Business Report

HARRODS LIMITED Reg No 00030209

Statutory Information

Previous name(s):	None
Registered Number:	00030209	Incorporation Date:	20/11/1889
Registered Office:	87/135 BROMPTON ROAD
	LONDON
	SW1X 7XL

Latest Filed Accounts:	31/01/2004	Date Accounts Lodged:	21/06/2004
Analysed Accounts:	31/01/2004	Accounts Ref. Date:	31/01
Latest Annual Return:	08/11/2004	Issued Capital: GBP	19,200,002
Company Status:	Large
	Private Limited with share capital
	English/Welsh companies incorporated under part 1 of the Companies Act


Type of Accounts:	Group

Directory Information

Trading Address: Harrods Limited

87-135 Brompton Street

Knighsbridge

London

SW1X 7XL

Telephone Number: 02077301234 Fax Number: -

Region: CENTRAL LONDON

Bankers: 40-04-10 HSBC BANK PLC

Auditors: Grant Thornton

Principal Activities: A group engaged in the operation of a department store in London, concessions at London airports and export of brandedmerchandise to overseas dept. stores and airport terminals.

UK SIC Code(s):

52120

Other retail sale in non-specialised stores

Risk Information

Todays Score:	71
Credit Limit (GBP):	33,000,000
Contract Limit (GBP):	95,000,000
Historic Credit Score
31/01/2004	71
01/02/2003	70
02/02/2002	80
27/01/2001	55
Commentary
The filing history of the company would suggest that the 30/01/2005 accounts should have been lodged by 21/06/2005.The period to 31/01/2004 saw a slight increase in Sales from £325,200,000 to £329,400,000.Pre-Tax Profits increased from £7,000,000 to £19,900,000.The resultant Profit Margin of 6.04% (previous = 2.15%) compares favourably with the industry average of 4.11%.Shareholders Funds decreased from £455,300,000 to £443,600,000, whilst Total Assets decreased from £885,200,000 to £876,100,000.The resultant Gearing Ratio of 0.51 (Previous = 0.51) compares favourably with the industry average of 0.34.CCJ information has been linked to this company - please see the list.


County Court Judgments Summary:	Number of exact unsatisfied CCJs 3 Totalling: GBP3643.00
	Number of probable unsatisfied CCJs: None
	Number of possible unsatisfied CCJs: None

Cumulative Total of Exact CCJs over:	3 Months	6 Months	12 Months
	GBP	GBP	GBP
Exact match	0.00	0.00	0.00
Probable match	-	-	-
Possible match	-	-	-

Latest Ten Judgments:
On 30/03/2001, a judgment of £ 959.00 was made in KINGSTON-ON-THAMES court (Case No. KT101004) against HARRODS LIMITED , BROMPTON ROAD, KNIGHTSBRIDGE, LONDON, MANCHESTER, SW1X 7XL, Ref. No. 0904101287 (exact match).
On 16/03/2001, a judgment of £ 1167.00 was made in KINGSTON-ON-THAMES court (Case No. KT100944) against HARRODS LTD , BROMPTON ROAD, KNIGHTSBRIDGE, LONDON, SW1X 7DU, Ref. No. 2603101316 (exact match).
On 06/01/2000, a judgment of £ 1517.00 was made in CHELMSFORD court (Case No. CM906906) against HARRODS LIMITED , R/O 87/135 BROMPTON ROAD, LONDON, SW1X 7XL, Ref. No. 1101002027 (exact match).

Ownership

GROUP STRUCTURE
Holding Company:	HARRODS (UK) LIMITED
Ultimate Holding Company:	ALFAYED INVESTMENT & TRUST PVT LP [Bermuda]

ALL IMMEDIATE SHAREHOLDINGS ON ICC DATABASE BY TURNOVER

Name	Share Class	% Held	Sales ('000)	A/c Date	Status
HARRODS INTERNATIONAL LIMITED	ORDINARY	100.00	32,700	31/01/2004	Trading
HARRODS CARD HANDLING COMPANY LTD	ORDINARY	100.00	10,094	31/01/2004	Trading
HARRODS BANK LIMITED	ORDINARY B NON VOTING	100.00	3,275	29/01/2005	Trading
HARRODS ESTATES LIMITED	ORDINARY	100.00	1,670	31/01/2004	Trading
HARRODS(CONTINENTAL),LIMITED	ORDINARY	100.00	258	31/01/2004	Trading
HARRODS PROPERTY HOLDINGS LIMITED	ORDINARY	100.00	0	01/02/2003	Non Trading
HARRODS (MANAGEMENT) LIMITED	ORDINARY	100.00	-	-	Non Trading

