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Registered number: 02507182









HARRISON DESIGN COMPANY LIMITED








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
HARRISON DESIGN COMPANY LIMITED
REGISTERED NUMBER: 02507182

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
758,406
743,588

Cash at bank and in hand
  
-
25,511

  
758,406
769,099

Creditors: amounts falling due within one year
 6 
(1,000)
(8,437)

Net current assets
  
 
 
757,406
 
 
760,662

Total assets less current liabilities
  
757,406
760,662

  

Net assets
  
757,406
760,662


Capital and reserves
  

Called up share capital 
 7 
3,000
3,000

Profit and loss account
  
754,406
757,662

  
757,406
760,662


Page 1

 
HARRISON DESIGN COMPANY LIMITED
REGISTERED NUMBER: 02507182
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 September 2024.




Philip Harrison
Director

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
HARRISON DESIGN COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

The company is registered in England and Wales. The company's registered office is 15 Coleshill Street, Sutton Coldfield, West Midlands, B72 1SD. The principal activity of the company continues to be that of leasing of its own assets.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.3

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.5

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position 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.
Page 3

 
HARRISON DESIGN COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.6
Financial instruments (continued)


Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Tangible fixed assets







Long-term leasehold property

£





At 1 March 2023
25,499


Disposals
(25,499)



At 29 February 2024

-





At 1 March 2023
25,499


Disposals
(25,499)



At 29 February 2024

-



Net book value



At 29 February 2024
-



At 28 February 2023
-

Page 4

 
HARRISON DESIGN COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Debtors

29 February
28 February
2024
2023
£
£


Amounts owed by group undertakings
758,406
743,588

758,406
743,588



6.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Other creditors
-
7,437

Accruals and deferred income
1,000
1,000

1,000
8,437



7.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



840 (2023 - 840) ordinary A shares of £1.00 each
840
840
840 (2023 - 840) ordinary B shares of £1.00 each
840
840
840 (2023 - 840) ordinary C shares of £1.00 each
840
840
360 (2023 - 360) ordinary D shares of £1.00 each
360
360
120 (2023 - 120) ordinary E shares of £1.00 each
120
120

3,000

3,000



8.


Controlling party

The parent company is Harrison Design Group Limited, a company registered in England and Wales and the ultimate parent company is We Are Harrison Ltd, a company registered in England and Wales. 

 
Page 5