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REGISTERED NUMBER: 05479063 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 August 2024

for

R & M Heys Limited

R & M Heys Limited (Registered number: 05479063)






Contents of the Financial Statements
for the year ended 31 August 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


R & M Heys Limited

Company Information
for the year ended 31 August 2024







DIRECTORS: S N Heys
Mrs D C Heys





REGISTERED OFFICE: The Old Market Hall Chapel Street
Haslingden
Rossendale
Lancashire
BB4 5QR





REGISTERED NUMBER: 05479063 (England and Wales)





ACCOUNTANTS: Mayes Business Partnership Ltd
Chartered Certified Accountants
22-28 Willow Street
Accrington
Lancashire
BB5 1LP

R & M Heys Limited (Registered number: 05479063)

Abridged Balance Sheet
31 August 2024

31/8/24 31/8/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,375 6,750
Tangible assets 5 60,121 65,868
63,496 72,618

CURRENT ASSETS
Stocks 264,415 265,151
Debtors 59,238 102,711
Investments - 7,140
Cash at bank 103,162 87,101
426,815 462,103
CREDITORS
Amounts falling due within one year 192,368 180,678
NET CURRENT ASSETS 234,447 281,425
TOTAL ASSETS LESS CURRENT
LIABILITIES

297,943

354,043

PROVISIONS FOR LIABILITIES 15,030 16,467
NET ASSETS 282,913 337,576

CAPITAL AND RESERVES
Called up share capital 7 2 2
Retained earnings 282,911 337,574
SHAREHOLDERS' FUNDS 282,913 337,576

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

R & M Heys Limited (Registered number: 05479063)

Abridged Balance Sheet - continued
31 August 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 August 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by:





S N Heys - Director


R & M Heys Limited (Registered number: 05479063)

Notes to the Financial Statements
for the year ended 31 August 2024

1. STATUTORY INFORMATION

R & M Heys Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company manufactures and sells a range of footwear products in the wholesale market. Sales of goods are recognised on delivery to the wholesaler, when the wholesaler has full discretion over the channel and price to sell the product and there is no unfulfilled obligation that could affect the wholesaler’s acceptance of the product. Delivery occurs when the goods have been shipped to the location specified by the wholesaler, the risks of obsolescence or loss have been transferred to the wholesaler, the wholesaler has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed or the company has objective evidence that all criteria for acceptance have been satisfied. Goods sold to wholesalers are often sold with volume rebates and also with the provision for the wholesale customer to return faulty goods. Sales are measured at the prices specified in the sale contract, net of estimated volume rebates and returns. Volume rebates are assessed based on anticipated annual purchases. Accumulated experience is used to estimate and provide for the discounts and returns. Sales are normally made with a credit term of 60 days. The element of financing is deemed immaterial and is disregarded in the measurement of revenue.

Goodwill
Goodwill, being the amount paid in connection with the aquisition of the business in 2005, is being amortised evenly over its remaining estimated useful life.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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.

Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest.


R & M Heys Limited (Registered number: 05479063)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 September 2023
and 31 August 2024 67,500
AMORTISATION
At 1 September 2023 60,750
Amortisation for year 3,375
At 31 August 2024 64,125
NET BOOK VALUE

At 31 August 2024 3,375
At 31 August 2023 6,750

R & M Heys Limited (Registered number: 05479063)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 September 2023 192,745
Additions 5,936
At 31 August 2024 198,681
DEPRECIATION
At 1 September 2023 126,877
Charge for year 11,683
At 31 August 2024 138,560
NET BOOK VALUE
At 31 August 2024 60,121
At 31 August 2023 65,868

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31/8/24 31/8/23
£    £   
Within one year - 3,334
Between one and five years 93,500 -
93,500 3,334

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/8/24 31/8/23
value: £    £   
2 Ordinary £1 2 2