’s performance, to align all colleagues with delivering the company and group’s strategic and operational plans.
Economic conditions
UK economic conditions can impact upon consumer buying behaviour and spending levels. The company’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 on a daily basis 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 company’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 company’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 company’s success is dependent upon a reliable, high quality supply chain. As with many other businesses at this time, the company is exposed to risks of supply chain disruption and inflation in the purchase price of furniture and bought-in services.
A significant proportion of the products sold by the company are purchased from other group companies. Furthermore, the vast majority of deliveries are completed by the company’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 company 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 company closely reviews all external sources of supply and maintains flexible supply arrangements wherever possible, to maintain competitiveness and ensure consistently high-quality standards.
HIGH SEAT 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 company include the following:
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 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 company’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:
the expected long-term consequence of the decisions they make;
the impact upon HSL’s retail customers;
the interests of colleagues across the company;
the company’s bank and other funding partners;
relationships with the company’s suppliers and other business partners;
the impact of operations on society and the environment;
the need to maintain a reputation for high standards of business conduct; and
the need to act fairly as between all shareholders of the company.
HIGH SEAT 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 company, 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 company are outlined on page 2.
Customers
As a retailer serving a typically older demographic, the directors at all times recognise the company’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 company’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 company.
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-wide health & safety committee, which reports into the board of the company’s parent company, 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 7.
Bank and funding partners
HSL’s strategic plans are developed and appraised with careful regard to the interests of the company’s bank and other funding partners. The directors seek to ensure that sufficient facilities remain available to meet current needs, and to provide sufficient headroom for future investment and unexpected events.
The company has a proactive and transparent relationship with all funding partners, including its bank, Natwest. This 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, which together are key to its ability to continue to provide 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 company can continually improve its supply chain. Further information on the company’s supply chain is outlined on page 2.
HIGH SEAT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Society and the environment
The company 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 company recognises its responsibility to 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 company’s strategy and promote its long-term success.
The company is wholly owned by its parent company, High Seat Holdings Limited. All key beneficial shareholders of the parent are represented on the company’s and parent company’s boards 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 and ensure that the company’s activities remain compliant with these conduct standards.
Mr J Cummins
Director
7 June 2024
HIGH SEAT 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 principal activity of the company is the retail sale of fixed and motion furniture and supporting activities. At the end of the financial year, the company operated 54 retail showrooms nationwide, as well as offering a home visit service within customers’ own homes. All turnover is within the United Kingdom.
Results and dividends
The results for the year are set out on page 12.
Ordinary dividends were paid to the company’s parent amounting to £0.5m (2022: £1.225m). The directors do not recommend payment of a final dividend.
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 J Cummins
(Appointed 26 June 2023)
Mr B Waters
(Appointed 26 June 2023)
Mrs L Eastwood
(Appointed 26 June 2023)
Disabled persons
The company 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 company’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 company’s HR procedures also require that reasonable effort is made to ensure that they have the opportunity for continued employment within the company. Where appropriate, colleagues who become disabled are offered the opportunity to retrain.
Employee involvement
The company maintains an intranet site, ourHSL, providing colleagues with information on matters of concern to them as employees. 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 company.
The company 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 company 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 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
Energy and carbon report
The Company has taken the exemption available to subsidiary companies not to disclose information in respect of greenhouse gas emissions, energy consumption and energy efficiency action given this is disclosed in the consolidated financial statements of the ultimate parent company,
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 company’s auditor 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 company’s auditor is aware of that information.
On behalf of the board
Mr J Cummins
Director
7 June 2024
HIGH SEAT 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
HIGH SEAT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HIGH SEAT LIMITED
- 9 -
Opinion
We have audited the financial statements of High Seat Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 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 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.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
HIGH SEAT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HIGH SEAT LIMITED
- 10 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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 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 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 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HIGH SEAT 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:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias;
Performing audit work over the timing and recognition of revenue and in particular whether it has been recorded in the correct accounting period.
