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HartsofStur Holdings Limited

Registered number: 06695976
Annual report
For the year ended 30 June 2024

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
G R Hart 
J D Hart 




Company secretary
K M Allen



Registered number
06695976



Registered office
5th Floor
Merck House

Seldown Lane

Poole

Dorset

BH15 1TW




Trading Address
Station Road

Sturminster Newton

Dorset

DT10 1BD






Independent auditors
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

5th Floor

Merck House

Seldown Lane

Poole

BH15 1TW





 
HARTSOFSTUR HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditors' Report
 
6 - 9
Consolidated Profit and Loss Account
 
10
Consolidated Balance Sheet
 
11
Company Balance Sheet
 
12 - 13
Consolidated Statement of Changes in Equity
 
14
Company Statement of Changes in Equity
 
15
Consolidated Statement of Cash Flows
 
16
Consolidated Analysis of Net Debt
 
17
Notes to the Financial Statements
 
18 - 40


 
HARTSOFSTUR HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The Directors present their Strategic Report for HartsofStur Holdings Limited Group (the 'Group') for the year ended 30 June 2024.

Principal activity
 
The Group continued its principal activity throughout the current year, being the sale of Cookware, Kitchen Electrics, DIY, houseware, garden, ironmongery and clothing.
Business review
The Group has faced a challenging year with a decrease in turnover from £20,523,138 to £19,227,555, reflecting a 6.3% decline in sales compared to the previous year. Despite this drop in revenue, the Group maintained a solid gross profit of £5,568,077 and achieved a profit before tax of £193,809, demonstrating effective cost management and operational efficiency in a tough market environment.
The profit for the year after taxation stands at £154,472, showcasing the resilience of the business despite external challenges. This positive outcome highlights the company’s ability to adapt and navigate the complexities of the current business landscape.
The Group continues to strengthen its financial position, with a strong balance sheet that provides a solid foundation for future growth and strategic investment. This stability is crucial for the long-term sustainability and success of the business.
A key focus during the year has been the continued investment in leading-edge technology. This strategic approach is already yielding positive results, with early signs of a strong return on investment, enhancing operational efficiencies and positioning the company for future growth.
Looking ahead, the Company remains committed to driving innovation, optimizing its cost structure, and enhancing shareholder value, while staying focused on delivering high-quality products and services to its customers.
Overall, despite the decline in turnover, the business has demonstrated resilience through effective cost management, a strong financial position, and forward-thinking investments in technology

Page 1

 
HARTSOFSTUR HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Principal risks and uncertainties
  
Management continually monitor the key risks facing the Group together with assessing the controls used for managing these risks. The Directors formally review and document the principal risks facing the business quarterly. Updating forecasts where necessary.
The principal risks and uncertainties facing the Group are as follows:
Competitor pressure 
The competitive landscape remains one of the principal risks to the business. Increased competition, both from established players and new entrants, could lead to pricing pressures, reduced market share, and margin erosion. The company must continue to innovate, enhance customer relationships, and maintain operational efficiencies to stay ahead of competitors and retain a strong market position.
Political Instability in the UK and USA
The potential for changing political dynamics in both the UK and the USA poses a risk to the company's strategic outlook. Shifts in political leadership, with new political parties and changes in Prime Ministers and Presidents, could lead to shifts in policy, regulations, and economic conditions. These political changes may impact the cost of stock, particularly due to alterations in trade agreements, tariffs, and import/export policies. Additionally, changes in fiscal policies, including tax rates, could directly affect the company’s profitability and tax obligations.
Economic and Regulatory Uncertainty
Alongside political shifts, broader economic factors such as inflation, interest rates, and changes in fiscal policies could increase costs and affect demand for the company’s products and services. Similarly, evolving regulations in both domestic and international markets, especially concerning environmental and tax laws, could create additional compliance burdens or alter the cost structures.
The Group is actively monitoring these risks and remains committed to adapting its strategy and operations to mitigate their potential impact, while maintaining a focus on long-term growth and stability. We continue to engage with policymakers, stay informed on market trends, and invest in innovation to ensure resilience in the face of these uncertainties.

