Registered number
07730259
Harris's Specialist Footwear Ltd
Unaudited Filleted Accounts
31 August 2024
Harris's Specialist Footwear Ltd
Registered number: 07730259
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 553,060 559,460
Current assets
Stocks 69,563 55,000
Debtors 5 9,567 129,991
Cash at bank and in hand 267,579 163,555
346,709 348,546
Creditors: amounts falling due within one year 6 (403,680) (356,565)
Net current liabilities (56,971) (8,019)
Total assets less current liabilities 496,089 551,441
Creditors: amounts falling due after more than one year 7 (236,282) (293,410)
Net assets 259,807 258,031
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 258,807 257,031
Shareholders' funds 259,807 258,031
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Donna Marie Asaf
Director
Approved by the board on 19 May 2025
Harris's Specialist Footwear Ltd
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 21 21
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 22,520
At 31 August 2024 22,520
Amortisation
At 1 September 2023 22,520
At 31 August 2024 22,520
Net book value
At 31 August 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 528,606 45,423 101,380 675,409
Additions - 1,365 - 1,365
At 31 August 2024 528,606 46,788 101,380 676,774
Depreciation
At 1 September 2023 - 38,220 77,729 115,949
Charge for the year - 3,035 4,730 7,765
At 31 August 2024 - 41,255 82,459 123,714
Net book value
At 31 August 2024 528,606 5,533 18,921 553,060
At 31 August 2023 528,606 7,203 23,651 559,460
Freehold land and buildings: 2024 2023
£ £
Historical cost 528,606 528,606
Cumulative depreciation based on historical cost - -
528,606 528,606
5 Debtors 2024 2023
£ £
Trade debtors (14,002) 110,591
Other debtors 23,569 19,400
9,567 129,991
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1,824 1,824
Trade creditors 23,294 (46)
Taxation and social security costs 65,006 40,417
Other creditors 313,556 314,370
403,680 356,565
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 225,544 259,622
Obligations under finance lease and hire purchase contracts - 10,245
Other creditors 10,738 23,543
236,282 293,410
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 161,073 161,073
Secured bank loans 319,696 319,696
[Give an indication of the nature and form of the security for the bank loans]
9 Other information
Harris's Specialist Footwear Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Suite 57-58 Capital Business Centre
22 Carlton Road
South Croydon
CR2 0BS
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