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REGISTERED NUMBER: 04688035 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Applewhites Furniture Limited

Applewhites Furniture Limited (Registered number: 04688035)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Applewhites Furniture Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: M J Snell
Mrs A J Snell





SECRETARY: Mrs A J Snell





REGISTERED OFFICE: Finningham Road
Old Newton
Stowmarket
Suffolk
IP14 4EU





REGISTERED NUMBER: 04688035 (England and Wales)





ACCOUNTANTS: Ballams Chartered Accountants
Crane Court
302 London Road
Ipswich
Suffolk
IP2 0AJ

Applewhites Furniture Limited (Registered number: 04688035)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 121,293 125,960

CURRENT ASSETS
Stocks 24,899 38,380
Debtors 5 43,467 28,141
Cash at bank 10,667 12,029
79,033 78,550
CREDITORS
Amounts falling due within one year 6 120,908 96,945
NET CURRENT LIABILITIES (41,875 ) (18,395 )
TOTAL ASSETS LESS CURRENT LIABILITIES 79,418 107,565

CREDITORS
Amounts falling due after more than one
year

7

(17,883

)

(25,516

)

PROVISIONS FOR LIABILITIES 8 - (1,634 )
NET ASSETS 61,535 80,415

CAPITAL AND RESERVES
Called up share capital 9 200 200
Retained earnings 61,335 80,215
SHAREHOLDERS' FUNDS 61,535 80,415

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Applewhites Furniture Limited (Registered number: 04688035)

Statement of Financial Position - continued
31 March 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2023 and were signed on its behalf by:





Mrs A J Snell - Director


Applewhites Furniture Limited (Registered number: 04688035)

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

1. STATUTORY INFORMATION

Applewhites Furniture 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Going concern
The Statement of Financial Position shows net current liabilities of £41,875 (2022 - £18,395). However, included in creditors falling due within one year is an amount of £84,876 (2022 - £71,134) owed to the directors. The directors have confirmed they will continue to support the company and repayment will not be sought until cashflow permits.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of furniture is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Workshop - 20 years straight line
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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

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.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans with related parties.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.


Applewhites Furniture Limited (Registered number: 04688035)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
Workshop machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 117,358 32,229 5,500 2,135 157,222
Additions - 3,604 - - 3,604
At 31 March 2023 117,358 35,833 5,500 2,135 160,826
DEPRECIATION
At 1 April 2022 - 26,135 3,115 2,012 31,262
Charge for year 5,868 1,711 596 96 8,271
At 31 March 2023 5,868 27,846 3,711 2,108 39,533
NET BOOK VALUE
At 31 March 2023 111,490 7,987 1,789 27 121,293
At 31 March 2022 117,358 6,094 2,385 123 125,960

Applewhites Furniture Limited (Registered number: 04688035)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 36,255 23,260
Other debtors 7,212 4,881
43,467 28,141

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 7,400 7,400
Trade creditors 26,562 16,442
Other creditors 86,946 73,103
120,908 96,945

The bank loan relates to a Bounce Back loan guaranteed by the Government.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 17,883 25,516

The bank loan relates to a Bounce Back loan guaranteed by the Government.

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances - 1,634

Deferred
tax
£   
Balance at 1 April 2022 1,634
Credit to Statement of Income and Retained Earnings during year (1,634 )
Balance at 31 March 2023 -

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
200 Ordinary £1 200 200

10. RELATED PARTY DISCLOSURES

Rent of £9,850 (2022 - £9,600) was paid to the directors during the year.