Company registration number 00277690 (England and Wales)
HARRISON SPINKS BEDS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
HARRISON SPINKS BEDS LTD
COMPANY INFORMATION
Directors
Mr S P Spinks
Mr P D Spinks
Mr N Booth
Ms A J Shea
Secretary
Ms A J Shea
Company number
00277690
Registered office
The Innovation Centre
Westland Road
Leeds
LS11 5SB
Auditor
Azets Audit Services Limited
12 King Street
Leeds
LS1 2HL
HARRISON SPINKS BEDS LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 27
HARRISON SPINKS BEDS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present the strategic report for the year ended 30 June 2024.
Review of the business
This was a very strong year for Harrison Spinks Beds, increasing our bottom-line performance through a combination of sales growth, brand development and business efficiency initiatives.
Sales overall grew 6% across all sales channel, through both our UK channels and internationally. UK sales were bolstered by successful new range launches with all our key customers, with the introduction of our Cortec™ glue free pocket spring system.
Our international performance continues to improve, driven by a strategic review, leveraging the strong Harrison Spinks brand story and more tailored product ranges to meet the specific needs of our international customers. Our rest of world sales have grown by over 40% during this period.
The impact of business efficiency initiatives during this period has been significant in terms of contribution to the overall results. Through a combination of operational and quality improvements (including the new spring technology) we have seen a significant improvement on our return rates. Other initiatives which have had a positive impact are logistics management, weaving developments (with the introduction new warping capabilities) and waste management across all aspects of our business.
We continue to invest in our people, who are at the heart of our unique business. We have increased training and enhanced colleague benefits in many areas. Additionally, we have streamlined our management team which allow us to operate in a dynamic and agile manner, to address the various challenges the business needs to address to drive the business forward.
We are proud of the unique position we hold in the UK and wider bed and mattress market. The Harrison Spinks brand position has been enhanced with the launch of the ‘Cut from a different cloth’ marketing campaign, which clearly differentiates us in a busy and competitive market sector.
Sustainability is central to our philosophy and is now fully embedded in all parts of our business. Our annual Impact Report was published in April 24, demonstrates our integrated ESG approach and plan to become the most responsible manufacturers and leading the way in circularity.
We are also immensely proud to be awarded the King’s Award for Sustainability (April 24) which sits alongside our King’s Award for Innovation and International Trade.
To help drive future growth, we continue to invest in innovation and sustainability initiatives, which will see the introduction of further new spring technologies and the installation of our groundbreaking fillings machinery which will keep Harrison Spinks at the forefront of luxury, natural and handcrafted bed and mattresses.
Principal risks and uncertainties
The company ensures that in all of its commercial and operational dealings, risk mitigation is a major factor and is reviewed and considered at all times. The main risks facing the company arises from uncertainties regarding raw material costs and the UK economy and therefore the resulting impact of this on both profitability and margins.
The company continues to look for new opportunities and areas of efficiency and development. The directors are confident that through the strict control of overheads and taking advantage of opportunities in the market place as and when they arise, the business will continue to maintain its performance in the current economic climate.
Employment has been an issue during the period with rising wage costs and employees being enticed away from our business. Further improvements to our overall employment benefits have been looked at with a commitment to try to improve year on year where financially possible, these include a “wellbeing day” for all staff along with increased pension contributions.
HARRISON SPINKS BEDS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Financial key performance indicators
The directors meet regularly to review all the key performance indicators ensuring that the company is maximising its added value in each of the key areas. The main measures that are used include revenue growth, gross margin and operating margin analysis.
KPI’s 2024 2023 Measure
Turnover (£) 43,064,525 40,628,728 Sales in year
Gross Profit % 39.8% 31.5% Gross profit/sales
Profit before tax % 14.1% 3.5% Profit before tax/sales
As well as the financial KPIs adopted, the directors are also committed to certain non-financial KPIs in order to manage the impact of the business on its stakeholders. There is a commitment to customer satisfaction through the use of Quality monitoring initiatives. There is also a big focus on retaining quality staff as we understand that an essential element of delivering a consistent, reliable product and service is retaining key people and providing appropriate training.
