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Registered number: 13304156










HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
J Teesdale 
G Teesdale 




Registered number
13304156



Registered office
Unit 2 Dunlop Way
Queensway Business Park

Scunthorpe

North Lincolnshire

DN16 3RN




Independent auditors
Shorts
Chartered Accountants & Statutory Auditor

63 Napier Street

Sheffield

South Yorkshire

S11 8HA





 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Balance Sheet
 
10
Company Balance Sheet
 
11
Consolidated Statement of Changes in Equity
 
12
Company Statement of Changes in Equity
 
13
Consolidated Statement of Cash Flows
 
14 - 15
Consolidated Analysis of Net Debt
 
16
Notes to the Financial Statements
 
17 - 33


 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The Directors present their strategic report for the year ended 31 December 2024.

Business review
 
The principle activity of the Group continued to be that of the wholesale of office furniture.
Market conditions are expected to remain competitive. The Group continues to maintain strong relationships with all suppliers, which is necessary to ensure it can continue to supply high quality products, to its customers, at competitive prices.

Principal risks and uncertainties
 
The directors consider that the risk and uncertainties surrounding the Group continue to be in line with other businesses in the sector, the key risk factor being competition in the market.
Credit Risk
The Group offers credit terms to its customers and is at risk, to the extent, that a customer may be unable to pay a debt by the specified due date. This risk is mitigated by strong on-going customer relationships and credit control procedures internally. 
Liquidity Risk
The objective of the Group in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The Group finances its operation through a mixture of retained profit, invoice finance and cash at bank. The Directors consider that the Group is not exposed to a cashflow or liquidity risk and that banking facilities are currently satisfied and not at risk of being withdrawn.
Employees
To achieve its objectives the Group recruits and retains a high calibre of employees at every level of the organisation and principles of equal opportunity are embodied throughout.

Financial key performance indicators
 
The key performance indicators of the Group are turnover, gross profit and net profit.
Turnover: £11,733,993 (2023: £11,776,670). 
Gross profit: £3,078,456 (2023: £3,241,453).
Net profit: £1,439,147 (2023: £1,800,376).

Future developments
 
The Directors believe that the forthcoming financial year will be one of concentrating on sales growth whilst showing sustainable profitability due to focusing on improving gross margins and net profits. Their aim is to continue investment in employees and the strong partnerships with key customers and suppliers.

Page 1

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


This report was approved by the board on 16 May 2025 and signed on its behalf.



J Teesdale
Director

Page 2

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

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

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


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

make judgements and accounting estimates that are reasonable and prudent;

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

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

Results and dividends

The profit for the year, after taxation, amounted to £1,439,147 (2023 - £1,800,376).

Directors

The directors who served during the year were:

J Teesdale 
G Teesdale 

Disclosure of information to auditors

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

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

Post balance sheet events

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

Page 3

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Auditors

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

This report was approved by the board on 16 May 2025 and signed on its behalf.
 



J Teesdale
Director

Page 4

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 

Qualified opinion

We have audited the financial statements of Harlequin Office Furniture Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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).

Except for the possible effects of the matter described in the Basis for qualified opinion section of our report, in our opinion the financial statements:

give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion

We were appointed as auditors of the Group and Company for the year ended 31 December 2023, and thus did not observe  the counting of the physical inventories at 31 December 2022. We were unable to satisfy ourselves by alternative means concerning inventory existence at 31 December 2022. Since opening inventories enter into the determination of the financial performance and cash flows, we were unable to determine whether adjustments might have been necessary in respect of the profit for the year reported in the consolidated statement of comprehensive income and the net cash flows from operating activities reported in the consolidated statement of cash flows.

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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 5

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED (CONTINUED)


Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.

Opinion 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Page 6

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED (CONTINUED)


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 an Auditors' 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 Group financial statements.

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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
 
the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
through discussions with the directors and other management and from our commercial knowledge and experience of the sectors that the Group and Company operates in, we identified the laws and regulations applicable to the Group and Company; and
focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group and Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

We assessed the susceptibility of the Group and Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
considered journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing any correspondence with HMRC, relevant regulators and the Company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

Page 7

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED (CONTINUED)


Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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 Auditors' 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 2006Our 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 Auditors' 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.




