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COMPANY REGISTRATION NUMBER: 11046233
Churnet Valley Garden Furniture Limited
Filleted Unaudited Financial Statements
31 October 2023
Churnet Valley Garden Furniture Limited
Financial Statements
Year ended 31 October 2023
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 8
Churnet Valley Garden Furniture Limited
Balance Sheet
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
211,727
178,035
Current assets
Stocks
120,000
270,000
Debtors
6
411,080
262,360
Cash at bank and in hand
544,018
475,841
------------
------------
1,075,098
1,008,201
Creditors: amounts falling due within one year
7
366,594
565,134
------------
------------
Net current assets
708,504
443,067
---------
---------
Total assets less current liabilities
920,231
621,102
Creditors: amounts falling due after more than one year
8
156,082
91,387
Provisions
33,827
33,827
---------
---------
Net assets
730,322
495,888
---------
---------
Capital and reserves
Called up share capital
16
16
Profit and loss account
730,306
495,872
---------
---------
Shareholders funds
730,322
495,888
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss has not been delivered.
For the 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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Churnet Valley Garden Furniture Limited
Balance Sheet (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 31 July 2024 , and are signed on behalf of the board by:
Mr L Ellis
Director
Company registration number: 11046233
Churnet Valley Garden Furniture Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Belle Vue Mill, Belle Vue Road, Leek, Staffordshire, ST13 8EP. The company registration number is 11046233 .
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT and trade discounts) of goods and services provided in the normal course of business. Revenue is recognised when goods are despatched, which is the same day on which goods are delivered and hence the point at which the risks and rewards of ownership pass to the buyer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
20% straight line
Plant and machinery
-
20% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
20% straight line
Computer equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 36 (2022: 33 ).
5. Tangible assets
Improvements to freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 Nov 2022
7,036
182,694
5,267
153,686
7,824
356,507
Additions
129,166
601
129,767
Disposals
( 721)
( 721)
-------
---------
-------
---------
-------
---------
At 31 Oct 2023
7,036
311,139
5,267
153,686
8,425
485,553
-------
---------
-------
---------
-------
---------
Depreciation
At 1 Nov 2022
2,758
91,260
1,053
79,146
4,255
178,472
Charge for the year
1,407
57,573
527
33,645
2,491
95,643
Disposals
( 289)
( 289)
-------
---------
-------
---------
-------
---------
At 31 Oct 2023
4,165
148,544
1,580
112,791
6,746
273,826
-------
---------
-------
---------
-------
---------
Carrying amount
At 31 Oct 2023
2,871
162,595
3,687
40,895
1,679
211,727
-------
---------
-------
---------
-------
---------
At 31 Oct 2022
4,278
91,434
4,214
74,540
3,569
178,035
-------
---------
-------
---------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
195,828
218,067
Other debtors
215,252
44,293
---------
---------
411,080
262,360
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,857
9,650
Trade creditors
150,284
366,051
Corporation tax
32,690
8,005
Social security and other taxes
63,211
102,306
Other creditors
110,552
79,122
---------
---------
366,594
565,134
---------
---------
Hire purchase liabilities of £46,739 (2022 - £21,231) are secured against the assets to which they relate.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
26,634
36,365
Other creditors
129,448
55,022
---------
--------
156,082
91,387
---------
--------
Hire purchase liabilities of £129,448 (2022 - £55,022) are secured against the assets to which they relate.
The bank loan in favour of HSBC Bank Plc is unsecured.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
142,150
143,820
Later than 1 year and not later than 5 years
159,016
301,166
---------
---------
301,166
444,986
---------
---------