Financial key performance indicators
 
Management uses a range of performance measures to monitor and manage the business.
The financial key performance indicators are as set out below:
Sales measured year on year: £1.3m decrease in the year – total sales exceeded Directors expectations especially due to the cost of living crisis, this was fuelled by an increased portfolio of brands and the availability of stock.
Gross profit measured year on year: £0.6m decrease in the year - the decrease is in line with the Director‘s expectation with the decrease in sales, change of product mix and increase of competition.
Operating profit measured year on year: £0.5m decrease in the year - the decrease is in line with the Director’s expectation with a concentration on costs, development projects and employee retention.

Page 2

 
HARTSOFSTUR HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Future developments

Looking ahead, the Group is committed to driving sustainable growth and operational efficiency through a series of strategic initiatives and investments. Key areas of focus for the coming year and beyond include:
Stabilising Turnover
A primary target for the upcoming year is to stabilise turnover. While we have experienced some challenges in revenue this year, the focus will be on consolidating market share, enhancing customer retention, and exploring new business opportunities to achieve steady and sustainable sales growth.
Cost Reduction Initiatives
The Group is dedicated to working diligently on reducing costs across the business. We will continue to focus on improving operational efficiencies, optimizing our supply chain, and streamlining processes in order to reduce overheads and improve profitability. Every effort will be made to ensure that cost-saving initiatives do not compromise the quality of our products and services.
Three-Year Strategic Plan with Financial Modelling
A detailed, forward-looking three-year strategic plan will be implemented, underpinned by in-depth financial modelling. This plan will guide our business decisions and investments, with a strong focus on long-term growth, risk management, and value creation. The financial modelling will help to better assess potential outcomes, allocate resources effectively, and track progress against key objectives.
Continued Investment in Leading Technology
We will maintain our commitment to investing in advanced technologies, including Artificial Intelligence (AI), to enhance our operational capabilities and customer experience. AI-powered solutions will help us streamline processes, optimize decision-making, and improve customer service, ensuring we remain competitive in an ever-evolving market.
Implementation of EPOS Systems
The Group will also move forward with the implementation of Electronic Point of Sale (EPOS) systems across our retail operations. This modern technology will provide real-time data analytics, improve inventory management, and enhance the overall efficiency of transactions. The benefits of the EPOS system include quicker checkouts, better stock visibility, and an enhanced customer experience, which will contribute to operational success and customer satisfaction.
Widening Product Range and Online Presence
Expanding our product offering and increasing our online presence will be a key priority. We aim to broaden the range of products available for sale online, providing our customers with a wider variety of choices and enhancing the overall shopping experience. Strengthening our e-commerce platform will not only drive sales but also enable us to tap into new markets and reach a larger customer base.
By focusing on these key areas, the Group is positioning itself for a successful and sustainable future. We are confident that these strategic developments will enable us to stabilize turnover, reduce costs, and deliver long-term value to our stakeholders, while adapting to the changing needs of the market.
 
This report was approved by the board and signed on its behalf by:
 



G R Hart
Director

Date: 13 March 2025

Page 3

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The Directors present their annual report and the audited consolidated financial statements for HartsOfStur Holdings Limited ('the Company') for the year ended 30 June 2024.

Results and dividends

The profit for the year, after taxation, amounted to £154,472 (2023: £513,444).

Dividends totaling £524,988 (2023: £884,988) were declared during the year. 

Directors

The Directors who served during the year and to the date of this report were:

G R Hart 
J D Hart 

Directors' responsibilities statement

The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Qualifying third party indemnity provisions

The Group has granted an indemnity to one or more of its Directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in section 234 of the Companies Act 2006. Such qualifying third-party indemnity provision remains in force as at the date of approving the Directors' report.

