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Registration number: 00766073

Victoria Furniture & Carpets Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 5 April 2023

 

Victoria Furniture & Carpets Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Abridged Balance Sheet

4

Notes to the Unaudited Abridged Financial Statements

5 to 7

 

Victoria Furniture & Carpets Limited

Company Information

Directors

Mr J Hecht

Mrs J Lefton

Company secretary

Mrs MA Hecht

Registered office

Unit 1 Barons Court
Graceways
Whitehills Business Park
Blackpool
Lancashire
FY4 5GP

Accountants

Rawcliffe & Co Limited
Independent Reporting Accountants
Unit 1 Barons Court
Graceways
Whitehills Business Park
Blackpool
Lancashire
FY4 5GP

 

Victoria Furniture & Carpets Limited

Directors' Report for the Year Ended 5 April 2023

The directors present their report and the abridged financial statements for the year ended 5 April 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr J Hecht

Mrs J Lefton

Principal activity

The principal activity of the company is that of a property holding company.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 16 October 2023 and signed on its behalf by:
 

.........................................
Mr J Hecht
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Victoria Furniture & Carpets Limited
for the Year Ended 5 April 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Victoria Furniture & Carpets Limited for the year ended 5 April 2023 as set out on pages 4 to 7 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 Victoria Furniture & Carpets Limited, as a body, in accordance with the terms of our engagement letter dated 4 July 2019. Our work has been undertaken solely to prepare for your approval the accounts of Victoria Furniture & Carpets Limited and state those matters that we have agreed to state to the Board of Directors of Victoria Furniture & Carpets Limited, 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 Victoria Furniture & Carpets Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Victoria Furniture & Carpets Limited 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 Victoria Furniture & Carpets Limited. You consider that Victoria Furniture & Carpets Limited 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 Victoria Furniture & Carpets Limited. 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.

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

Rawcliffe & Co Limited
Independent Reporting Accountants
Unit 1 Barons Court
Graceways
Whitehills Business Park
Blackpool
Lancashire
FY4 5GP

16 October 2023

 

Victoria Furniture & Carpets Limited

(Registration number: 00766073)
Abridged Balance Sheet as at 5 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

46,181

46,181

Current assets

 

Debtors

5

2,587

2,050

Cash at bank and in hand

 

579

926

 

3,166

2,976

Creditors: Amounts falling due within one year

(11,399)

(13,005)

Net current liabilities

 

(8,233)

(10,029)

Total assets less current liabilities

 

37,948

36,152

Accruals and deferred income

 

(738)

(672)

Net assets

 

37,210

35,480

Capital and reserves

 

Called up share capital

6

6,200

6,200

Capital redemption reserve

3,800

3,800

Retained earnings

27,210

25,480

Shareholders' funds

 

37,210

35,480

For the financial year ending 5 April 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 16 October 2023 and signed on its behalf by:
 

.........................................
Mr J Hecht
Director

 

Victoria Furniture & Carpets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 5 April 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:
Unit 1 Barons Court
Graceways
Whitehills Business Park
Blackpool
Lancashire
FY4 5GP
United Kingdom

These financial statements were authorised for issue by the Board on 16 October 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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current 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.

 

Victoria Furniture & Carpets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 5 April 2023

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

Nil

Investment property

No depreciation has been charged in respect of the investment property.

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 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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Victoria Furniture & Carpets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 5 April 2023

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 6 April 2022

46,181

46,181

At 5 April 2023

46,181

46,181

Depreciation

Carrying amount

At 5 April 2023

46,181

46,181

At 5 April 2022

46,181

46,181

Included within the net book value of land and buildings above is £46,181 (2022 - £46,181) in respect of freehold land and buildings.
 

5

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

6,200

6,200

6,200

6,200