Registered number
04304474
ADM Furniture Limited
Filleted Accounts
31 October 2023
ADM Furniture Limited
Registered number: 04304474
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 101,851 94,388
Current assets
Stocks 33,069 32,746
Debtors 4 108,878 89,910
Cash at bank and in hand 1,053 27,680
143,000 150,336
Creditors: amounts falling due within one year 5 (107,445) (83,510)
Net current assets 35,555 66,826
Total assets less current liabilities 137,406 161,214
Creditors: amounts falling due after more than one year 6 (45,896) (78,377)
Net assets 91,510 82,837
Capital and reserves
Called up share capital 200 200
Share premium 25,318 25,318
Revaluation reserve 7 12,327 12,327
Profit and loss account 53,665 44,992
Shareholders' funds 91,510 82,837
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
A Milton
Director
Approved by the board on 13 February 2024
ADM Furniture Limited
Notes to the Accounts
for the year ended 31 October 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:
Improvements to property 10% on cost
Motor vehicles 25% reducing balance
General fixed assets 20% reducing balance
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 15 16
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 68,791 401,567 88,797 559,155
Additions 789 6,009 26,750 33,548
Disposals - - (73,547) (73,547)
At 31 October 2023 69,580 407,576 42,000 519,156
Depreciation
At 1 November 2022 33,445 352,272 79,050 464,767
Charge for the year 6,922 11,630 1,481 20,033
On disposals - - (67,495) (67,495)
At 31 October 2023 40,367 363,902 13,036 417,305
Net book value
At 31 October 2023 29,213 43,674 28,964 101,851
At 31 October 2022 35,346 49,295 9,747 94,388
4 Debtors 2023 2022
£ £
Trade debtors 99,990 82,783
Other debtors 8,888 7,127
108,878 89,910
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 57,923 39,833
Directors loan 1,610 1,610
Taxation and social security costs 18,072 13,214
Other creditors 29,840 28,853
107,445 83,510
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 105 21,053
Trade creditors 45,791 57,324
45,896 78,377
7 Revaluation reserve 2023 2022
£ £
At 1 November 2022 12,327 12,327
At 31 October 2023 12,327 12,327
8 Other information
ADM Furniture Limited is a private company limited by shares and incorporated in England. Its registered office is:
9 High Street
Wellington
Somerset
TA21 8QT
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