Company Registration No. 09027723 (England and Wales)
Harrington & Byrne Limited
Annual report and financial statements
for the year ended 31 March 2024
Harrington & Byrne Limited
Company information
Directors
Michael Byrne
Jason Leavesley
Wesley Quinn
Philip Symons
Company number
09027723
Registered office
17 Hanover Square
London
W1S 1BN
Independent auditor
Saffery LLP
Midland House
2 Poole Road
Bournemouth
Dorset
BH2 5QY
Harrington & Byrne Limited
Contents
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 24
Harrington & Byrne Limited
Strategic report
For the year ended 31 March 2024
1

The directors present the strategic report for the year ended 31 March 2024.

 

Review of the business

The past year was marked by key events, including King Charles III’s Coronation and the 80th anniversary of D-Day. Despite these milestones, the year did not reach the heights of the previous period, with our turnover declining from £44 million to £40 million. This decrease was primarily due to the lower commercial impact of the year's commemorated events compared to those in the previous year.

Profit margins also experienced a slight decrease, impacted by reduced incremental sales and external challenges such as the rising cost of precious metals and inflation. Despite these challenges, our commitment to rigorous cost management and proactive customer acquisition and retention strategies keeps us optimistic about our future prospects.

Principal risks and uncertainties
Key performance indicators

In the last 12 months:

Furture developments

Looking ahead, we plan to continue our proven business strategies while also seizing new market opportunities, such as the 80th anniversary of VE Day. The directors are committed to sustaining and advancing the success of Harrington & Byrne Limited, valuing the trust placed in us by our stakeholders and striving to enhance our brand reputation.

Employee Owned Trust

In April 2023, the company transitioned to an Employee Ownership Trust, making it owned by employees and management. This change aims to align the interests of our team with the company's goals, enhancing our customer service, productivity, morale, and overall progress.

On behalf of the board

Michael Byrne
Director
3 December 2024
Harrington & Byrne Limited
Directors' report
For the year ended 31 March 2024
2

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company continued to be that of the marketing and sales of collectable coins and stamps.

Results and dividends

The results for the year, after taxation, amounted to £5,260,438 (2023: £7,005,417).

Ordinary dividends were paid amounting to £6,378,078. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Michael Byrne
Jason Leavesley
Wesley Quinn
Philip Symons
Auditor

Saffery LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Matters covered in strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. Certain matters which are required to be disclosed in the Directors' Report have been omitted as they are included in the Strategic Report. These matters relate to the business review, principal risks and uncertainties and future development.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Qualifying third party indemnity provisions

The directors benefit from a qualifying indemnity provision in the form permitted by The Companies Act (Audit, Investigations and Community Enterprise) 2004 ("CAICE") new sections 309A, 309B and 309C in respect of certain third party actions against directors. No claim or notice of claim in respect of these indemnities has been received in the year.

Harrington & Byrne Limited
Directors' report (continued)
For the year ended 31 March 2024
3
On behalf of the board
Michael Byrne
Director
3 December 2024
Harrington & Byrne Limited
Directors' responsibilities statement
For the year ended 31 March 2024
4

The directors are responsible for preparing the annual report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

 

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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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

Harrington & Byrne Limited
Independent auditor's report
To the members of Harrington & Byrne Limited
5
Opinion

We have audited the financial statements of Harrington & Byrne Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:

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 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 directors' 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 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.

 

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.

Harrington & Byrne Limited
Independent auditor's report (continued)
To the members of Harrington & Byrne Limited
6

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the 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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 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.

Harrington & Byrne Limited
Independent auditor's report (continued)
To the members of Harrington & Byrne Limited
7

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

 

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our 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 and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Harrington & Byrne Limited
Independent auditor's report (continued)
To the members of Harrington & Byrne Limited
8
Jamie Lane
Senior Statutory Auditor
For and on behalf of Saffery LLP
3 December 2024
Statutory Auditors
Midland House
2 Poole Road
Bournemouth
Dorset
BH2 5QY
Harrington & Byrne Limited
Statement of comprehensive income
For the year ended 31 March 2024
9
2024
2023
Notes
£
£
Turnover
3
39,937,012
44,336,362
Cost of sales
(25,623,752)
(27,867,837)
Gross profit
14,313,260
16,468,525
Administrative expenses
(7,336,406)
(7,839,206)
Other operating income
3,334
-
0
Operating profit
4
6,980,188
8,629,319
Interest receivable and similar income
8
39,453
19,039
Interest payable and similar expenses
9
-
0
(1,066)
Profit before taxation
7,019,641
8,647,292
Tax on profit
10
(1,759,203)
(1,641,875)
Profit for the financial year
5,260,438
7,005,417

The income statement has been prepared on the basis that all operations are continuing operations.