Directors' statement of compliance with duty to promote the success of the Company
The board of directors of HS Products Ltd consider that both individually and together for the year ended 30 June 2024 they have acted in the way they consider, in good faith, would be the most likely to promote the success of the company for the benefit of its members and stakeholders as a whole and, in doing so, to have regard (amongst other matters) to:
The likely consequences of any decision in the long term;
The interests of the company’s employees;
The need to foster the company’s business relationships with customers, suppliers and others;
The impact of the company’s operations on the community and the environment;
The desirability of the company maintaining a reputation for high standards of delivery, performance and business conduct; and
The need to act fairly between members of the company
The directors recognise that the business is reliant on maintaining its reputation for high standards of delivery, conduct, professionalism and care for its employee and this is always given high priority. We are a business built on our standards and reputation and would not take a decision which would have a detrimental impact on this, whether in the short term or long term. We are dedicated to ensuring we maintain our culture whilst achieving our purpose. This is taken into consideration in boardroom discussions and decisions.
The Board has always highlighted that the loyal and dedicated skilled workforce is a key part of our success. Continuing to invest in our workforce, ensuring their safety and regular engagement with them is a key part to our management approach. Where improvement to employment benefits are possible, the board with endeavour to improve where financially possible.
HARRISON SPINKS BEDS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Building a sustainable business for the future
The directors recognise the success of the success and reputation of business relies on positive relationships with all its stakeholders including colleagues, customers and suppliers, all of whom have an interest in our business and the impact of the decisions we take.
In line with our vision to be world leaders in comfort through our sustainable and innovative technology and purpose together, we are passionate about creating a happier and healthier world, we are constantly striving to lead the way and being the most responsible manufacturer in our field.
As part of our Sustainability Roadmap, we have progressed our re-purposing line at our farm which will be the cornerstone of our circular commitment.
Colleagues - Our colleagues are at the heart of our business. The exceptional talent we have across all aspects of our vertically integrated business ensures we maintain a market leading position in the luxury handcrafted bed sector.
Customers - We hugely value the support and commitment of our retail partners. We remain fully committed to providing the highest levels of quality and customer service in order to support the needs of our trusted partners.
Suppliers - Whilst we manufacture the vast majority of the components in-house which we use in our beds and mattresses, we value the contribution from our specialist suppliers who work with us closely to make the highest quality and responsibly made products in the sector.
Mr S P Spinks
Director
23 May 2025
HARRISON SPINKS BEDS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
The directors present their directors' report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company continued to be that of the manufacture and retail of beds and mattresses.
Results and dividends
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S P Spinks
Mr P D Spinks
Mr N Booth
Ms A J Shea
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
Post reporting date events
Subsequent to the year end, ultimate control of Harrison Spinks Beds Ltd by virtue of majority shareholding was transferred to an Employee Ownership Trust, promoting long-term stability and ensuring that staff are beneficiaries of future profit.
Auditor
The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
The company has chosen not to disclose the requirements which are set out in the companies (Directors' report) and Limited Liability (Energy and Carbon Report) Regulation 2018 ("2018 Regulations or "SECR requirements") as these are disclosed in its parent company's financial statements, Spinko Limited for the financial year ended 30 June 2024.
HARRISON SPINKS BEDS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr S P Spinks
Director
23 May 2025
HARRISON SPINKS BEDS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
The directors are responsible for preparing the annual report 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 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.
HARRISON SPINKS BEDS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HARRISON SPINKS BEDS LTD
- 7 -
Opinion
We have audited the financial statements of Harrison Spinks Beds Ltd (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 30 June 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.
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 Auditor's 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
HARRISON SPINKS BEDS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HARRISON SPINKS BEDS LTD
- 8 -
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 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, 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 directors' responsibilities statement, 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 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.
Auditor's 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 auditor's 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 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
HARRISON SPINKS BEDS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HARRISON SPINKS BEDS LTD
- 9 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias; and
Performing audit work over the timing and recognition of revenue and in particular whether it has been recorded in the correct accounting period.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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 an auditor's 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.
