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REGISTERED NUMBER: 03520781 (England and Wales)

















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: Mr A Waris
Mr M Amin
Mr N Bakshi





SECRETARY: Mr N Bakshi





REGISTERED OFFICE: Himalayan House
430 Thurmaston Boulevard
Thurmaston
Leicester
LE4 9LE





REGISTERED NUMBER: 03520781 (England and Wales)





INDEPENDENT AUDITORS: Watergates Ltd (Statutory Auditor)
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 2,421 6,354
Investments 5 63,240 -
Investment property 6 317,877 317,877
383,538 324,231

CURRENT ASSETS
Stocks 7 1,249,244 1,510,231
Debtors 8 1,646,195 1,650,869
Cash at bank and in hand 39,626 42,589
2,935,065 3,203,689
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

9

(1,951,639

)

(2,219,261

)
NET CURRENT ASSETS 983,426 984,428
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,366,964

1,308,659

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

10

(53,750

)

(96,750

)

PROVISIONS FOR LIABILITIES (24,557 ) (24,419 )
NET ASSETS 1,288,657 1,187,490

CAPITAL AND RESERVES
Called up share capital 14 213,240 150,000
Revaluation reserve 15 - 187,133
Non-distributable reserves 15 187,133 -
Retained earnings 15 888,284 850,357
SHAREHOLDERS' FUNDS 1,288,657 1,187,490

SUPERHOUSE (UK) LIMITED (REGISTERED NUMBER: 03520781)

STATEMENT OF FINANCIAL POSITION - continued
31ST MARCH 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 Board of Directors and authorised for issue on 10th September 2024 and were signed on its behalf by:





Mr A Waris - Director


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 private company, limited by shares , registered in England and Wales. 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.

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 13 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Office
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1st April 2023
and 31st March 2024 21,413 30,191 35,650 14,528 101,782
DEPRECIATION
At 1st April 2023 21,412 30,190 29,299 14,527 95,428
Charge for year - - 3,933 - 3,933
At 31st March 2024 21,412 30,190 33,232 14,527 99,361
NET BOOK VALUE
At 31st March 2024 1 1 2,418 1 2,421
At 31st March 2023 1 1 6,351 1 6,354

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 63,240
At 31st March 2024 63,240
NET BOOK VALUE
At 31st March 2024 63,240

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 317,877
NET BOOK VALUE
At 31st March 2024 317,877
At 31st March 2023 317,877

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 1,249,244 1,510,231

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 393,972 447,089
Amounts owed by group undertakings 1,021,114 486,701
Other debtors 231,109 717,079
1,646,195 1,650,869

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) 280,987 282,154
Trade creditors 107,109 262,284
Amounts owed to group undertakings 1,334,709 1,463,709
Taxation and social security 50,815 21,120
Other creditors 178,019 189,994
1,951,639 2,219,261

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) 53,750 96,750

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 237,987 239,154
Bank loans 43,000 43,000
Preference shares 100 100
281,087 282,254

Amounts falling due between one and two years:
Bank loans - 1-2 years 43,000 43,000

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 10,750 53,750

12. SECURED DEBTS

The following secured debts are included within creditors:

31/3/24 31/3/23
£    £   
Bank overdrafts 237,987 239,154
Bank loans 96,750 139,750
334,737 378,904

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: £    £   
150,000 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.

Shakil Malida FCCA (Senior Statutory Auditor)
for and on behalf of Watergates Ltd (Statutory Auditor)

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