2022-06-012023-05-312023-05-31false10793005NETWORLD FURNITURE 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NETWORLD FURNITURE LIMITED

Registered Number
10793005
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

NETWORLD FURNITURE LIMITED
Company Information
for the year from 1 June 2022 to 31 May 2023

Directors

CONNICK, Barry
KROKATSIS, Michael

Registered Address

Grove House
2 Woodberry Grove
London
N12 0DR

Registered Number

10793005 (England and Wales)
NETWORLD FURNITURE LIMITED
Balance Sheet as at
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets316,46320,658
16,46320,658
Current assets
Stocks415,00027,500
Debtors3,4542,388
Cash at bank and on hand33,20320,917
51,65750,805
Creditors amounts falling due within one year5(20,178)(21,372)
Net current assets (liabilities)31,47929,433
Total assets less current liabilities47,94250,091
Provisions for liabilities6(3,128)(3,573)
Net assets44,81446,518
Capital and reserves
Called up share capital100100
Profit and loss account44,71446,418
Shareholders' funds44,81446,518
The financial statements were approved and authorised for issue by the Board of Directors on 20 February 2024, and are signed on its behalf by:
CONNICK, Barry
Director
Registered Company No. 10793005
NETWORLD FURNITURE LIMITED
Notes to the Financial Statements
for the year ended 31 May 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Turnover policy
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.
Revenue from sale of goods
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
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
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20232022
Average number of employees during the year22
3.Tangible fixed assets

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 01 June 2224,2451,68225,927
At 31 May 2324,2451,68225,927
Depreciation and impairment
At 01 June 224,8494205,269
Charge for year3,8793164,195
At 31 May 238,7287369,464
Net book value
At 31 May 2315,51794616,463
At 31 May 2219,3961,26220,658
4.Stocks

2023

2022

££
Finished goods15,00027,500
Total15,00027,500
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables12,00012,000
Taxation and social security9842,539
Other creditors4,9844,733
Accrued liabilities and deferred income2,2102,100
Total20,17821,372
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.
6.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)3,1283,573
Total3,1283,573
7.Related party transactions
Creditors include a director loan account balance of £4,733 (2022 - £4,733). This is an interest free loan from the directors with no fixed date for repayment.