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Registration number: 06410429

Furniture for Functions Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 October 2023

 

Furniture for Functions Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Furniture for Functions Limited

Company Information

Director

PJW Florey

Registered office

Hale Barn
Hale Farm
Kingston Lisle
Oxford
Oxfordshire
OX12 9QZ

Accountants

Lucas Accountancy Limited
Chartered Accountants
198 Woodstock Road
Yarnton
Kidlington
Oxfordshire
OX5 1PP

 

Furniture for Functions Limited

(Registration number: 06410429)
Abridged Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

7,801

10,404

Current assets

 

Stocks

5

72,000

72,000

Debtors

6

444,569

431,795

Cash at bank and in hand

 

2,980

2,147

 

519,549

505,942

Prepayments and accrued income

 

183

-

Creditors: Amounts falling due within one year

7.1

(479,998)

(468,014)

Net current assets

 

39,734

37,928

Total assets less current liabilities

 

47,535

48,332

Creditors: Amounts falling due after more than one year

7.2

(22,625)

(32,318)

Accruals and deferred income

 

(2,736)

(1,443)

Net assets

 

22,174

14,571

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

22,074

14,471

Shareholders' funds

 

22,174

14,571

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 his 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Furniture for Functions Limited

(Registration number: 06410429)
Abridged Balance Sheet as at 31 October 2023

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 26 July 2024
 

.........................................
PJW Florey
Director

 

Furniture for Functions Limited

Notes to the Unaudited Abridged 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.

The address of its registered office is:
Hale Barn
Hale Farm
Kingston Lisle
Oxford
Oxfordshire
OX12 9QZ
England

These financial statements were authorised for issue by the director on 26 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 abridged 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 abridged 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 financial statements have been prepared on a going concern basis.

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.

 

Furniture for Functions Limited

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

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

Plant and machinery

25% reducing balance basis

Motor vehicles

25% reducing balance basis

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.

 

Furniture for Functions Limited

Notes to the Unaudited Abridged 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

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

 

Furniture for Functions Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

62,193

19,921

82,114

At 31 October 2023

62,193

19,921

82,114

Depreciation

At 1 November 2022

58,538

13,172

71,710

Charge for the year

916

1,687

2,603

At 31 October 2023

59,454

14,859

74,313

Carrying amount

At 31 October 2023

2,739

5,062

7,801

At 31 October 2022

3,655

6,749

10,404

5

Stocks

2023
£

2022
£

Other inventories

72,000

72,000

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Creditors

Creditors: amounts falling due within one year

Creditors falling due within one year include a bounce back loan, guaranteed by the government of £10,592.05 (2022: £9,714.87)

There are also loans from other companies under the common control of the director totalling £466,234 (2022: £455,234). The loans are interest free and repayable on demand and therefore shown under creditors due within one year.

Creditors: amounts falling due after more than one year

Creditors falling due after more than one year include a bounce back loan, guaranteed by the government of £22,625.37 (2022: £32,318.49)

 

Furniture for Functions Limited

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

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary £1 shares of £1 each

100

100

100

100

       

9

Dividends

2023

2022

£

£

Final dividend of £Nil (2022 - £Nil) per ordinary share

-

-

Interim dividend of £Nil (2022 - £65.00) per ordinary share

-

6,500

-

6,500

 

 

10

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are guarantees of £33,217 (2022 - £42,033). The bank loan is a Bounce Back Loan guaranteed by the government.

11

Related party transactions

The company has loans from other companies under the common control of the director totalling £466,234 (2022: £455,234). The loans are interest free and repayable on demand and therefore shown under creditors due within one year.

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

455,234

455,234

At end of period

455,234

455,234

 

Furniture for Functions Limited

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

2022

Other related parties
£

Total
£

At start of period

158,634

158,634

Advanced

296,600

296,600

At end of period

455,234

455,234