Year Ended
Registration number:
Furniture World Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Furniture World Limited
Company Information
Directors |
Mrs K Long Mr R J Long Mr R N Long Mrs M Long |
Registered office |
|
Auditors |
|
Furniture World Limited
Strategic Report for the Year Ended 30 April 2023
The directors present their strategic report for the year ended 30 April 2023.
Principal activity
The principal activity of the company is that of a furniture retailer.
Fair review of the business
The 2022/23 year has been another profitable year for the company, with similar levels of trade to the prior year. Sales have slighly decreased from £9,817k to £9,507k which is a 3.2% decrease. This decrease is largerly due to a reduction in sales from the online store, as store sales have recovered since the post pandemic due to customers now being able to come and view products in person before commiting to a purchase. Cost of sales have also decreased slightly from £5,765k to £5,688k which is a 1.3% decrease.
This has resulted in a slight drop in gross profit margin 41.27% to 40.16% and therefore profit for the year decreased from £372k to £326k. Overall, this is a strong result for the company given the cost of living crisis and continued economic uncertainty.
Principal risks and uncertainties
In the opinion of the Directors the principal risks faced by the group in the forthcoming year come from the uncertainty in UK economy going into 2023. There is a risk that hardship will mean lower demand for products. However we continue to source quality products at competitive prices and understand that choice and availability can sway the customers decision. We recognise that business on the high street will continue to be challenging for the foreseeable future and we have invested further in our website where overhead costs are lower, and profit margins are higher. We need to listen to customer feedback and work to provide our customers with what they want in terms of both product and service.
Approved and authorised by the
......................................... |
Furniture World Limited
Directors' Report for the Year Ended 30 April 2023
The directors present their report and the financial statements for the year ended 30 April 2023.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Classification
The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Financial risk management objectives and policies
Trading activities expose the company to a number of financial risks. These risks include cash flow risk and overall liquidity risk. The company seeks to manage and mitigate these risks by adopting a policy of daily monitoring of the bank balance. Management also remain hands-on, reviewing cash flows, pre-empting future cash movements and planning accordingly. The director maintains regular
contact with the company's bank and keeps them informed of business levels and results, in order to safeguard the bank's continuing support.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
Furniture World Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Furniture World Limited
Independent Auditor's Report to the Members of Furniture World Limited
Opinion
We have audited the financial statements of Furniture World Limited (the 'company') for the year ended 30 April 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 30 April 2023 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Furniture World Limited
Independent Auditor's Report to the Members of Furniture World Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Furniture World Limited
Independent Auditor's Report to the Members of Furniture World Limited
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to acts by the company which were contrary to applicable laws and regulations, including fraud.
We considered those laws and regulations that have a direct impact on the preparation of the financial statements, including, but not limited to the reporting framework (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations in the UK. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to fraudulent financial reporting.
In the year, we identified an additional risk associated with fraudulent or erroneous CJRS (Coronavirus Job Retention Scheme) claims. In response to the identified risk, as part of our audit work, we obtained an understanding of how the claims were prepared and assessed the risk
associated with this, reconciled claims back to cash received, and tested a sample of individuals by recalculating the amount of grant the company was entitled to claim. No issues were identified.
Audit procedures performed by the engagement team include, but were not limited to, discussion and inquiries with management of compliance with laws and regulations, review of board minutes and review of correspondence and contracts with third parties. We also addressed the risk of management override of internal controls, including testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
Melville Building East
Unit 18, 23 Royal William Yard
Devon
PL1 3GW
Furniture World Limited
Profit and Loss Account
Year Ended 30 April 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
- |
|
|
Operating profit |
477,104 |
533,391 |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
(42,003) |
(45,225) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
Furniture World Limited
Statement of Comprehensive Income
Year Ended 30 April 2023
2023 |
2022 |
|
Profit for the year |
|
|
Surplus on property, plant and equipment revaluation |
|
|
Total comprehensive income for the year |
|
|
Furniture World Limited
Balance Sheet
30 April 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Fair value reserve |
|
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
......................................... |
Company Registration Number: 04811439
Furniture World Limited
Statement of Changes in Equity
Year Ended 30 April 2023
Share capital |
Fair value reserve |
Profit and loss account |
Total |
|
At 1 May 2022 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Other comprehensive income |
- |
|
- |
|
Total comprehensive income |
- |
|
|
|
Dividends |
- |
- |
( |
( |
Transfers |
- |
(7,660) |
7,660 |
- |
At 30 April 2023 |
|
|
|
|
Share capital |
Fair value reserve |
Profit and loss account |
Total |
|
At 1 May 2021 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Other comprehensive income |
- |
|
- |
|
Total comprehensive income |
- |
|
|
|
Dividends |
- |
- |
( |
( |
Transfers |
- |
(7,660) |
7,660 |
- |
At 30 April 2022 |
|
|
|
|
Furniture World Limited
Notes to the Financial Statements
Year Ended 30 April 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
The 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 value added tax, returns, rebates and discounts and after eliminating sales within the company.
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.
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 corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Furniture World Limited
Notes to the Financial Statements
Year Ended 30 April 2023
Tangible assets
Tangible assets, except freehold land and buildings 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.
Freehold land and buildings are stated in the balance sheet at valuation. An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.