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.
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 LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
Turnover
3
57,308,699
54,746,477
Cost of sales
(38,698,553)
(38,373,629)
Gross profit
18,610,146
16,372,848
Administrative expenses
(17,529,203)
(15,140,055)
Exceptional item
4
(198,080)
Operating profit
5
1,080,943
1,034,713
Other interest receivable and similar income
8
42,001
3,261
Other interest payable and similar expenses
9
(54)
(380)
Profit before taxation
1,122,890
1,037,594
Tax on profit
10
Profit for the financial year
1,122,890
1,037,594
The profit and loss account has been prepared on the basis that all operations are continuing operations.
HIGH SEAT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
3,478,381
3,543,007
Current assets
Stocks
13
2,040,837
1,986,878
Debtors
14
9,417,292
7,271,050
Cash at bank and in hand
15
2,425,390
3,632,882
13,883,519
12,890,810
Creditors: amounts falling due within one year
16
(8,853,136)
(8,547,943)
Net current assets
5,030,383
4,342,867
Net assets
8,508,764
7,885,874
Capital and reserves
Called up share capital
20
9,000
9,000
Capital redemption reserve
1,000
1,000
Profit and loss reserves
8,498,764
7,875,874
Total equity
8,508,764
7,885,874
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:
Mr J Cummins
Director
Company Registration No. 00916661
HIGH SEAT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
9,000
1,000
8,063,280
8,073,280
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
1,037,594
1,037,594
Dividends
11
-
-
(1,225,000)
(1,225,000)
Balance at 31 December 2022
9,000
1,000
7,875,874
7,885,874
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
1,122,890
1,122,890
Dividends
11
-
-
(500,000)
(500,000)
Balance at 31 December 2023
9,000
1,000
8,498,764
8,508,764
HIGH SEAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information
High Seat Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units 1-3a Grange Road Industrial Estate, Grange Road, Batley, West Yorkshire, WF17 6LN.
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.
This 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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of High Seat Holdings Limited. These consolidated financial statements are available from its registered office, Units 1-3a Grange Road Business Park, Grange Road, Batley, West Yorkshire, WF17 6LN.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.
1.3
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.
1.4
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.
HIGH SEAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
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:
Leasehold land and buildings
Over the lease term
Fixtures and fittings
5% - 50% Straight line
Motor vehicles
20% - 50% 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 credited or charged to profit or loss.
Assets in the course of construction are not depreciated.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
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.
1.6
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.
1.7
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.
HIGH SEAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.8
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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.
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 company 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 company after deducting all of its liabilities.
HIGH SEAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company 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 company.
1.10
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
HIGH SEAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
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 when the company has 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.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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 leases asset are consumed.
1.14
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 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’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 the 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 on the type of stock, and the historical stock write downs will remain consistent in future years.
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 despatches 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 within the company and at the company's two largest carriers, covering the significant majority of despatches.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Furniture sales
57,308,699
54,746,477
2023
2022
£
£
Turnover analysed by geographical market
UK
57,308,699
54,746,477
2023
2022
£
£
Other significant revenue
Interest income
42,001
3,261
HIGH SEAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
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:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
24,400
25,400
Depreciation of owned tangible fixed assets
904,989
869,246
Depreciation of tangible fixed assets held under finance leases
2,338
5,610
Loss on disposal of tangible fixed assets
2,702
14,650
Operating lease charges
3,090,496
2,922,999
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Directors
6
6
Office and management
119
117
Retail
254
224
Total
379
347
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
9,258,395
8,129,389
Social security costs
848,021
706,320
Pension costs
135,010
112,812
10,241,426
8,948,521
HIGH SEAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
881,872
1,058,424
Company pension contributions to defined contribution schemes
4,563
5,283
886,435
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 include 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
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
42,001
3,261
Disclosed on the profit and loss account as follows:
Other interest receivable and similar income
42,001
3,261
9
Interest payable and similar expenses
2023
2022
£
£
Interest on finance leases and hire purchase contracts
54
380
Disclosed on the profit and loss account as follows:
Other interest payable and similar expenses
54
380
HIGH SEAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
10
Taxation
The actual charge 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
1,122,890
1,037,594
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
264,104
197,143
Tax effect of expenses that are not deductible in determining taxable profit
12,189
12,764
Unutilised tax losses carried forward
375,552
399,209
Group relief
14,856
12,001
Depreciation on assets not qualifying for tax allowances
74,902
105,574
Patent box deduction
(765,215)
(726,605)
Other
23,612
(86)
Taxation charge for the year
-
-
The UK corporation tax rate was 19% to 5 April 2023 and 25% from 6 April 2023.