Page 4

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Matters covered in the Group Strategic Report

The mandatory disclosures in relation to the principal risks and uncertainties and the future developments of the Group are considered by the Directors to be of strategic importance. These have therefore been included in the Strategic Report.

Provision of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Directors are aware, there is no relevant audit information of which the Company and the Group's auditors are unaware; and

the Directors have taken all the steps that ought to have been taken as Directors in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Going concern

When determining whether the Group’s financial statements can be prepared on a going concern basis, the Directors considered the business activities, together with the factors likely to affect its future development, performance and position; these are set out in the Strategic Report.
As at the date of this report, the Directors have a reasonable expectation that the Group has adequate resources to continue in business for at least 12 months from the date of signing. Thus, the Directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Post balance sheet events

There have been no significant events affecting the Group and the Company since the year end.

Auditors

The auditorsForvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf by:
 





G R Hart
Director

Date: 13 March 2025

Page 5

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARTSOFSTUR HOLDINGS LIMITED
 

Opinion

We have audited the financial statements of HartsofStur Holdings Limited (the Parent ‘Company’) and its subsidiaries (the 'Group') for the year ended 30 June 2024 which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, the Consolidated Analysis of Net Debt and notes to the financial statements, including a summary of significant accounting policies. 
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the Group and of the Parent Company’s affairs as at 30 June 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the financial statements” section of our report. We are independent of the Group and the Parent Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and the Parent Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report..

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Directors are responsible for the other information contained within the annual report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Page 6

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARTSOFSTUR HOLDINGS LIMITED
 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Page 7

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARTSOFSTUR HOLDINGS LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' responsibilities statement set out on page 4, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Group and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the Group and the Parent Company and their industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-bribery, corruption and fraud, and anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
 
Inquiring of management and, where appropriate, those charged with governance, as to whether the Parent Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the Group and the Parent Company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, and the Companies Act 2006. 
Page 8

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARTSOFSTUR HOLDINGS LIMITED
 

In addition, we evaluated the Directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the Directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company or the Company's members as a body for our audit work, for this report, or for the opinions we have formed.




Lesley Fox (Senior Statutory Auditor)
for and on behalf of Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
5th Floor
Merck House
Seldown Lane
Poole
Dorset
BH15 1TW

13 March 2025
Page 9

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
19,227,555
20,523,138

Cost of sales
  
(13,659,478)
(14,364,052)

Gross profit
  
5,568,077
6,159,086

Distribution costs
  
(3,666,102)
(3,653,287)

Administrative expenses
  
(1,716,532)
(1,835,085)

Other operating income
 5 
10,770
13,490

Operating profit
 6 
196,213
684,204

Interest receivable and similar income
 10 
15,759
9,341

Interest payable and similar expenses
 11 
(18,163)
(21,858)

Profit before tax
  
193,809
671,687

Tax on profit
 12 
(39,337)
(158,243)

Profit for the financial year
  
154,472
513,444

The Consolidated Profit and Loss Account has been prepared on the basis that all operations are continuing operations.
There was no other comprehensive income for 2024 (2023: £nil). 

The notes on pages 18 to 40 form part of these financial statements.

Page 10

 
HARTSOFSTUR HOLDINGS LIMITED
REGISTERED NUMBER: 06695976

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
156,713
182,953

Tangible assets
 15 
2,560,528
2,558,440

Investment property
 17 
75,000
75,000

  
2,792,241
2,816,393

Current assets
  

Stocks
 18 
4,463,915
5,021,897

Debtors: amounts falling due within one year
 19 
385,938
317,851

Cash at bank and in hand
 20 
560,063
506,927

  
5,409,916
5,846,675

Creditors: amounts falling due within one year
 21 
(1,766,872)
(1,735,570)

Net current assets
  
 
 
3,643,044
 
 
4,111,105

Total assets less current liabilities
  
6,435,285
6,927,498

Creditors: Amounts falling due after more than one year
 22 
(462,299)
(563,366)

Provisions for liabilities
  

Deferred tax
 25 
(149,808)
(170,438)

  
 
 
(149,808)
 
 
(170,438)

Net assets
  
5,823,178
6,193,694


Capital and reserves
  

Called up share capital 
 26 
133,485
133,485

Non-distributable reserve
 27 
643,186
643,186

Profit and loss account
 27 
5,046,507
5,417,023

Total equity
  
5,823,178
6,193,694


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


G R Hart
Director

Date: 13 March 2025

The notes on pages 18 to 40 form part of these financial statements.

