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Registered number: 10587349









HARRISON DESIGN GROUP LIMITED








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
HARRISON DESIGN GROUP LIMITED
REGISTERED NUMBER: 10587349

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
604,014
386,804

  
604,014
386,804

Current assets
  

Debtors: amounts falling due after more than one year
 5 
82,882
-

Debtors: amounts falling due within one year
 5 
351,231
288,821

Cash at bank and in hand
  
59,237
-

  
493,350
288,821

Creditors: amounts falling due within one year
 6 
(638,259)
(422,060)

Net current liabilities
  
 
 
(144,909)
 
 
(133,239)

Total assets less current liabilities
  
459,105
253,565

Creditors: amounts falling due after more than one year
 7 
(145,333)
-

  

Net assets
  
313,772
253,565


Capital and reserves
  

Called up share capital 
 8 
85
100

Capital redemption reserve
  
15
-

Profit and loss account
  
313,672
253,465

  
313,772
253,565


Page 1

 
HARRISON DESIGN GROUP LIMITED
REGISTERED NUMBER: 10587349
    
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 comprehensive income 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.




Keith Anderson
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
HARRISON DESIGN GROUP 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 company was incorporated on 27 January 2017 and it's principal activity is that of an investment holding company.

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

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

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.

 
2.6

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.

 
2.7

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.

Page 3

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

2.Accounting policies (continued)

 
2.8

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.

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.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 4).

Page 4

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

4.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 1 March 2023
386,804


Additions
219,670


Disposals
(2,460)



At 29 February 2024
604,014





5.


Debtors

29 February
28 February
2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
82,882
-

82,882
-


29 February
28 February
2024
2023
£
£

Due within one year

Amounts owed by group undertakings
257,553
-

Other debtors
93,678
288,821

351,231
288,821


Page 5

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

6.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
16,591
-

Amounts owed to group undertakings
529,729
419,371

Other creditors
91,939
2,689

638,259
422,060



7.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Other creditors
145,333
-

145,333
-



8.


Share capital

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



2,000 (2023 - 2,000) B Ordinary shares of £0.01 each
20.00
20.00
2,000 (2023 - 2,000) C Ordinary shares of £0.01 each
20.00
20.00
2,000 (2023 - 2,000) D Ordinary shares of £0.01 each
20.00
20.00
350 (2023 - 350) A Ordinary shares of £0.01 each
3.50
3.50
0 (2023 - 1,500) E Ordinary shares of £0.01 each
-
15.00
1,050 (2023 - 1,050) F Ordinary shares of £0.01 each
10.50
10.50
600 (2023 - 600) G Ordinary shares of £0.01 each
6.00
6.00
500 (2023 - 500) H Ordinary shares of £0.01 each
5.00
5.00

85.00

100.00



9.


Transactions with directors

At the reporting date an amount of £nil was repayable from the directors of the company (2023: £217,381). During the year the director made repayments totalling £217,381 Interest was charged against this loan account totalling £nil (2023 £428). 

Page 6

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

10.


Related party transactions

At the reporting date an amount of £77,762 (2023: £2,513) was repayable to Directors of the company.  The amount advanced was interest free and repayable on demand.
At the balance sheet date the connected company Harrison USA LLC were owed £65,272. (2023 £nil).
The company has taken advantage of the exemption contained within paragraph 33.1A of Financial Reporting Standard 102 and has not disclosed transactions with other group members.


11.


Controlling party

The parent company is We Are Harrison Limited, a company registered in England and Wales.

 
Page 7