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Company Registration number: 07321962

Harrison’s Store Ltd

Annual Report and Unaudited
Financial Statements


for the Year Ended 30 September 2024

 

Harrison’s Store Ltd

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 8

 

Harrison’s Store Ltd

Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

240,960

19,729

Current assets

 

Stocks

6

37,724

40,711

Debtors

7

36,377

20,775

Cash at bank and in hand

 

45,885

60,882

 

119,986

122,368

Creditors: Amounts falling due within one year

8

(234,339)

(68,662)

Net current (liabilities)/assets

 

(114,353)

53,706

Total assets less current liabilities

 

126,607

73,435

Creditors: Amounts falling due after more than one year

8

(25,583)

(31,138)

Provisions for liabilities

(7,838)

(5,257)

Net assets

 

93,186

37,040

Capital and reserves

 

Called up share capital

100

100

Retained earnings

93,086

36,940

Shareholders' funds

 

93,186

37,040

 

Harrison’s Store Ltd

Balance Sheet as at 30 September 2024 (continued)

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

Company registration number: 07321962

Approved and authorised by the Board on 17 April 2025 and signed on its behalf by:
 

.........................................
Mr A J Harrison
Director

.........................................
Mrs W Harrison
Director

 

Harrison’s Store Ltd

Notes to the financial statements for the Year Ended 30 September 2024

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Dalmar House
Barras Lane Estate
Dalston
Carlisle
CA5 7NY

These financial statements were authorised for issue by the Board on 17 April 2025.

2

ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

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

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

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

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

 

Harrison’s Store Ltd

Notes to the financial statements for the Year Ended 30 September 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

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

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

Depreciation

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

Asset class

Depreciation method and rate

Land and buildings

No depreciation

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

 

Harrison’s Store Ltd

Notes to the financial statements for the Year Ended 30 September 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 

Harrison’s Store Ltd

Notes to the financial statements for the Year Ended 30 September 2024 (continued)

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 8).

4

INTANGIBLE ASSETS

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

64,808

64,808

At 30 September 2024

64,808

64,808

Amortisation

At 1 October 2023

64,808

64,808

At 30 September 2024

64,808

64,808

Carrying amount

At 30 September 2024

-

-

 

Harrison’s Store Ltd

Notes to the financial statements for the Year Ended 30 September 2024 (continued)

5

TANGIBLE ASSETS

Land and buildings
£

Fixtures and fittings
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2023

-

43,089

22,677

65,766

Additions

209,606

5,945

9,500

225,051

At 30 September 2024

209,606

49,034

32,177

290,817

Depreciation

At 1 October 2023

-

37,013

9,024

46,037

Charge for the year

-

1,060

2,760

3,820

At 30 September 2024

-

38,073

11,784

49,857

Carrying amount

At 30 September 2024

209,606

10,961

20,393

240,960

At 30 September 2023

-

6,076

13,653

19,729

Included within the net book value of land and buildings above is £209,606 (2023 - £Nil) in respect of freehold land and buildings.
 

6

STOCKS

2024
£

2023
£

Stock

37,724

40,711

7

DEBTORS

Current

2024
£

2023
£

Trade debtors

-

14,462

Prepayments

2,069

413

Other debtors

34,308

5,900

 

36,377

20,775

 

Harrison’s Store Ltd

Notes to the financial statements for the Year Ended 30 September 2024 (continued)

8

CREDITORS

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

5,555

5,899

Trade creditors

7,589

15,830

Taxation and social security

13,773

25,232

Accruals and deferred income

6,556

4,215

Other creditors

200,866

17,486

234,339

68,662

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

25,583

31,138