Page 11

 
HARTSOFSTUR HOLDINGS LIMITED
REGISTERED NUMBER: 06695976

COMPANY BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
1,761,727
1,782,049

Investment in subsidiary
 16 
133,384
133,384

Investment property
 17 
75,000
75,000

  
1,970,111
1,990,433

Current assets
  

Debtors: amounts falling due within one year
 19 
147,960
131,430

Cash at bank and in hand
 20 
42,525
30,184

  
190,485
161,614

Creditors: amounts falling due within one year
 21 
(110,341)
(111,082)

Net current assets
  
 
 
80,144
 
 
50,532

Total assets less current liabilities
  
2,050,255
2,040,965

  

Creditors: amounts falling due after more than one year
 22 
(462,299)
(563,366)

Provisions for liabilities
  

Deferred taxation
 25 
(62,109)
(82,416)

  
 
 
(62,109)
 
 
(82,416)

Net assets
  
1,525,847
1,395,183

Page 12

 
HARTSOFSTUR HOLDINGS LIMITED
REGISTERED NUMBER: 06695976
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

2024
2023
Note
£
£


Capital and reserves
  

Called up share capital 
 26 
133,485
133,485

Non-distributable reserve
 27 
89,224
89,224

Profit and loss account
 27 
1,303,138
1,172,474

Total equity
  
1,525,847
1,395,183


The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent company for the year was £655,652 (2023: £936,535).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





G R Hart
Director

Date: 13 March 2025

The notes on pages 18 to 40 form part of these financial statements.

Page 13

 
HARTSOFSTUR HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Non-distributable reserve
Profit and loss account
Total equity

£
£
£
£


At 1 July 2022
133,485
643,186
5,788,567
6,565,238


Comprehensive income for the year

Profit for the year
-
-
513,444
513,444
Total comprehensive income for the year
-
-
513,444
513,444

Dividends declared
-
-
(884,988)
(884,988)


Total transactions with owners
-
-
(884,988)
(884,988)



At 1 July 2023
133,485
643,186
5,417,023
6,193,694


Comprehensive income for the year

Profit for the year
-
-
154,472
154,472
Total comprehensive income for the year
-
-
154,472
154,472

Dividends declared
-
-
(524,988)
(524,988)


Total transactions with owners
-
-
(524,988)
(524,988)


At 30 June 2024
133,485
643,186
5,046,507
5,823,178


The notes on pages 18 to 40 form part of these financial statements.

Page 14

 
HARTSOFSTUR HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Non-distributable reserve
Profit and loss account
Total equity

£
£
£
£


At 1 July 2022
133,485
89,224
1,120,927
1,343,636


Comprehensive income for the year

Profit for the year
-
-
936,535
936,535
Total comprehensive income for the year
-
-
936,535
936,535

Dividends declared
-
-
(884,988)
(884,988)


Total transactions with owners
-
-
(884,988)
(884,988)



At 1 July 2023
133,485
89,224
1,172,474
1,395,183


Comprehensive income for the year

Profit for the year
-
-
655,652
655,652
Total comprehensive income for the year
-
-
655,652
655,652

Dividends declared
-
-
(524,988)
(524,988)


Total transactions with owners
-
-
(524,988)
(524,988)


At 30 June 2024
133,485
89,224
1,303,138
1,525,847


The notes on pages 18 to 40 form part of these financial statements.

