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REGISTERED NUMBER: 00129871 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

HARRIS & BAILEY LIMITED

HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 14

Statement of Cash Flows 15

Notes to the Statement of Cash Flows 16

Notes to the Financial Statements 17


HARRIS & BAILEY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: T G Hayman
N Horsfield
Mrs C Cartwright
J Southgate
C A Dack





REGISTERED OFFICE: 50 Hastings Road
Croydon
Surrey
CR9 6BR





REGISTERED NUMBER: 00129871 (England and Wales)





AUDITORS: Innovi Advisors Ltd
Chartered Certified Auditors
163 Herne Hill
London
SE24 9LR

HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


KEY FINANCIAL HIGHLIGHTS
The results for the year and financial position of the company are shown in the annexed financial statements. The company's key financial highlights are as follows:

2023/24 2022/23 2021/22 2020/21
Turnover £16,641,912 £15,702,985 £15,498,452 £14,581,031
% Increase / (Decrease) 6% 1.3% 6.3% (0.2%)
Profit Before Tax £546,732 £989,301 £675,105 £974,850
% Increase / (Decrease) (45%) 46.5% (30.7%) 263.3%

KEY PERFORMANCE INDICATORS
The key performance indicators that the board monitor with regards to the financial performance of the business, are primarily Turnover and Net Profit. Turnover was up 6.0% for the year although this was partly inflation driven.

Net profit (before tax) decreased by 44.7% to £547k. Inflationary pressures created intense price competition, squeezing profit margins and reducing overall profitability. It must also be noted that £357k of the prior year profit was attributable to fair value gains on our Hastings Road property redevelopment.

BUSINESS REVIEW
2023 was another challenging year for business. Inflation remained high due to the rollover of 2022 increases which negatively impacted trading volumes at the start of the year. From May onwards there was a noticeable decline in commodity prices, particularly on timber which drove up sales through the summer and contributed to us delivering almost £1m increase year on year.

Although there was a decline in Profit Before Tax, Trading Profit, when adjusted for the 'windfall' profits of 2022, also delivered a creditable increase.

In the general economy, to combat high inflation, the Bank of England continued to increase interest rates which peaked at 5.25% in August 2023. This drove up the cost of borrowing which is a key source of finance for the construction sector, resulting in a fall in the demand for housing. In addition, the war in Ukraine continued to affect food and energy prices and the UK construction industry also faced a shortage of skilled workers.

Our strong balance sheet allowed us to benefit from the interest rate increases, and the passive income from our mortgage-free investment properties provided an additional safety net.

PRINCIPAL RISKS AND UNCERTAINTIES
In common with most businesses, the Company is subject to general commercial risks, both political and economic.

Our healthy cash position cushions us from any liquidity risk. Of greater concern is our exposure to credit risk, created by high interest rates and financial instability, and the impact of these financial pressures on our customers. Our credit insurance policy does give us the comfort of reducing our debtor exposure, and we carefully monitor our uninsured risks.

We are mindful of reported increases in fraud, driven by the cost-of-living crisis, and have increased our due diligence checks when setting up new customers. We have also embraced new payment technologies and now use secure payment links requiring multi-factor authentication. These have eliminated our exposure to 'Customer Not Present' transactions.

More troubling is the political risk we face as a consequence of the economic decisions of the new Labour Government. There was a marked downturn in trade with the announcement of elections in 2024 and the construction sector has continued to stagnate as the industry processes the economic implications of Labour's first budget.

To mitigate the increases in employers' NI, we have reduced our headcount primarily through natural wastage. We are also conducting a review of all overheads for potential savings to offset the increases in business rates also announced it the budget.


HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The economic outlook remains challenging. However, we are cautiously optimistic the industry will return to growth in 2025. It is hoped easing inflation and interest rate cuts will stimulate private investment. We are also encouraged by Government announcements regarding measures designed to encourage house building. This includes reinstating compulsory housebuilding targets for local authorities, simplifying planning regulations and cutting bureaucratic hurdles.

