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Registration number: 09287743

Edmunds & Clarke Furniture Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Edmunds & Clarke Furniture Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Edmunds & Clarke Furniture Limited

Company Information

Directors

P Edmunds

S Clarke

H J Clarke

Registered office

59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

Accountants

Jacobs Allen Limited
Chartered Accountants & Chartered Tax Advisers
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

 

Edmunds & Clarke Furniture Limited

(Registration number: 09287743)
Balance Sheet as at 31 March 2023

Note

2023

2022

Fixed assets

 

Tangible assets

4

71,019

15,694

Current assets

 

Stocks

150,733

183,288

Debtors

5

33,460

16,114

Cash at bank and in hand

 

125,697

253,713

 

309,890

453,115

Creditors: Amounts falling due within one year

6

(130,878)

(276,334)

Net current assets

 

179,012

176,781

Total assets less current liabilities

 

250,031

192,475

Provisions for liabilities

(17,481)

(1,236)

Net assets

 

232,550

191,239

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

232,450

191,139

Shareholders' funds

 

232,550

191,239

For the financial year ending 31 March 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 9 November 2023 and signed on its behalf by:
 

.........................................
S Clarke
Director

 

Edmunds & Clarke Furniture Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

The principal place of business is:
1A Barton Road
Bury St Edmunds
Suffolk
IP32 7BE

These financial statements were authorised for issue by the Board on 9 November 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 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.

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the costs for which the grant is intended to compensate are recognised. A grant that is received as compensation for expenses already incurred or for the purpose of giving immediate financial support with no future related costs is recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

 

Edmunds & Clarke Furniture Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Leasehold property

10 years straight line

Furniture, fittings and equipment

33% straight line

Motor vehicles

25% reducing balance

Other property, plant and equipment

25% reducing balance

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 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.

 

Edmunds & Clarke Furniture Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price; 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.

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.

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 4 (2022 - 5).

 

Edmunds & Clarke Furniture Limited

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

4

Tangible assets

Land and buildings

Furniture, fittings and equipment

Motor vehicles

Other tangible assets

Total

Cost or valuation

At 1 April 2022

31,006

4,636

57,380

2,652

95,674

Additions

-

-

83,395

736

84,131

Disposals

-

-

(16,771)

-

(16,771)

At 31 March 2023

31,006

4,636

124,004

3,388

163,034

Depreciation

At 1 April 2022

25,324

4,072

49,098

1,486

79,980

Charge for the year

3,506

365

22,407

476

26,754

Eliminated on disposal

-

-

(14,719)

-

(14,719)

At 31 March 2023

28,830

4,437

56,786

1,962

92,015

Carrying amount

At 31 March 2023

2,176

199

67,218

1,426

71,019

At 31 March 2022

5,682

564

8,282

1,166

15,694

Included within the net book value of land and buildings above is £2,176 (2022 - £5,682) in respect of short leasehold land and buildings.
 

 

Edmunds & Clarke Furniture Limited

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

5

Debtors

Current

2023

2022

Trade debtors

10,405

1,769

Prepayments

18,461

14,345

Other debtors

4,594

-

 

33,460

16,114

6

Creditors

Creditors: amounts falling due within one year

2023

2022

Due within one year

Trade creditors

14,114

13,695

Taxation and social security

73,151

73,101

Other creditors

43,613

189,538

130,878

276,334

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

No.

Ordinary shares of £1 each

100

100

100

100

         

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £7,500 (2022 - £35,250). Financial commitments consist of amounts payable under a property lease.

9

Related party transactions

Transactions with directors

2023

At 1 April 2022

Advances to director

At 31 March 2023

Interest free loan repayable on demand

-

125

125