5 30/11/2023 2023-11-30 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-12-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 06004469 2022-12-01 2023-11-30 06004469 2023-11-30 06004469 2021-12-01 2022-11-30 06004469 2022-11-30 06004469 core:FurnitureFittingsToolsEquipment 2022-12-01 2023-11-30 06004469 core:MotorVehicles 2022-12-01 2023-11-30 06004469 bus:Director1 2022-12-01 2023-11-30 06004469 core:FurnitureFittingsToolsEquipment 2022-11-30 06004469 core:MotorVehicles 2022-11-30 06004469 core:FurnitureFittingsToolsEquipment 2023-11-30 06004469 core:MotorVehicles 2023-11-30 06004469 core:WithinOneYear 2023-11-30 06004469 core:WithinOneYear 2022-11-30 06004469 core:AfterOneYear 2023-11-30 06004469 core:AfterOneYear 2022-11-30 06004469 core:ShareCapital 2023-11-30 06004469 core:ShareCapital 2022-11-30 06004469 core:RetainedEarningsAccumulatedLosses 2023-11-30 06004469 core:RetainedEarningsAccumulatedLosses 2022-11-30 06004469 core:FurnitureFittingsToolsEquipment 2022-11-30 06004469 core:MotorVehicles 2022-11-30 06004469 bus:SmallEntities 2022-12-01 2023-11-30 06004469 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 06004469 bus:FullAccounts 2022-12-01 2023-11-30 06004469 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 06004469 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30
Company registration number: 06004469
HMC Furniture Limited
Unaudited financial statements
For the year ended
30 November 2023
HMC Furniture Limited
Contents
Statement of financial position
Notes to the financial statements
HMC Furniture Limited
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 11,273 17,259
________ ________
11,273 17,259
Current assets
Stocks 101,961 114,387
Debtors 5 20,777 26,632
Cash at bank and in hand 26,531 44,185
________ ________
149,269 185,204
Creditors: amounts falling due
within one year 6 ( 43,119) ( 71,294)
________ ________
Net current assets 106,150 113,910
________ ________
Total assets less current liabilities 117,423 131,169
Creditors: amounts falling due
after more than one year 7 ( 47,108) ( 56,590)
________ ________
Net assets 70,315 74,579
________ ________
Capital and reserves
Called up share capital 101 101
Profit and loss account 70,214 74,478
________ ________
Shareholders funds 70,315 74,579
________ ________
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 March 2024 , and are signed on behalf of the board by:
Mr D Harris
Director
Company registration number: 06004469
HMC Furniture Limited
Notes to the financial statements
Year ended 30 November 2023
1. Company information
The company is a private company limited by shares, registered in England and Wales, registration number 06004469 . The address of the registered office is 19 Guard Street, Workington, Cumbria, CA14 4EN.
2. Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with the accounting policies set out below. These financial statements have been prepared in accordance with FRS 102, section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible fixed assets are included at cost less depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and net realisable value.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for fixed asset investments which are measured at fair value, with changes recognised in the fair value reserve.
Defined contribution plans
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in comprehensive income when due.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
4. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 December 2022 and 30 November 2023 70,933 28,625 99,558
________ ________ ________
Depreciation
At 1 December 2022 70,372 11,927 82,299
Charge for the year 261 5,725 5,986
________ ________ ________
At 30 November 2023 70,633 17,652 88,285
________ ________ ________
Carrying amount
At 30 November 2023 300 10,973 11,273
________ ________ ________
At 30 November 2022 561 16,698 17,259
________ ________ ________
5. Debtors
2023 2022
£ £
Trade debtors 12,144 17,495
Other debtors 8,633 9,137
________ ________
20,777 26,632
________ ________
6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 6,491 6,491
Trade creditors 4,169 25,658
Taxation and social security 8,248 4,285
Director loan accounts - 6,670
Other creditors 24,211 28,190
________ ________
43,119 71,294
________ ________
Obligations under finance leases are secured on the assets to which they relate. The company has entered into a debenture, dated 20 February 2007, in favour of HSBC Bank Plc which includes fixed and floating charges over the company's assets.
7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 36,959 42,291
Other creditors 10,149 14,299
________ ________
47,108 56,590
________ ________
Obligations under finance leases are secured on the assets to which they relate.
The bank loan outstanding at the year end includes instalments due after more than five years of £10, 994 (2022: £16,327).
8. Pension commitments
The company operates defined contribution pension schemes for directors and certain employees. The assets of the schemes are held seperately from those of the company in independently administered funds. At the balance sheet date, 30 November 2023, unpaid contributions of £165 (2022 - £165) were due to the fund. They are included in other creditors.
9. Directors advances, credits and guarantees
During the year the company made advances to Mr D Harris , a director, totalling £6,752 (2022: £nil). Repayments of £nil were made by 30 November 2023 and so the balance outstanding at the year end, 30 November 2023, was £6,752 (2022: £nil). Where applicable, interest is charged on overdrawn loan accounts at the rate of 2.00% per annum to 05 April 2023 and 2.25% thereafter, loans are repayable on demand.