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REGISTERED NUMBER: 05116520 (England and Wales)















ROSE BAY FURNITURE LIMITED

Unaudited Financial Statements

for the Year Ended 31 March 2023






ROSE BAY FURNITURE LIMITED (REGISTERED NUMBER: 05116520)






Contents of the Financial Statements
for the year ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ROSE BAY FURNITURE LIMITED

Company Information
for the year ended 31 March 2023







DIRECTORS: L O Coton
R O Coton





SECRETARY: L O Coton





REGISTERED OFFICE: The Riding School House
Bulls Lane
Wishaw
Sutton Coldfield
West Midlands
B76 9QW





REGISTERED NUMBER: 05116520 (England and Wales)






ROSE BAY FURNITURE LIMITED (REGISTERED NUMBER: 05116520)

Balance Sheet
31 March 2023

31/3/23 31/3/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 451,470 420,065

CURRENT ASSETS
Stocks 344,791 202,803
Debtors 5 325,324 159,857
Cash at bank 356,745 598,019
1,026,860 960,679
CREDITORS
Amounts falling due within one year 6 336,369 291,489
NET CURRENT ASSETS 690,491 669,190
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,141,961

1,089,255

CREDITORS
Amounts falling due after more than one year 7 (211,007 ) (177,512 )

PROVISIONS FOR LIABILITIES (40,452 ) (33,290 )
NET ASSETS 890,502 878,453

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 890,402 878,353
SHAREHOLDERS' FUNDS 890,502 878,453

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

ROSE BAY FURNITURE LIMITED (REGISTERED NUMBER: 05116520)

Balance Sheet - continued
31 March 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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2023 and were signed on its behalf by:




L O Coton - Director



R O Coton - Director


ROSE BAY FURNITURE LIMITED (REGISTERED NUMBER: 05116520)

Notes to the Financial Statements
for the year ended 31 March 2023

1. STATUTORY INFORMATION

Rose Bay 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.

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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Improvements to property - 5% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

ROSE BAY FURNITURE LIMITED (REGISTERED NUMBER: 05116520)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued

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 15 (2022 - 15 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 313,900 408,126 722,026
Additions - 115,601 115,601
Disposals - (89,234 ) (89,234 )
At 31 March 2023 313,900 434,493 748,393
DEPRECIATION
At 1 April 2022 69,059 232,902 301,961
Charge for year 6,278 49,126 55,404
Eliminated on disposal - (60,442 ) (60,442 )
At 31 March 2023 75,337 221,586 296,923
NET BOOK VALUE
At 31 March 2023 238,563 212,907 451,470
At 31 March 2022 244,841 175,224 420,065

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022 96,180
Additions 105,438
Transfer to ownership (39,590 )
At 31 March 2023 162,028
DEPRECIATION
At 1 April 2022 40,476
Charge for year 35,654
Transfer to ownership (21,060 )
At 31 March 2023 55,070
NET BOOK VALUE
At 31 March 2023 106,958
At 31 March 2022 55,704

ROSE BAY FURNITURE LIMITED (REGISTERED NUMBER: 05116520)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade debtors 296,834 148,661
Other debtors 28,490 11,196
325,324 159,857

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Bank loans and overdrafts 12,825 17,367
Hire purchase contracts 33,321 21,297
Trade creditors 251,418 176,582
Taxation and social security 29,074 60,182
Other creditors 9,731 16,061
336,369 291,489

Directors current accounts are not subject to any formal loan agreements, have no set date for repayment and no interest is charged. Accordingly the amounts are treated as repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/3/23 31/3/22
£    £   
Bank loans 154,112 164,574
Hire purchase contracts 56,895 12,938
211,007 177,512

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due over 5 years 102,814 95,107

8. SECURED DEBTS

The following secured debts are included within creditors:

31/3/23 31/3/22
£    £   
Bank loans 166,937 181,941

9. OTHER FINANCIAL COMMITMENTS

As at 31 March 2023, the company had financial commitments under operating leases amounting to £6,285 (2022 : £6,285).