Shareholders

SHARE CAPITAL STRUCTURE
Class of Shares	Par Value (pence)	Number of Shares	Issued Capital
ORDINARY	10.000	192000000	19,200,000
A SPECIAL RIGHTS RED PREFERENCE	100.000	1	1
B SPECIAL RIGHTS RED PREFERENCE	100.000	1	1

Total Issued Capital			£19,200,002


SHAREHOLDERS
Shareholder Name & Address	Class of Shares	Number of Shares	Issued Capital ( £)	Shareholding Number
Altrafin Investments Inc. Todman Buildings, Main Street, Road Town, Tortola	B SPECIAL RIGHTS RED PREFERENCE	1	1	4
Genpar SA Calle Aquilino De La Guardia 8, Apartado 850, Panami	A SPECIAL RIGHTS RED PREFERENCE	1	1	3
HARRODS (UK) LIMITED 87-135 Brompton Road, Knightsbridge, London, SW1X 7XL	ORDINARY	191,999,999	19,200,000	1
HARRODS NOMINEES LIMITED 87-135 Brompton Road, Knightsbridge, London, SW1X 7XL	ORDINARY	1	0	2

Summary of Mortgages, Charges and Satisfactions

Total number of mortgages and charges:	2	Total number of outstanding charges:	2
Total number of fully satisfied charges:	0	Date of most recent mortgage:	15/11/2000

Details of Latest Five Mortgages, Charges and Satisfactions

Charge Number:	1 of 2	Date Charge Registered:	15/11/2000
Charge Type:	CHARGE - NATIONAL WESTMINSTER BANK PLC (AS SECURITY TRUSTEE FOR THE BENEFICIARIES PURSUANT TO THE FACILI,,,,,	Latest Form Type:	395
		Date Charge Created:	28/11/2000
Lender:	NATIONAL WESTMINSTER BANK PLC (AS SECURITY TRUSTEE FOR THE BENEFICIARIES PURSUANT TO THE FACILI,,,,,
Secured on:	ALL MONIES AND LIABILITIES DUE OR TO BECOME DUE FROM THE BORROWER AND/OR THE COMPANY TO THE BENEFICIARIES ON ANY ACCOUNT WHATSOEVER
Details:	BY WAY OF FIRST FIXED CHARGE THE 100,000 ORDINARY SHARES (AS DEFINED) TOGETHER WITH ALL ALLOTMENTS, ACCRETIONS, BENEFITS AND ADVANTAGES WHATEVER NOW OR IN THE FUTURE ACCRUING IN RESPECT OF THEM SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Charge Number:	2 of 2	Date Charge Registered:	15/11/2000
Charge Type:	CHARGE - NATIONAL WESTMINSTER BANK PLC (AS SECURITY TRUSTEE FOR THE BENEFICIARIES PURSUANT TO THE FACILI,,,,,	Latest Form Type:	395
		Date Charge Created:	28/11/2000
Lender:	NATIONAL WESTMINSTER BANK PLC (AS SECURITY TRUSTEE FOR THE BENEFICIARIES PURSUANT TO THE FACILI,,,,,
Secured on:	ALL MONIES AND LIABILITIES DUE OR TO BECOME DUE FROM THE BORROWER AND/OR THE COMPANY TO THE BENEFICIARIES ON ANY ACCOUNT WHATSOEVER
Details:	THE COMPANYS' INTEREST IN THE BUILDING CONTRACT (AS DEFINED THEREIN) THE PROFESIONAL CONTRACTS AND THE GENERAL DEVELOPMENT DOCUMENTS AND THE CONTRACTS INCLUDING ALL CAPITAL MONIES OR OTHER SUMS PAYABLE UNDER THEM AND THE BENEFIT OF ALL COVENANTS ANDAGREEMENTS AND ANY GUARANTEES SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Profit & Loss Account