11
Dividends
2023
2022
£
£
Interim paid
500,000
1,225,000
HIGH SEAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
12
Tangible fixed assets
Leasehold land and buildings
Assets under construction
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
6,013,911
449,598
3,345,723
433,269
10,242,501
Additions
487,332
47,112
230,453
78,009
842,906
Disposals
(168,181)
(433,267)
(31,590)
(633,038)
Transfers
7,500
(218,190)
210,690
At 31 December 2023
6,340,562
278,520
3,353,599
479,688
10,452,369
Depreciation and impairment
At 1 January 2023
3,917,835
2,640,452
141,207
6,699,494
Depreciation charged in the year
494,078
330,217
83,032
907,327
Eliminated in respect of disposals
(168,181)
(433,267)
(31,385)
(632,833)
At 31 December 2023
4,243,732
2,537,402
192,854
6,973,988
Carrying amount
At 31 December 2023
2,096,830
278,520
816,197
286,834
3,478,381
At 31 December 2022
2,096,076
449,598
705,271
292,062
3,543,007
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Motor vehicles
2,338
13
Stocks
2023
2022
£
£
Finished goods and goods for resale
2,040,837
1,986,878
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
68,970
32,155
Amounts owed by group undertakings
7,893,790
5,918,621
Other debtors
278,258
395,857
Prepayments and accrued income
1,176,274
924,417
9,417,292
7,271,050
HIGH SEAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
15
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.
16
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
17
3,220
Trade creditors
2,266,794
2,547,164
Customer deposits
2,478,468
3,041,613
Amounts owed to group undertakings
1,147,378
456,781
Taxation and social security
204,445
198,121
Other creditors
1,500,946
1,287,371
Accruals and deferred income
1,255,105
1,013,673
8,853,136
8,547,943
17
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
3,220
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. 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.
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
447,000
381,000
-
-
Tax losses
(439,000)
(378,000)
-
-
Provisions
(8,000)
(3,000)
-
-
-
-
-
-
There were no deferred tax movements in the year.
HIGH SEAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Deferred taxation
(Continued)
- 26 -
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%).
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
135,010
112,812
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Unpaid pension contributions at the year end were £13,501 (2022 - £11,838).
20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Share of £1 each
9,000
9,000
9,000
9,000
21
Financial commitments, guarantees and contingent liabilities
The company is party to an unlimited inter-company guarantee with High Seat Holdings Limited and HSL Manufacturing Limited. The liability outstanding at the year end in relation to a drawdown under the group's revolving credit facility was £nil (2022 - £1,000,000).
22
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
2,819,700
2,570,172
Between two and five years
5,029,629
5,675,904
In over five years
205,890
446,859
8,055,219
8,692,935
HIGH SEAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
23
Related party transactions
Transactions with related parties
The company has taken advantage of the disclosure exemptions of Section 33.1A of FRS 102 which permit it to not present details of its transactions with members of the group headed by High Seat Holdings Limited where relevant group companies are all wholly owned. Details of outstanding balances as at the year end are given in notes 14 and 16.
During the year the company paid rent of £60,850 (2022 - £95,445) to P Burrows, a relative of Mr W J Burrows, a director.
