Company registration number 09966239 (England and Wales)
Office & Educational Furniture Limited
Annual report and unaudited financial statements
For the year ended 31 January 2023
Pages for filing with registrar
Office & Educational Furniture Limited
Company information
Director
D A Hinsley
Company number
09966239
Registered office
28 Pigeon Lane
Herne Bay
Kent
CT6 7EH
Accountants
Lilley & Co.
125 John Wilson Business Park
Chestfield
Whitstable
Kent
CT5 3QT
Business address
28 Pigeon Lane
Herne Bay
Kent
CT6 7EH
Office & Educational Furniture Limited
Contents
Page
Director's report
1
Balance sheet
2
Notes to the financial statements
3 - 5
Office & Educational Furniture Limited
Director's report
For the year ended 31 January 2023
- 1 -

The director presents his annual report and financial statements for the year ended 31 January 2023.

Principal activities

The principal activity of the company is the supply of office furniture and equipment.

 

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

D A Hinsley
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
D A Hinsley
Director
9 October 2023
Office & Educational Furniture Limited
Balance sheet
As at 31 January 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,700
-
0
Current assets
Stocks
50,250
10,250
Debtors
4
75,753
52,539
Cash at bank and in hand
102,525
85,384
228,528
148,173
Creditors: amounts falling due within one year
5
(167,224)
(84,103)
Net current assets
61,304
64,070
Total assets less current liabilities
73,004
64,070
Creditors: amounts falling due after more than one year
6
(2,880)
-
0
Provisions for liabilities
(2,223)
-
Net assets
67,901
64,070
Capital and reserves
Called up share capital
7
4
4
Profit and loss reserves
67,897
64,066
Total equity
67,901
64,070

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 9 October 2023
D A Hinsley
Director
Company registration number 09966239 (England and Wales)
Office & Educational Furniture Limited
Notes to the financial statements
For the year ended 31 January 2023
- 3 -
1
Accounting policies
Company information

Office & Educational Furniture Limited is a private company limited by shares incorporated in England and Wales. The registered office is 28 Pigeon Lane, Herne Bay, Kent, CT6 7EH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable, net of discounts and value added taxes.

1.3
Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% straight line basis
Motor vehicles
25% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the net book value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.

1.5
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

Deferred tax is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Office & Educational Furniture Limited
Notes to the financial statements (continued)
For the year ended 31 January 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
5
3
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 February 2022
200
-
0
200
Additions
-
0
14,400
14,400
At 31 January 2023
200
14,400
14,600
Depreciation and impairment
At 1 February 2022
200
-
0
200
Depreciation charged in the year
-
0
2,700
2,700
At 31 January 2023
200
2,700
2,900
Carrying amount
At 31 January 2023
-
0
11,700
11,700
At 31 January 2022
-
0
-
0
-
0
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
75,753
52,539
Office & Educational Furniture Limited
Notes to the financial statements (continued)
For the year ended 31 January 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
8,640
-
0
Trade creditors
115,604
26,765
Corporation tax
15,237
17,335
Other taxation and social security
3,427
14,722
Directors' loan account
20,622
20,718
Accruals and deferred income
3,694
4,563
167,224
84,103

The bank loan is secured by a personal guarantee from the director, D A Hinsley, and his wife, Mrs G Hinsley.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,880
-
0

The bank loan is secured by a personal guarantee from the director, D A Hinsley, and his wife, Mrs G Hinsley.

7
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
Ordinary of £1 each
4
4

 

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
-
0
1,051
9
Directors' transactions

Dividends totalling £35,250 (2022 - £29,500) were paid in the year in respect of shares held by the company's directors.

The director's loan account was not overdrawn during the year.

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