Jessica Lawrence
Senior Statutory Auditor
For and on behalf of Azets Audit Services Limited
26 May 2025
Chartered Accountants
Statutory Auditor
12 King Street
Leeds
LS1 2HL
HARRISON SPINKS BEDS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
43,064,525
40,628,728
Cost of sales
(25,914,307)
(27,822,914)
Gross profit
17,150,218
12,805,814
Distribution costs
(4,974,602)
(6,010,563)
Administrative expenses
(6,201,173)
(5,394,752)
Other operating income
50,228
9,290
Operating profit
4
6,024,671
1,409,789
Interest receivable and similar income
8
57,743
9,024
Interest payable and similar expenses
9
(6,334)
Profit before taxation
6,082,414
1,412,479
Tax on profit
10
(2,746,768)
(149,700)
Profit for the financial year
3,335,646
1,262,779
The profit and loss account has been prepared on the basis that all operations are continuing operations.
There was no other comprehensive income for the year ended 30 June 2024 (2023: £Nil).
The notes on pages 13 to 27 form part of these financial statements.
HARRISON SPINKS BEDS LTD
BALANCE SHEET
- 11 -
30 June 2024
25 June 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
203,553
360,282
Tangible assets
13
3,587,970
4,522,010
Investments
14
20,825
20,825
3,812,348
4,903,117
Current assets
Stocks
15
2,549,152
2,484,513
Debtors
16
6,364,958
5,981,870
Cash at bank and in hand
3,279,815
1,119,246
12,193,925
9,585,629
Creditors: amounts falling due within one year
17
(11,100,451)
(12,363,570)
Net current assets/(liabilities)
1,093,474
(2,777,941)
Total assets less current liabilities
4,905,822
2,125,176
Provisions for liabilities
Deferred tax liability
18
555,000
-
(555,000)
Net assets
4,905,822
1,570,176
Capital and reserves
Called up share capital
19
101,000
101,000
Profit and loss reserves
4,804,822
1,469,176
Total equity
4,905,822
1,570,176
The notes on pages 13 to 27 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 23 May 2025 and are signed on its behalf by:
Mr S P Spinks
Director
Company Registration No. 00277690
HARRISON SPINKS BEDS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 27 June 2022
101,000
206,397
307,397
Year ended 25 June 2023:
Profit and total comprehensive income for the year
-
1,262,779
1,262,779
Balance at 25 June 2023
101,000
1,469,176
1,570,176
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
3,335,646
3,335,646
Balance at 30 June 2024
101,000
4,804,822
4,905,822
The notes on pages 13 to 27 form part of these financial statements.
HARRISON SPINKS BEDS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
1
Accounting policies
Company information
Harrison Spinks Beds Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Innovation Centre, Westland Road, Leeds, LS11 5SB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in pound sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 3 'Financial Statement Presentation';
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Spinko Limited as at 30 June 2024. These consolidated financial statements are available from its registered office, The Innovation Centre, Westland Road, Leeds, West Yorkshire, LS11 5SB.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
HARRISON SPINKS BEDS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer Software
3 years straight line
Patents
10 years straight line
Development
10 years straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
7 or 10 years straight line
Fixtures and fittings
3 or 10 years straight line
Motor vehicles
4 years straight line
Assets in the course of construction are not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
HARRISON SPINKS BEDS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
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 reporting 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.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash at bank and in hand balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
HARRISON SPINKS BEDS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
HARRISON SPINKS BEDS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
HARRISON SPINKS BEDS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
Foreign exchange
Transactions in currencies other than pound sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Assessing for indicators of impairment
In assessing whether there have been any indicators of impairment to any assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned. There have been no indicators of impairments identified during the current financial year.
HARRISON SPINKS BEDS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Recoverability of receivables
The company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the aging of the receivables, past experience of recoverability, and the credit profile of individual or groups of customers.
Determining residual values and useful economic lives of tangible and intangible assets
The company depreciates tangible assets, and amortises intangible assets over their useful lives. The estimation of the useful economic lives of tangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied. The estimation of useful economic lives of intangible assets is based on any contractual or legal rights associated with the assets, or the period in which the group expects to use the asset if shorter.
