Company No: 06805902 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
				Restated - note 2
Fixed assets
Intangible assets	4	53,023		63,488
Tangible assets	5	111,229		84,327
		164,252		147,815
Current assets
Stocks		488,189		379,692
Debtors	6	11,634		20,370
Cash at bank and in hand		392,240		521,771
		892,063		921,833
Creditors: amounts falling due within one year	7	( 529,606)		( 578,669)
Net current assets		362,457		343,164
Total assets less current liabilities		526,709		490,979
Creditors: amounts falling due after more than one year	8	( 64,509)		( 39,596)
Provision for liabilities		( 27,449)		( 20,727)
Net assets		434,751		430,656
Capital and reserves
Called-up share capital		120		120
Profit and loss account		434,631		430,536
Total shareholder's funds		434,751		430,656

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Haskins Furniture Shepton Mallet Ltd (registered number: 06805902) were approved and authorised for issue by the Board of Directors on 30 September 2025. They were signed on its behalf by:

H J Farthing Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Haskins Furniture Shepton Mallet Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 64 High Street, Shepton Mallet, BA4 5AX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs

25 % reducing balance

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	depreciated over the life of the lease
Vehicles	25 % reducing balance
Fixtures and fittings	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Prior year adjustment

A prior year adjustment has been required to defer deposits received on furniture sales, which had been recognised as revenue prior to the dispatch of goods to the customer.

The amount of deposits which should have been recognised within accruals and deferred income rather than turnover was £121,678 at 31 December 2023 and £135,936 at 31 December 2022.

The impact on the balance sheet at 31 December 2023 as a result of the prior period adjustment has been to increase accruals and deferred income by £121,678 and the corporation tax provision by £3,353. Net assets reduced accordingly by £125,031 from £555,687 to £430,656.

The impact on the profit and loss account for the period ended 31 December 2023 previously reported has been to increase revenue by £14,258, and increase the corporation tax charge by £3,353.

3. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	24		21

4. Intangible assets

	Website costs		Total
	£		£
Cost
At 01 January 2024	98,946		98,946
Additions	6,180		6,180
At 31 December 2024	105,126		105,126
Accumulated amortisation
At 01 January 2024	35,458		35,458
Charge for the financial year	16,645		16,645
At 31 December 2024	52,103		52,103
Net book value
At 31 December 2024	53,023		53,023
At 31 December 2023	63,488		63,488

5. Tangible assets

	Leasehold improve- ments		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 January 2024	56,463		89,895		179,196		325,554
Additions	0		57,423		1,677		59,100
At 31 December 2024	56,463		147,318		180,873		384,654
Accumulated depreciation
At 01 January 2024	56,463		33,632		151,132		241,227
Charge for the financial year	0		24,833		7,365		32,198
At 31 December 2024	56,463		58,465		158,497		273,425
Net book value
At 31 December 2024	0		88,853		22,376		111,229
At 31 December 2023	0		56,263		28,064		84,327

6. Debtors

	2024		2023
	£		£
Trade debtors	1,095		1,097
Other debtors	10,539		19,273
	11,634		20,370

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	88,527		103,395
Amounts owed to Group undertakings	174,744		212,457
Taxation and social security	28,376		53,200
Obligations under finance leases and hire purchase contracts (secured)	25,544		14,339
Other creditors	212,415		195,278
	529,606		578,669

Obligations under finance leases and hire purchase contracts are secured against the assets in which they relate.

8. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Obligations under finance leases and hire purchase contracts (secured)	64,509		39,596

Obligations under finance leases and hire purchase contracts are secured against the assets in which they relate.

9. Financial commitments

Other financial commitments

	2024		2023
	£		£
Lease	0		1,590

At the reporting end date the company had no outstanding commitments for future minimum lease payments under non-cancellable operating leases, as above.

10. Related party transactions

Other related party transactions

During the year, the company received a loan from an associated company, J. H. Haskins Ltd, which is interest free and repayable on demand. At the balance sheet date, the amount due included within other creditors was £174,651 (2023: £212,457).

During the year, the company received a loan from an associated company, Anglo Trading Estate Ltd, which is interest free and repayable on demand. At the balance sheet date, the amount due included within other creditors was £93 (2023: £nil).