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Registration number: 04689511

Ray Harris Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Ray Harris Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Ray Harris Limited

Company Information

Director

Mr Raymond Harris

Registered office

3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH

Accountants

MG Group (Professional Services) Limited
Chartered Accountants166 College Road
Harrow
Middlesex
HA1 1BH

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Ray Harris Limited
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ray Harris Limited for the year ended 31 August 2024 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Ray Harris Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Ray Harris Limited and state those matters that we have agreed to state to the Board of Directors of Ray Harris Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ray Harris Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ray Harris Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Ray Harris Limited. You consider that Ray Harris Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Ray Harris Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MG Group (Professional Services) Limited
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

24 January 2025

 

Ray Harris Limited

(Registration number: 04689511)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

719

1,247

Current assets

 

Stocks

5

5,302

5,297

Debtors

6

11,645

15,352

Cash at bank and in hand

 

18,292

44,309

 

35,239

64,958

Creditors: Amounts falling due within one year

7

(49,082)

(65,536)

Net current liabilities

 

(13,843)

(578)

Net (liabilities)/assets

 

(13,124)

669

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

(13,125)

668

Shareholders' (deficit)/funds

 

(13,124)

669

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 January 2025
 

.........................................
Mr Raymond Harris
Director

 

Ray Harris Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH

These financial statements were authorised for issue by the director on 24 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Ray Harris Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to property

20% on cost

Plant & machinery

25% on reducing balance

Fixtures & fittings

25% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

50% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Ray Harris Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Tangible assets

Improvements to property
£

Plant and machinery
£

Fixtures and fittings
£

Motor vehicles
 £

Computer equipment
£

Total
£

Cost or valuation

At 1 September 2023

3,764

8,832

4,540

5,135

4,265

26,536

Disposals

-

(7,924)

(6,562)

-

-

(14,486)

At 31 August 2024

3,764

908

(2,022)

5,135

4,265

12,050

Depreciation

At 1 September 2023

3,764

7,820

4,540

5,135

4,030

25,289

Charge for the year

-

293

-

-

235

528

Eliminated on disposal

-

(7,924)

(6,562)

-

-

(14,486)

At 31 August 2024

3,764

189

(2,022)

5,135

4,265

11,331

Carrying amount

At 31 August 2024

-

719

-

-

-

719

At 31 August 2023

-

1,012

-

-

235

1,247

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

5,302

5,297

 

Ray Harris Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

7,943

14,658

Other debtors

3,702

694

 

11,645

15,352

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

-

1,213

Taxation and social security

2,338

4,444

Accruals and deferred income

2,750

2,750

Other creditors

43,994

57,129

49,082

65,536

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

1

1

1

1

       

9

Related party transactions

Director

During the year, the company repaid loans of £12,722 to the director and no interest was charged on these loans .

At the balance sheet date, the amount due from the company to the director was £43,572 (2024: £56,294).