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Registration number: NI610742

Inspired Furniture Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Inspired Furniture Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Inspired Furniture Ltd

Company Information

Directors

Jonathon Orr

Mr Ronald McCulloch

Registered office

6 Doagh Road
Ballyclare
Co Antrim
BT39 9BG

Accountants

Hopper & Co
Chartered Accountants
6 Doagh Road
Ballyclare
Co Antrim
BT39 9BG

 

Inspired Furniture Ltd

(Registration number: NI610742)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

345,201

197,233

Current assets

 

Stocks

5

218,659

171,829

Debtors

6

49,832

82,232

Cash at bank and in hand

 

231,411

312,246

 

499,902

566,307

Creditors: Amounts falling due within one year

7

(260,253)

(278,319)

Net current assets

 

239,649

287,988

Total assets less current liabilities

 

584,850

485,221

Creditors: Amounts falling due after more than one year

7

(129,034)

(105,578)

Net assets

 

455,816

379,643

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

455,815

379,642

Shareholders' funds

 

455,816

379,643

For the financial year ending 31 January 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2023 and signed on its behalf by:
 

 

Inspired Furniture Ltd

(Registration number: NI610742)
Balance Sheet as at 31 January 2023

.........................................
Jonathon Orr
Director

.........................................
Mr Ronald McCulloch
Director

 

Inspired Furniture Ltd

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

1

General information

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

The address of its registered office is:
6 Doagh Road
Ballyclare
Co Antrim
BT39 9BG
Northern Ireland

The principal place of business is:
45 Ruskey Road
Coagh
Cookstown
Northern Ireland
BT80 0AH

These financial statements were authorised for issue by the Board on 26 September 2023.

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.

 

Inspired Furniture Ltd

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

Foreign currency transactions and balances

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 rate on the date when the fair value is re-measured.

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

Tax

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.

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 Vehicles

25% reducing balance

Computer & Office Equipment

20% straight line

Plant & Machinery

25% straight line

Fixtures & Fittings

20% straight line

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.

 

Inspired Furniture Ltd

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

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 inventories 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.

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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Inspired Furniture Ltd

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

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 19 (2022 - 18).

 

Inspired Furniture Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2022

436,680

55,665

492,345

Additions

200,833

29,982

230,815

At 31 January 2023

637,513

85,647

723,160

Depreciation

At 1 February 2022

271,819

23,293

295,112

Charge for the year

71,006

11,841

82,847

At 31 January 2023

342,825

35,134

377,959

Carrying amount

At 31 January 2023

294,688

50,513

345,201

At 31 January 2022

164,861

32,372

197,233

5

Stocks

2023
£

2022
£

Work in progress

38,500

45,000

Other inventories

180,159

126,829

218,659

171,829

6

Debtors

Current

2023
£

2022
£

Trade debtors

46,350

79,211

Prepayments

3,021

3,021

Other debtors

461

-

 

49,832

82,232

7

Creditors

Creditors: amounts falling due within one year

 

Inspired Furniture Ltd

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

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

65,126

41,087

Trade creditors

 

100,987

116,773

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

932

-

Taxation and social security

 

62,400

68,866

Accruals and deferred income

 

8,199

5,789

Other creditors

 

22,609

45,804

 

260,253

278,319

 

Inspired Furniture Ltd

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

129,034

105,578

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £0.01 each

100

1

100

1

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

74,167

34,166

Hire purchase contracts

54,867

71,412

129,034

105,578

2023
£

2022
£

Current loans and borrowings

Bank borrowings

25,000

10,000

Bank overdrafts

-

29

Hire purchase contracts

40,126

31,058

65,126

41,087

10

Dividends

   

2023

 

2022

   

£

 

£

Final dividend of £60.00 (2022 - £60.00) per ordinary share

 

60,000

 

60,000

         

The directors are recommending a final dividend of £80.00 (2022 - £60.00) per share totalling £80,000.00 (2022 - £60,000.00). This dividend has not been accrued in the balance sheet.

 

Inspired Furniture Ltd

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

11

Related party transactions

 

Inspired Furniture Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

68,495

79,200