Harrington & Byrne Limited
Statement of financial position
As at 31 March 2024
10
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
25,701
36,118
Tangible assets
13
52,567
78,023
78,268
114,141
Current assets
Stocks
14
415,361
1,330,180
Debtors
15
9,792,205
9,475,448
Cash at bank and in hand
3,261,798
4,022,341
13,469,364
14,827,969
Creditors: amounts falling due within one year
16
(3,232,665)
(3,498,993)
Net current assets
10,236,699
11,328,976
Total assets less current liabilities
10,314,967
11,443,117
Provisions for liabilities
Deferred tax liability
17
11,712
22,222
(11,712)
(22,222)
Net assets
10,303,255
11,420,895
Capital and reserves
Called up share capital
19
100
100
Profit and loss reserves
20
10,303,155
11,420,795
Total equity
10,303,255
11,420,895
The financial statements were approved by the board of directors and authorised for issue on 3 December 2024 and are signed on its behalf by:
Michael Byrne
Director
Company Registration No. 09027723
Harrington & Byrne Limited
Statement of changes in equity
For the year ended 31 March 2024
11
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
100
9,025,378
9,025,478
Year ended 31 March 2023:
Profit and total comprehensive income
-
7,005,417
7,005,417
Dividends
11
-
(4,610,000)
(4,610,000)
Balance at 31 March 2023
100
11,420,795
11,420,895
Year ended 31 March 2024:
Profit and total comprehensive income
-
5,260,438
5,260,438
Dividends
11
-
(6,378,078)
(6,378,078)
Balance at 31 March 2024
100
10,303,155
10,303,255
Harrington & Byrne Limited
Notes to the financial statements
For the year ended 31 March 2024
12
1
Accounting policies
Company information

Harrington & Byrne Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 Hanover Square, London, W1S 1BN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of H&J Group Holdings Limited. These consolidated financial statements are available from its registered office, 26-32 Oxford Road, Bournemouth, England, BH8 8EZ.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Harrington & Byrne Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
13
1.3
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company 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. The following criteria must also be met before revenue is recognised:

 

Sale of goods

 

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

 

The amounts invoiced in advance which cannot be recognised as turnover is included in deferred income at the year end.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website
20% straight line
Software
33% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% straight line
Computers
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Harrington & Byrne Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
14
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Harrington & Byrne Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
15
Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Harrington & Byrne Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
16
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Harrington & Byrne Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
17
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. In preparation for the 2024 financial statements, it is the responsibility of the directors to make informed judgements and estimates in the provision of liabilities and expenses.

 

Harrington & Byrne Limited acknowledge the requirement of this disclosure. As such the directors of the Company confirm there are no significant assumptions made concerning the future or other key sources of estimation of uncertainty at the report date of 31 March 2024.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
39,937,012
44,336,362
Harrington & Byrne Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
3
Turnover and other revenue (continued)
18
2024
2023
£
£
Other revenue
Interest income
39,453
19,039

The entirety of the turnover generated by the company has arisen from its principal activity.