Malcolm Pope BA FCA (Senior Statutory Auditor)
  
for and on behalf of
Shorts
 
Chartered Accountants
Statutory Auditor
  
63 Napier Street
Sheffield
South Yorkshire
S11 8HA

16 May 2025
Page 8

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
11,733,993
11,776,670

Cost of sales
  
(8,655,537)
(8,535,217)

Gross profit
  
3,078,456
3,241,453

Administrative expenses
  
(1,145,374)
(857,071)

Other operating income
 5 
14,812
5,540

Operating profit
 6 
1,947,894
2,389,922

Interest receivable and similar income
  
4,377
929

Interest payable and similar expenses
  
(29,313)
(33,381)

Profit before taxation
  
1,922,958
2,357,470

Tax on profit
 10 
(483,811)
(557,094)

Profit for the financial year
  
1,439,147
1,800,376

  

Unrealised surplus on revaluation of tangible fixed assets
  
-
580,946

Total comprehensive income for the year
  
1,439,147
2,381,322

Profit for the year attributable to:
  

Owners of the parent Company
  
1,439,147
1,800,376

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
1,439,147
2,381,322

The notes on pages 17 to 33 form part of these financial statements.

Page 9

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
REGISTERED NUMBER: 13304156

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
-
-

Tangible assets
 12 
1,840,594
1,910,836

Current assets
  

Stocks
 14 
1,712,623
1,204,965

Debtors: amounts falling due within one year
 15 
2,026,376
2,427,678

Cash at bank and in hand
  
1,502,045
1,326,807

  
5,241,044
4,959,450

Creditors: amounts falling due within one year
 16 
(916,973)
(1,994,586)

Net current assets
  
 
 
4,324,071
 
 
2,964,864

Total assets less current liabilities
  
6,164,665
4,875,700

Creditors: amounts falling due after more than one year
 17 
(171,533)
(238,042)

Provisions for liabilities
  

Deferred taxation
 19 
(201,110)
(211,383)

Net assets
  
5,792,022
4,426,275


Capital and reserves
  

Called up share capital 
 20 
52
52

Share premium account
 21 
35,536
35,536

Revaluation reserve
 21 
478,148
489,151

Other reserves
 21 
1,103,969
1,103,969

Profit and loss account
 21 
4,174,317
2,797,567

  
5,792,022
4,426,275


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 May 2025.


J Teesdale
Director

The notes on pages 17 to 33 form part of these financial statements.

Page 10

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
REGISTERED NUMBER: 13304156

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2022
Note
£
£

Fixed assets
  

Investments
 13 
300,000
300,000

Current assets
  

Debtors: amounts falling due within one year
 15 
34,362
343,294

Cash at bank and in hand
  
75,463
75,511

  
109,825
418,805

Creditors: amounts falling due within one year
 16 
(280,512)
(589,444)

Net current liabilities
  
 
 
(170,687)
 
 
(170,639)

  

  

Net assets
  
129,313
129,361


Capital and reserves
  

Called up share capital 
 20 
52
52

Share premium account
 21 
35,536
35,536

Profit and loss account
  
93,725
93,773

  
129,313
129,361


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 May 2025.

J Teesdale
Director

The notes on pages 17 to 33 form part of these financial statements.

Page 11
 

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024



Called up share capital
Share premium account
Revaluation reserve
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£
£
£



At 1 January 2023
52
35,536
32,831
1,103,969
1,479,595
2,651,983
2,651,983





Profit for the year
-
-
-
-
1,800,376
1,800,376
1,800,376


Surplus on revaluation of freehold property
-
-
580,946
-
-
580,946
580,946


Dividends: Equity capital
-
-
-
-
(607,030)
(607,030)
(607,030)


Transfer to/from profit and loss account
-
-
(124,626)
-
124,626
-
-





At 1 January 2024
52
35,536
489,151
1,103,969
2,797,567
4,426,275
4,426,275





Profit for the year
-
-
-
-
1,439,147
1,439,147
1,439,147


Dividends: Equity capital
-
-
-
-
(73,400)
(73,400)
(73,400)


Transfer to/from profit and loss account
-
-
(11,003)
-
11,003
-
-



At 31 December 2024
52
35,536
478,148
1,103,969
4,174,317
5,792,022
5,792,022



The notes on pages 17 to 33 form part of these financial statements.