The Company is subject to a broad range of existing and evolving governance, health & safety and other laws, regulations, standards and best practices, and this ever-increasing regulatory environment continues to place great pressure on our resources. However, we fully appreciate the importance of our duty of care to our stakeholders and continue to invest to ensure we remain fully compliant.

FUTURE DEVELOPMENTS
The new Labour Government has listed clean energy as one of its 5 key missions, promising to deliver energy security with zero-carbon electricity by 2030. Renewables are central to this mission and will play a major part in decarbonising the heating of our homes. We recognise the potential in helping achieve this ambition and our new partnership with Daikin is fundamental to accessing this exciting new market. In August, we opened our new 'Sustainable Home Centre', central to which is our new Daikin Product Showroom. We also opened a new Training Centre and have successfully run our first training courses. The training centre will allow us to develop and train new installers who want to enter the UK renewables market and will also be available for additional training courses for existing heating engineers.

To underscore our commitment to this new venture, we have recently engaged an advertising agency to promote the company through targeted marketing, with particular focus on increasing awareness of the company name within the industry, both to our traditional customer base as well as new customers interested in cooling and renewables. Initial discussions have been positive, introducing lots of fresh new ideas to broaden our marketing strategy.

Once again, the Directors wish to record their appreciation of the staff's achievements in delivering these results.

ON BEHALF OF THE BOARD:





N Horsfield - Director


25 March 2025

HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of builders merchants.

DIVIDENDS
The total dividends for the year ended 31st March 2024 are £238,930.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

T G Hayman
N Horsfield
Mrs C Cartwright
J Southgate

Other changes in directors holding office are as follows:

Mrs S A Harris - resigned 19 September 2023
N Wadey - resigned 11 August 2023
C A Dack - appointed 1 September 2023

COMPANY'S POLICY ON PAYMENT OF CREDITORS
It is the company's policy:

(I) to settle the terms of payment with those suppliers when agreeing the terms of each transaction,
(II) to ensure that those suppliers are made aware of the terms of payment and
(III) to abide by the terms of payment

ENVIRONMENTAL POLICY
The Company acknowledges that it has a duty to implement an environmental policy which remains in place.

BRIBERY ACT
Anti corruption and bribery policies have been incorporated into the company's procedures. A notice has been sent to all staff setting out our commitment to the Bribery Act 2010.

The company is committed to ethical business standards and transparency in all its commercial dealings.
It has and will continue to maintain a zero tolerance policy to any form of improper behaviour connected to its business, whether internal or external.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Innovi Advisors Ltd, will be proposed for re-appointment at the forthcoming General Meeting.

ON BEHALF OF THE BOARD:





N Horsfield - Director


25 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HARRIS & BAILEY LIMITED


Opinion
We have audited the financial statements of Harris & Bailey Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 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:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HARRIS & BAILEY LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HARRIS & BAILEY LIMITED


Auditors' 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 a Report of the Auditors 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:

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 key laws and regulations we have considered in this context included the Companies Act 2006, pension and tax legislation. In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Using our general commercial and sector experience and through discussions with the directors and management, we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements as well as those arising from management's own assessment of the risks that irregularities may occur either as a result of fraud or error.

- We examined the company's regulatory and legal correspondence and discussed with the directors and management any known or suspected instances of fraud or non-compliance with laws and regulations.

- We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

- In addressing the risk of management override of controls, we tested the appropriateness of journal entries. We also challenged assumptions and judgements made by management in their significant accounting estimates and judgements.

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 from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HARRIS & BAILEY LIMITED


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 a Report of the Auditors 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.




