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REGISTERED NUMBER: 05379823 (England and Wales)















Matthew Marsden Furniture Limited

Unaudited Financial Statements

for the Year Ended 30 April 2023






Matthew Marsden Furniture Limited (Registered number: 05379823)






Contents of the Financial Statements
for the year ended 30 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Matthew Marsden Furniture Limited

Company Information
for the year ended 30 April 2023







DIRECTORS: MJ Marsden
DJ Green





SECRETARY: SM Marsden





REGISTERED OFFICE: 5-7 Lawrence Lane
Eccleston
Chorley
Lancashire
PR7 5SJ





REGISTERED NUMBER: 05379823 (England and Wales)





ACCOUNTANTS: McMillan & Co LLP
Chartered Accountants
28 Eaton Avenue
Matrix Office Park
Buckshaw Village
Chorley
Lancashire
PR7 7NA

Matthew Marsden Furniture Limited (Registered number: 05379823)

Balance Sheet
30 April 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 12,359 18,536
Tangible assets 5 189,633 177,035
201,992 195,571

CURRENT ASSETS
Stocks 6 102,453 56,243
Debtors 7 23,074 35,277
Cash at bank 39,984 80,123
165,511 171,643
CREDITORS
Amounts falling due within one year 8 252,333 188,005
NET CURRENT LIABILITIES (86,822 ) (16,362 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

115,170

179,209

CREDITORS
Amounts falling due after more than one
year

9

(42,144

)

(31,009

)

PROVISIONS FOR LIABILITIES 11 (35,485 ) (33,637 )
NET ASSETS 37,541 114,563

CAPITAL AND RESERVES
Called up share capital 12 2 2
Retained earnings 37,539 114,561
SHAREHOLDERS' FUNDS 37,541 114,563

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

Matthew Marsden Furniture Limited (Registered number: 05379823)

Balance Sheet - continued
30 April 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 8 November 2023 and were signed on its behalf by:





MJ Marsden - Director


Matthew Marsden Furniture Limited (Registered number: 05379823)

Notes to the Financial Statements
for the year ended 30 April 2023

1. STATUTORY INFORMATION

Matthew Marsden 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 (£).


The amounts in the financial statements have been rounded to the nearest £1.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is recognised, in respect of contracts where the company's contractual obligations are performed gradually over time, as contract activity progresses to reflect the company's partial performance of its contractual obligations The amount of revenue reflects the accrual of the right to consideration as contract activity progresses by reference to value of the work performed.

Goodwill
Goodwill arose in 2005 on the purchase of the business and, initially, the director assessed the useful economic life of the goodwill to be 10 years. The director performed a review of the useful economic life of this goodwill during the year ended 30 April 2011 and reassessed the remaining useful economic life to be 15 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 20% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

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

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, bank loans and group borrowings, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest.


Matthew Marsden Furniture Limited (Registered number: 05379823)

Notes to the Financial Statements - continued
for the year ended 30 April 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 May 2022
and 30 April 2023 185,314
AMORTISATION
At 1 May 2022 166,778
Charge for year 6,177
At 30 April 2023 172,955
NET BOOK VALUE
At 30 April 2023 12,359
At 30 April 2022 18,536

Matthew Marsden Furniture Limited (Registered number: 05379823)

Notes to the Financial Statements - continued
for the year ended 30 April 2023

5. TANGIBLE FIXED ASSETS
Leasehold Plant and Motor Computer
improvements machinery vehicles equipment Totals
£ £ £ £ £
COST
At 1 May 2022 7,280 389,356 42,359 44,187 483,182
Additions - 25,922 30,895 5,439 62,256
Disposals - - (28,154 ) - (28,154 )
At 30 April 2023 7,280 415,278 45,100 49,626 517,284
DEPRECIATION
At 1 May 2022 7,280 243,456 25,648 29,763 306,147
Charge for year - 25,773 9,675 5,302 40,750
Eliminated on disposal - - (19,246 ) - (19,246 )
At 30 April 2023 7,280 269,229 16,077 35,065 327,651
NET BOOK VALUE
At 30 April 2023 - 146,049 29,023 14,561 189,633
At 30 April 2022 - 145,900 16,711 14,424 177,035

6. STOCKS
2023 2022
£ £
Stock 102,453 56,243

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors - 924
Amounts recoverable on contracts 21,473 34,353
Other debtors 1,601 -
23,074 35,277

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 9,250 9,908
Hire purchase contracts 2,196 12,572
Payments on account 67,529 31,229
Trade creditors 142,023 76,934
Corporation tax - 12,248
Social security and other taxes 6,829 5,088
VAT 12,714 33,553
Directors' current accounts 2,809 795
Accruals and deferred income 8,983 5,678
252,333 188,005

Matthew Marsden Furniture Limited (Registered number: 05379823)

Notes to the Financial Statements - continued
for the year ended 30 April 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loan 21,583 31,009
Hire purchase contracts 20,561 -
42,144 31,009

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Hire purchase contracts 22,757 12,572

Hire purchase debts are secured on the asset to which they relate

11. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax
Accelerated capital allowances 35,485 33,637

Deferred tax
£
Balance at 1 May 2022 33,637
Charge to Statement of Income and Retained Earnings during year 1,848
Balance at 30 April 2023 35,485

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
1 Ordinary A £1 1 1
1 Ordinary B £1 1 1
2 2

13. RELATED PARTY DISCLOSURES

The company is controlled by Mr & Mrs MJ Marsden.