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Registration number: 13119614

Highlight Crafts Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Highlight Crafts Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Highlight Crafts Limited

Company Information

Directors

Mr Karl Russell Stanley Shaw

Mrs Stephanie Jane Shaw

Martin Young

Diane Peternel

Registered office

Unit 1c Wingfield Court
Clay Cross
Chesterfield
Derbyshire
S45 9JA

Accountants

M.G. Walker & Co. Limited
The Coach House
119a High Street
Clay Cross
Chesterfield
Derbyshire
S45 9DZ

 

Highlight Crafts Limited

(Registration number: 13119614)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2,420

9,569

Tangible assets

5

108,146

108,808

 

110,566

118,377

Current assets

 

Stocks

6

509,644

433,860

Debtors

7

375,789

243,312

Cash at bank and in hand

 

62,847

339,048

 

948,280

1,016,220

Creditors: Amounts falling due within one year

8

(1,301,150)

(1,122,522)

Net current liabilities

 

(352,870)

(106,302)

Total assets less current liabilities

 

(242,304)

12,075

Creditors: Amounts falling due after more than one year

8

-

(114,800)

Provisions for liabilities

-

(27,202)

Net liabilities

 

(242,304)

(129,927)

Capital and reserves

 

Called up share capital

9

99

99

Retained earnings

(242,403)

(130,026)

Shareholders' deficit

 

(242,304)

(129,927)

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 September 2024 and signed on its behalf by:
 

 

Highlight Crafts Limited

(Registration number: 13119614)
Balance Sheet as at 31 January 2024

.........................................
Mr Karl Russell Stanley Shaw
Director

 

Highlight Crafts Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1c Wingfield Court
Clay Cross
Chesterfield
Derbyshire
S45 9JA
England

These financial statements were authorised for issue by the Board on 2 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Highlight Crafts Limited

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

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

15% on reducing balance

Other plant and machinery

25% on reducing balance

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assest are meaured at cost less any accumulated smortisation and any accumulated impairment losses.

Amortisation

Computer software is being amortised evenly over its estimated useful life of 2 years.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Highlight Crafts Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Highlight Crafts Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2023 - 28).

 

Highlight Crafts Limited

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

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 February 2023

13,560

13,560

Additions acquired separately

2,742

2,742

At 31 January 2024

16,302

16,302

Amortisation

At 1 February 2023

3,991

3,991

Amortisation charge

9,891

9,891

At 31 January 2024

13,882

13,882

Carrying amount

At 31 January 2024

2,420

2,420

At 31 January 2023

9,569

9,569

5

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

3,331

155,873

159,204

Additions

7,973

36,044

44,017

Disposals

-

(464)

(464)

At 31 January 2024

11,304

191,453

202,757

Depreciation

At 1 February 2023

1,041

49,355

50,396

Charge for the year

1,820

42,405

44,225

Eliminated on disposal

-

(10)

(10)

At 31 January 2024

2,861

91,750

94,611

Carrying amount

At 31 January 2024

8,443

99,703

108,146

At 31 January 2023

2,290

106,518

108,808

Included within the net book value of land and buildings above is £8,443 (2023 - £2,290) in respect of long leasehold land and buildings.
 

 

Highlight Crafts Limited

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

6

Stocks

2024
£

2023
£

Other inventories

509,644

433,860

7

Debtors

Current

2024
£

2023
£

Trade debtors

269,734

148,786

Prepayments

13,479

9,061

Other debtors

92,576

85,465

 

375,789

243,312

 

Highlight Crafts Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

270,215

205,521

Trade creditors

 

276,040

271,383

Taxation and social security

 

178,940

113,848

Accruals and deferred income

 

12,214

19,054

Other creditors

 

563,741

512,716

 

1,301,150

1,122,522

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

-

114,800

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

99

99

99

99

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

-

114,800

2024
£

2023
£

Current loans and borrowings

Bank borrowings

270,215

205,521