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REGISTERED NUMBER: 06478413 (England and Wales)















Report of the Director and

Unaudited Financial Statements for the Year Ended 31 December 2023

for

Matthew Collins Furniture Limited

Matthew Collins Furniture Limited (Registered number: 06478413)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Director 2

Chartered Certified Accountants' Report 3

Income Statement 4

Balance Sheet 5

Statement of Changes in Equity 7

Notes to the Financial Statements 8


Matthew Collins Furniture Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: M Collins





SECRETARY: Mrs S Collins





REGISTERED OFFICE: Cotswold Dene
Stanlake
Oxfordshire
OX29 7PL





REGISTERED NUMBER: 06478413 (England and Wales)





ACCOUNTANTS: Mark Kennedy & Co Ltd
133 Ingrebourne Gardens
Upminster
Essex
RM14 1BJ

Matthew Collins Furniture Limited (Registered number: 06478413)

Report of the Director
for the Year Ended 31 December 2023

The director presents his report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company continued to be that of cabinet maker and specialist joiner.

DIRECTOR
M Collins held office during the whole of the period from 1 January 2023 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mrs S Collins - Secretary


9 August 2024

Chartered Certified Accountants' Report to the Director
on the Unaudited Financial Statements of
Matthew Collins Furniture Limited


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Matthew Collins Furniture Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Matthew Collins Furniture Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Matthew Collins Furniture Limited and state those matters that we have agreed to state to the director of Matthew Collins Furniture Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Matthew Collins Furniture Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Matthew Collins Furniture Limited. You consider that Matthew Collins Furniture Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Matthew Collins Furniture Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Mark Kennedy & Co Ltd
133 Ingrebourne Gardens
Upminster
Essex
RM14 1BJ


9 August 2024

Matthew Collins Furniture Limited (Registered number: 06478413)

Income Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 918,121 832,554

Cost of sales 610,675 546,634
GROSS PROFIT 307,446 285,920

Administrative expenses 133,671 140,901
173,775 145,019

Other operating income - 500
OPERATING PROFIT 5 173,775 145,519

Interest receivable and similar
income

8,785

1,248
182,560 146,767

Interest payable and similar
expenses

1,429

648
PROFIT BEFORE TAXATION 181,131 146,119

Tax on profit 6 47,787 32,927
PROFIT FOR THE FINANCIAL YEAR 133,344 113,192

Matthew Collins Furniture Limited (Registered number: 06478413)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 100,104 94,831

CURRENT ASSETS
Stocks 9,000 9,000
Debtors 8 445,650 469,551
Cash at bank 496,449 381,957
951,099 860,508
CREDITORS
Amounts falling due within one year 9 200,623 165,944
NET CURRENT ASSETS 750,476 694,564
TOTAL ASSETS LESS CURRENT
LIABILITIES

850,580

789,395

CREDITORS
Amounts falling due after more than
one year

10

-

(24,167

)

PROVISIONS FOR LIABILITIES (25,026 ) (18,018 )
NET ASSETS 825,554 747,210

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 825,454 747,110
SHAREHOLDERS' FUNDS 825,554 747,210

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Matthew Collins Furniture Limited (Registered number: 06478413)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 9 August 2024 and were signed by:





M Collins - Director


Matthew Collins Furniture Limited (Registered number: 06478413)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 644,918 645,018

Changes in equity
Dividends - (11,000 ) (11,000 )
Total comprehensive income - 113,192 113,192
Balance at 31 December 2022 100 747,110 747,210

Changes in equity
Dividends - (55,000 ) (55,000 )
Total comprehensive income - 133,344 133,344
Balance at 31 December 2023 100 825,454 825,554

Matthew Collins Furniture Limited (Registered number: 06478413)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Matthew Collins Furniture Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is provided so as to write off the cost or valuation of assets less their estimated residual values over their expected useful lives on the following basis:

Plant and machinery etc. Reducing balance 25%

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 and loss account.

Stocks
Socks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Matthew Collins Furniture Limited (Registered number: 06478413)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies , the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the the revision affects both current and future periods.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 12 ) .

5. OPERATING PROFIT

The operating profit is stated after charging:

31.12.23 31.12.22
£    £   
Depreciation - owned assets 33,369 28,618

Matthew Collins Furniture Limited (Registered number: 06478413)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 40,779 30,615

Deferred tax 7,008 2,312
Tax on profit 47,787 32,927

7. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 376,960
Additions 38,792
Disposals (5,704 )
At 31 December 2023 410,048
DEPRECIATION
At 1 January 2023 282,129
Charge for year 33,369
Eliminated on disposal (5,554 )
At 31 December 2023 309,944
NET BOOK VALUE
At 31 December 2023 100,104
At 31 December 2022 94,831

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 55,291 83,015
Other debtors 390,359 386,536
445,650 469,551

Matthew Collins Furniture Limited (Registered number: 06478413)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 11)
-

10,000
Trade creditors 30,620 26,043
Taxation and social security 95,850 58,487
Other creditors 74,153 71,414
200,623 165,944

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 11) - 24,167

11. LOANS

Coronavirus Bounce Back Loan of £50,000 has now been fully repaid together with the interest charged.

12. LEASING AGREEMENTS

Operating lease payments represent rentals payable by the company for certain of its properties. Leases are negotiated for a term of 1 year and rentals are fixed for that 1 year.

13. RELATED PARTY DISCLOSURES

As at the balance sheet date an amount of £381,920 (2022: £381,907) was still owing from Matthew Collins Property Limited. This is repayable on demand and does not incur any interest.