Date of Accounts	31/01/2004	01/02/2003	02/02/2002	27/01/2001	29/01/2000
Consolidated	Y	Y	Y	Y	N
Subsidiary	Y	Y	Y	Y	Y
No. of Weeks	52	52	53	52	52
Currency	( GBP'000)	( GBP'000)	( GBP'000)	( GBP'000)	( GBP'000)
Audit Qual./Comment	No	No	No	No	No
Turnover [1]	329,400	325,200	458,188	474,700	426,758
Cost of Sales	155,400	155,100	277,537	284,891	256,099
Gross Profit	174,000	170,100	180,651	189,809	170,659
Operating Profit [2]	34,800	26,152	27,501	36,082	50,816
Non-Trading Income	10,800	10,148	17,224	-5,916	3,585
Interest Payable	25,700	29,300	22,677	17,976	15,453
Pre-Tax Profit	19,900	7,000	22,048	12,190	38,948
Taxation	4,600	-2,400	4,591	1,664	3,169
Profit After Tax	15,300	9,400	17,457	10,526	35,779
Retained Profit	-11,700	-9,600	-10,543	4,526	35,779

Value Added	138,571	132,404	135,737	142,963	144,140


Balance Sheet

Date of Accounts	31/01/2004	01/02/2003	02/02/2002	27/01/2001	29/01/2000
Consolidated	Y	Y	Y	Y	N
Subsidiary	Y	Y	Y	Y	Y
No. of Weeks	52	52	53	52	52
Currency	( GBP'000)	( GBP'000)	( GBP'000)	( GBP'000)	( GBP'000)
Audit Qual./Comment	No	No	No	No	No
Tangible Fixed Assets [3]	792,300	810,500	679,774	703,901	672,860
Total Fixed Assets	792,300	810,500	679,774	703,901	672,860

Stocks	31,900	34,200	37,920	37,254	32,552
Trade Debtors	8,600	6,700	6,394	3,912	5,204
Cash	37,700	20,300	34,830	56,162	40,547
Miscellaneous Current Assets [4]	5,600	13,500	137,973	92,223	8,397
Total Current Assets	83,800	74,700	217,117	189,551	86,700

Creditors: Amounts falling due within one year [5]	88,200	82,100	82,090	77,374	282,073

Total Assets less Current Liabilities	787,900	803,100	814,801	816,078	477,487

Total Liabilities	432,500	429,900	432,018	418,036	285,402

Share Capital & Reserves [7]	19,200	19,200	19,200	19,200	19,200
P & L Account Reserve	55,800	67,500	76,551	86,334	85,077
Revaluation Reserve	368,600	368,600	369,122	369,882	369,881
Shareholders Funds	443,600	455,300	464,873	475,416	474,158
Capital Employed	787,900	803,100	814,801	816,078	477,487

Net Worth	443,600	455,300	464,873	475,416	474,158
Working Capital	-4,400	-7,400	135,027	112,177	-195,373

Contingent Liabilities	-	-	-	-	484,300


Cash Flow

Date of Accounts	31/01/2004	01/02/2003	02/02/2002	27/01/2001	29/01/2000
Consolidated	Y	Y	Y	Y	N
Subsidiary	Y	Y	Y	Y	Y
No. of Weeks	52	52	53	52	52
Currency	( GBP'000)	( GBP'000)	( GBP'000)	( GBP'000)	( GBP'000)
Audit Qual./Comment	No	No	No	No	No
Net Cash Flow from Operating Activities	66,300	43,200	51,619	383,372	-
Net Cash Flow from Return on Investment and Servicing of Finance	-38,900	-31,000	-40,055	-21,230	-
Net Cash Flow before Financing	21,400	-10,600	-28,612	296,315	-
Net Cash Flow from Financing	-4,000	-4,000	7,280	-286,115	-
Increase in cash	17,400	-14,600	-21,332	10,200	-


