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REGISTERED NUMBER: 02276069 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30th September 2023

for

Honours Furnishing Limited

Honours Furnishing Limited (Registered number: 02276069)

Contents of the Financial Statements
for the Year Ended 30th September 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Honours Furnishing Limited

Company Information
for the Year Ended 30th September 2023







DIRECTOR: C D Honour Esq.





REGISTERED OFFICE: 29 High Street
Blue Town
SHEERNESS
Kent
ME12 1RN





REGISTERED NUMBER: 02276069 (England and Wales)





ACCOUNTANTS: Blain Pritchard
Chartered Certified Accountants
29 High Street
Blue Town
SHEERNESS
Kent
ME12 1RN

Honours Furnishing Limited (Registered number: 02276069)

Balance Sheet
30th September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 34,842 39,802
Investment property 5 530,000 530,000
564,842 569,802

CURRENT ASSETS
Stocks 70,311 79,755
Debtors 6 24,386 29,000
Cash at bank and in hand 397,830 336,288
492,527 445,043
CREDITORS
Amounts falling due within one year 7 68,652 73,440
NET CURRENT ASSETS 423,875 371,603
TOTAL ASSETS LESS CURRENT
LIABILITIES

988,717

941,405

PROVISIONS FOR LIABILITIES 30,684 31,472
NET ASSETS 958,033 909,933

CAPITAL AND RESERVES
Called up share capital 1,004 1,004
Revaluation reserve 8 62,203 62,203
Fair value reserve 8 66,650 66,650
Retained earnings 828,176 780,076
SHAREHOLDERS' FUNDS 958,033 909,933

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 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.

Honours Furnishing Limited (Registered number: 02276069)

Balance Sheet - continued
30th September 2023


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 Profit and Loss Account has not been delivered.

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





C D Honour Esq. - Director


Honours Furnishing Limited (Registered number: 02276069)

Notes to the Financial Statements
for the Year Ended 30th September 2023


1. STATUTORY INFORMATION

Honours Furnishing Limited 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 as modified by the revaluation of certain assets.

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.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance, 25% on cost and 20% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Honours Furnishing Limited (Registered number: 02276069)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2023


2. ACCOUNTING POLICIES - continued

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.

The company operates a non-contributory money purchase scheme. The assets of the scheme are invested and managed independently of the finances of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st October 2022
and 30th September 2023 40,549 52,282 92,831
DEPRECIATION
At 1st October 2022 17,031 35,998 53,029
Charge for year 811 4,149 4,960
At 30th September 2023 17,842 40,147 57,989
NET BOOK VALUE
At 30th September 2023 22,707 12,135 34,842
At 30th September 2022 23,518 16,284 39,802

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st October 2022
and 30th September 2023 530,000
NET BOOK VALUE
At 30th September 2023 530,000
At 30th September 2022 530,000

Honours Furnishing Limited (Registered number: 02276069)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2023


5. INVESTMENT PROPERTY - continued

Fair value at 30th September 2023 is represented by:
£   
Valuation in 2014 7,873
Valuation in 2018 47,074
Valuation in 2019 20,000
Valuation in 2020 37,284
Valuation in 2022 45,000
Cost 372,769
530,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 372,769 372,769

Investment property was valued on an open market basis on 30th September 2023 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 20,481 25,075
Other debtors 3,905 3,925
24,386 29,000

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 12,149 20,669
Taxation and social security 36,028 37,828
Other creditors 20,475 14,943
68,652 73,440

8. RESERVES
Fair
Revaluation value
reserve reserve Totals
£    £    £   
At 1st October 2022
and 30th September 2023 62,203 66,650 128,853

Honours Furnishing Limited (Registered number: 02276069)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2023


9. RELATED PARTY DISCLOSURES

The company occupies premises under two leases, one with Mr T. C. Honour & Mr C. Honour and one with Honours Pension Trust.

The company paid £17,500 to Mr T. C. & Mr C. Honour during the year. Mr T. Honour was a former director of the company and is still a major shareholder.

The company paid £17,500 to Honours Pension Trust during the year. The trust provides pension benefits to T. C. Honour & C. D. Honour, who are or were directors of the company.