Silverfin false 28/02/2022 28/02/2022 01/03/2021 A C Hurst 26/10/2012 J S Hurst 29/05/2018 M A Hurst 26/10/2012 23 August 2022 The principal activity of the Company during the financial year was retail of furniture 08269775 2022-02-28 08269775 bus:Director1 2022-02-28 08269775 bus:Director2 2022-02-28 08269775 bus:Director3 2022-02-28 08269775 2021-02-28 08269775 core:CurrentFinancialInstruments 2022-02-28 08269775 core:CurrentFinancialInstruments 2021-02-28 08269775 core:ShareCapital 2022-02-28 08269775 core:ShareCapital 2021-02-28 08269775 core:RetainedEarningsAccumulatedLosses 2022-02-28 08269775 core:RetainedEarningsAccumulatedLosses 2021-02-28 08269775 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2021-02-28 08269775 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2022-02-28 08269775 core:LandBuildings 2021-02-28 08269775 core:Vehicles 2021-02-28 08269775 core:FurnitureFittings 2021-02-28 08269775 core:OfficeEquipment 2021-02-28 08269775 core:LandBuildings 2022-02-28 08269775 core:Vehicles 2022-02-28 08269775 core:FurnitureFittings 2022-02-28 08269775 core:OfficeEquipment 2022-02-28 08269775 bus:OrdinaryShareClass1 2022-02-28 08269775 2021-03-01 2022-02-28 08269775 bus:FullAccounts 2021-03-01 2022-02-28 08269775 bus:SmallEntities 2021-03-01 2022-02-28 08269775 bus:AuditExemptWithAccountantsReport 2021-03-01 2022-02-28 08269775 bus:PrivateLimitedCompanyLtd 2021-03-01 2022-02-28 08269775 bus:Director1 2021-03-01 2022-02-28 08269775 bus:Director2 2021-03-01 2022-02-28 08269775 bus:Director3 2021-03-01 2022-02-28 08269775 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2021-03-01 2022-02-28 08269775 core:LandBuildings core:TopRangeValue 2021-03-01 2022-02-28 08269775 core:Vehicles 2021-03-01 2022-02-28 08269775 core:FurnitureFittings 2021-03-01 2022-02-28 08269775 core:OfficeEquipment 2021-03-01 2022-02-28 08269775 2020-03-01 2021-02-28 08269775 core:LandBuildings 2021-03-01 2022-02-28 08269775 bus:OrdinaryShareClass1 2021-03-01 2022-02-28 08269775 bus:OrdinaryShareClass1 2020-03-01 2021-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08269775 (England and Wales)

THREE RIVERS FURNITURE LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2022
Pages for filing with the registrar

THREE RIVERS FURNITURE LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2022

Contents

THREE RIVERS FURNITURE LIMITED

COMPANY INFORMATION

For the financial year ended 28 February 2022
THREE RIVERS FURNITURE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 28 February 2022
DIRECTORS A C Hurst
J S Hurst
M A Hurst
REGISTERED OFFICE Lowin House
Tregolls Road
Truro
TR1 2NA
United Kingdom
COMPANY NUMBER 08269775 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
THREE RIVERS FURNITURE LIMITED

BALANCE SHEET

As at 28 February 2022
THREE RIVERS FURNITURE LIMITED

BALANCE SHEET (continued)

As at 28 February 2022
Note 2022 2021
£ £
Fixed assets
Tangible assets 4 610,846 618,329
610,846 618,329
Current assets
Stocks 5 57,742 60,314
Debtors 6 16,012 14,546
Cash at bank and in hand 7 185,937 155,458
259,691 230,318
Creditors
Amounts falling due within one year 8 ( 21,952) ( 12,224)
Net current assets 237,739 218,094
Total assets less current liabilities 848,585 836,423
Net assets 848,585 836,423
Capital and reserves
Called-up share capital 9 1,025,002 1,025,002
Profit and loss account ( 176,417 ) ( 188,579 )
Total shareholders' funds 848,585 836,423

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 financial statements of Three Rivers Furniture Limited (registered number: 08269775) were approved and authorised for issue by the Board of Directors on 23 August 2022. They were signed on its behalf by:

M A Hurst
Director
THREE RIVERS FURNITURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2022
THREE RIVERS FURNITURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2022
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

Three Rivers Furniture Limited (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 Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Going concern

The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors’ Report.

The Company's forecasts and projections, taking account of the continued possible impact of COVID-19 in trading performance, show that the company should be able to operate within the level of its current facilities.

Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Foreign currency

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Turnover

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.
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.

Employee benefits

Defined contribution schemes
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.

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 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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 reducing balance
basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 10 % reducing balance
Office equipment 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.

Leases

The Company as lessee
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.

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 Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

The company holds the following financial instruments:

•Short term trade and other debtors and creditors; and
•Cash and bank balances.

All financial instruments are classified as basic.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. Included in Other Income: A Business Support Grant for £3,143, a Restart Business Support Grant in April 2021 for £4,000, and monthly Job Retention Scheme claims totalling £9,883.

Recognition and measurement

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Intangible assets

Website costs Total
£ £
Cost
At 01 March 2021 7,801 7,801
At 28 February 2022 7,801 7,801
Accumulated amortisation
At 01 March 2021 7,801 7,801
At 28 February 2022 7,801 7,801
Net book value
At 28 February 2022 0 0
At 28 February 2021 0 0

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 March 2021 673,544 22,796 37,815 3,269 737,424
Additions 0 0 2,478 0 2,478
At 28 February 2022 673,544 22,796 40,293 3,269 739,902
Accumulated depreciation
At 01 March 2021 76,080 19,869 20,212 2,934 119,095
Charge for the financial year 7,139 731 2,007 84 9,961
At 28 February 2022 83,219 20,600 22,219 3,018 129,056
Net book value
At 28 February 2022 590,325 2,196 18,074 251 610,846
At 28 February 2021 597,464 2,927 17,603 335 618,329

5. Stocks

2022 2021
£ £
Stocks 57,742 60,314

6. Debtors

2022 2021
£ £
Trade debtors 10,046 6,529
Other debtors 5,966 8,017
16,012 14,546

7. Cash and cash equivalents

2022 2021
£ £
Cash at bank and in hand 111,759 13,092
Short-term deposits 74,178 142,366
185,937 155,458

8. Creditors: amounts falling due within one year

2022 2021
£ £
Trade creditors 8,369 814
Other creditors 6,890 9,611
Other taxation and social security 6,693 1,799
21,952 12,224

9. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
1,025,002 Ordinary shares of £ 1.00 each 1,025,002 1,025,002