Accounts Notes

Date of Accounts	31/01/2004	01/02/2003	02/02/2002	27/01/2001	29/01/2000
Consolidated	Y	Y	Y	Y	N
Subsidiary	Y	Y	Y	Y	Y
No. of Weeks	52	52	53	52	52
Currency	( GBP'000)	( GBP'000)	( GBP'000)	( GBP'000)	( GBP'000)
Audit Qual./Comment	No	No	No	No	No
[1] Exports	6,600	6,600	-	9,080	0
[2] Operating Profit is after charging the following
Employees Remuneration	72,800	75,500	79,514	77,774	70,134
Directors Remuneration	2,600	2,400	3,519	2,959	3,209
Audit Fees	200	200	180	155	100
Non-Audit Fees	0	0	26	142	20
Depreciation	23,400	22,900	20,453	21,019	15,896

Average Number of Employees (actual)	3,468	3,536	3,769	3,915	3,595

[3] Tangible Assets consist of
Fixed Assets	645,600	664,900	672,079	667,212	663,615
Intermediate Assets	146,700	145,600	7,695	36,689	9,245
which includes:
-Due from Group, Non-Current	139,000	137,900	0	0	0

[4] Miscellaneous Current Assets includes:
-Due from Group, Current	300	2,100	123,329	73,722	1,942
[5] Creditors: Amounts falling due within one year consists of:
Trade Creditors	33,700	31,900	32,454	31,360	30,389
a Bank Overdraft	0	0	0	0	0
Miscellaneous Current Liabilities includes:	54,500	50,200	49,636	46,014	251,684
b -Bank Loans - Current Portion	3,900	3,900	3,982	4,409	0
c Other Short-Term Finance, including:	6,500	7,700	6,387	8,406	222,255
-Due to Group, Current	6,500	7,700	6,387	8,406	222,255
-Due to Directors, Current	0	0	0	0	0

Short-Term Loans (a+b+c)	10,400	11,600	10,369	12,815	222,255

[6] Total Long-Term Liabilities consists of:
Long-Term Loans, which consists of:	329,500	333,200	336,785	329,078	0
-Long-Term Bank Loans	329,500	333,200	336,785	329,078	0
-Other Long-Term Finance including:	0	0	0	0	0
-Due to Group, Non-Current	0	0	0	0	0
-Due to Directors, Non-Current	0	0	0	0	0
Other Long-Term Liabilities	14,800	14,600	13,143	11,584	3,329

[7] Share Capital and Reserves consists of:
Called-up Share Capital	19,200	19,200	19,200	19,200	19,200
Sundry Reserves	0	0	0	0	0


Ratios

Date of Accounts	31/01/2004	01/02/2003	02/02/2002	27/01/2001	29/01/2000
Acid Ratio	0.59	0.49	2.18	1.97	0.19
Profit/Capital Employed	2.53	0.87	2.65	1.49	8.16
Current Liquidity	0.95	0.91	2.64	2.45	0.31
Profit/Sales (%)	6.04	2.15	4.81	2.57	9.13
Interest Burden	56.36	80.72	50.70	59.59	28.41
Stock Turnover (days)	35.35	38.39	30.79	28.64	27.84
Days Sales Outstanding (DSO)	9.53	7.52	5.19	3.01	4.45
Cash Cycle (days)	44.88	45.91	35.98	31.65	32.29
Days Purchases Outstanding (DPO)	79.15	75.07	43.50	40.18	43.31
Creditor Days	37.34	35.80	26.35	24.11	25.99
Profit/Total Assets (%)	2.27	0.79	2.41	1.36	5.13
Profit/ Shareholders Funds (%)	4.49	1.54	4.65	2.56	8.21
Sales/Total Assets (%)	37.60	36.74	50.12	53.13	56.18
Sales/Fixed Assets	0.51	0.49	0.67	0.71	0.64
Working Capital/Sales (%)	-1.34	-2.28	30.04	23.63	-45.78
Total Debt/Net worth (%)	76.62	75.73	74.68	71.91	46.87
Shareholders Funds/Total Assets	0.51	0.51	0.52	0.53	0.62
Long-term Debt/Net Worth (%)	74.28	73.18	72.45	69.22	0.00
Interest/Pre-interest Profit	56.36	80.72	50.70	59.59	28.41
Total Debt/Working Capital (%)	-77.25	-46.59	2.57	3.05	-1.14
Average Employee Remuneration ( £)	20,992	21,352	20,699	19,866	19,509
Wages/Sales (%)	22.10	23.22	17.35	16.38	16.43
Profit per Employee ( £)	5,738	1,980	5,739	3,114	10,834
Sales per Employee ( £)	94,983	91,968	119,274	121,252	118,709
Capital Employed per Employee ( £)	227,191	227,121	216,185	208,449	132,820
Total Fixed Assets per Employee ( £)	228,460	229,214	180,359	179,796	187,166
Total Assets per Employee ( £)	252,624	250,339	237,965	228,213	211,282
Creditors/Debtors	3.92	4.76	5.08	8.02	5.84
Debtors/Total Assets (%)	0.98	0.76	0.71	0.44	0.69
Current Liabilities/Stocks	2.76	2.40	2.16	2.08	8.67
Exports/Sales (%)	2.00	2.03	-	1.91	0.00
Sales/Audit Fees	1,647.00	1,626.00	2,497.46	3,062.58	4,267.58
Total Assets/ Audit Fees	4,380.50	4,426.00	4,982.73	5,764.21	7,595.60