Credit note provisions
The company establishes a provision for credit notes to be given retrospectively to customers. These are based on historical levels of provisions given and therefore can be subject to a degree of management judgement.
Rebate provisions
A certain level of estimation or judgement is required for certain agreements in assessing the level of qualifying sales and whether performance obligations have been met, which in turn drive the obligation to make payments to customers. This estimation is based on historical actual sales or projections. The group only recognises rebate agreements where there is documented evidence of an agreement with an individual customer and when associated performance conditions are met.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Manufacture and retail of beds and mattresses
43,064,525
40,628,728
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
41,063,842
38,704,015
Rest of Europe
1,421,325
1,520,098
Rest of the world
579,358
404,615
43,064,525
40,628,728
2024
2023
£
£
Other revenue
Interest income
57,743
9,024
HARRISON SPINKS BEDS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
5,820
788
Depreciation of owned tangible fixed assets
1,258,837
1,162,871
Impairment of owned tangible fixed assets
92,215
Profit on disposal of tangible fixed assets
(26,563)
(13,796)
Amortisation of intangible assets
173,114
313,745
Impairment of intangible assets
35,516
Operating lease charges
512,651
410,265
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
30,750
29,280
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Manufacturing
307
345
Administration
70
68
Selling and distribution
50
36
Total
427
449
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
13,729,356
13,490,754
Social security costs
1,190,106
1,168,459
Pension costs
396,862
598,652
15,316,324
15,257,865
HARRISON SPINKS BEDS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
396,793
601,625
Company pension contributions to defined contribution schemes
35,827
151,212
432,620
752,837
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 4).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
164,602
198,969
Company pension contributions to defined contribution schemes
24,000
11,933
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
57,743
9,024
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
6,334
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,551,184
262,000
Adjustments in respect of prior periods
1,316,996
(296,000)
Total current tax
2,868,180
(34,000)
HARRISON SPINKS BEDS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Taxation
2024
2023
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
(121,391)
3,200
Adjustment in respect of prior periods
(21)
180,500
Total deferred tax
(121,412)
183,700
Total tax charge
2,746,768
149,700
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
6,082,414
1,412,479
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
1,520,604
289,558
Tax effect of expenses that are not deductible in determining taxable profit
15,603
29,966
Adjustments in respect of prior years
1,316,975
(296,668)
Depreciation on assets not qualifying for tax allowances
19,469
Other timing differences
107,375
Fixed asset differences
(106,414)
Taxation charge for the year
2,746,768
149,700
11
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2024
2023
Notes
£
£
In respect of:
Intangible assets
12
35,516
Property, plant and equipment
13
92,215
Recognised in:
Distribution costs
14,002
-
Administrative expenses
113,729
-
HARRISON SPINKS BEDS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
12
Intangible fixed assets
Computer Software
Patents
Development
Total
£
£
£
£
Cost
At 26 June 2023
1,965,518
85,000
119,085
2,169,603
Additions
51,901
51,901
At 30 June 2024
2,017,419
85,000
119,085
2,221,504
Amortisation and impairment
At 26 June 2023
1,605,628
84,608
119,085
1,809,321
Amortisation charged for the year
172,722
392
173,114
Impairment losses
35,516
35,516
At 30 June 2024
1,813,866
85,000
119,085
2,017,951
Carrying amount
At 30 June 2024
203,553
203,553
At 25 June 2023
359,890
392
360,282
More information on impairment movements in the year is given in note 11.
13
Tangible fixed assets
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 26 June 2023
448,971
5,123,687
4,973,860
1,009,548
11,556,066
Additions
374,428
47,821
422,249
Disposals
(84,046)
(84,046)
Transfers
(448,971)
448,971
At 30 June 2024
5,863,040
5,021,681
1,009,548
11,894,269
Depreciation and impairment
At 26 June 2023
2,666,015
3,420,804
947,237
7,034,056
Depreciation charged in the year
841,814
402,671
14,352
1,258,837
Impairment losses
78,213
14,002
92,215
Eliminated in respect of disposals
(78,809)
(78,809)
At 30 June 2024
3,429,020
3,901,688
975,591
8,306,299
Carrying amount
At 30 June 2024
2,434,020
1,119,993
33,957
3,587,970
At 25 June 2023
448,971
2,457,672
1,553,056
62,311
4,522,010
More information on impairment movements in the year is given in note 11.
