2023-06-012024-05-312024-05-31false07853876HARBOROUGH DECORATORS 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HARBOROUGH DECORATORS LIMITED

Registered Number
07853876
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

HARBOROUGH DECORATORS LIMITED
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

DEVEREUX-BATCHELOR, Mackenzie

Registered Address

Chestnut Field House
Chestnut Field
Rugby
CV21 2PD

Registered Number

07853876 (England and Wales)
HARBOROUGH DECORATORS LIMITED
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets34,5096,012
4,5096,012
Current assets
Stocks4246554
Debtors9,15818,284
Cash at bank and on hand16,29256,026
25,69674,864
Creditors amounts falling due within one year5(12,365)(36,126)
Net current assets (liabilities)13,33138,738
Total assets less current liabilities17,84044,750
Creditors amounts falling due after one year6(10,719)(14,000)
Provisions for liabilities8(857)(1,142)
Net assets6,26429,608
Capital and reserves
Called up share capital11
Profit and loss account6,26329,607
Shareholders' funds6,26429,608
The financial statements were approved and authorised for issue by the Director on 26 November 2024, and are signed on its behalf by:
DEVEREUX-BATCHELOR, Mackenzie
Director
Registered Company No. 07853876
HARBOROUGH DECORATORS LIMITED
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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 (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Revenue from rendering of services
Revenue 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Fixtures and fittings25
Vehicles25
Office Equipment33
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Vehicles

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 June 2326,6171,7322,83331,182
At 31 May 2426,6171,7322,83331,182
Depreciation and impairment
At 01 June 2320,7921,5452,83325,170
Charge for year1,45647-1,503
At 31 May 2422,2481,5922,83326,673
Net book value
At 31 May 244,369140-4,509
At 31 May 235,825187-6,012
4.Stocks

2024

2023

££
Other stocks246554
Total246554
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables2,47410,536
Bank borrowings and overdrafts7,0007,000
Taxation and social security1,45516,864
Other creditors136427
Accrued liabilities and deferred income1,3001,299
Total12,36536,126
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts10,71914,000
Total10,71914,000
7.Obligations under finance leases
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)8571,142
Total8571,142