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Company registration number: 07977301
Hightown Stores Limited
Unaudited filleted financial statements
28 February 2024
Hightown Stores Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Hightown Stores Limited
Directors and other information
Director A L Hall
Company number 07977301
Registered office 483/485 Halifax Road
Liversedge
West Yorkshire
WF15 8HU
Business address 481A Halifax Road
Hightown
Liversedge
West Yorkshire
WF15 8HU
Accountants Macorison Accountants Limited
First Floor
5/7 Northgate
Cleckheaton
BD19 3HH
Hightown Stores Limited
Statement of financial position
28 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - 5,200
Tangible assets 6 25,295 39,049
_______ _______
25,295 44,249
Current assets
Stocks 51,258 45,485
Debtors 7 2,194 1,549
Cash at bank and in hand 60,275 83,260
_______ _______
113,727 130,294
Creditors: amounts falling due
within one year 8 ( 95,872) ( 147,262)
_______ _______
Net current assets/(liabilities) 17,855 ( 16,968)
_______ _______
Total assets less current liabilities 43,150 27,281
Creditors: amounts falling due
after more than one year 9 ( 13,143) ( 23,029)
Provisions for liabilities ( 5,059) -
_______ _______
Net assets 24,948 4,252
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 24,848 4,152
_______ _______
Shareholder funds 24,948 4,252
_______ _______
For the year ending 28 February 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 November 2024 , and are signed on behalf of the board by:
A L Hall
Director
Company registration number: 07977301
Hightown Stores Limited
Notes to the financial statements
Year ended 28 February 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Hightown Stores Limited, 483/485 Halifax Road, Liversedge, West Yorkshire, WF15 8HU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - 20 % straight line
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Franchising - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 10 ).
5. Intangible assets
Goodwill Other intangible assets Total
£ £ £
Cost
At 1 March 2023 and 28 February 2024 49,500 26,000 75,500
_______ _______ _______
Amortisation
At 1 March 2023 49,500 20,800 70,300
Charge for the year - 5,200 5,200
_______ _______ _______
At 28 February 2024 49,500 26,000 75,500
_______ _______ _______
Carrying amount
At 28 February 2024 - - -
_______ _______ _______
At 28 February 2023 - 5,200 5,200
_______ _______ _______
6. Tangible assets
Long leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 56,360 12,962 30,661 99,983
Additions - 707 - 707
_______ _______ _______ _______
At 28 February 2024 56,360 13,669 30,661 100,690
_______ _______ _______ _______
Depreciation
At 1 March 2023 31,180 9,157 20,597 60,934
Charge for the year 11,268 677 2,516 14,461
_______ _______ _______ _______
At 28 February 2024 42,448 9,834 23,113 75,395
_______ _______ _______ _______
Carrying amount
At 28 February 2024 13,912 3,835 7,548 25,295
_______ _______ _______ _______
At 28 February 2023 25,180 3,805 10,064 39,049
_______ _______ _______ _______
7. Debtors
2024 2023
£ £
Other debtors 2,194 1,549
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 56,625 67,512
Corporation tax 11,126 7,758
Social security and other taxes 7,616 5,929
Other creditors 10,505 56,063
_______ _______
95,872 147,262
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 13,143 23,029
_______ _______