Page 12

 

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024



Called up share capital
Share premium account
Profit and loss account
Total equity


£
£
£
£



At 1 January 2023
52
35,536
95,773
131,361





Profit for the year
-
-
605,030
605,030


Dividends: Equity capital
-
-
(607,030)
(607,030)





At 1 January 2024
52
35,536
93,773
129,361





Profit for the year
-
-
73,352
73,352


Dividends: Equity capital
-
-
(73,400)
(73,400)



At 31 December 2024
52
35,536
93,725
129,313



The notes on pages 17 to 33 form part of these financial statements.

Page 13
 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,439,147
1,800,376

Adjustments for:

Depreciation of tangible assets
190,361
133,250

Loss on disposal of tangible assets
16,754
5,927

Government grants
(12,448)
(5,540)

Interest paid
29,313
33,380

Interest received
(4,377)
(929)

Taxation charge
483,811
557,094

(Increase)/decrease in stocks
(507,658)
624,215

Decrease/(increase) in debtors
401,305
(553,545)

(Decrease) in creditors
(742,479)
(808,220)

Corporation tax (paid)
(850,640)
(232,630)

Net cash generated from operating activities

443,089
1,553,378


Cash flows from investing activities

Purchase of tangible fixed assets
(169,373)
(451,114)

Sale of tangible fixed assets
32,500
361

Government grants received
12,448
5,540

Interest received
4,377
929

HP interest paid
(21,826)
(13,173)

Net cash from investing activities

(141,874)
(457,457)

Cash flows from financing activities

(Repayment of)/new finance leases
(45,090)
236,896

Dividends paid
(73,400)
(607,030)

Interest paid
(7,487)
(20,207)

Net cash used in financing activities
(125,977)
(390,341)

Net increase in cash and cash equivalents
175,238
705,580

Cash and cash equivalents at beginning of year
1,326,807
621,227

Cash and cash equivalents at the end of year
1,502,045
1,326,807

Page 14

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£


 
 
 
 
 
Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,502,045
1,326,807

1,502,045
1,326,807


The notes on pages 17 to 33 form part of these financial statements.

Page 15

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024





At 1 January 2024
Cash flows
New finance leases
At 31 December 2024
£

£

£

£

Cash at bank and in hand

1,326,807

175,238

-

1,502,045

Debt due within 1 year

(1,856,983)

1,099,032

-

(757,951)

Finance leases

(375,645)

132,586

(87,496)

(330,555)


(905,821)
1,406,856
(87,496)
413,539

The notes on pages 17 to 33 form part of these financial statements.

Page 16

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Harlequin Office Furniture Holdings Limited is a private Company limited by shares, incorporated in England and Wales (registered number: 13304156). Its registered office is Unit 2 Dunlop Way, Queensway Business Park, Scunthorpe, North Lincolnshire, DN16 3RN. The principal activity of the Company throughout the year continued to be that of a distribution holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The results of the Company for the period was a profit of £73,352 (2023: profit of £605,030).

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

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

Page 17

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue 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

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

Page 18

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

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

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

 
2.8

Current and deferred taxation

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

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

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

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


 
2.9

Intangible assets

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

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

Page 19

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Plant and machinery
-
10%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
25%
reducing balance

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

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

 
2.11

Revaluation of tangible fixed assets

Freehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 20

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

Financial instruments

Basic financial instruments
The Group enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
 
Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.


 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 21

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates, will, by definition, seldom equal the related actual results. The estimates and assumptions that have the greatest level of uncertainty are addressed below:

Impairment of debtors
The Group may estimate the recoverable value of debtors. When assessing impairment of trade and other debtors, management considers factor including the current credit rating of the debtor, the aging profile of the debt and historical experience and outcomes. The amount of debtors after making such provision, where required, is presented in the Debtors note to these financial statements. 