Growth Rates

	1 year	2 year	3 year	4 year
Turnover	1.3	-26.2	-30.4	-22.7
Pre-tax Profit	184.3	-7.9	62.8	-48.7
Audit Fees	0.0	11.1	28.8	99.5
Directors Remuneration	8.3	-24.2	-12.1	-18.9
Number of Employees	-1.9	-8.0	-11.3	-3.5
Employees Remuneration	-3.6	-6.6	-6.4	3.8
Fixed Assets	-2.9	-3.9	-3.2	-2.7
Tangible Assets	-2.2	16.6	12.5	17.7
Total Fixed Assets	-2.2	16.6	12.5	17.7
Stocks	-6.7	-15.9	-14.3	-2.0
Trade Debtors	28.4	34.5	119.1	64.9
Total Current Assets	12.2	-61.4	-55.4	-3.3
Total Assets	-1.0	-2.3	-1.9	15.3
Trade Creditors	5.6	3.8	7.4	10.8
Short-Term Loans	-10.3	0.3	-18.7	-94.9
Total Current Liabilities	7.4	7.4	13.9	-68.4
Net Cash	85.7	8.2	-32.7	-7.0
Shareholders Funds	-2.6	-4.6	-6.6	-6.4
Net Worth	-2.6	-4.6	-6.6	-6.4
Long-Term Loans	-1.1	-2.2	0.1	-
Long-Term Liabilities	-1.0	-1.6	1.1	10,193.4
Capital Employed	-1.9	-3.3	-3.4	64.7

Company/Industry Comparison

This comparison is based on the results of 3417 companies in the same industrial sector: 52120 Other retail sale in non-specialised stores

Company

Industry Averages

31/01/2004

Lower

Median

Upper

Profit/Sales (%)

6.04

0.00

4.11

11.54

Profit/Capital Employed (%)

2.53

2.08

18.38

83.33

Profit/Total Assets (%)

2.27

0.00

7.44

26.48

Profit/Shareholders Funds (%)

4.49

5.24

29.96

100.00

Turnover

Sales/Total Assets (%)

37.60

119.05

220.00

380.00

Sales/Fixed Assets (%)

0.51

2.03

3.94

11.74

Working Capital/Sales (%)

-1.34

15.38

1.38

-10.71

Stock Turnover (days)

35.35

121.00

60.00

28.00

Credit Period (days)

9.53

8.84

0.00

Creditor Days

37.34

28.50

11.36

0.00

Liquidity

Current Ratio

0.95

0.65

1.07

1.87

Liquidity Ratio

0.59

0.14

0.46

1.05

Gearing

Total Debt/Net Worth (%)

76.62

94.48

49.07

8.01

Shareholders Funds/Total Assets

0.51

0.11

0.34

0.62

Long Term Debt/Net Worth (%)

74.28

39.54

3.24

0.00

Interest/Pre-interest Profit

56.36

26.36

5.27

0.00

Total Debt/Working Capital

-77.25

1.90

0.61

0.06

Employee

Average Employee Remuneration ( £)

