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Registration number: 06741514

Hi Furniture Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2022

 

Hi Furniture Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Hi Furniture Limited

Company Information

Directors

AJ Temperton

A Temperton

E G Temperton

Company secretary

AS Jolly

Registered office

31 Bayley Hills
Egmond
Newport
TF10 8JG

 

Hi Furniture Limited

(Registration number: 06741514)
Balance Sheet as at 28 February 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

2,016

2,766

Current assets

 

Debtors

5

59,386

74,460

Cash at bank and in hand

 

245,333

378,021

 

304,719

452,481

Creditors: Amounts falling due within one year

6

(88,280)

(207,453)

Net current assets

 

216,439

245,028

Net assets

 

218,455

247,794

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

218,453

247,792

Shareholders' funds

 

218,455

247,794

For the financial year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 August 2022 and signed on its behalf by:
 

.........................................
AJ Temperton
Director

 

Hi Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
31 Bayley Hills
Egmond
Newport
TF10 8JG
England

The principal place of business is:
9 Abbey Court
off High Street
Newport
TF10 7BW

These financial statements were authorised for issue by the Board on 12 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Hi Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor cars

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Hi Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 3).

 

Hi Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2021

27,369

27,369

At 28 February 2022

27,369

27,369

Depreciation

At 1 March 2021

24,603

24,603

Charge for the year

750

750

At 28 February 2022

25,353

25,353

Carrying amount

At 28 February 2022

2,016

2,016

At 28 February 2021

2,766

2,766

5

Debtors

Current

2022
£

2021
£

Trade debtors

56,923

72,782

Other debtors

2,463

1,678

 

59,386

74,460

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

914

50,000

Trade creditors

 

66,186

62,894

Taxation and social security

 

1,798

40,237

Accruals and deferred income

 

18,500

53,500

Other creditors

 

882

822

 

88,280

207,453

7

Share capital

Allotted, called up and fully paid shares

 

Hi Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

Ordinary A shares of £1 each

1

1

1

1

 

2

2

2

2

8

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank overdrafts

914

-

Other borrowings

-

50,000

914

50,000

9

Dividends

Interim dividends paid

   

2022
£

 

2021
£

Interim dividend of £33,643.84 (2021 - £42,174.22) per each Ordinary shares

 

33,644

 

42,174

Interim dividend of £2,000.00 per each Ordinary A shares

 

2,000

 

2,000

   

35,644

 

44,174

10

Related party transactions

 

Hi Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Directors' remuneration

The directors' remuneration for the year was as follows:

2022
£

2021
£

Remuneration

15,720

23,160

Contributions paid to money purchase schemes

40,000

79,000

55,720

102,160