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Registration number: 3299748

Guild Anderson Furniture Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Guild Anderson Furniture Limited

(Registration number: 3299748)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

184,148

122,579

Current assets

 

Stocks

6

21,505

23,809

Debtors

7

451,560

184,417

Cash at bank and in hand

 

154,220

231,380

 

627,285

439,606

Creditors: Amounts falling due within one year

8

(589,841)

(469,248)

Net current assets/(liabilities)

 

37,444

(29,642)

Total assets less current liabilities

 

221,592

92,937

Creditors: Amounts falling due after more than one year

8

(37,252)

(54,167)

Provisions for liabilities

(46,037)

(30,645)

Net assets

 

138,303

8,125

Capital and reserves

 

Called up share capital

9

178

178

Retained earnings

138,125

7,947

Shareholders' funds

 

138,303

8,125

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 August 2024 and signed on its behalf by:
 

.........................................

N G Anderson

Director

 

Guild Anderson Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
Waterways
Watery Lane
Bishopstrow
Warminster
Wiltshire
BA12 9HT

The principal place of business is:
Berwick Hill Dairy
Berwick St Leonard
Salisbury
Wiltshire
SP3 5SN

These financial statements were authorised for issue by the Board on 2 August 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 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.

 

Guild Anderson Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received.

Grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Motor vehicles

20% reducing balance

Fixtures, fittings and equipment

33% straight line

Plant and machinery

25% reducing balance

Freehold property

Land nil, buildings 2% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Design software

20% straight line

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.

 

Guild Anderson Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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.

 

Guild Anderson Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2023 - 25).

 

Guild Anderson Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

21,155

21,155

At 31 March 2024

21,155

21,155

Amortisation

At 1 April 2023

21,155

21,155

At 31 March 2024

21,155

21,155

Carrying amount

At 31 March 2024

-

-

 

Guild Anderson Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

24,806

68,535

45,642

367,132

506,115

Additions

-

565

-

94,131

94,696

At 31 March 2024

24,806

69,100

45,642

461,263

600,811

Depreciation

At 1 April 2023

3,257

56,536

20,088

303,654

383,535

Charge for the year

496

5,293

5,111

22,228

33,128

At 31 March 2024

3,753

61,829

25,199

325,882

416,663

Carrying amount

At 31 March 2024

21,053

7,271

20,443

135,381

184,148

At 31 March 2023

21,549

11,999

25,554

63,477

122,579

Included within the net book value of land and buildings above is £21,053 (2023 - £21,549) in respect of freehold land and buildings.
 

 

Guild Anderson Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Stocks

2024
£

2023
£

Raw materials and consumables

21,505

23,809

7

Debtors

Current

2024
£

2023
£

Trade debtors

423,761

162,177

Prepayments

27,799

15,326

Other debtors

-

6,914

 

451,560

184,417

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

28,489

34,720

Trade creditors

 

82,918

57,566

Taxation and social security

 

171,701

109,231

Accruals and deferred income

 

291,594

262,919

Other creditors

 

15,139

4,812

 

589,841

469,248


Creditors include bank loans and overdrafts and net obligations under hire purchase contracts which are secured of £28,489 (2023 - £34,720).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

37,252

54,167


Creditors include bank loans and overdrafts and net obligations under hire purchase contracts which are secured of £37,252 (2023 - £54,167).

 

Guild Anderson Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

78

78

78

78

178

178

178

178

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

29,166

54,167

Hire purchase contracts

8,086

-

37,252

54,167

Current loans and borrowings

2024
£

2023
£

Bank borrowings

25,000

25,000

Hire purchase contracts

3,489

9,720

28,489

34,720

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

11,842

11,842

Later than one year and not later than five years

5,928

17,770

17,770

29,612

The amount of non-cancellable operating lease payments recognised as an expense during the year was £11,842 (2023 - £5,832).

 

Guild Anderson Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

12

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

The company made loans to the directors. The loans are unsecured, interest free and repayable on demand.

6,792

-

(6,792)

-

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

The company made loans to the directors. The loans are unsecured, interest free and repayable on demand.

20,041

6,792

(20,041)

6,792