REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
SUPERHOUSE (UK) LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
SUPERHOUSE (UK) LIMITED |
SUPERHOUSE (UK) LIMITED (REGISTERED NUMBER: 03520781) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
SUPERHOUSE (UK) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
109 Coleman Road |
Leicester |
Leicestershire |
LE5 4LE |
SUPERHOUSE (UK) LIMITED (REGISTERED NUMBER: 03520781) |
STATEMENT OF FINANCIAL POSITION |
31ST MARCH 2024 |
31/3/24 | 31/3/23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
9 |
( |
) |
( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Revaluation reserve | 15 |
Non-distributable reserves | 15 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
SUPERHOUSE (UK) LIMITED (REGISTERED NUMBER: 03520781) |
STATEMENT OF FINANCIAL POSITION - continued |
31ST MARCH 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SUPERHOUSE (UK) LIMITED (REGISTERED NUMBER: 03520781) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | STATUTORY INFORMATION |
Superhouse (Uk) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
RELATED PARTY EXEMPTION |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
GOING CONCERN |
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. Turnover represents revenue earned from the sale of goods. |
Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
TANGIBLE FIXED ASSETS |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
Plant and machinery | - | 20% on cost |
Fixtures and fittings | - | 20% on cost |
Motor vehicles | - | 20% on cost |
Office equipment | - | 20% on cost |
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
INVESTMENTS IN SUBSIDIARIES |
Investments in subsidiary undertakings are recognised at cost. |
SUPERHOUSE (UK) LIMITED (REGISTERED NUMBER: 03520781) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
INVESTMENT PROPERTY |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Fair value changes in investment properties initially recognised in the profit and loss reserve are |
transferred to the non-distributable revaluation reserve. Investment property revaluation was determined |
and derived from the current market rents and investment property yields for comparable |
real estate, adjusted if necessary for any difference in the nature, location or condition of the specific |
asset. No depreciation is provided. |
STOCKS |
Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
DEBTORS AND CREDITORS RECEIVABLE / PAYABLE WITHIN ONE YEAR |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
LOANS AND BORROWINGS |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
DERIVATIVES |
Derivative financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in profit or loss. Outstanding derivatives at reporting date are included under the appropriate format heading depending on the nature of the derivative. |
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 statement of financial position date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
SUPERHOUSE (UK) LIMITED (REGISTERED NUMBER: 03520781) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
RESEARCH AND DEVELOPMENT |
Expenditure on research and development is written off in the year in which it is incurred. |
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Office |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st April 2023 |
and 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
SUPERHOUSE (UK) LIMITED (REGISTERED NUMBER: 03520781) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
The Company's investments at the Statement of Financial Position date in the share capital of companies |
include the following: |
Patrick Shoes Limited |
Registered office: United Kingdom |
Class of shares: Ordinary |
Holding: 100% |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st April 2023 |
and 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
The investment property was previously occupied by the company. This property was revalued historically and it has been reclassified to investment property at its carrying value on the date of transfer. The carrying value of the property includes previous revaluations, with the most recent being in 2016. |
The directors have considered the value of the investment property taking account of current use and condition of the property and local market conditions prevailing at the balance sheet date. In their opinion the cost shown within the financial statements is a materially true and fair value. |
7. | STOCKS |
31/3/24 | 31/3/23 |
£ | £ |
Finished goods |
SUPERHOUSE (UK) LIMITED (REGISTERED NUMBER: 03520781) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts owed by group undertakings are unsecured, interest free, and repayable on demand. |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Bank loans and overdrafts (see note 11) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Amounts owed to group undertakings are unsecured, interest free, and repayable on demand. |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Bank loans (see note 11) |
11. | LOANS |
An analysis of the maturity of loans is given below: |
31/3/24 | 31/3/23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Preference shares | 100 | 100 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
SUPERHOUSE (UK) LIMITED (REGISTERED NUMBER: 03520781) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
11. | LOANS - continued |
31/3/24 | 31/3/23 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
31/3/24 | 31/3/23 |
£ | £ |
Bank overdrafts |
Bank loans |
Bank of India hold first debenture creating fixed and floating charge over all property and assets of the company and 1st charge of investment property, 66 Commercial Square, Freemans Common, Leicester, LE2 7SR. |
Lloyds Bank PLC holds fixed charge, as well as floating charge covering all the property or undertaking of the company. |
13. | FINANCIAL INSTRUMENTS |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/3/24 | 31/3/23 |
value: | £ | £ |
Ordinary | £1.00 | 213,240 | 150,000 |
15. | RESERVES |
Retained | Revaluation | Non-distributable |
earnings | reserve | reserves | Totals |
£ | £ | £ | £ |
At 1st April 2023 | 850,357 | 187,133 | - | 1,037,490 |
Profit for the year | 37,927 | 37,927 |
Transfer between reserves | - | (187,133 | ) | 187,133 | - |
At 31st March 2024 | 888,284 | - | 187,133 | 1,075,417 |
SUPERHOUSE (UK) LIMITED (REGISTERED NUMBER: 03520781) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
16. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for qualified opinion |
As this is the first year we are carrying out an an audit for this entity and no audit was performed in prior year, we have not been able to satisfy ourselves by alternative means on the opening or comparative balances. As a result of these matters, we were unable to determine whether any adjustments might have been found necessary in respect of opening balances and the elements making up the statement of comprehensive income and statement of financial position. |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
for and on behalf of |
17. | CONTINGENT LIABILITIES |
The bank has issued a guarantee on behalf of the company of £40,000 in favour of HM Customs and Excise. |
18. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the year end the company was owed by the directors £10,017 (2023: £12,420). |
The loan is interest free and repayable on demand. |
19. | RELATED PARTY DISCLOSURES |
Included within the financial statements are amount with entities which have common directorship and subsidiaries not wholly owned, as follows: |
2024 | 2023 |
£ | £ |
Sales | 162,979 | 124,333 |
Purchases | 1,308 | 18,318 |
Amounts owed by related parties | 93,194 | - |
Amounts owed to related parties | 99,263 | 18,286 |