Sheetal Shah FCCA (Senior Statutory Auditor)
for and on behalf of Innovi Advisors Ltd
Chartered Certified Auditors
163 Herne Hill
London
SE24 9LR

25 March 2025

HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £    £    £   

TURNOVER 16,641,912 15,702,985

Cost of sales 12,295,501 11,410,097
GROSS PROFIT 4,346,411 4,292,888

Distribution costs 266,836 333,316
Administrative expenses 3,793,488 3,487,469
4,060,324 3,820,785
286,087 472,103

Other operating income 78,852 62,754
OPERATING PROFIT 4 364,939 534,857

Income from fixed asset investments 98,100 87,710
Interest receivable and similar income 98,993 28,426
197,093 116,136
562,032 650,993
Gain on revaluation of
investment property - 353,608
562,032 1,004,601

Interest payable and similar expenses 5 15,300 15,300
PROFIT BEFORE TAXATION 546,732 989,301

Tax on profit 6 140,018 231,407
PROFIT FOR THE FINANCIAL YEAR 406,714 757,894

HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 406,714 757,894


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

406,714

757,894

HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 1,828,191 1,766,537
Investments 9 2,102 2,102
Investment property 10 2,175,000 2,175,000
4,005,293 3,943,639

CURRENT ASSETS
Stocks 11 2,432,277 2,584,305
Debtors 12 2,509,197 3,152,269
Cash at bank and in hand 4,930,773 4,236,804
9,872,247 9,973,378
CREDITORS
Amounts falling due within one year 13 1,496,432 1,706,154
NET CURRENT ASSETS 8,375,815 8,267,224
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,381,108

12,210,863

CREDITORS
Amounts falling due after more than one
year

14

(75,000

)

(75,000

)

PROVISIONS FOR LIABILITIES 16 (163,297 ) (160,836 )

PENSION ASSET 19 24,700 24,700
NET ASSETS 12,167,511 11,999,727

HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 17 1,206,048 1,206,048
Share premium 18 188,754 188,754
Capital redemption reserve 18 451,452 451,452
Undistributable reserve 18 511,887 511,887
Retained earnings 18 9,809,370 9,641,586
SHAREHOLDERS' FUNDS 12,167,511 11,999,727


The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:




N Horsfield - Director



J Southgate - Director


HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 April 2022 1,206,048 9,463,281 188,754

Changes in equity
Dividends - (238,930 ) -
Total comprehensive income - 417,235 -
Balance at 31 March 2023 1,206,048 9,641,586 188,754

Changes in equity
Dividends - (238,930 ) -
Total comprehensive income - 406,714 -
Balance at 31 March 2024 1,206,048 9,809,370 188,754
Capital
redemption Undistributable Total
reserve reserve equity
£    £    £   
Balance at 1 April 2022 451,452 171,228 11,480,763

Changes in equity
Dividends - - (238,930 )
Total comprehensive income - 340,659 757,894
Balance at 31 March 2023 451,452 511,887 11,999,727

Changes in equity
Dividends - - (238,930 )
Total comprehensive income - - 406,714
Balance at 31 March 2024 451,452 511,887 12,167,511

HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,121,822 652,200
Finance costs paid (15,300 ) (15,300 )
Tax paid (78,400 ) (140,000 )
Net cash from operating activities 1,028,122 496,900

Cash flows from investing activities
Purchase of tangible fixed assets (333,964 ) (147,018 )
Purchase of investment property - (209,253 )
Sale of tangible fixed assets 41,648 14,200
Interest received 98,993 28,426
Dividends received 98,100 -
Rents received - 87,710
Net cash from investing activities (95,223 ) (225,935 )

Cash flows from financing activities
Dividends paid (238,930 ) (238,930 )
Net cash from financing activities (238,930 ) (238,930 )

Increase in cash and cash equivalents 693,969 32,035
Cash and cash equivalents at beginning of
year

2

4,236,804

4,204,769

Cash and cash equivalents at end of year 2 4,930,773 4,236,804

HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 546,732 989,301
Depreciation charges 232,648 232,414
(Profit)/loss on disposal of fixed assets (1,986 ) 1,674
Gain on revaluation of fixed assets - (353,608 )
Finance costs 15,300 15,300
Finance income (197,093 ) (116,136 )
595,601 768,945
Decrease in stocks 152,028 24,122
Decrease in trade and other debtors 643,072 56,297
Decrease in trade and other creditors (268,879 ) (197,164 )
Cash generated from operations 1,121,822 652,200

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 4,930,773 4,236,804
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 4,236,804 4,204,769


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 4,236,804 693,969 4,930,773
4,236,804 693,969 4,930,773
Debt
Debts falling due after 1 year (75,000 ) - (75,000 )
(75,000 ) - (75,000 )
Total 4,161,804 693,969 4,855,773

HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Harris & Bailey Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£) rounded to the nearest Pound.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The company has taken advantage of Section 405 of the Companies Act 2006 in that the subsidiary undertakings have not been consolidated as their inclusion are not material for the purpose of giving a true and fair view.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Going concern
As part of the directors' assessment of going concern, they have prepared detailed cash flow and profit and loss forecasts for the next 12 months. The forecasts have been prepared on an appropriate basis, taking into account the current economic conditions that exist.

