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Registration number: 08248403

Around The House Furniture Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Around The House Furniture Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Around The House Furniture Limited

Company Information

Director

Mrs Louise Stockton

Registered office

c/o HMB Accountants Limited
18a Manor Way
Belasis Hall Technology Park
Billingham
Durham
TS23 4HN

Accountants

HMB Accountants Limited
18a Manor Way
Belasis Hall Technology Park
Billingham
TS23 4HN

 

Around The House Furniture Limited

(Registration number: 08248403)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Current assets

 

Stocks

5

3,000

3,000

Debtors

6

17,757

18,000

Cash at bank and in hand

 

3,717

185

 

24,474

21,185

Creditors: Amounts falling due within one year

7

(48,555)

(35,695)

Net liabilities

 

(24,081)

(14,510)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(24,181)

(14,610)

Shareholders' deficit

 

(24,081)

(14,510)

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 July 2024
 

.........................................
Mrs Louise Stockton
Director

 

Around The House Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
c/o HMB Accountants Limited
18a Manor Way
Belasis Hall Technology Park
Billingham
Durham
TS23 4HN
England

The principal place of business is:
48 Bloomfield Drive
Wynyard
Stockton on Tees
TS22 5FA

These financial statements were authorised for issue by the director on 28 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company made a loss during the year and at the balance sheet date, it had net liabilities. The company is reliant on the support of the director,

On the basis that the director will continue to support the reporting entity for the foreseeable future, the director considers it appropriate to prepare the financial statements on a going concern basis.

The financial statements do not include any adjustments that would result from a withdrawal of the support of the director.

 

Around The House Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, 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 specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% on cost

Fixtures & fittings

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Around The House Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Around The House Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

2,991

2,991

At 31 October 2023

2,991

2,991

Depreciation

At 1 November 2022

2,991

2,991

At 31 October 2023

2,991

2,991

Carrying amount

At 31 October 2023

-

-

5

Stocks

2023
£

2022
£

Other inventories

3,000

3,000

6

Debtors

Current

2023
£

2022
£

Other debtors

17,757

18,000

 

17,757

18,000

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

90

162

Taxation and social security

658

658

Accruals and deferred income

1,524

1,452

Other creditors

46,283

33,423

48,555

35,695

 

Around The House Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Related party transactions

 

Around The House Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

-

6,666

10

Parent and ultimate parent undertaking

The ultimate controlling party is Mrs L Stockton.