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Registration number: 01294045

L F Harris (International) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2025

 

L F Harris (International) Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

L F Harris (International) Limited

(Registration number: 01294045)
Statement of Financial Position as at 31 January 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

97,713

118,467

Current assets

 

Stocks

5

277,030

351,773

Debtors

6

149,461

161,688

Cash at bank and in hand

 

109,039

147,311

 

535,530

660,772

Creditors: Amounts falling due within one year

7

(133,036)

(210,447)

Net current assets

 

402,494

450,325

Total assets less current liabilities

 

500,207

568,792

Provisions for liabilities

(17,069)

(21,967)

Net assets

 

483,138

546,825

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

482,138

545,825

Shareholders' funds

 

483,138

546,825

 

L F Harris (International) Limited

(Registration number: 01294045)
Statement of Financial Position as at 31 January 2025 (continued)

For the financial year ending 31 January 2025 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 13 June 2025 and signed on its behalf by:
 


Mrs Shirley Ann Harris-Spong
Director

 

L F Harris (International) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

1

General information

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

The address of its registered office is:
2 Pavor Road
Watcombe
Torquay
Devon
TQ2 8BQ

Principal activity

The principal activity of the company is trading as a motorcycle part manufacturer and supplier.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

L F Harris (International) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

2

Accounting policies (continued)

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 income 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.

 

L F Harris (International) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant and machinery

15% reducing balance

Computer equipment

25% straight line

Motor vehicles

25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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 that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

 

L F Harris (International) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2024 - 12).

 

L F Harris (International) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

4

Tangible assets

Assets under construction
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2024

20,302

679,839

6,250

706,391

Additions

-

2,212

-

2,212

Disposals

-

(726)

-

(726)

At 31 January 2025

20,302

681,325

6,250

707,877

Depreciation

At 1 February 2024

-

581,773

6,151

587,924

Charge for the year

-

22,941

25

22,966

Eliminated on disposal

-

(726)

-

(726)

At 31 January 2025

-

603,988

6,176

610,164

Carrying amount

At 31 January 2025

20,302

77,337

74

97,713

At 31 January 2024

20,302

98,066

99

118,467

5

Stocks

2025
£

2024
£

Work in progress

1,500

1,500

Finished goods and goods for resale

275,530

350,273

277,030

351,773

6

Debtors

Note

2025
£

2024
£

Trade debtors

 

128,151

151,538

Prepayments

 

10,458

10,150

Corporation tax repayable

10,852

-

 

149,461

161,688

 

L F Harris (International) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

7

Creditors

Creditors: amounts falling due within one year

2025
£

2024
£

Due within one year

Trade creditors

73,090

114,447

Taxation and social security

30,006

47,224

Accruals and deferred income

24,181

24,220

Other creditors

5,759

24,556

133,036

210,447

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Related party transactions

Transactions with directors

2025

At 1 February 2024
£

Repayments by director
£

At 31 January 2025
£

Mrs Shirley Ann Harris-Spong

Director

(638)

(312)

(950)

       
     

 

2024

At 1 February 2023
£

Repayments by director
£

At 31 January 2024
£

Mrs Shirley Ann Harris-Spong

Director

(14)

(624)

(638)

Other transactions with directors


Mrs S A Harris-Spong is a trustee and member of the LF Harris (Rushden) Limited Retirement Fund. The pension fund owns the commercial property at Pavor Road, Torquay from which the company trades. Rent of £60,000 (2024: £60,000) was paid to the pension fund during the year.