Harrison Store Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07321962 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2021

for

Harrison Store Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs W Harrison

Mr A J Harrison

REGISTERED OFFICE:

The Mill

Station Road

Wigton

Cumbria

CA7 9BA

REGISTERED NUMBER:

07321962 (England and Wales)

ACCOUNTANTS:

Paul Benson

Chartered Accountants

The Mill

Station Road

Wigton

Cumbria

CA7 9BA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

11,452

11,263

11,452

11,263

CURRENT ASSETS

Stocks

52,550

55,774

Debtors

6

54,055

25,880

Cash at bank and in hand

8,682

56,871

115,287

138,525

CREDITORS

Amounts falling due within one year

7

70,569

134,641

NET CURRENT ASSETS

44,718

3,884

TOTAL ASSETS LESS CURRENT LIABILITIES

56,170

15,147

CREDITORS

Amounts falling due after more than one year

8

(52,091

)

-

PROVISIONS FOR LIABILITIES

(1,059

)

(1,906

)

NET ASSETS

3,020

13,241

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,920

13,141

SHAREHOLDERS' FUNDS

3,020

13,241

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 June 2022 and were signed on its behalf by:

Mr A J Harrison - Director

Mrs W Harrison - Director

1.	STATUTORY INFORMATION

Harrison Store Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2020 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2020

and 30 September 2021

64,808

AMORTISATION

At 1 October 2020

and 30 September 2021

64,808

NET BOOK VALUE

At 30 September 2021

-

At 30 September 2020

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 October 2020

7,802

41,189

2,650

51,641

Additions

459

1,900

-

2,359

Disposals

-

-

(2,650

)

(2,650

)

At 30 September 2021

8,261

43,089

-

51,350

DEPRECIATION

At 1 October 2020

4,681

33,196

2,501

40,378

Charge for year

537

1,484

-

2,021

Eliminated on disposal

-

-

(2,501

)

(2,501

)

At 30 September 2021

5,218

34,680

-

39,898

NET BOOK VALUE

At 30 September 2021

3,043

8,409

-

11,452

At 30 September 2020

3,121

7,993

149

11,263

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/21

30/9/20

£

£

Trade debtors

22,920

17,313

Other debtors

31,135

8,567

54,055

25,880

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/21

30/9/20

£

£

Bank loans and overdrafts

6,829

-

Trade creditors

25,442

29,681

Taxation and social security

2,984

3,649

Other creditors

35,314

101,311

70,569

134,641

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/9/21

30/9/20

£

£

Bank loans

42,802

-

Other creditors

9,289

-

52,091

-

9.	DEBENTURES

On 21 December 2017, Barclays Bank plc took a fixed and floating charge over the assets of the company in respect of personal borrowings of the directors.

10.	RELATED PARTY DISCLOSURES

The company was under the control of Mr A J and Mrs W Harrison throughout the current and previous year. Mr Harrison is the majority shareholder.

During the year, the directors lent the company monies. The balance owed to the directors by the company at the year end was £1,673 (2020 - £9,885). The loan is unsecured, interest free and repayable on demand.