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REGISTERED NUMBER: 05641968 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

FURNELLS LTD

FURNELLS LTD (REGISTERED NUMBER: 05641968)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FURNELLS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: W M Wears Taylor
Mrs Z Wears-Taylor





SECRETARY: Mrs Z Wears-Taylor





REGISTERED OFFICE: Create Business Hub
Ground Floor
5 Rayleigh Road
Hutton, Brentwood.
Essex
CM13 1AB





REGISTERED NUMBER: 05641968 (England and Wales)





ACCOUNTANTS: Tish Press & Company
Create Business Hub
Ground Floor
5 Rayleigh Road
Hutton, Brentwood.
Essex
CM13 1AB

FURNELLS LTD (REGISTERED NUMBER: 05641968)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 84,337 88,569

CURRENT ASSETS
Debtors 5 126,287 84,320
Cash at bank and in hand 184,349 214,548
310,636 298,868
CREDITORS
Amounts falling due within one year 6 158,677 167,825
NET CURRENT ASSETS 151,959 131,043
TOTAL ASSETS LESS CURRENT
LIABILITIES

236,296

219,612

PROVISIONS FOR LIABILITIES 7 7,849 7,854
NET ASSETS 228,447 211,758

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 9 228,445 211,756
SHAREHOLDERS' FUNDS 228,447 211,758

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

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

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 February 2024 and were signed on its behalf by:



W M Wears Taylor - Director


FURNELLS LTD (REGISTERED NUMBER: 05641968)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Furnells Ltd 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.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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 9 (2022 - 8 ) .

FURNELLS LTD (REGISTERED NUMBER: 05641968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 245,917 6,321 58,374 4,806 315,418
Additions 12,582 - - 167 12,749
Disposals - - (36,570 ) - (36,570 )
At 31 May 2023 258,499 6,321 21,804 4,973 291,597
DEPRECIATION
At 1 June 2022 177,472 5,936 41,823 1,618 226,849
Charge for year 12,154 58 4,088 483 16,783
Eliminated on disposal - - (36,372 ) - (36,372 )
At 31 May 2023 189,626 5,994 9,539 2,101 207,260
NET BOOK VALUE
At 31 May 2023 68,873 327 12,265 2,872 84,337
At 31 May 2022 68,445 385 16,551 3,188 88,569

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 61,342 45,773
Other debtors 41,531 29,532
Prepayments 23,414 9,015
126,287 84,320

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 13,059 12,716
Trade creditors 6,559 27,299
Tax 4,622 11,736
Social security and other taxes 1,413 3,702
VAT 19,935 17,366
Other creditors 4,801 2,799
Directors' current accounts 87,066 87,066
Accrued expenses 21,222 5,141
158,677 167,825

7. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 7,849 7,854

FURNELLS LTD (REGISTERED NUMBER: 05641968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

7. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 June 2022 7,854
Credit to Income Statement during year (5 )
Accelerated capital allowance
Balance at 31 May 2023 7,849

8. CALLED UP SHARE CAPITAL

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

9. RESERVES
Retained
earnings
£   

At 1 June 2022 211,756
Profit for the year 16,689
At 31 May 2023 228,445