4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
1,868
46
Depreciation of owned tangible fixed assets
26,598
35,936
Loss/(profit) on disposal of tangible fixed assets
9,821
(77)
Amortisation of intangible assets
10,417
10,607
Operating lease charges
122,475
119,401
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
24,563
21,195
For other services
All other non-audit services
2,500
4,350
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Sales
38
47
Admin
11
8
Management
5
6
Total
54
61
Harrington & Byrne Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
6
Employees (continued)
19

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,626,656
4,054,091
Social security costs
521,244
666,953
Pension costs
143,608
117,909
4,291,508
4,838,953
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
479,690
610,181
Company pension contributions to defined contribution schemes
41,484
26,068
521,174
636,249

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
227,628
287,132
Company pension contributions to defined contribution schemes
22,732
23,164
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
39,453
19,039
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
1,066
Harrington & Byrne Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
20
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,769,713
1,643,953
Adjustments in respect of prior periods
-
0
320
Total current tax
1,769,713
1,644,273
Deferred tax
Origination and reversal of timing differences
(10,510)
(2,398)
Total tax charge
1,759,203
1,641,875

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
7,019,641
8,647,292
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
1,754,910
1,642,985
Tax effect of expenses that are not deductible in determining taxable profit
3,750
201
Adjustments in respect of prior years
-
0
320
Deferred tax
-
0
(576)
Fixed asset differences
543
(1,055)
Taxation charge for the year
1,759,203
1,641,875
11
Dividends
2024
2023
£
£
Ordinary share capital
6,378,078
4,610,000
Harrington & Byrne Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
21
12
Intangible fixed assets
Intanible assets
£
Cost
At 1 April 2023 and 31 March 2024
53,336
Amortisation and impairment
At 1 April 2023
17,218
Amortisation charged for the year
10,417
At 31 March 2024
27,635
Carrying amount
At 31 March 2024
25,701
At 31 March 2023
36,118
13
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2023
104,160
83,141
187,301
Additions
12,006
-
0
12,006
Disposals
(12,481)
-
0
(12,481)
At 31 March 2024
103,685
83,141
186,826
Depreciation and impairment
At 1 April 2023
48,637
60,641
109,278
Depreciation charged in the year
14,639
11,959
26,598
Eliminated in respect of disposals
(1,617)
-
0
(1,617)
At 31 March 2024
61,659
72,600
134,259
Carrying amount
At 31 March 2024
42,026
10,541
52,567
At 31 March 2023
55,523
22,500
78,023
14
Stocks
2024
2023
£
£
Finished goods and goods for resale
415,361
1,330,180
Harrington & Byrne Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
22
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,701,680
7,812,844
Other debtors
-
0
1,005,902
Prepayments and accrued income
1,090,525
656,702
9,792,205
9,475,448

A provision for doubtful debts and credit notes of £374,511 (2023: £356,201) has been recognised against trade debtors.

 

Amounts of £nil (2023: £1,000,000) included with other debtors relates to amounts owed by related parties and are unsecured, interest free and repayable on demand.

16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,160,948
1,398,817
Amounts owed to group undertakings
16,315
-
0
Corporation tax
865,047
848,238
Other taxation and social security
225,691
130,113
Other creditors
11,730
45,131
Accruals and deferred income
952,934
1,076,694
3,232,665
3,498,993
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
11,712
22,222
2024
Movements in the year:
£
Liability at 1 April 2023
22,222
Credit to profit or loss
(10,510)
Liability at 31 March 2024
11,712
Harrington & Byrne Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
23
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
143,608
117,909

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £11,723 (2023: £11,400) were payable to the fund at the Statement of Financial Position date and are included in creditors.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of 0.01p each
1,000,000
1,000,000
100
100

The Company has a single class of ordinary shares; each share gives rise to one voting right but no right to fixed income.

20
Profit and loss reserves

This reserve represents the cumulative profits and losses of the Company.

21
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
177,351
119,482
Between two and five years
737,178
126,856
914,529
246,338
22
Related party transactions

The company has taken advantage of the exemption available in FRS 102 section 33 from the requirement to disclose transactions with any wholly owned members of the group.

Harrington & Byrne Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
24
23
Ultimate controlling party

The controlling parties of the Company were JM Leavesly and M Byrne up to 11 April 2023. From 11 April 2023 the Company's immediate parent undertaking is H&J Group Holdings Limited, a company registered in England and Wales.

 

The immediate parent undertaking and largest group to consolidate these financial statements is H&J Group Holdings Limited. Copies of the H&J Group Holdings Limited consolidated financial statements can be obtained from their registered office at 26-32 Oxford Road, Bournemouth, England, BH8 8EZ.

 

The ultimate parent undertaking is H&J Trustees Limited.

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