Company registration number 06749160 (England and Wales)
HARBOROUGH TOWN TRADING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
HARBOROUGH TOWN TRADING LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
HARBOROUGH TOWN TRADING LIMITED
STATEMENT OF FINANCIAL POSITION
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
45,065
51,129
Current assets
Stocks
4,000
3,250
Debtors
5
17,584
12,977
Cash at bank and in hand
17,855
31,455
39,439
47,682
Creditors: amounts falling due within one year
6
(64,971)
(70,226)
Net current liabilities
(25,532)
(22,544)
Total assets less current liabilities
19,533
28,585
Creditors: amounts falling due after more than one year
7
(9,415)
(19,421)
Net assets
10,118
9,164
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
10,117
9,163
Total equity
10,118
9,164
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HARBOROUGH TOWN TRADING LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
Ms S J Brewin
Director
Company registration number 06749160 (England and Wales)
HARBOROUGH TOWN TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
Harborough Town Trading Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bowden House, 36 Northampton Road, Market Harborough, Leicestershire, LE16 9HE.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a small company. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
Harborough Town Trading Limited is a wholly owned subsidiary of Harborough Town Community Trust and the results of Harborough Town Trading Limited are not included in the financial statements of Harborough Town Community Trust. Both the company and the group qualify as small and are entitled to exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts.
1.2
Going concern
Management has considered events and conditions after the year end and it has determined that they do not create a material uncertainty that casts significant doubt upon the entity’s ability to continue as a going concern. Assets, liabilities and liquidity have not significantly been affected by current economic conditions and do not require additional disclosure in the financial statements, management has determined that the cost of living crisis does not create a material uncertainty that casts significant doubt upon the entity’s ability to continue as a going concern.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods relates to bar and catering sales. Revenue is recognised on a receipts basis.
HARBOROUGH TOWN TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
Revenue from the hire of property including pitches is recognised at the date of usage.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
Computer equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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 is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price . Cost comprises direct purchase cost of goods purchased for resale.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.8
Equity instruments
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
HARBOROUGH TOWN TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. 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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
HARBOROUGH TOWN TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
17
17
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023
116,413
Additions
8,948
At 31 May 2024
125,361
Depreciation and impairment
At 1 June 2023
65,284
Depreciation charged in the year
15,012
At 31 May 2024
80,296
Carrying amount
At 31 May 2024
45,065
At 31 May 2023
51,129
Plant and machinery with a carrying amount of £11,485 (2023 - £15,313) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
15,083
10,540
Other debtors
2,501
2,437
17,584
12,977
HARBOROUGH TOWN TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,032
4,908
Trade creditors
22,286
9,738
Amounts owed to group undertakings
24,481
42,554
Taxation and social security
1,912
1,447
Other creditors
11,260
11,579
64,971
70,226
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
5,154
10,186
Other creditors
4,261
9,235
9,415
19,421
8
Operating lease commitments
Lessee
Harborough Town Trading Limited have entered a lease agreement with Harborough Town Community Trust to lease the 4G AWP for £10,000 p.a.
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
During the year the company agreed a donation of £12,045 (2023 - £9,500) to Harborough Town Community Trust its parent company.
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Harborough Town Community Trust
31,481
42,554
10
Parent company
The company is controlled by Harborough Town Community Trust.