Registered number
09053646
New Home Furnishings Limited
Filleted Accounts
31 May 2023
New Home Furnishings Limited
Registered number: 09053646
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 23,611 11,784
Current assets
Stocks 41,636 27,343
Debtors 4 1,550 1,895
Cash at bank and in hand 5,074 5,614
48,260 34,852
Creditors: amounts falling due within one year 5 (14,550) (7,707)
Net current assets 33,710 27,145
Total assets less current liabilities 57,321 38,929
Creditors: amounts falling due after more than one year 6 (28,948) (13,850)
Provisions for liabilities (3,714) (1,322)
Net assets 24,659 23,757
Capital and reserves
Called up share capital 10 10
Profit and loss account 24,649 23,747
Shareholder's funds 24,659 23,757
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs J A Owen
Director
Approved by the board on 23 November 2023
New Home Furnishings Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment 20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 43,088
Additions 21,995
At 31 May 2023 65,083
Depreciation
At 1 June 2022 31,304
Charge for the year 10,168
At 31 May 2023 41,472
Net book value
At 31 May 2023 23,611
At 31 May 2022 11,784
4 Debtors 2023 2022
£ £
Trade debtors 750 1,895
Other debtors 800 -
1,550 1,895
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,890 2,750
Trade creditors 392 314
Taxation and social security costs 1,762 4,143
Accruals 500 500
Other creditors 5,006 -
14,550 7,707
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 24,909 10,051
Directors loan account 4,039 3,799
28,948 13,850
7 Other information
New Home Furnishings Limited is a private company limited by shares and incorporated in Wales. Its registered office is:
Unit H
Vastre Industrial Estate
Newtown
Powys
SY16 1DZ
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