After making appropriate enquires, the directors have a reasonable expectation that the company has adequate resources to enable it to continue in operational existence for the foreseeable future. They believe it is appropriate to prepare the accounts on a going concern basis.

Revenue recognition
Revenue is the amount derived from ordinary activities, and is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances, and is stated net of VAT.

Revenue from the sale of goods is recognised when all of the following conditions are satisfied.
- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;
- the company 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 possible that the economic benefits associated with the transaction will flow to the company; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue is recognised when goods are delivered and legal title is passed.

HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives at the following rates:

Freehold buildings1-10% Straight line
Plant and machinery25-40% Reducing balance
Motor vehicles25% Reducing balance
Office furniture and equipment40% Reducing balance
Computer equipment40% Reducing balance

Assets held under finance leases are depreciated in the same way as owned assets.

At each statement of financial position date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. A valuation is performed annually by the Directors.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Trade and Other Debtors
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment.

Cash and Cash Equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

Trade and Other Creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.


HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined benefit pension scheme which is now closed to future accrual. The assets of the scheme are measured at fair value, and the liabilities are measured on an actuarial basis using the projected unit method and discounted at an appropriate rate of return. Any deficit of the scheme is recognised as a liability on the balance sheet, however as there are no ongoing contributions and there will be no refund made by the scheme, any surplus is not recognised. The current service cost, being the actuarially determined present value of the pension benefits earned by employees in the current period, and the past service cost are included within staff costs. Other finance costs includes the net of the expected return on assets, being the actuarial forecast of total return on the assets of the scheme, and the interest cost being the notional interest cost arising from unwinding the discount on the scheme liabilities. All changes in the pension surplus or deficit due to changes in actuarial assumptions or differences between actuarial forecasts and the actual return are reported in the statement of total recognised gains and losses.

Contributions to defined contribution schemes are charged to the profit and loss account as incurred.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Liquid resources
Liquid resources include sums on short-term deposits with recognised banks and building societies.

Financial instruments
18% and 21% Preference Shares are classified as other liabilities as the discounted cash flow is higher than the nominal value of the shares. The preference shares are held at £15,000 and £60,000 respectively.

HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. EMPLOYEES AND DIRECTORS


20242023
£   £   
Wages and salaries2,270,7932,234,761
Social security costs215,476214,808
Other pension costs150,570148,011
2,636,8392,597,580

The average monthly number of employees during the year was as follows:
20242023

Hardware2725
Building1616
Accounts/Administration910
Cafe33
Directors56
6060

2024 2023
£    £   
Directors' remuneration 421,401 497,731
Directors' pension contributions to money purchase schemes 55,977 54,899

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 6 6

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 112,000 124,500
Pension contributions to money purchase schemes 15,681 15,799

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 232,648 232,414
(Profit)/loss on disposal of fixed assets (1,986 ) 1,674
Auditors remuneration. 38,352 36,052

HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
18% Cumulative preference 2,700 2,700
21% Cumulative preference 12,600 12,600
15,300 15,300

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 137,557 137,021

Deferred tax:
Origination and reversal of timing differences - 94,386
Deferred Tax 2,461 -
Total deferred tax 2,461 94,386
Tax on profit 140,018 231,407

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 546,732 989,301
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

136,683

187,967

Effects of:
Expenses not deductible for tax purposes 874 (50,946 )
Deferred tax movements 2,461 94,386
Total tax charge 140,018 231,407

