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  PROPAFIT FURNITURE LIMITED
   
   
   
  UNAUDITED ABRIDGED FINANCIAL STATEMENTS
   
   
  FOR THE YEAR ENDED 31 MARCH 2022
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  PROPAFIT FURNITURE LIMITED
  FINANCIAL STATEMENTS
  FOR THE YEAR ENDED 31 MARCH 2022
       
       
  DIRECTOR
       
  S R Higgs
       
       
  SECRETARY
       
  M Higgs
       
  REGISTERED OFFICE
       
  Highridge House
235 The Ridgeway
Enfield
Middlesex
EN42 8AD
       
       
  COMPANY REGISTERED NUMBER
       
  07578159
       
       
  BANKERS
       
  Barclays Bank plc
       
       
  ACCOUNTANTS
       
  P B Genender & Co.
  Chartered Certified Accountants
  Highridge House
235 The Ridgeway
Enfield
Middlesex
EN2 8AD
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
   
  Page 1
   
  PROPAFIT FURNITURE LIMITED
  FINANCIAL STATEMENTS
  FOR THE YEAR ENDED 31 MARCH 2022
       
       
  CONTENTS
       
  Pages
       
  3 Abridged Statement of Financial Position  
       
  4-5 Notes to the Financial Statements  
       
     
   
  Page 2
   
  PROPAFIT FURNITURE LIMITED
  Company Registered Number: 07578159
  ABRIDGED STATEMENT OF FINANCIAL POSITION AT 31 March 2022
           
    Note 2022 2021
      £ £ £
  FIXED ASSETS
  Intangible assets   1 1
  Property, plant and equipment 1,044 1,392
      1,045 1,393
  CURRENT ASSETS    
  Inventories   3,750 9,690
  Debtors   - 36,195
  Cash at bank and in hand   58,405 37,050
      62,155 82,935
  CREDITORS: Amounts falling due within one year   9,263 27,000
  NET CURRENT ASSETS   52,892 55,935
  NET ASSETS   £53,937 £57,328
  CAPITAL AND RESERVES    
  Called up share capital   100 100
  Retained earnings   53,837 57,228
  SHAREHOLDERS' FUNDS   £53,937 £57,328
       
       
       
  In approving these financial statements as director of the company I hereby confirm the following:
  For the year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with section 476 of the Companies Act 2006.
       
  The directors acknowledge their responsibilities for: 1) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and 2) preparing financial statements that give a true and fair view of the state of affairs of the company at at the end of each financial year and of its profit or loss for the 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 the financial statements, so far as they are applicable to the company.
 
 
       
  These financial statements have been prepared in accordance with the provisions of the Companies Act 2006 relating to small companies
       
  All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 March 2022 in accordance with Section 444 (2A) of the Companies Act 2006
       
  In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered
  The financial statements were approved and authorised for issue by the Board of Directors on 09 August 2022
 
  Signed on behalf of the Board of Directors
 
 
       
  S R HIGGS, Director
   
  Page 3
   
  PROPAFIT FURNITURE LIMITED
  NOTES TO THE ACCOUNTS
  FOR THE YEAR ENDED 31 MARCH 2022
       
 
1. SIGNIFICANT ACCOUNTING POLICIES
       
         
1a. Statement of compliance
         
  Propafit Furniture Limited is a Limited Company incorporated in England & Wales.
         
  Registered office:
  Highridge House
235 The Ridgeway
Enfield
Middlesex
EN42 8AD
         
         
         
  Basis of accounting
         
  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" and the Companies Act 2006.
  The financial statements have been prepared under the historical cost convention. The presentation currency is £ sterling.
         
1c. Taxation
         
         
  Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
         
  Intangible assets
         
         
         
         
       
1e. Property, plant and equipment
       
  Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life.
       
  Plant and machinery Reducing balance 25%  
         
1f. Inventories
         
  Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition.
         
   
  Page 4
   
  PROPAFIT FURNITURE LIMITED
  NOTES TO THE ACCOUNTS (CONT.)
  FOR THE YEAR ENDED 31 MARCH 2022
       
 
1. SIGNIFICANT ACCOUNTING POLICIES (CONT.)
         
1g. Leased assets
         
  Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the Company are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset's useful life. A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments in the balance sheet. Lease payments are apportioned between the reduction of the lease liability and finance charges in the income statement so as to achieve a constant rate of interest on the remaining balance of the liability. Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. Lease incentives are recognised over the lease term on a straight line basis.
         
 
         
       
       
2. DIRECTORS AND EMPLOYEES
       
  The average weekly number of employees during the year were as follows:
    2022 2021
    No. No.
  Management and administration 4 4
   
         
3. FIXED ASSETS
    Intangible Property Total
    Assets plant &  
      equipment  
    £ £ £
  Cost or valuation
  At 1 April 2021 4,000 6,287 10,287
  At 31 March 2022 4,000 6,287 10,287
   
  Provision for depreciation,
  amortisation and impairment
  At 1 April 2021 3,999 4,895 8,894
  For the year - 348 348
  At 31 March 2022 3,999 5,243 9,242
   
  Net Book Value
         
  At 31 March 2022 1 1,044 1,045
   
   
  Page 5