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REGISTERED NUMBER: SC242309 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

HARRY'S DEPARTMENT STORE LIMITED

HARRY'S DEPARTMENT STORE LIMITED (REGISTERED NUMBER: SC242309)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HARRY'S DEPARTMENT STORE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Mrs M Jamieson
H S Jamieson
Mrs C Carroll





SECRETARY: Mrs M Jamieson





REGISTERED OFFICE: The Esplanade
Lerwick
Shetland
ZE1 0LL





REGISTERED NUMBER: SC242309 (Scotland)

HARRY'S DEPARTMENT STORE LIMITED (REGISTERED NUMBER: SC242309)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 656,735 676,708
656,735 676,708

CURRENT ASSETS
Stocks 463,415 489,736
Debtors 7 43,692 43,811
Investments 8 6,000 6,000
Cash at bank 65,968 240,402
579,075 779,949
CREDITORS
Amounts falling due within one year 9 408,560 275,764
NET CURRENT ASSETS 170,515 504,185
TOTAL ASSETS LESS CURRENT
LIABILITIES

827,250

1,180,893

CREDITORS
Amounts falling due after more than one
year

10

-

(323,677

)

PROVISIONS FOR LIABILITIES (8,816 ) (10,588 )
NET ASSETS 818,434 846,628

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 808,434 836,628
SHAREHOLDERS' FUNDS 818,434 846,628

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

HARRY'S DEPARTMENT STORE LIMITED (REGISTERED NUMBER: SC242309)

BALANCE SHEET - continued
29 FEBRUARY 2024


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

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 18 October 2024 and were signed on its behalf by:




Mrs M Jamieson - Director H S Jamieson - Director




C Carroll - Director


HARRY'S DEPARTMENT STORE LIMITED (REGISTERED NUMBER: SC242309)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Harry's Department Store Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern
At 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.

Significant judgements and estimates
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.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% Reducing balance
Plant and machinery etc - 25% on reducing balance and 15% 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.


HARRY'S DEPARTMENT STORE LIMITED (REGISTERED NUMBER: SC242309)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. 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.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held in 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 14 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 125,000
AMORTISATION
At 1 March 2023
and 29 February 2024 125,000
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

HARRY'S DEPARTMENT STORE LIMITED (REGISTERED NUMBER: SC242309)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2023
and 29 February 2024 861,822 293,286 1,155,108
DEPRECIATION
At 1 March 2023 228,709 249,691 478,400
Charge for year 12,662 7,311 19,973
At 29 February 2024 241,371 257,002 498,373
NET BOOK VALUE
At 29 February 2024 620,451 36,284 656,735
At 28 February 2023 633,113 43,595 676,708

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,264 5,895
Other debtors 39,428 37,916
43,692 43,811

8. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Unlisted investments 6,000 6,000

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 200,865 23,100
Trade creditors 107,436 142,715
Taxation and social security 91,847 95,549
Other creditors 8,412 14,400
408,560 275,764

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 323,677

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 231,277

HARRY'S DEPARTMENT STORE LIMITED (REGISTERED NUMBER: SC242309)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 200,865 -
Bank loans - 346,777
200,865 346,777

The bank loan is secured by a standard security over Freehold property and by a floating charge over the assets of the company. The bank overdraft was refinanced as a bank loan post year-end.

12. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors by virtue of the fact that they own 100% of the issued share capital of the company.