Company Registration No. 03546570 (England and Wales)
SURREY FURNITURE LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
SURREY FURNITURE LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
SURREY FURNITURE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -
2023
2022
£
£
Turnover
11,479
16,448
Cost of sales
(8,443)
(6,145)
Gross profit
3,036
10,303
Administrative expenses
(28,586)
(41,434)
Other operating income
34,591
40,243
Operating profit
9,041
9,112
Interest receivable and similar income
16
1
Interest payable and similar expenses
(3,013)
(5,819)
Profit before taxation
6,044
3,294
Tax on profit
(1,192)
(1,955)
Profit for the financial year
4,852
1,339
SURREY FURNITURE LIMITED
Company Registration No. 03546570
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
224,510
Current assets
Stocks
-
3,150
Debtors
4
8,204
10,195
Cash at bank and in hand
72,509
8,204
85,854
Creditors: amounts falling due within one year
5
(3,204)
(25,267)
Net current assets
5,000
60,587
Total assets less current liabilities
5,000
285,097
Creditors: amounts falling due after more than one year
6
(110,392)
Net assets
5,000
174,705
Capital and reserves
Called up share capital
7
5,000
5,000
Profit and loss reserves
169,705
Total equity
5,000
174,705
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SURREY FURNITURE LIMITED
Company Registration No. 03546570
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 12 March 2024 and are signed on its behalf by:
C M Budgen
Director
SURREY FURNITURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
1
Accounting policies
Company information
Surrey Furniture Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10A Church Street, Weybridge, Surrey, KT13 8DX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
Turnover represents amounts receivable for supplying furniture net of VAT and trade discounts.
Income is recognised when the product is delivered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
4-20% of cost
Fixtures, fittings & equipment
33% straight line
Motor vehicles
25% of net book value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
SURREY FURNITURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
SURREY FURNITURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2022
327,488
12,405
339,893
Transfers
(327,488)
(327,488)
At 30 September 2023
12,405
12,405
Depreciation and impairment
At 1 October 2022
103,251
12,131
115,382
Depreciation charged in the year
274
274
Transfers
(103,251)
(103,251)
At 30 September 2023
12,405
12,405
Carrying amount
At 30 September 2023
At 30 September 2022
224,237
273
224,510
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
8,204
10,195
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
12,115
Trade creditors
40
Taxation and social security
1,504
3,859
Other creditors
1,700
9,253
3,204
25,267
Included within creditors falling due within one year are bank loans of £0 (2022 - £12,115) which are secured on the company's assets.
SURREY FURNITURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
110,392
Included within creditors falling due after more than one year are bank loans of £0 (2022 - £110,392) which are secured on the company's assets.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
-
67,527
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3,500
3,500
3,500
3,500
Ordinary Non-voting shares of £1 each
1,500
1,500
1,500
1,500
5,000
5,000
5,000
5,000
8
Directors' benefits: advances, credits and guarantees
At the beginning of the year the director, C M Budgen was owed £5,018 by the company. During the year advances totalling £nil were made to the director. £5,018 of repayments were made during the year. At the balance sheet date, the balance owed by the director was £nil.
At the balance sheet date, the balance due from the director, P N Russel, was £nil.