Page 15

 
HARTSOFSTUR HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
154,472
513,444

Adjustments for:

Amortisation of intangible assets
31,293
3,254

Depreciation of tangible assets
94,005
97,202

Interest paid
18,163
21,858

Interest received
(15,759)
(9,341)

Taxation charge
39,337
158,243

Decrease in stocks
557,982
453,539

(Increase) in debtors
(134,160)
(7,076)

Increase/(decrease) in creditors
32,869
(622,416)

Corporation tax paid
1,511
(260,560)

Net cash generated from operating activities

779,713
348,147


Cash flows from investing activities

Purchase of intangible fixed assets
(5,053)
(137,928)

Purchase of tangible fixed assets
(96,093)
(11,845)

Interest received
15,759
9,341

Net cash used in investing activities

(85,387)
(140,432)

Cash flows from financing activities

Repayment of loans
(98,039)
(94,342)

Dividends paid
(524,988)
(884,988)

Interest paid
(18,163)
(21,858)

Net cash used in financing activities
(641,190)
(1,001,188)

Net increase/(decrease) in cash and cash equivalents
53,136
(793,473)

Cash and cash equivalents at beginning of year
506,927
1,300,400

Cash and cash equivalents at the end of year
560,063
506,927


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
560,063
506,927

560,063
506,927


The notes on pages 18 to 40 form part of these financial statements.

Page 16

 
HARTSOFSTUR HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024





At 1 July 2023
Cash flows
Repayment
At 30 June 2024
£

£

£

£

Cash at bank and in hand

506,927

53,136

-

560,063

Debt due after 1 year

(563,366)

-

101,067

(462,299)

Debt due within 1 year

(97,281)

-

(3,028)

(100,309)


(153,720)
53,136
98,039
(2,545)

The notes on pages 18 to 40 form part of these financial statements.

Page 17

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

HartsofStur Holdings Limited (registered number 06695976) is a private company limited by shares, incorporated in England and Wales. The address of the registered office is 5th Floor, Merck House, Seldown Lane, Poole, Dorset, BH15 1TW. The trading address is Station Road, Sturminster Newton, Dorset, DT10 1BD.
The Group continued its principal activity throughout the year, being the sale of DIY, houseware, kitchenware, garden, ironmongery and clothing.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. 
The Company is a qualifying entity for the purposes of FRS 102 and has elected to take the exemption under FRS 102, para 1.12 (b) not to present the company statement of cash flows.
The financial statements have been presented in Pounds Sterling as this is the currency of the primary economic environment in which the Group and the Company operates and are rounded to the nearest pound.
The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 18

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Going concern

When determining whether the Group’s financial statements can be prepared on a going concern basis, the Directors considered the business activities, together with the factors likely to affect its future development, performance and position; these are set out in the Strategic Report.
As at the date of this report, the Directors have a reasonable expectation that the Company has adequate resources to continue in business for at least 12 months from the date of signing. Thus, the Directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Sale of goods
Turnover for the sale of goods is recognised when all of the following conditions are satisfied:
 
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Website development is amortised on a 3 year straight line basis. Software is amortised on a 6 year straight line basis. This basis is considered by the Directors to represent the finite life of the intangible assets.
Amortisation is charged to 'administrative expenses' in the Consolidated Profit and Loss Account.

Page 19

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets are stated at historic cost less accumulated depreciation. Depreciation is not charged on freehold land. Depreciation on other tangible fixed assets is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Leasehold improvements
-
25 years straight line
Plant and machinery
-
25 years straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
15% straight line
Assets in the course of construction
-
Not depreciated

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Freehold property rented to the subsidiary company was transferred from investment property to tangible fixed assets following the early adoption of the Triennial Review in 2018. The freehold property is now held at deemed cost.
Depreciation is charged to 'administrative expenses' in the Consolidated Profit and Loss Account. 

 
2.7

Investment property

Investment property is carried at fair value determined annually by the Directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss Account.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 20

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately through the Profit and Loss Account. 

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.12

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including other loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.