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Final 119,465 119,465
Interim 119,465 119,465
238,930 238,930

HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 1,619,858 528,409 172,496
Additions 67,294 231,889 13,973
Disposals (4,430 ) (30,700 ) (3,660 )
At 31 March 2024 1,682,722 729,598 182,809
DEPRECIATION
At 1 April 2023 436,239 502,965 171,299
Charge for year 12,613 63,630 11,086
Eliminated on disposal (4,430 ) (24,718 ) (3,660 )
At 31 March 2024 444,422 541,877 178,725
NET BOOK VALUE
At 31 March 2024 1,238,300 187,721 4,084
At 31 March 2023 1,183,619 25,444 1,197

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 1,057,943 343,998 3,722,704
Additions - 20,808 333,964
Disposals (100,094 ) (10,343 ) (149,227 )
At 31 March 2024 957,849 354,463 3,907,441
DEPRECIATION
At 1 April 2023 609,798 235,866 1,956,167
Charge for year 95,202 50,117 232,648
Eliminated on disposal (66,878 ) (9,879 ) (109,565 )
At 31 March 2024 638,122 276,104 2,079,250
NET BOOK VALUE
At 31 March 2024 319,727 78,359 1,828,191
At 31 March 2023 448,145 108,132 1,766,537

Included in cost of land and buildings is freehold land of £ 303,500 (2023 - £ 303,500 ) which is not depreciated.

HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. FIXED ASSET INVESTMENTS
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 160,052 100 160,152
PROVISIONS
At 1 April 2023
and 31 March 2024 158,050 - 158,050
NET BOOK VALUE
At 31 March 2024 2,002 100 2,102
At 31 March 2023 2,002 100 2,102

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Harbay Properties Limited
Registered office: See Company Information page for registered office.
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2,000 2,000

H&B (Builders Merchants) Limited
Registered office: See Company Information page for registered office.
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00

T A Harris Limited
Registered office: See Company Information page for registered office.
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2 2

HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 2,175,000
NET BOOK VALUE
At 31 March 2024 2,175,000
At 31 March 2023 2,175,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2005 1,128,959
Valuation in 2006 142,000
Valuation in 2007 (1,182,372 )
Valuation in 2008 (67,500 )
Valuation in 2009 (7,500 )
Valuation in 2011 30,000
Valuation in 2014 20,000
Valuation in 2017 161,982
Valuation in 2021 (42,378 )
Valuation in 2023 353,608
Cost 1,638,201
2,175,000

If Investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,638,201 1,638,201
Aggregate depreciation (169,301 ) (150,958 )

Investment properties were valued on an open market basis on 30 November 2020 by Michael Rogers LLP, Chartered Surveyors.

The Companies Act 2006 requires that Fixed Assets are depreciated over their useful economic lives, however FRS 102 Section 16, Investment Property states that this accounting treatment would not show a true and fair view and that Investment Properties should be shown at their market value. Accordingly, depreciation has not been charged.

11. STOCKS
2024 2023
£    £   
Goods for resale 2,432,277 2,584,305

HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,006,748 2,570,346
Other debtors 136,156 128,430
Prepayments and accrued income 366,293 453,493
2,509,197 3,152,269

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,054,973 1,287,883
Amounts owed to group undertakings 2,002 2,002
Corporation tax 124,578 65,421
Other taxation and social 160,847 206,606
Other creditors 76,053 73,004
Pension scheme contributions 22,091 20,561
Accrued expenses 55,888 50,677
1,496,432 1,706,154

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Preference shares (see note 15) 75,000 75,000

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Preference shares 75,000 75,000

HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


15. LOANS - continued

Details of shares shown as liabilities as follows:

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
15,000 18% Cumulative preference £1 15,000 15,000
60,000 21% Cumulative preference £1 60,000 60,000
75,000 75,000


18% Cumulative first preference shares of £1 each

These 15,000 shares receive a dividend of 18% of their nominal value each year. Upon winding up of the Company, the shareholders will receive their capital before any other distributions are made by the Company. The preference shares do not confer the right to vote at meetings unless the business of the meeting concerns the rights of the preference shares or the winding up of the company.

