Highland House of Fraser Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC262923 (Scotland)

Highland House of Fraser Limited

Financial Statements For The Year Ended 31 January 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

W Fraser

Mrs S M Fraser

SECRETARY:

W Fraser

REGISTERED OFFICE:

Park House Centre

South Street

Elgin

Moray

IV30 1JB

REGISTERED NUMBER:

SC262923 (Scotland)

ACCOUNTANTS:

The Long Partnership

Park House Centre

South Street

Elgin

IV30 1JB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

567,946

573,046

567,946

573,046

CURRENT ASSETS

Stocks

280,272

331,896

Debtors

6

79,520

100,384

Cash at bank and in hand

64,724

87,760

424,516

520,040

CREDITORS

Amounts falling due within one year

7

38,589

44,099

NET CURRENT ASSETS

385,927

475,941

TOTAL ASSETS LESS CURRENT LIABILITIES

953,873

1,048,987

CREDITORS

Amounts falling due after more than one year

8

(415,248

)

(462,620

)

PROVISIONS FOR LIABILITIES

10

(1,383

)

(2,274

)

NET ASSETS

537,242

584,093

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

12

537,142

583,993

SHAREHOLDERS' FUNDS

537,242

584,093

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 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 31 October 2022 and were signed on its behalf by:

W Fraser - Director

Mrs S M Fraser - Director

1.	STATUTORY INFORMATION

Highland House of Fraser Limited is a private company, limited by shares , registered in Scotland. 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 is the amount paid in connection with the acquisition of a business in 2004. After initially being amortised evenly over its estimated useful life of twenty years, the remainder(since 1 February 2016) is now being amortised evenly over its remaining estimated useful life of five 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.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

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

Equipment

-

25% on reducing balance and 10% on cost

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2021 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 February 2021

and 31 January 2022

107,000

7,405

114,405

AMORTISATION

At 1 February 2021

and 31 January 2022

107,000

7,405

114,405

NET BOOK VALUE

At 31 January 2022

-

-

-

At 31 January 2021

-

-

-

5.	TANGIBLE FIXED ASSETS

Land and

buildings

Equipment

Totals

£

£

£

COST

At 1 February 2021

and 31 January 2022

558,812

212,610

771,422

DEPRECIATION

At 1 February 2021

-

198,376

198,376

Charge for year

-

5,100

5,100

At 31 January 2022

-

203,476

203,476

NET BOOK VALUE

At 31 January 2022

558,812

9,134

567,946

At 31 January 2021

558,812

14,234

573,046

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.22

31.1.21

£

£

Trade debtors

12,917

12,917

Other debtors

66,603

87,467

79,520

100,384

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.22

31.1.21

£

£

Bank loans and overdrafts

-

3,333

Trade creditors

12,650

13,956

Taxation and social security

5,646

5,025

Other creditors

20,293

21,785

38,589

44,099

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.22

31.1.21

£

£

Bank loans

-

46,667

Other creditors

415,248

415,953

415,248

462,620

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

6,667

9.	SECURED DEBTS

The Royal Bank of Scotland has a bond and floating charge over the assets of the company.

10.	PROVISIONS FOR LIABILITIES

31.1.22

31.1.21

£

£

Deferred tax

1,383

2,274

Deferred

tax

£

Balance at 1 February 2021

2,274

Credit to Income Statement during year

(891

)

Balance at 31 January 2022

1,383

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.22

31.1.21

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Retained

earnings

£

At 1 February 2021

583,993

Deficit for the year

(46,851

)

At 31 January 2022

537,142

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2022 and 31 January 2021:

31.1.22

31.1.21

£

£

W Fraser and Mrs S M Fraser

Balance outstanding at start of year

415,953

428,259

Amounts repaid

(705

)

(12,306

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

415,248

415,953

14.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs S M Fraser.

The ultimate controlling party is Mrs S M Fraser.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Highland House of Fraser Limited for the year ended 31 January 2022 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Highland House of Fraser Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Highland House of Fraser Limited and state those matters that we have agreed to state to the Board of Directors of Highland House of Fraser Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Highland House of Fraser Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Highland House of Fraser Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Highland House of Fraser Limited. You consider that Highland House of Fraser Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Highland House of Fraser Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Long Partnership

Park House Centre

South Street

Elgin

IV30 1JB

31 October 2022