 
Page 21

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

 
2.14

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Profit and Loss Account within 'administrative expenses'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

 
2.15

Interest payable and similar expenses

Interest payable and similar expenses are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.16

Interest receivable and similar income

Interest receivable and similar income is recognised in the Consolidated Profit and Loss Account using the effective interest method.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Any dividend that remains payable at year end is recognised in 'Amounts owed to Shareholders' in the Balance Sheet. 

Page 22

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.18

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the Consolidated Profit and Loss Account on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.19

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the Consolidated Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.20

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 23

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.21

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 24

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Group’s accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors’ judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods
3.1 Critical judgements in applying the Group’s accounting policies
The critical judgements that the Directors have made in the process of applying the Group’s accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
(i) Stock provision
Provisions for stock items are made by the management of the Group based on the age and condition of stock and related costs.
3.2 Key estimations in applying the Group's accounting policies
The key estimations that the directors have made in the process of applying the Group’s accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
(
i) Freehold property valuation
Freehold property is valued at deemed cost within the financial statements. The Directors review the property values each year to identify whether there are any indicators of impairment. In 2022, the Directors obtained a formal valuation from an external expert to help identify any indicators of impairment. Where an impairment is identified the property valuation is written down to its recoverable amount if considered to be higher than its value in use. 
(ii) Determining the useful economic lives of tangible assets
The Group depreciates tangible fixed assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programs. 

Page 25

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
19,207,979
20,432,058

Rest of Europe
19,576
91,080

19,227,555
20,523,138


All turnover is derived from the Group's principal activity. 


5.


Other operating income

2024
2023
£
£

Sundry income
5,555
5,977

Commissions receivable
5,215
7,513

10,770
13,490



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation on tangible assets
94,005
97,202

Other operating lease rentals
38,545
38,545

Amortisation on intangible assets
31,293
3,254

Page 26

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Auditors' remuneration

2024
2023
£
£


Fees payable to the Group's auditor for the audit of the Group's annual financial statements
40,900
32,835


Fees payable to the Group's auditor in respect of:


Taxation compliance services
3,500
3,190

All other services
59,873
118,167

63,373
121,357


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
1,744,364
1,554,276
-
-

Social security costs
148,053
131,194
-
-

Cost of defined contribution scheme
107,322
337,912
-
-

1,999,739
2,023,382
-
-


The average monthly number of employees in the Group, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
75
69

The Company has no employees other than the directors.

Page 27

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Directors' remuneration


2024
2023
£
£



Directors' emoluments
127,906
126,212

Company contributions to defined contribution pension schemes
26,290
231,600

154,196
357,812

During the year retirement benefits were accruing to 2 directors (2023: 2) in respect of defined contribution pension schemes.
The highest paid director received remuneration of £64,130 (2023: £63,642).
The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £13,200 (2023: £115,800).
All directors and certain senior employees who have authority and responsibility for planning, directing and controlling activities of the Company are considered to be key management personnel. Total remuneration in respect of these individuals is £386,963 (2023: £431,546).


10.


Interest receivable and similar income

2024
2023
£
£


Other interest receivable
15,759
9,341


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
18,163
21,858

Page 28

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Tax on profit


2024
2023
£
£

Corporation tax


Current tax on profits for the year
59,643
135,446

Adjustments in respect of previous periods
324
(98)

Total current tax
59,967
135,348


Deferred tax


Origination and reversal of timing differences
(20,236)
22,895

Adjustments in respect of previous periods
(394)
-

Total deferred tax
(20,630)
22,895


Tax on profit
39,337
158,243

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25.00% (2023 -  20.50%). The differences are explained below:

2024
2023
£
£


Profit before tax

193,809
671,687


Profit multiplied by standard rate of corporation tax in the UK of 25% (2023: 20.50%)
48,452
137,696

Effects of:


Expenses not deductible for tax purposes
9,726
19,806

Capital allowances for year in excess of depreciation
2,833
(21,792)

Adjustments to tax charge in respect of prior periods
324
(98)

Marginal relief
(1,368)
(264)

Deferred tax
(20,630)
22,895

Total tax charge for the year
39,337
158,243


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 29

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Dividends

2024
2023
£
£


Dividends of £3.93 (2023: £6.63) per share were paid on equity capital
524,988
884,988


14.