21% Cumulative second preference shares of £1 each

These 60,000 shares receive a dividend of 21% of their nominal value each year. Upon winding up of the Company, the shareholders will receive their capital after the 18% cumulative first preference shares are paid but before any other distribution are made by the Company. The preference shares do not confer the right to vote at meetings unless the business of the meeting concerns the rights of the preference shares or the winding up of the company.

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 131,395 128,551
Other timing differences (5,523 ) (5,140 )
Investment properties 37,425 37,425
163,297 160,836

Deferred
tax
£   
Balance at 1 April 2023 160,836
Provided during year 2,461
Balance at 31 March 2024 163,297

HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,093,548 Ordinary £1 1,086,048 1,086,048
120,000 Deferred ordinary shares £1 120,000 120,000
1,206,048 1,206,048

Deferred ordinary shares of £1 each

Upon winding up of the Company, the capital paid up on the deferred ordinary shares shall be returned after any payment of any other shares in the capital of the Company. The deferred ordinary shares shall not confer any further right to participate in the profits or assets of the Company.

18. RESERVES
Capital
Retained Share redemption Undistributable
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 April 2023 9,641,586 188,754 451,452 511,887 10,793,679
Profit for the year 406,714 - - - 406,714
Dividends (238,930 ) - - - (238,930 )
At 31 March 2024 9,809,370 188,754 451,452 511,887 10,961,463

HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


19. EMPLOYEE BENEFIT OBLIGATIONS

The group operated a defined benefit (final salary) pension scheme based in the UK. The assets of the scheme are held separate from the group in a trustee-administered fund. The valuation under FRS 102 Section 28, Employee Benefits was carried out using membership data at 1st January 2013, updated for materially significant changes that occurred up to 31st March 2024.

A Legal & General insurance policy has been purchased for the buyout of the remaining members. The buyout process was completed in October 2017.

Harris & Bailey Limited, as the current principal employer of the scheme, permanently ceased to contribute,
under general rule 6(b) of the Rules, to the scheme with effect on and from 30th April 2015.

Harris & Bailey Limited, under general rule 45(e) of the Rules, requested the Trustees to proceed to wind-up the scheme, in accordance with general rule 48 of the Rules, with effect on and from 1st May 2015.

The amounts recognised in the statement of financial position are as follows:

Defined benefit pension plans:20242023
£   £   
Present value of funded obligations --
Fair value of plan assets43,00043,000
43,00043,000
Estimated final expenses of closing scheme(5,000)(5,000)
38,00038,000
Estimated tax @ 35%(13,300)(13,300)
Net Asset24,70024,700

The trustees anticipate that the scheme will be terminated in the next financial year.

Defined contribution scheme

Contributions to defined contribution pension schemes were £NIL (2023: £NIL).

HARRIS & BAILEY LIMITED (REGISTERED NUMBER: 00129871)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


20. RELATED PARTY DISCLOSURES

During the year, dividends of £22,516 (2023: £45,032) were paid to S Harris, Director.

During the year, dividends of £10,780 (2023: £10,780) were paid to T Hayman, Director.

During the year, dividends of £77,516 (2023: £55,000) were paid to J Southgate, wife of a Director.

During the year, goods on credit of £756 (2023: £1,442) were paid to N Horsfield, Director. This amount remains outstanding at the year end.

During the year, goods on credit of £7,221 (2023: £1,777) were paid to S Harris, Director. This amount remains outstanding at the year end.

During the year, goods on credit of £Nil (2023: £Nil) were paid to C Cartwright, Director.

During the year, payments of £1,324 (2023: £1,224) were paid to T Hayman, Director, for use of home telephone.

During the year, payments of £1,282 (2023: £1,345) were paid to N Horsfield, Director, for use of home telephone.

During the year, payments of £920 (2023: £1,072) were paid to J Southgate, Director, for use of home telephone.

During the year, payments of £916 (2023: £709) were paid to C Cartwright, Director, for use of home telephone.

During the year, payments of £475 (2023: £684) were paid to S Harris, Director, for use of home telephone.