Stock provisioning
The Group may estimate the recoverable value of stock for resale. When assessing whether stock is impaired, management considers factors such as market conditions, aging profile of stock and historical experience. The amount of stock after making any such provisions is included in the Stocks note to these financial statements.
 
Rebates
The Group makes an estimate of the value of rebates due to customers. When assessing the value of rebates, management consider factors such as the agreed rates per contracts and activity levels within the current period. Any rebates are included within the Creditors note to these financial statements.


4.


Turnover

2024
2023
£
£

Turnover
11,733,993
11,776,670


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Government grants receivable
12,448
5,540

Insurance claims receivable
2,364
-

14,812
5,540


Page 22

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation - owned assets
65,384
39,807

Depreciation - financed assets
124,977
93,443

Lease charges - property
38,617
25,686

Lease charges - other
57,767
75,683


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Group's auditors for the audit of the consolidated financial statements and the parent Company's financial statements
24,250
20,500

Fees payable to the Company's auditors in respect of:

Taxation compliance services
1,750
2,250

All non-audit services not included above
44,679
40,431


8.


Employees

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


Group
Group
2024
2023
£
£


Wages and salaries
1,431,467
1,356,523

Social security costs
138,236
124,098

Cost of defined contribution scheme
193,282
21,909

1,762,985
1,502,530


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Average number of employees
49
50
2
2

Page 23

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
25,140
21,514

Group contributions to defined contribution pension schemes
170,000
-

195,140
21,514


During the year retirement benefits were accruing to 2 directors (2023 - NIL) in respect of defined contribution pension schemes.


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
497,877
494,435

Adjustments in respect of previous periods
(3,793)
-


Total current tax
494,084
494,435

Deferred tax


Origination and reversal of timing differences
(10,273)
62,659

Total deferred tax
(10,273)
62,659


Tax charge
483,811
557,094
Page 24

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,922,958
2,357,470


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
480,740
554,476

Effects of:


Expenses not deductible for tax purposes
364
123

Fixed asset differences
6,500
(236)

Remeasurement of deferred tax for changes in tax rates
-
8,920

Movement in deferred tax not recognised
-
(1,050)

Chargeable gains/(losses)
(3,793)
(5,139)

Total tax charge for the year
483,811
557,094


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 25

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Intangible assets

Group





Goodwill

£



Cost


At 1 January 2024
230,814



At 31 December 2024

230,814



Amortisation


At 1 January 2024
230,814



At 31 December 2024

230,814



Net book value



At 31 December 2024
-



At 31 December 2023
-



Company
The Company has no intangible assets. 

Page 26

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2024
1,300,000
67,064
644,425
157,158
40,337
2,208,984


Additions
-
17,050
145,573
6,750
-
169,373


Disposals
-
-
(126,075)
(7,815)
(1,454)
(135,344)



At 31 December 2024

1,300,000
84,114
663,923
156,093
38,883
2,243,013



Depreciation


At 1 January 2024
-
14,964
194,397
77,616
11,171
298,148


Charge for the year on owned assets
26,000
6,554
4,908
20,632
7,290
65,384


Charge for the year on financed assets
-
-
124,977
-
-
124,977


Disposals
-
-
(77,494)
(7,312)
(1,284)
(86,090)



At 31 December 2024

26,000
21,518
246,788
90,936
17,177
402,419



Net book value



At 31 December 2024
1,274,000
62,596
417,135
65,157
21,706
1,840,594



At 31 December 2023
1,300,000
52,100
450,028
79,542
29,166
1,910,836

The freehold property was revalued at 31 December 2023 on an open market basis as determined by the Directors. 

An external valuation report, conducted by a registered valuer under the RICS Valuer Registration Scheme, was obtained on 25 September 2024, confirming a valuation of £1.3m.

Page 27

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           12.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
411,125
442,015

Had the land and buildings not been included at valuation, they would have been recorded under the historical cost convention. The historical cost of the land and buildings is £749,848 (2023: £749,848), with accumulated depreciation of £121,789 (2023: £106,792).
Company
The Company has no tangible fixed assets.