20,992

6,977

9,768

13,763

Wages/Sales (%)

22.10

20.71

14.72

9.50

Profit per Employee ( £)

5,738

2,081

6,022

Sales per Employee ( £)

94,983

37,909

60,695

85,800

Capital Employed per Employee ( £)

227,191

4,473

16,792

45,250

Total Fixed Assets per Employee ( £)

228,460

2,000

13,939

38,250

Total Assets per Employee ( £)

252,624

19,000

33,500

66,453

Other

Creditors/Debtors

3.92

1.38

3.94

12.00

Debtors/Total Assets (%)

0.98

0.00

3.67

17.65

Current Liabilities/Stocks

2.76

1.02

1.74

3.57

Exports/Sales (%)

2.00

0.00

Sales/Audit Fees

1,647.00

645.63

1,250.93

2,455.06

Total Assets/Audit Fees

4,380.50

374.17

864.11

2,049.38


Filing History

18/05/2005	Change among the directors of a company
19/11/2002	Memorandum of satisfaction
22/02/2001	Release of property or undertaking from charge
28/11/2000	Particulars of a mortgage or charge
14/03/1997	Alteration in memorandum or articles of association
09/05/1994	Memorandum of satisfaction
17/05/1993	Mortgage document


Directors

Company Secretaries
SIMON DAVID HATHERLY DEAN
Appointment Date:	01/06/2004
Date of Birth:	30/12/1964
Occupation:
Address:	30 TOLSEY MEAD, BOROUGH GREEN, SEVENOAKS, KENT, TN15 8EJ
Present Appointments:	48
Resignations since June 1996:	7

Directors
MOHAMED AL FAYED
Appointment Date:	08/11/1991
Date of Birth:	27/01/1933
Occupation:	COMPANY DIRECTOR
Address:	60 PARK LANE, LONDON, W1K 1QE
Present Appointments:	16
Resignations since June 1996:	9

ALI FAYED
Appointment Date:	08/11/1991
Date of Birth:	18/12/1943
Occupation:	COMPANY DIRECTOR
Address:	60 PARK LANE, LONDON, W1K 1QE
Present Appointments:	8
Resignations since June 1996:	3

ANIL TANNA
Appointment Date:	16/11/1999
Date of Birth:	16/06/1947
Occupation:	CHARTERED ACCOUNTANT
Address:	149 ALBURY DRIVE, PINNER, MIDDLESEX, HA5 3RH
Present Appointments:	22
Resignations since June 1996:	19

RAJIV LOCHAN ASSANAND
Appointment Date:	14/04/1994
Date of Birth:	25/04/1957
Occupation:	RETAIL EXECUTIVE
Address:	6A MATTHEWS STREET, LONDON, SW11 5AB
Present Appointments:	3
Resignations since June 1996:	1

JEFFREY BYRNE
Appointment Date:	18/10/1999
Date of Birth:	06/12/1958
Occupation:	LAWYER
Address:	22 THURLEISH ROAD, WANDSWORTH COMMON, LONDON, SW12 8US
Present Appointments:	38
Resignations since June 1996:	24

NIGEL CHARLES CRAIG BLOW
Appointment Date:	01/07/2003
Date of Birth:	14/12/1966
Occupation:	COMPANY DIRECTOR
Address:	65 WYCOMBE END, BEACONSFIELD, BUCKINGHAMSHIRE, HP9 1LX
Present Appointments:	4
Resignations since June 1996:	1

DAWSON RAY PARKER
Appointment Date:	13/05/2002
Date of Birth:	10/03/1948
Occupation:	RETAIL EXECUTIVE
Address:	LONGCROFT, 1 CROSSACRES, PYRFORD WOODS, WOKING, SURREY, GU22 8QS
Present Appointments:	3
Resignations since June 1996:	0

JAMES PHILIP HEALY
Appointment Date:	10/02/2003
Date of Birth:	11/03/1966
Occupation:	RETAIL EXECUTIVE
Address:	65 LAVENHAM ROAD, LONDON, SW18 5ES
Present Appointments:	3
Resignations since June 1996:	0