Company registration number 01837474 (England and Wales)
HALEY SHARPE DESIGN LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
HALEY SHARPE DESIGN LIMITED
COMPANY INFORMATION
Directors
Mr T K Smith FCA
Mr G Walker-Kerr
Mr K Callis
Mr D Donoghue
Ms F D'Amico
Mr D Vadher
Secretary
Mr T K Smith FCA
Company number
01837474
Registered office
11-15 Guildhall Lane
Leicester
LE1 5FQ
Auditor
Newby Castleman LLP
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Business address
11-15 Guildhall Lane
Leicester
LE1 5FQ
HALEY SHARPE DESIGN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
HALEY SHARPE DESIGN LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
7,174
9,827
Current assets
Work in progress
362,586
267,677
Debtors
5
1,014,173
2,195,737
Cash at bank and in hand
104,835
73,355
1,481,594
2,536,769
Creditors: amounts falling due within one year
6
(826,912)
(969,261)
Net current assets
654,682
1,567,508
Total assets less current liabilities
661,856
1,577,335
Creditors: amounts falling due after more than one year
7
(63,333)
(103,333)
Net assets
598,523
1,474,002
Capital and reserves
Called up share capital
8
250,000
250,000
Profit and loss reserves
348,523
1,224,002
Total equity
598,523
1,474,002
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 3 December 2024 and are signed on its behalf by:
Mr T K Smith FCA
Mr G Walker-Kerr
Director
Director
Company Registration No. 01837474
HALEY SHARPE DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Haley Sharpe Design Limited is a private company limited by shares incorporated in England and Wales. The registered office is 11-15 Guildhall Lane, Leicester, LE1 5FQ.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover is recognised based on the stage of completion of the contract. Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% on cost
Computers
33% on cost
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, or the asset's cash generating unit is estimated and compared to the carrying amount in order to determine the extent of the impairment loss (if any). Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
1.6
Work in progress
Work in progress, other than long term contracts, is valued at the lower of cost and net realisable value. Cost is represented by direct expenses and direct labour together with a relevant proportion of fixed and variable overheads. Net realisable value is estimated selling price less all further costs to be incurred.
HALEY SHARPE DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit and loss account .
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
40
38
HALEY SHARPE DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
1,042,642
Amortisation and impairment
At 1 May 2023 and 30 April 2024
1,042,642
Carrying amount
At 30 April 2024
At 30 April 2023
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 May 2023
201,574
471,329
672,903
Additions
2,118
2,118
At 30 April 2024
201,574
473,447
675,021
Depreciation and impairment
At 1 May 2023
196,631
466,445
663,076
Depreciation charged in the year
2,801
1,970
4,771
At 30 April 2024
199,432
468,415
667,847
Carrying amount
At 30 April 2024
2,142
5,032
7,174
At 30 April 2023
4,943
4,884
9,827
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
832,604
1,083,615
Corporation tax recoverable
35,217
5,950
Amounts owed by group undertakings
4,634
934,926
Other debtors
141,718
171,246
1,014,173
2,195,737
HALEY SHARPE DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
40,000
40,000
Trade creditors
204,529
261,742
Amounts owed to group undertakings
68,456
Corporation tax
49,150
132,300
Other taxation and social security
69,799
60,455
Other creditors
394,978
474,764
826,912
969,261
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
63,333
103,333
8
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
250,000 Ordinary Shares of £1 each
250,000
250,000
9
Audit report information
As the profit and loss account has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Paul Barnett FCCA
Statutory Auditor:
Newby Castleman LLP
Date of audit report:
9 December 2024
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
71,550
126,677
HALEY SHARPE DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
11
Parent company
The company is 100% owned by Haley Sharpe Group Holdings Limited who's registered office is the same as noted on company information page.