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 |
Freehold Property |
2% straight line |
Leasehold Property |
10% straight line |
Fixtures and Fittings |
10% reducing balance |
Computer Equipment |
25% reducing balance |
Motor Vehicles |
25% reducing balance |
Office Equipment |
25% reducing balance |
Goodwill
Goodwill was capitalised upon incorporation in 2007 and is being amortised over its useful life, which has been estimated to be 20 years.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
5% straight line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
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 stocks 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.
Furniture World Limited
Notes to the Financial Statements
Year Ended 30 April 2023
Leases
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 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.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
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.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Furniture World Limited
Notes to the Financial Statements
Year Ended 30 April 2023
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2023 |
2022 |
|
Other COVID grants |
- |
|
CJRS income |
- |
15,767 |
- |
|
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Operating lease expense - property |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Administration and support |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Furniture World Limited
Notes to the Financial Statements
Year Ended 30 April 2023
Auditor's remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Other interest receivable and similar income |
2023 |
2022 |
|
Other finance income |
|
|
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
( |
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
Furniture World Limited
Notes to the Financial Statements
Year Ended 30 April 2023
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
UK deferred tax credit relating to changes in tax rates or laws |
( |
( |
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
2023 |
Liability |
Origination and reversal of timing differences |
|
Deferred tax on revalued property |
|
|
2022 |
Liability |
Origination and reversal of timing differences |
|
Deferred tax on revalued property |
|
|
Intangible assets |
Goodwill |
|
Cost or valuation |
|
At 1 May 2022 |
|
At 30 April 2023 |
|
Amortisation |
|
At 1 May 2022 |
|
Amortisation charge |
|
At 30 April 2023 |
|
Carrying amount |
|
At 30 April 2023 |
|
At 30 April 2022 |
|
Furniture World Limited
Notes to the Financial Statements
Year Ended 30 April 2023
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 May 2022 |
|
|
|
|
Additions |
- |
|
- |
|
At 30 April 2023 |
|
|
|
|
Depreciation |
||||
At 1 May 2022 |
|
|
|
|
Charge for the year |
|
|
|
|
At 30 April 2023 |
|
|
|
|
Carrying amount |
||||
At 30 April 2023 |
|
|
|
|
At 30 April 2022 |
|
|
|
|
Revaluation
The fair value of the company's freehold property was revalued on
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2023 |
2022 |
|
Motor vehicles |
45,656 |
66,344 |
Included within the net book value of land and buildings above is £2,662,854 (2022 - £2,694,279) in respect of freehold land and buildings and £61,997 (2022 - £88,454) in respect of short leasehold land and buildings.
Stocks |
2023 |
2022 |
|
Other inventories |
|
|
Furniture World Limited
Notes to the Financial Statements
Year Ended 30 April 2023
Debtors |
2023 |
2022 |
|
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts due to group undertakings |
|
|
|
Social security and other taxes |
|
|
|
Other creditors |
|
|
|
Accruals |
|
|
|
Corporation tax |
123,207 |
130,513 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Furniture World Limited
Notes to the Financial Statements
Year Ended 30 April 2023
Loans and borrowings |
2023 |
2022 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
Finance lease liabilities |
|
|
|
|
2023 |
2022 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Bank overdrafts |
|
- |
Finance lease liabilities |
|
|
|
|
Bank borrowings
The Barclays bank loan is secured by charges over the freehold properties owned by the company, a personal guarantee from the directors and a cross guarantee from Neon Property Limited. |
The Barclays CBILS loan is secured by charges over the freehold properties owned by the company and a cross guarantee from Neon Property Limited. |
The Barclays current account overdraft is denominated in £. The carrying amount at year end is £11,762 (2022 - £Nil).
The current account was in a debit position in the prior year, the amount in the overdraft at year end makes up less than 3% of the total facility.
Furniture World Limited
Notes to the Financial Statements
Year Ended 30 April 2023
The bank borrowings are due as below -
Amount due |
|
£ |
|
Within 1 year |
218,276 |
Within 1 - 5 years |
1,347,632 |
1,565,908 |
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Deferred tax and other provisions |
Deferred tax |
Total |
|
At 1 May 2022 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 30 April 2023 |
|
|
|
Furniture World Limited
Notes to the Financial Statements
Year Ended 30 April 2023
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Contingent liabilities |
The company is party to a cross guarantee with related parties in favour of Barclays Bank UK PLC and Nat West. The bank borrowings are secured by a charge over the freehold properties owned by the related parties.
The bank borrowing of the group at the balance sheet date amounted to £2,531,479 (2022 - £2,812,393).
Related party transactions |
Transactions with directors |
2023 |
At 1 May 2022 |
Advances to director |
Repayments by director |
Other payments made to company by director |
At 30 April 2023 |
Mr R N Long |
|||||
Director's loan account |
( |
( |
|
(3,986) |
( |
Mr R J Long |
|||||
Director's loan account |
|
( |
|
(18) |
( |
Furniture World Limited
Notes to the Financial Statements
Year Ended 30 April 2023
2022 |
At 1 May 2021 |
Advances to director |
Repayments by director |
Other payments made to company by director |
At 30 April 2022 |
Mr R N Long |
|||||
Director's loan account |
( |
( |
|
(7,967) |
( |
Mr R J Long |
|||||
Director's loan account |
|
( |
|
- |
|
Dividends |
Interim dividends paid
2023 |
2022 |
|||
Interim dividend of £ |
|
|
||
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The ultimate controlling party are the