Intangible assets

Group 





Website development
Software
Trademarks
Total

£
£
£
£



Cost


At 1 July 2023
176,847
182,703
250
359,800


Additions
-
5,053
-
5,053



At 30 June 2024

176,847
187,756
250
364,853



Amortisation


At 1 July 2023
176,847
-
-
176,847


Charge for the year
-
31,293
-
31,293



At 30 June 2024

176,847
31,293
-
208,140



Net book value



At 30 June 2024
-
156,463
250
156,713



At 30 June 2023
-
182,703
250
182,953

The Company does not hold any intangible fixed assets. 



Page 30

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Tangible fixed assets

Group






Freehold property
Leasehold improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£
£



Cost


At 1 July 2023
2,419,416
49,001
89,808
23,763
516,314
3,098,302


Additions
25,176
-
-
49,051
21,866
96,093



At 30 June 2024

2,444,592
49,001
89,808
72,814
538,180
3,194,395



Depreciation


At 1 July 2023
161,404
15,680
11,809
23,763
327,206
539,862


Charge for the year
41,906
1,960
3,592
2,044
44,503
94,005



At 30 June 2024

203,310
17,640
15,401
25,807
371,709
633,867



Net book value



At 30 June 2024
2,241,282
31,361
74,407
47,007
166,471
2,560,528



At 30 June 2023
2,258,012
33,321
77,999
-
189,108
2,558,440

Page 31

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           15.Tangible fixed assets (continued)


Company






Freehold property
Plant and machinery
Total

£
£
£

Cost 


At 1 July 2023
2,419,416
89,808
2,509,224


Additions
25,176
-
25,176



At 30 June 2024

2,444,592
89,808
2,534,400



Depreciation and impairment


At 1 July 2023
715,366
11,809
727,175


Depreciation charge for the year
41,906
3,592
45,498



At 30 June 2024

757,272
15,401
772,673



Net book value



At 30 June 2024
1,687,320
74,407
1,761,727



At 30 June 2023
1,704,050
77,999
1,782,049

The directors review the property values each year to identify whether there are any indicators of impairment. In 2022, the directors obtained a formal valuation from an external expert which identified an indicator of impairment. The property was therefore reduced to its recoverable amount.
Neither the Company or the Group hold tangible fixed assets under finance leases. 
If the freehold property had been accounted for under the historic cost accounting rules it would have been measured at £1,632,186 (2023: £1,648,916).






Page 32

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Investment in subsidiary

Company





Investments in subsidiary company

£



Cost and Net book value


At 1 July 2023
133,384



At 30 June 2024
133,384





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Hart & Sons (Dorset) Limited
5th Floor, Merck House, Seldown Lane, Poole, Dorset, BH15 1TW
Sale of DIY, houseware, garden, ironmongery and clothing
Ordinary
100%

Page 33

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


Investment property

Group and Company


Freehold investment property

£



Valuation


At 1 July 2023
75,000



At 30 June 2024
75,000

The 2024 valuations were reviewed by the Directors on an open market value for existing use basis.


Group

2024
2023
£
£

Non-distributable reserves


At 1 July 2023
643,186
643,186

At 30 June 2024
643,186
643,186

The total revaluations within the non distributable reserves total £643,186. £609,095 of this total relate to properties now categorised with freehold property. A historical revaluation gain of £34,091 relates to the property held within investment properties. 



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
40,909
40,909


18.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
4,463,915
5,021,897


Stocks are stated net of a provision for impairment as at year end of £nil (2023: £nil).

