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REGISTRAR OF COMPANIES

Registration number: 08303181

Manor Furniture Ltd

Unaudited Financial Statements

31 March 2023

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Manor Furniture Ltd

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Manor Furniture Ltd
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Manor Furniture Ltd for the year ended 31 March 2023 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Manor Furniture Ltd, as a body, in accordance with the terms of our engagement letter dated 6 December 2022. Our work has been undertaken solely to prepare for your approval the accounts of Manor Furniture Ltd and state those matters that we have agreed to state to the Board of Directors of Manor Furniture Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Manor Furniture Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Manor Furniture Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Manor Furniture Ltd. You consider that Manor Furniture Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Manor Furniture Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

25 October 2023

 

Manor Furniture Ltd

(Registration number: 08303181)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

18,899

25,200

Current assets

 

Stocks

245,782

236,409

Debtors

5

514,292

337,024

Cash at bank and in hand

 

80,371

155,919

 

840,445

729,352

Creditors: Amounts falling due within one year

6

(278,107)

(317,889)

Net current assets

 

562,338

411,463

Total assets less current liabilities

 

581,237

436,663

Provisions for liabilities

(4,724)

(5,732)

Net assets

 

576,513

430,931

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

576,413

430,831

Total equity

 

576,513

430,931

 

Manor Furniture Ltd

(Registration number: 08303181)
Balance Sheet as at 31 March 2023 (continued)

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 October 2023
 

.........................................

N J Pattinson

Director

 

Manor Furniture Ltd

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:
Flusco House
Flusco
PENRITH
CA11 0JA

The principal place of business is:
109 Cheney Manor Industrial Estate
Swindon
Wiltshire
SN2 2DS

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

 

Manor Furniture Ltd

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

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

Motor vehicles

25% reducing balance basis

Fixtures, fittings and office equipment

25% reducing balance basis

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 the sale of goods 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.

 

Manor Furniture Ltd

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

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. Trade creditors 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 where due after more than one year.

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.

 

Manor Furniture Ltd

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 6).

4

Tangible assets

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 April 2022

24,500

19,748

44,248

At 31 March 2023

24,500

19,748

44,248

Depreciation

At 1 April 2022

4,083

14,965

19,048

Charge for the year

5,104

1,197

6,301

At 31 March 2023

9,187

16,162

25,349

Carrying amount

At 31 March 2023

15,313

3,586

18,899

At 31 March 2022

20,417

4,783

25,200

 

Manor Furniture Ltd

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

5

Debtors

2023
£

2022
£

Other debtors

514,292

337,024

514,292

337,024

6

Creditors

2023
£

2022
£

Due within one year

 

Trade creditors

 

95,268

240,318

Corporation tax liability

 

35,390

-

Other creditors

 

147,449

77,571

 

278,107

317,889

7

Related party transactions

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

300,000

300,000

Advanced

200,000

200,000

At end of period

500,000

500,000

2022

Other related parties
£

Total
£

At start of period

300,000

300,000

At end of period

300,000

300,000

Terms of loans to related parties

The loan is interest free and repayable on demand