Harris and Kane Ltd
Registered number: 09643759
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 7,119 9,492
Current assets
Stocks 930,000 915,000
Debtors 4 1,980 1,069
Cash at bank and in hand 13 2,394
931,993 918,463
Creditors: amounts falling due within one year 5 (357,047) (297,240)
Net current assets 574,946 621,223
Total assets less current liabilities 582,065 630,715
Creditors: amounts falling due after more than one year 6 (775,244) (776,411)
Net liabilities (193,179) (145,696)
Capital and reserves
Called up share capital 4 4
Profit and loss account (193,183) (145,700)
Shareholders' funds (193,179) (145,696)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr W Harris
Director
Approved by the board on 19 November 2024
Harris and Kane Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Going Concern
The financial statements have been prepared on the going concern basis. The directors have confirmed continued support and consider the company has sufficient working capital to continue trading for the forseeable future.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2023 30,000
At 31 March 2024 30,000
Depreciation
At 1 April 2023 20,508
Charge for the year 2,373
At 31 March 2024 22,881
Net book value
At 31 March 2024 7,119
At 31 March 2023 9,492
4 Debtors 2024 2023
£ £
Other debtors 1,980 1,069
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,726 5,726
Obligations under finance lease and hire purchase contracts 667 4,000
Trade creditors 6,391 2,667
Taxation and social security costs - 467
Other creditors 344,263 284,380
357,047 297,240
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 775,244 775,744
Obligations under finance lease and hire purchase contracts - 667
775,244 776,411
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 752,261 752,261
Secured bank loans 739,479 739,479
Two mortgages secured against the company's stock of properties.
8 Related party transactions 2024 2023
£ £
L.A Kane Limited
Mr L A Kane is a director
Amount due to related party 49,692 33,383
9 Other information
Harris and Kane Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Demar House, 14 Church Road
East Wittering
Chichester
West Sussex
PO20 8PS
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