Page 34

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


Debtors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
189,533
107,467
-
-

Amounts owed by group undertakings
-
-
147,960
122,894

Other debtors
38,645
86,772
-
8,536

Prepayments and accrued income
157,760
123,612
-
-

385,938
317,851
147,960
131,430


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
Trade debtors are stated after provisions for impairment of £nil (2023: £nil). 
Included within other debtors is corporation tax receivable of £10,967 (2023: £66,073).


20.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
560,063
506,927
42,525
30,184



21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans (note 23)
100,309
97,281
100,309
97,281

Trade creditors
1,334,930
1,276,904
-
-

Corporation tax
4,331
8,926
4,331
8,926

Other taxation and social security
76,078
168,504
-
-

Other creditors
58,981
133,230
-
-

Accruals and deferred income
192,243
50,725
5,701
4,875

1,766,872
1,735,570
110,341
111,082


The bank loans are secured by charges over the assets of the parent company. Interest is payable on bank loans at a rate of 3.07% and the loan will be fully repaid in September 2029. 

Page 35

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

22.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans (note 23)
462,299
563,366
462,299
563,366




23.


Loans

Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
100,309
97,281
100,309
97,281


100,309
97,281
100,309
97,281

Amounts falling due 1-2 years

Bank loans
103,433
100,309
103,433
100,309


103,433
100,309
103,433
100,309

Amounts falling due 2-5 years

Bank loans
330,023
320,058
330,023
320,058


330,023
320,058
330,023
320,058

Amounts falling due after more than 5 years

Bank loans
28,843
142,999
28,843
142,999

28,843
142,999
28,843
142,999

562,608
660,647
562,608
660,647


Page 36

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

24.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
560,063
506,927
42,525
30,184

Financial assets that are debt instruments measured at amortised cost
228,178
194,239
-
8,536

788,241
701,166
42,525
38,720


Financial liabilities

Derivative financial instruments measured at fair value through profit or loss held as part of a trading portfolio
(1,586,154)
(1,460,859)
(5,701)
(4,875)


Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.


Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors.


Financial liabilities measured at amortised cost comprise trade and other creditors and accruals.

Page 37

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

25.


Deferred taxation


Group



2024


£






At beginning of year
(170,438)


Credited to Consolidated Profit and Loss Account
20,630



At end of year
(149,808)

Company


2024


£






At beginning of year
(82,416)


Credited to Company Profit and Loss Account
20,307



At end of year
(62,109)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
149,808
170,438
62,109
82,416

149,808
170,438
62,109
82,416


26.


Called up share capital

2024
2023
£
£
Allotted, called up and fully paid



133,485 (2023: 133,485) Ordinary shares of £1.00 each
133,485
133,485

The Company has one class of ordinary shares; each share carries one voting right per share but no right to fixed income.


Page 38

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

27.


Reserves

Non-distributable reserve

The non-distributable reserve includes revaluation gains recognised during 2015 on the revaluation of property held historically at fair value. Subsequent to the revaluations, and as permitted following the triennial review of FRS 102, the property was transferred to freehold property where it is carried at its deemed cost.

Profit and loss account

The profit and loss account includes all current and prior year retained profits and losses.


28.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £107,322 (2023: £337,912). Contributions totaling £nil (2023: £nil) were payable to the fund at the balance sheet date.


29.


Commitments under operating leases

At 30 June 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:






Group
Group
2024
2023
£
£

Other

Not later than 1 year
20,482
16,936

Later than 1 year and not later than 5 years
66,489
3,860

Later than 5 years
15,237
-

102,208
20,796

The Company does not hold any operating leases. 


30.


Related party transactions

The Company has taken advantage of the exemption available under FRS 102 Section 33 not to disclose transactions with its subsidiary undertaking because the subsidiary company is an undertaking where 100% of the voting rights are controlled within the Group.
During the year the directors received dividends totaling £524,988 (2023: £884,988).

Page 39

 
HARTSOFSTUR HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

31.


Post balance sheet events

There have been no significant events affecting the Group and Company since the year end.


32.


Controlling party

There is no ultimate controlling party. 

Page 40