70 false false false false false false false false false false true false false true true true true true true true true No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 02970204 2023-06-01 2024-05-31 02970204 2024-05-31 02970204 2023-05-31 02970204 2022-06-01 2023-05-31 02970204 2023-05-31 02970204 2022-05-31 02970204 core:NetGoodwill 2023-06-01 2024-05-31 02970204 bus:Director1 2023-06-01 2024-05-31 02970204 core:WithinOneYear 2024-05-31 02970204 core:WithinOneYear 2023-05-31 02970204 core:ShareCapital 2024-05-31 02970204 core:ShareCapital 2023-05-31 02970204 core:RevaluationReserve 2024-05-31 02970204 core:RevaluationReserve 2023-05-31 02970204 core:RetainedEarningsAccumulatedLosses 2024-05-31 02970204 core:RetainedEarningsAccumulatedLosses 2023-05-31 02970204 bus:SmallEntities 2023-06-01 2024-05-31 02970204 bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 02970204 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 02970204 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 02970204 bus:AbridgedAccounts 2023-06-01 2024-05-31
COMPANY REGISTRATION NUMBER: 02970204
Harveys of Oxford Limited
Filleted Unaudited Abridged Financial Statements
31 May 2024
Harveys of Oxford Limited
Balance Sheet
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
5,600
14,000
Tangible assets
6
410,410
443,353
---------
---------
416,010
457,353
Current assets
Stocks
82,856
88,691
Debtors
83,777
84,458
Cash at bank and in hand
530,609
946,995
---------
------------
697,242
1,120,144
Creditors: amounts falling due within one year
332,122
643,517
---------
------------
Net current assets
365,120
476,627
---------
---------
Total assets less current liabilities
781,130
933,980
Provisions
Taxation including deferred tax
14,714
21,925
---------
---------
Net assets
766,416
912,055
---------
---------
Capital and reserves
Called up share capital
500,000
500,000
Revaluation reserve
182,335
182,335
Profit and loss account
84,081
229,720
---------
---------
Shareholders funds
766,416
912,055
---------
---------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
Harveys of Oxford Limited
Balance Sheet (continued)
31 May 2024
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the balance sheet for the year ending 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 10 February 2025 , and are signed on behalf of the board by:
Mr M Copson
Director
Company registration number: 02970204
Harveys of Oxford Limited
Notes to the Abridged Financial Statements
Year ended 31 May 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 10 Elms Parade, Botley, Oxford, Oxfordshire, OX2 9LG.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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
-
20% 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 70 (2023: 76 ).
5. Intangible assets
£
Cost
At 1 June 2023 and 31 May 2024
345,349
---------
Amortisation
At 1 June 2023
331,349
Charge for the year
8,400
---------
At 31 May 2024
339,749
---------
Carrying amount
At 31 May 2024
5,600
---------
At 31 May 2023
14,000
---------
6. Tangible assets
£
Cost
At 1 June 2023
1,996,580
Additions
5,937
------------
At 31 May 2024
2,002,517
------------
Depreciation
At 1 June 2023
1,553,227
Charge for the year
38,880
------------
At 31 May 2024
1,592,107
------------
Carrying amount
At 31 May 2024
410,410
------------
At 31 May 2023
443,353
------------
7. Directors' advances, credits and guarantees
As at 31/05/24 a balance of £12,000 was owed to the directors (31/05/23: £4,600).