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COMPANY REGISTRATION NUMBER: 10987002
Ely Farmhouse Furniture Limited
Unaudited financial statements
30 September 2023
Ely Farmhouse Furniture Limited
Statement of financial position
30 September 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
159,929
131,764
Current assets
Stocks
135,050
82,882
Debtors
6
175,343
219,819
Cash at bank and in hand
2,873
26,002
---------
---------
313,266
328,703
Creditors: Amounts falling due within one year
7
( 351,527)
( 318,467)
---------
---------
Net current (liabilities)/assets
( 38,261)
10,236
---------
---------
Total assets less current liabilities
121,668
142,000
Creditors: Amounts falling due after more than one year
8
( 71,753)
( 96,728)
Provisions
Taxation including deferred tax
( 22,584)
( 12,922)
---------
---------
Net assets
27,331
32,350
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
27,231
32,250
-------
-------
Shareholders funds
27,331
32,350
-------
-------
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 income and retained earnings has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ely Farmhouse Furniture Limited
Statement of financial position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 28 March 2024 , and are signed on behalf of the board by:
G Willis
Director
Company registration number: 10987002
Ely Farmhouse Furniture Limited
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 25 Common Road, Witchford, Ely, CB6 2HY, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Long leasehold property
-
15% reducing balance
Plant and machinery
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Office equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 14 (2022: 8 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 October 2022
7,596
66,334
80,664
18,184
172,778
Additions
3,396
57,272
1,327
61,995
------
-------
---------
-------
---------
At 30 September 2023
7,596
69,730
137,936
19,511
234,773
------
-------
---------
-------
---------
Depreciation
At 1 October 2022
1,140
11,541
22,851
5,482
41,014
Charge for the year
969
11,188
18,244
3,429
33,830
------
-------
---------
-------
---------
At 30 September 2023
2,109
22,729
41,095
8,911
74,844
------
-------
---------
-------
---------
Carrying amount
At 30 September 2023
5,487
47,001
96,841
10,600
159,929
------
-------
---------
-------
---------
At 30 September 2022
6,456
54,793
57,813
12,702
131,764
------
-------
---------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
6,620
16,687
Other debtors
168,723
203,132
---------
---------
175,343
219,819
---------
---------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
68,060
37,620
Trade creditors
64,074
39,008
Social security and other taxes
49,053
36,664
Other creditors
170,340
205,175
---------
---------
351,527
318,467
---------
---------
Included within other creditors is an amount of £28,012 (2022: £24,280) which is secured on the assets concerned.
8. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,277
55,941
Other creditors
52,476
40,787
-------
-------
71,753
96,728
-------
-------
Included within other creditors is an amount of £52,476 (2022: £40,787) which is secured on the assets concerned.
9. Directors' advances, credits and guarantees
Included within debtors at the year end is a directors loan account of £56,270 (2022: £44,264). Interest of £1,047 was charged at the official rate.