13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 January 2024
300,000



At 31 December 2024
300,000






Net book value



At 31 December 2024
300,000



At 31 December 2023
300,000

Page 28

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Holding

Harlequin Office Furniture Limited
Unit 2 Dunlop Way, Queensway Business Park, Scunthorpe, DN16 3RN.
100%

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Harlequin Office Furniture Limited
5,962,709
1,439,195


14.


Stocks

Group
Group
2024
2023
£
£

Goods for resale
1,712,623
1,204,965



15.


Debtors

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


Trade debtors
1,590,421
2,150,863
-
-

Amounts owed by group undertakings
-
-
-
343,244

Other debtors
328,138
166,526
34,362
50

Prepayments and accrued income
107,817
110,289
-
-

2,026,376
2,427,678
34,362
343,294


Included within other debtors is £34,312 (2023: £NIL) relating to directors loan account balances.

Page 29

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Creditors: Amounts falling due within one year

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

Trade creditors
278,833
392,101
-
-

Amounts owed to group undertakings
-
-
276,312
-

Corporation tax
137,877
494,435
-
-

Other taxation and social security
183,490
184,904
-
-

Obligations under finance lease and hire purchase contracts
159,022
137,603
-
-

Other creditors
20,736
606,065
-
585,244

Accruals and deferred income
137,015
179,478
4,200
4,200

916,973
1,994,586
280,512
589,444


Included within creditors falling due within one year are net obligations under finance leases and hire purchase contracts of £159,022 (2023: £137,603) which are secured against the underlying assets. 

There are also amounts totalling £NIL (2023: £NIL) included in other creditors which relate to invoice finance facilities secured against the book debt of the Company.

Included within other creditors is £NIL (2023: £585,244) relating to directors loan account balances.


17.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
171,533
238,042


Included within creditors falling due after one year are net obligations under finance leases and hire purchase contracts of £171,533 (2022: £238,042) which are secured against the underlying assets.

Page 30

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Financial instruments

Derivatives
The Group enters into forward foreign exchange contracts to manage its exposure to currency risk arising from certain foreign currency payables. As at 31 December 2024, all outstanding contracts mature within nine months of the reporting date (2023: one month).
At the reporting date, the Group was committed to purchase US$2,380,339 in exchange for a fixed amount of sterling (2023: US$861,134).
The forward exchange contracts are measured at fair value using valuation techniques based on observable market data. The primary input used in the valuation is the forward exchange rate for GBP:USD.
Unrealised gains of £50,285 (2023: unrealised gains of £25,282) have not been recognised in the profit and loss account. These gains will unwind as the related foreign currency transactions are settled.
Basic financial instruments
All other financial assets and liabilities are classified as basic financial instruments and are measured at amortised cost. These include trade receivables, trade payables, cash at bank, and amounts due to/from group undertakings.





Page 31

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Deferred taxation


Group



2024


£






At beginning of year
(211,383)


Charged to profit or loss
10,273



At end of year
(201,110)

Company


2024


At beginning of year
-



At end of year
-
The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Fixed asset timing differences
(140,544)
(150,808)

Short term timing differences
435
426

Capital gains
(61,001)
(61,001)

(201,110)
(211,383)


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



52 (2023 - 52) Ordinary Shares shares of £1.00 each
52
52


Page 32

 
HARLEQUIN OFFICE FURNITURE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Reserves

Share premium account

The share premium represents the value at which the shares in the Company were subscribed above their nominal value. 

Revaluation reserve

The cumulative revaluation gains and losses in respect of freehold property, except revaluation gains and losses recognised in the profit and loss.

Other reserves

The other reserves represent the difference between the consideration and the book value of the net assets acquired in the subsidiary. 

Profit and loss account

This includes all current and prior period retained profits and losses and is considered by the directors to be fully distributable by the Group companies in which it is held. 


22.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents the contributions payable by the Group to the fund and amounted to £193,282 (2023: £21,909). Contributions totalling £4,062 (2023: £3,969) were payable to the fund at the Balance Sheet date and are included within creditors.


23.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
42,965
52,435

Later than 1 year and not later than 5 years
38,236
63,202

81,201
115,637


24.


Controlling party

The controlling parties are J & G Teesdale. 

 
Page 33