5 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2024 - FRS102_2024 90,000 81,000 9,000 90,000 9,000 xbrli:pure xbrli:shares iso4217:GBP 05717543 2023-03-01 2024-02-29 05717543 2024-02-29 05717543 2023-02-28 05717543 2022-03-01 2023-02-28 05717543 2023-02-28 05717543 2022-02-28 05717543 core:NetGoodwill 2023-03-01 2024-02-29 05717543 core:MotorVehicles 2023-03-01 2024-02-29 05717543 bus:Director2 2023-03-01 2024-02-29 05717543 core:WithinOneYear 2024-02-29 05717543 core:WithinOneYear 2023-02-28 05717543 core:NetGoodwill 2023-02-28 05717543 core:NetGoodwill 2024-02-29 05717543 core:LandBuildings 2023-02-28 05717543 core:MotorVehicles 2023-02-28 05717543 core:LandBuildings 2024-02-29 05717543 core:MotorVehicles 2024-02-29 05717543 core:LandBuildings 2023-03-01 2024-02-29 05717543 core:AfterOneYear 2024-02-29 05717543 core:AfterOneYear 2023-02-28 05717543 core:ShareCapital 2024-02-29 05717543 core:ShareCapital 2023-02-28 05717543 core:RetainedEarningsAccumulatedLosses 2024-02-29 05717543 core:RetainedEarningsAccumulatedLosses 2023-02-28 05717543 core:NetGoodwill 2023-02-28 05717543 core:LandBuildings 2023-02-28 05717543 core:MotorVehicles 2023-02-28 05717543 bus:Director2 2023-02-28 05717543 bus:Director2 2024-02-29 05717543 bus:Director2 2022-02-28 05717543 bus:Director2 2023-02-28 05717543 bus:Director2 2022-03-01 2023-02-28 05717543 bus:Director1 2023-03-01 2024-02-29 05717543 bus:SmallEntities 2023-03-01 2024-02-29 05717543 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 05717543 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 05717543 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 05717543 bus:FullAccounts 2023-03-01 2024-02-29 05717543 core:OfficeEquipment 2023-03-01 2024-02-29 05717543 core:OfficeEquipment 2023-02-28 05717543 core:OfficeEquipment 2024-02-29 05717543 core:KeyManagementIndividualGroup1 2023-03-01 2024-02-29 05717543 core:KeyManagementIndividualGroup1 2024-02-29
COMPANY REGISTRATION NUMBER: 05717543
Hargreaves Furniture Limited
Filleted Unaudited Financial Statements
For the year ended
29 February 2024
Hargreaves Furniture Limited
Financial Statements
Year ended 29 February 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Hargreaves Furniture Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
5
9,000
Tangible assets
6
182,456
178,414
----------
----------
182,456
187,414
Current assets
Stocks
73,486
137,934
Debtors
7
239
49,960
Cash at bank and in hand
5,486
12,921
--------
----------
79,211
200,815
Creditors: amounts falling due within one year
8
240,424
249,569
----------
----------
Net current liabilities
161,213
48,754
----------
----------
Total assets less current liabilities
21,243
138,660
Creditors: amounts falling due after more than one year
9
11,645
45,008
--------
----------
Net assets
9,598
93,652
--------
----------
Capital and reserves
Called up share capital
750
750
Profit and loss account
8,848
92,902
-------
--------
Shareholders funds
9,598
93,652
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Hargreaves Furniture Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 18 February 2025 , and are signed on behalf of the board by:
Mr P Rudd
Director
Company registration number: 05717543
Hargreaves Furniture Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 114-116 Boothferry Road, Goole, East Yorkshire, DN14 6AG.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. (b) Going concern The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis. (c) Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue is recognised at the point of sale of goods to the customer. (d) Current & deferred tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. (e) Amortisation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. (f) Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. (g) Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles - 25% straight line
Fixtures & Equipment - 20% straight line
(h) Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(i) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(j) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
(k) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Intangible assets
Goodwill
£
Cost
At 1 March 2023 and 29 February 2024
90,000
--------
Amortisation
At 1 March 2023
81,000
Charge for the year
9,000
--------
At 29 February 2024
90,000
--------
Carrying amount
At 29 February 2024
--------
At 28 February 2023
9,000
--------
6. Tangible assets
Land and buildings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 March 2023
178,047
45,612
21,864
245,523
Additions
4,115
4,115
----------
--------
--------
----------
At 29 February 2024
182,162
45,612
21,864
249,638
----------
--------
--------
----------
Depreciation
At 1 March 2023
45,611
21,498
67,109
Charge for the year
73
73
----------
--------
--------
----------
At 29 February 2024
45,611
21,571
67,182
----------
--------
--------
----------
Carrying amount
At 29 February 2024
182,162
1
293
182,456
----------
--------
--------
----------
At 28 February 2023
178,047
1
366
178,414
----------
--------
--------
----------
7. Debtors
2024
2023
£
£
Trade debtors
239
1,544
Other debtors
48,416
----
--------
239
49,960
----
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,841
33,027
Trade creditors
47,995
35,564
Accruals and deferred income
22,644
28,305
Corporation tax
7,934
Social security and other taxes
13,319
1,824
Director loan accounts
133,689
142,915
Other creditors
15,936
----------
----------
240,424
249,569
----------
----------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,645
45,008
--------
--------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr P Rudd
142,915
19,890
( 29,116)
133,689
----------
--------
--------
----------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr P Rudd
11,333
16,902
( 171,150)
( 142,915)
--------
--------
----------
----------
11. Related party transactions
During the year the director made loans to the company. The loan is interest free and repayable on demand. The balance owing from the company at 29 February 2024 was £ 133,689 (2023: (£142,915)).