HARRISON SPINKS BEDS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
14
Fixed asset investments
2024
2023
£
£
Unlisted investments
20,825
20,825
15
Stocks
2024
2023
£
£
Raw materials and consumables
2,063,885
1,939,631
Work in progress
21,234
20,862
Finished goods and goods for resale
464,033
524,020
2,549,152
2,484,513
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,378,141
4,020,927
Corporation tax recoverable
312,488
Other debtors
40,054
124,966
Prepayments and accrued income
870,351
1,013,489
6,288,546
5,471,870
Deferred tax asset (note 18)
76,412
510,000
6,364,958
5,981,870
17
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,001,029
2,190,060
Amounts owed to group undertakings
3,047,359
6,573,242
Corporation tax
2,102,411
Other taxation and social security
1,571,836
1,264,798
Other creditors
346,442
468,477
Accruals and deferred income
2,031,374
1,866,993
11,100,451
12,363,570
Amounts owed to group undertakings are interest free and repayable upon demand.
HARRISON SPINKS BEDS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
-
555,000
76,412
510,000
2024
Movements in the year:
£
Liability at 26 June 2023
45,000
Credit to profit or loss
(121,412)
Asset at 30 June 2024
(76,412)
The deferred tax asset set out above is expected to reverse in line with the useful life of the assets against which the capital allowances are allocated.
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
Ordinary A shares of £1 each
100,000
100,000
100,000
100,000
101,000
101,000
101,000
101,000
The ordinary shares and the ordinary A shares are separate classes of shares. Dividends may be declared and paid on ordinary shares only or on both classes of shares as the directors determine.
On winding up of the company, any surplus remaining after all debts and obligations have been settled shall belong to and will be distributed to the holders of the ordinary shares only.
Each ordinary share carries an entitlement to one vote whilst each ordinary A share carries an entitlement to 0.001 votes.
20
Pension commitments
The company operated a defined contribution pensions scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £396,862 (2023: £598,652).
HARRISON SPINKS BEDS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
21
Financial commitments, guarantees and contingent liabilities
The company is part of a group VAT registration under Section 43 of the Value Added Tax Act 1994 and in consequence may be held responsible for the liabilities of other members which at 30 June 2024 totaled £1,111,403 (2023: £793,140).
22
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
157,281
65,792
Between two and five years
212,080
107,239
369,361
173,031
23
Events after the reporting date
Subsequent to the year end, ultimate control of Harrison Spinks Beds Ltd by virtue of majority shareholding was transferred to an Employee Ownership Trust.
24
Related party transactions
Transactions with related parties
The company is exempt under Section 33 of FRS 102 from disclosing transactions with other group companies.
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities under common control
36,547
40,716
104,679
155,421
Entities over which the entity has control, joint control or significant influence
-
45,018
Other related parties
-
37,655
35,660
134,695
2024
2023
Amounts due to related parties
£
£
Entities under common control
10,608
125,230
Other related parties
-
87,829
HARRISON SPINKS BEDS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
24
Related party transactions
(Continued)
- 27 -
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities under common control
-
9,935
25
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr P D Spinks - Directors loan
-
-
23,715
(23,715)
-
Mr S P Spinks - Directors loan
-
-
41,717
(41,717)
-
-
65,432
(65,432)
-
26
Ultimate controlling party
As at the year end, the ultimate parent company was Spinko Limited, a company registered in England and Wales. The consolidated financial statements are available from The Registrar of the Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.
Subsequent to the year end, as disclosed in Note 23, the ownership of the company changed.
At the date of sign off, the ultimate controlling party is considered to be the Employee Ownership Trust by virtue of majority shareholding.
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