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REGISTERED NUMBER: 07926930 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 January 2023

for

The Furniture and Fabric Store Limited

The Furniture and Fabric Store Limited (Registered number: 07926930)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Furniture and Fabric Store Limited

Company Information
for the Year Ended 31 January 2023







DIRECTORS: Mr D Powell
Mr M P James





REGISTERED OFFICE: Unit 4 Larkfield
Newport Road
Chepstow
Monmouthshire
NP16 5YS





REGISTERED NUMBER: 07926930 (England and Wales)





ACCOUNTANTS: ARC & Co. Accountants Limited
Northfield House
Shurdington Road
Bentham
Cheltenham
Gloucestershire
GL51 4UA

The Furniture and Fabric Store Limited (Registered number: 07926930)

Balance Sheet
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 32,324 32,003

CURRENT ASSETS
Stocks 5 452,684 435,408
Cash at bank 2,399 15,123
455,083 450,531
CREDITORS
Amounts falling due within one year 6 324,451 200,337
NET CURRENT ASSETS 130,632 250,194
TOTAL ASSETS LESS CURRENT
LIABILITIES

162,956

282,197

CREDITORS
Amounts falling due after more than one
year

7

(74,817

)

(128,184

)

PROVISIONS FOR LIABILITIES 9 - (6,081 )
NET ASSETS 88,139 147,932

CAPITAL AND RESERVES
Called up share capital 10 100 100
Share premium 11 67,401 67,401
Retained earnings 11 20,638 80,431
SHAREHOLDERS' FUNDS 88,139 147,932

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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 Furniture and Fabric Store Limited (Registered number: 07926930)

Balance Sheet - continued
31 January 2023


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 19 October 2023 and were signed on its behalf by:





Mr M P James - Director


The Furniture and Fabric Store Limited (Registered number: 07926930)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

The Furniture and Fabric Store Limited is a private company, limited by shares , registered in England and Wales. 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 9 ) .

The Furniture and Fabric Store Limited (Registered number: 07926930)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 February 2022 32,900 26,500 6,500 65,900
Additions 8,400 - - 8,400
At 31 January 2023 41,300 26,500 6,500 74,300
DEPRECIATION
At 1 February 2022 7,188 22,502 4,207 33,897
Charge for year 6,822 799 458 8,079
At 31 January 2023 14,010 23,301 4,665 41,976
NET BOOK VALUE
At 31 January 2023 27,290 3,199 1,835 32,324
At 31 January 2022 25,712 3,998 2,293 32,003

5. STOCKS
31.1.23 31.1.22
£    £   
Stocks 452,684 435,408

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans and overdrafts 88,648 43,399
Trade creditors 60,818 55,408
Corporation tax 2,704 9,604
Social security and other taxes 30,975 28,646
VAT 14,005 1,673
Directors' current accounts 125,801 60,557
Accrued expenses 1,500 1,050
324,451 200,337

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.23 31.1.22
£    £   
Bank loans 74,817 103,918
Shareholder & associated loans - 24,266
74,817 128,184

The Furniture and Fabric Store Limited (Registered number: 07926930)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

31.1.23 31.1.22
£    £   
Bank finance loan 31,518 39,184

The bank finance loan is secured by way of a charge over four specified company fixed assets.

9. PROVISIONS FOR LIABILITIES
31.1.23 31.1.22
£    £   
Deferred tax - 6,081

Deferred
tax
£   
Balance at 1 February 2022 6,081
Credit to Income Statement during year (6,081 )
Balance at 31 January 2023 -

10. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.1.23 31.1.22
value: £    £   
100 Share capital 1 £1 100 100

11. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 February 2022 80,431 67,401 147,832
Deficit for the year (59,793 ) (59,793 )
At 31 January 2023 20,638 67,401 88,039

12. RELATED PARTY DISCLOSURES

During the year a director, Mr M P James, made net deposits to the company of £65,244. The balance on his account at 31 January 2023 was £125,801 in credit (2022 - £60,557).

13. ULTIMATE CONTROLLING PARTY

Mrs S A James is the ultimate controlling party by virtue of her holding the majority of the company's issued share capital.