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REGISTERED NUMBER: SC443680 (Scotland)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

HARRIS TWEED AND KNITWEAR LIMITED

HARRIS TWEED AND KNITWEAR LIMITED (REGISTERED NUMBER: SC443680)

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

Chartered Accountants' Report 8

HARRIS TWEED AND KNITWEAR LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: Ms C Campbell



REGISTERED OFFICE: Caberfeidh
Tarbert
Isle Of Harris
Scotland
HS3 3DJ



REGISTERED NUMBER: SC443680 (Scotland)



ACCOUNTANTS: CIB Services
Chartered Accountants
63 Kenneth Street
Stornoway
Isle of Lewis
Western Isles
HS1 2DS



BANKERS: Bank of Scotland
8 Lochside Avenue
Edinburgh
EH12 9DJ

HARRIS TWEED AND KNITWEAR LIMITED (REGISTERED NUMBER: SC443680)

BALANCE SHEET
29 FEBRUARY 2024

28.2.23 29.2.24
£    £    Notes £    £   
FIXED ASSETS
- Intangible assets 4 -
101,076 Tangible assets 5 70,200
101,076 70,200

CURRENT ASSETS
290,000 Stocks 385,000
404,847 Debtors 6 790,750
131,644 Cash at bank and in hand 41,147
826,491 1,216,897
CREDITORS
467,632 Amounts falling due within one year 7 703,200
358,859 NET CURRENT ASSETS 513,697
459,935 TOTAL ASSETS LESS CURRENT
LIABILITIES

583,897

CREDITORS
37,436 Amounts falling due after more than one year 8 22,325
422,499 NET ASSETS 561,572

CAPITAL AND RESERVES
1 Called up share capital 1
422,498 Retained earnings 561,571
422,499 SHAREHOLDERS' FUNDS 561,572

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 director acknowledges her 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.

HARRIS TWEED AND KNITWEAR LIMITED (REGISTERED NUMBER: SC443680)

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 director and authorised for issue on 29 November 2024 and were signed by:





Ms C Campbell - Director


HARRIS TWEED AND KNITWEAR LIMITED (REGISTERED NUMBER: SC443680)

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


1. STATUTORY INFORMATION

Harris Tweed And Knitwear 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

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 2014, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost, 20% on cost and 10% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

HARRIS TWEED AND KNITWEAR LIMITED (REGISTERED NUMBER: SC443680)

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


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 23 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 300,000
AMORTISATION
At 1 March 2023
and 29 February 2024 300,000
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

HARRIS TWEED AND KNITWEAR LIMITED (REGISTERED NUMBER: SC443680)

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


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 294,075
Additions 2,530
At 29 February 2024 296,605
DEPRECIATION
At 1 March 2023 192,999
Charge for year 33,406
At 29 February 2024 226,405
NET BOOK VALUE
At 29 February 2024 70,200
At 28 February 2023 101,076

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Other debtors 790,750 404,847

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 38,085 55,724
Trade creditors 413,460 171,287
Taxation and social security 90,306 90,881
Other creditors 161,349 149,740
703,200 467,632

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans 22,325 33,167
Other creditors - 4,269
22,325 37,436

HARRIS TWEED AND KNITWEAR LIMITED (REGISTERED NUMBER: SC443680)

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


9. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Bank overdrafts 29,585 47,224
Bank loans 30,825 41,667
60,410 88,891

All bank borrowing is secured by a floating charge over the company's assets and undertakings, present and future.

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

29.2.24 28.2.23
£    £   
Ms C Campbell
Balance outstanding at start of year 243,030 243,674
Amounts advanced 412,174 87,744
Amounts repaid (90,000 ) (88,388 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 565,204 243,030

11. ULTIMATE CONTROLLING PARTY

The controlling party is Ms C Campbell.

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
HARRIS TWEED AND KNITWEAR LIMITED


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Harris Tweed And Knitwear Limited for the year ended 29 February 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Harris Tweed And Knitwear Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Harris Tweed And Knitwear Limited and state those matters that we have agreed to state to the director of Harris Tweed And Knitwear Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Harris Tweed And Knitwear Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Harris Tweed And Knitwear Limited. You consider that Harris Tweed And Knitwear Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Harris Tweed And Knitwear Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






CIB Services
Chartered Accountants
63 Kenneth Street
Stornoway
Isle of Lewis
Western Isles
HS1 2DS


29 November 2024