24
Ultimate controlling party
The ultimate parent company is High Seat Holdings Limited, a company registered in England and Wales, whose registered office is Units 1-3a, Grange Road Business Park, Grange Road, Batley, West Yorkshire, WF17 6LN.
The ultimate controlling party is Mr W J Burrows and Mrs D L Burrows.
The smallest and largest group in which the results of the company are consolidated is that headed by High Seat Holdings Limited, incorporated in England and Wales. The consolidated accounts of this company are available to the public and may be obtained from its registered office. No other group accounts include the results of the company.
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100Mrs D L BurrowsMr G C CritchlowMs V HodgsonMr P R RobertsMr K M WallMr J CumminsMr B WatersMrs L EastwoodMrs L EastwoodMr W J Burrowsfalsefalse009166612023-01-012023-12-3100916661bus:Director12023-01-012023-12-3100916661bus:CompanySecretaryDirector12023-01-012023-12-3100916661bus:Director32023-01-012023-12-3100916661bus:Director62023-01-012023-12-3100916661bus:Director72023-01-012023-12-3100916661bus:Director82023-01-012023-12-3100916661bus:CompanySecretary12023-01-012023-12-3100916661bus:Director22023-01-012023-12-3100916661bus:Director42023-01-012023-12-3100916661bus:Director52023-01-012023-12-3100916661bus:Director92023-01-012023-12-3100916661bus:RegisteredOffice2023-01-012023-12-31009166612023-12-31009166612022-01-012022-12-310091666112023-01-012023-12-310091666112022-01-012022-12-3100916661core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3100916661core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31009166612022-12-3100916661core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3100916661core:ConstructionInProgressAssetsUnderConstruction2023-12-3100916661core:FurnitureFittings2023-12-3100916661core:MotorVehicles2023-12-3100916661core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3100916661core:ConstructionInProgressAssetsUnderConstruction2022-12-3100916661core:FurnitureFittings2022-12-3100916661core:MotorVehicles2022-12-3100916661core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3100916661core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3100916661core:CurrentFinancialInstruments2023-12-3100916661core:CurrentFinancialInstruments2022-12-3100916661core:ShareCapital2023-12-3100916661core:ShareCapital2022-12-3100916661core:CapitalRedemptionReserve2023-12-3100916661core:CapitalRedemptionReserve2022-12-3100916661core:RetainedEarningsAccumulatedLosses2023-12-3100916661core:RetainedEarningsAccumulatedLosses2022-12-3100916661core:ShareCapital2021-12-3100916661core:CapitalRedemptionReserve2021-12-3100916661core:RetainedEarningsAccumulatedLosses2021-12-3100916661core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3100916661core:FurnitureFittings2023-01-012023-12-3100916661core:MotorVehicles2023-01-012023-12-3100916661core:UKTax2023-01-012023-12-3100916661core:UKTax2022-01-012022-12-310091666122023-01-012023-12-310091666122022-01-012022-12-310091666132023-01-012023-12-310091666132022-01-012022-12-3100916661core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3100916661core:ConstructionInProgressAssetsUnderConstruction2022-12-3100916661core:FurnitureFittings2022-12-3100916661core:MotorVehicles2022-12-31009166612022-12-3100916661core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3100916661core:ConstructionInProgressAssetsUnderConstruction2023-01-012023-12-3100916661core:CurrentFinancialInstruments12023-12-3100916661core:CurrentFinancialInstruments12022-12-3100916661core:WithinOneYear2023-12-3100916661core:WithinOneYear2022-12-3100916661core:BetweenTwoFiveYears2023-12-3100916661core:BetweenTwoFiveYears2022-12-3100916661core:MoreThanFiveYears2023-12-3100916661core:MoreThanFiveYears2022-12-3100916661bus:PrivateLimitedCompanyLtd2023-01-012023-12-3100916661bus:FRS1022023-01-012023-12-3100916661bus:Audited2023-01-012023-12-3100916661bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP