Cherith Harrison Limited SC516150 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the design and retail of textile goods. Digita Accounts Production Advanced 6.30.9574.0 true true SC516150 2023-04-01 2024-03-31 SC516150 2024-03-31 SC516150 bus:Director1 1 2024-03-31 SC516150 core:CurrentFinancialInstruments 2024-03-31 SC516150 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 SC516150 core:Non-currentFinancialInstruments 2024-03-31 SC516150 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 SC516150 1 2024-03-31 SC516150 bus:SmallEntities 2023-04-01 2024-03-31 SC516150 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC516150 bus:FilletedAccounts 2023-04-01 2024-03-31 SC516150 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC516150 bus:RegisteredOffice 2023-04-01 2024-03-31 SC516150 bus:Director1 2023-04-01 2024-03-31 SC516150 bus:Director1 1 2023-04-01 2024-03-31 SC516150 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC516150 bus:Agent1 2023-04-01 2024-03-31 SC516150 1 2023-04-01 2024-03-31 SC516150 countries:Scotland 2023-04-01 2024-03-31 SC516150 bus:Director1 1 2023-03-31 SC516150 2022-04-01 2023-03-31 SC516150 2023-03-31 SC516150 bus:Director1 1 2023-03-31 SC516150 core:CurrentFinancialInstruments 2023-03-31 SC516150 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC516150 core:Non-currentFinancialInstruments 2023-03-31 SC516150 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 SC516150 1 2023-03-31 SC516150 bus:Director1 1 2022-04-01 2023-03-31 SC516150 bus:Director1 1 2022-03-31 iso4217:GBP xbrli:pure

Registration number: SC516150

Cherith Harrison Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Cherith Harrison Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Cherith Harrison Limited

Company Information

Director

C Walter

Registered office

6 Kittlegairy Avenue
Peebles
EH45 9NN

Accountants

Mitchell Oswald Chartered Accountants
28 James Young Road
Bathgate
West Lothian
EH48 2UP

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Cherith Harrison Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cherith Harrison Limited for the year ended 31 March 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member/member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com.

This report is made solely to the Board of Directors of Cherith Harrison Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Cherith Harrison Limited and state those matters that we have agreed to state to the Board of Directors of Cherith Harrison Limited, as a body, in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at www.icas.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cherith Harrison Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cherith Harrison Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Cherith Harrison Limited. You consider that Cherith Harrison Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Cherith Harrison Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Mitchell Oswald Chartered Accountants
28 James Young Road
Bathgate
West Lothian
EH48 2UP

18 July 2024

 

Cherith Harrison Limited

(Registration number: SC516150)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

18,847

27,599

Debtors

5

4,721

7,299

Cash at bank and in hand

 

239

-

 

23,807

34,898

Creditors: Amounts falling due within one year

6

(23,808)

(29,027)

Total assets less current liabilities

 

(1)

5,871

Creditors: Amounts falling due after more than one year

6

(3,727)

(6,714)

Net liabilities

 

(3,728)

(843)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(3,828)

(943)

Shareholders' deficit

 

(3,728)

(843)

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

Director's 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 director acknowledges her 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.

As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 July 2024
 

.........................................
C Walter
Director

   
     
 

Cherith Harrison Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
6 Kittlegairy Avenue
Peebles
EH45 9NN

These financial statements were authorised for issue by the director on 18 July 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

At the balance sheet date the company had overall net liabilities of £3,728 (2023: £843). The company meets its day to day working capital requirements through loans from it's director.

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continuing support of the director as noted above. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to amend the balance sheet values to their recoverable amounts and to provide for further liabilities which might arise.

The director believes that it is appropriate for the financial statements to be prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods or 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;
goods and services have been delivered to the customer; and
collectability of the related receivables is fairly assured.

 

Cherith Harrison Limited

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

Tax

Tax is recognised in the profit or loss of the company.

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.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date and will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets related to the carry-forward of unused tax losses are recognised to the extent that the future taxable profit will be available against which the unused tax losses can be utilised.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand 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, 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.

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.

Provisions

Provisions are set up only where it is possible that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

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.

 

Cherith Harrison Limited

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

Financial instruments

Classification

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans to the company.

 Recognition and measurement

Trade debtors and trade creditors are measured at the undiscounted amounts receivable from a customer or payable to a supplier, which is normally the invoice price.

Directors' loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.


 Impairment

Trade debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in profit and loss.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2023 - 1).

4

Stocks

2024
£

2023
£

Other inventories

18,847

27,599

5

Debtors

Current

2024
£

2023
£

Trade debtors

4,721

5,585

Other debtors

-

1,714

 

4,721

7,299

 

Cherith Harrison Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

17,387

13,965

Trade creditors

 

5,259

14,162

Taxation and social security

 

212

-

Accruals and deferred income

 

950

900

 

23,808

29,027

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

3,727

6,714

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

3,727

6,714

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,507

7,099

Other borrowings

10,880

6,866

17,387

13,965

Bank borrowings

The bank loan is denominated in sterling with a nominal interest rate of 2.5%, and the final instalment is due on 14 May 2026. The carrying amount at year end is £6,727 (2023 - £9,714).

 

Cherith Harrison Limited

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

8

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

Repayments to director
£

Advances from director
£

At 31 March 2023
£

C Walter

Interest free loan from director

8,426

(2,150)

590

6,866

         
       

 

2024

At 1 April 2023
£

Repayments to director
£

Advances from director
£

At 31 March 2024
£

C Walter

Interest free loan from director

6,866

(2,350)

6,364

10,880