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REGISTERED NUMBER: 02730067 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31st March 2023

for

Exclusive Furniture Limited

Exclusive Furniture Limited (Registered number: 02730067)






Contents of the Financial Statements
for the Year Ended 31st March 2023




Page

Abridged Balance Sheet 1

Notes to the Financial Statements 3


Exclusive Furniture Limited (Registered number: 02730067)

Abridged Balance Sheet
31st March 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 31,367 35,042

CURRENT ASSETS
Stocks 287,245 343,746
Debtors 36,014 31,767
Cash at bank and in hand 13 16,209
323,272 391,722
CREDITORS
Amounts falling due within one year 305,084 138,094
NET CURRENT ASSETS 18,188 253,628
TOTAL ASSETS LESS CURRENT
LIABILITIES

49,555

288,670

CREDITORS
Amounts falling due after more than one
year

47,105

57,057
NET ASSETS 2,450 231,613

CAPITAL AND RESERVES
Called up share capital 2,400 2,400
Retained earnings 50 229,213
SHAREHOLDERS' FUNDS 2,450 231,613

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Exclusive Furniture Limited (Registered number: 02730067)

Abridged Balance Sheet - continued
31st March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 1st March 2024 and were signed by:





Mr T D Payne - Director


Exclusive Furniture Limited (Registered number: 02730067)

Notes to the Financial Statements
for the Year Ended 31st March 2023

1. STATUTORY INFORMATION

Exclusive Furniture Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02730067

Registered office: 2 County Gate
Staceys Street
Maidstone
Kent
ME14 1ST

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sales comprise the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities as follows:

Revenue from the sale of goods is recognised at the point at which the goods have been delivered to the customer.

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 - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Exclusive Furniture Limited (Registered number: 02730067)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023

3. ACCOUNTING POLICIES - continued

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 16 ) .

Exclusive Furniture Limited (Registered number: 02730067)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st April 2022 94,427
Additions 24,184
Disposals (40,489 )
At 31st March 2023 78,122
DEPRECIATION
At 1st April 2022 59,385
Charge for year 9,790
Eliminated on disposal (22,420 )
At 31st March 2023 46,755
NET BOOK VALUE
At 31st March 2023 31,367
At 31st March 2022 35,042

6. CREDITORS: AMOUNTS FALLING DUE LESS THAN FIVE YEARS

2022 2021
£ £

Bank loans less than 1 year 9,706.79 7,500.00
Bank loans - 1-2 years 9,952.25 10,000.00
Bank loans - 2-5 years 22,435.11 30,000.00

Total 42,094.15 47,500.00