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REGISTERED NUMBER: 06023248 (England and Wales)















TEIFI FURNITURE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






TEIFI FURNITURE LIMITED (REGISTERED NUMBER: 06023248)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TEIFI FURNITURE LIMITED

COMPANY INFORMATION
for the Year Ended 31 DECEMBER 2023







DIRECTORS: Mrs M Maskell
Mr T M Maskell



REGISTERED OFFICE: Broyan House
Priory Street
Cardigan
Ceredigion
SA43 1BZ



REGISTERED NUMBER: 06023248 (England and Wales)



ACCOUNTANTS: D M B Davies Limited
Broyan House
Priory Street
Cardigan
Ceredigion
SA43 1BZ



BANKERS: Barclays Bank plc
32 High Street
Cardigan
Ceredigion
SA43 1LR

TEIFI FURNITURE LIMITED (REGISTERED NUMBER: 06023248)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 11,393 10,969
11,393 10,969

CURRENT ASSETS
Stocks 37,350 41,500
Debtors 6 36,553 48,424
Cash at bank and in hand 23,626 24,727
97,529 114,651
CREDITORS
Amounts falling due within one year 7 88,834 100,125
NET CURRENT ASSETS 8,695 14,526
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,088

25,495

PROVISIONS FOR LIABILITIES 2,279 2,084
NET ASSETS 17,809 23,411

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 17,807 23,409
SHAREHOLDERS' FUNDS 17,809 23,411

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 directors acknowledge their 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.

TEIFI FURNITURE LIMITED (REGISTERED NUMBER: 06023248)

BALANCE SHEET - continued
31 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2024 and were signed on its behalf by:





Mr T M Maskell - Director


TEIFI FURNITURE LIMITED (REGISTERED NUMBER: 06023248)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 DECEMBER 2023


1. STATUTORY INFORMATION

Teifi 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

TEIFI FURNITURE LIMITED (REGISTERED NUMBER: 06023248)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 70,000
AMORTISATION
At 1 January 2023
and 31 December 2023 70,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
equipment vehicles Totals
£    £    £   
COST
At 1 January 2023 19,678 53,716 73,394
Additions 3,187 - 3,187
At 31 December 2023 22,865 53,716 76,581
DEPRECIATION
At 1 January 2023 15,109 47,316 62,425
Charge for year 1,163 1,600 2,763
At 31 December 2023 16,272 48,916 65,188
NET BOOK VALUE
At 31 December 2023 6,593 4,800 11,393
At 31 December 2022 4,569 6,400 10,969

TEIFI FURNITURE LIMITED (REGISTERED NUMBER: 06023248)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 36,553 48,424

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 32,500 42,500
Hire purchase contracts - 4,104
Trade creditors 12,627 14,180
Taxation and social security 24,741 24,546
Other creditors 18,966 14,795
88,834 100,125

8. RELATED PARTY DISCLOSURES

According to the directors, there were no material related party transactions during the year.

9. ULTIMATE CONTROLLING PARTY

Ultimate control of the Company is exercised by the directors equally.