Silverfin false false 31/12/2023 01/01/2023 31/12/2023 D Daniels 01/01/2004 A P Furbank 04/09/2002 R S Furbank 01/01/2005 R K Furbank 04/09/2002 19 July 2024 The principal activity of the company is clothing retail in specialised stores. 04526652 2023-12-31 04526652 bus:Director1 2023-12-31 04526652 bus:Director2 2023-12-31 04526652 bus:Director3 2023-12-31 04526652 bus:Director4 2023-12-31 04526652 2022-12-31 04526652 core:CurrentFinancialInstruments 2023-12-31 04526652 core:CurrentFinancialInstruments 2022-12-31 04526652 core:ShareCapital 2023-12-31 04526652 core:ShareCapital 2022-12-31 04526652 core:RetainedEarningsAccumulatedLosses 2023-12-31 04526652 core:RetainedEarningsAccumulatedLosses 2022-12-31 04526652 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2022-12-31 04526652 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-12-31 04526652 core:FurnitureFittings 2022-12-31 04526652 core:ComputerEquipment 2022-12-31 04526652 core:FurnitureFittings 2023-12-31 04526652 core:ComputerEquipment 2023-12-31 04526652 2021-12-31 04526652 2023-01-01 2023-12-31 04526652 bus:FilletedAccounts 2023-01-01 2023-12-31 04526652 bus:SmallEntities 2023-01-01 2023-12-31 04526652 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04526652 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04526652 bus:Director1 2023-01-01 2023-12-31 04526652 bus:Director2 2023-01-01 2023-12-31 04526652 bus:Director3 2023-01-01 2023-12-31 04526652 bus:Director4 2023-01-01 2023-12-31 04526652 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-01-01 2023-12-31 04526652 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 04526652 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 04526652 2022-01-01 2022-12-31 04526652 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 04526652 core:FurnitureFittings 2023-01-01 2023-12-31 04526652 core:ComputerEquipment 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 04526652 (England and Wales)

ANNE FURBANK (FASHIONS) LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

ANNE FURBANK (FASHIONS) LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

ANNE FURBANK (FASHIONS) LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
ANNE FURBANK (FASHIONS) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS D Daniels
A P Furbank
R S Furbank
R K Furbank
REGISTERED OFFICE 41 High Street
Buckden
St Neots
Cambs
PE19 5WZ
United Kingdom
COMPANY NUMBER 04526652 (England and Wales)
ACCOUNTANT MHA
Century House
1, The Lakes
Northampton
NN4 7HD
BANKERS National Westminster Bank PLC
33 High street
High Wycombe
HP11 2AG
Buckinghamshire
ANNE FURBANK (FASHIONS) LIMITED

BALANCE SHEET

As at 31 December 2023
ANNE FURBANK (FASHIONS) LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 3,588 5,388
Tangible assets 4 20,663 25,072
24,251 30,460
Current assets
Stocks 263,242 354,946
Debtors 5 84,021 62,304
Cash at bank and in hand 6 525,388 482,481
872,651 899,731
Creditors: amounts falling due within one year 7 ( 100,511) ( 204,546)
Net current assets 772,140 695,185
Total assets less current liabilities 796,391 725,645
Provision for liabilities 8 ( 6,828) ( 6,828)
Net assets 789,563 718,817
Capital and reserves
Called-up share capital 2 2
Profit and loss account 789,561 718,815
Total shareholders' funds 789,563 718,817

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

Directors' responsibilities:

The financial statements of Anne Furbank (Fashions) Limited (registered number: 04526652) were approved and authorised for issue by the Board of Directors on 19 July 2024. They were signed on its behalf by:

R S Furbank
Director
ANNE FURBANK (FASHIONS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
ANNE FURBANK (FASHIONS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Anne Furbank (Fashions) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 41 High Street, Buckden, St Neots, Cambs, PE19 5WZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 10 years straight line
Computer equipment 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 15 15

3. Intangible assets

Website costs Total
£ £
Cost
At 01 January 2023 31,367 31,367
At 31 December 2023 31,367 31,367
Accumulated amortisation
At 01 January 2023 25,979 25,979
Charge for the financial year 1,800 1,800
At 31 December 2023 27,779 27,779
Net book value
At 31 December 2023 3,588 3,588
At 31 December 2022 5,388 5,388

4. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 January 2023 45,842 12,835 58,677
Additions 1,054 469 1,523
At 31 December 2023 46,896 13,304 60,200
Accumulated depreciation
At 01 January 2023 27,222 6,383 33,605
Charge for the financial year 4,628 1,304 5,932
At 31 December 2023 31,850 7,687 39,537
Net book value
At 31 December 2023 15,046 5,617 20,663
At 31 December 2022 18,620 6,452 25,072

5. Debtors

2023 2022
£ £
Trade debtors 71,027 54,283
Other debtors 12,994 8,021
84,021 62,304

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 525,388 482,481
Less: Bank overdrafts 0 ( 199)
525,388 482,282

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 0 199
Trade creditors 22,466 95,332
Amounts owed to Group undertakings 0 35,000
Accruals 23,418 25,935
Corporation tax 23,306 27,929
Other taxation and social security 24,049 13,354
Other creditors 7,272 6,797
100,511 204,546

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 6,828) ( 7,377)
Credited to the Statement of Income and Retained Earnings 0 549
At the end of financial year ( 6,828) ( 6,828)

9. Related party transactions

During the year management charges of £212,000 (2022: £192,000) was paid to Anne Furbank Group Limited. The charges cover the provision of management services and use of the Company's fixed assets. Together with the recharge of certain overheads for the year.
At 31 December 2023, the balance owing to Anne Furbank Group Limited was £nil (2022: £35,000)

The Company incurred a rental charge of £57,000 in the year (2022: £57,000) from Anne Furbank Group Limited Retirement Fund. The rental charge was in connection with the occupation of the premises for the company's principal activities.

10. Ultimate controlling party

Parent Company:

Anne Furbank Group Limited