Registered number
07405757
Business Furniture Direct Limited
Filleted Accounts
30 November 2023
Business Furniture Direct Limited
Registered number: 07405757
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 1,945 5,465
Current assets
Stocks 40,000 40,000
Debtors 5 39,077 42,446
Cash at bank and in hand 62,669 29,617
141,746 112,063
Creditors: amounts falling due within one year 6 (110,882) (72,178)
Net current assets 30,864 39,885
Total assets less current liabilities 32,809 45,350
Creditors: amounts falling due after more than one year 7 (50,654) (81,482)
Net liabilities (17,845) (36,132)
Capital and reserves
Called up share capital 2,000 2,000
Profit and loss account (19,845) (38,132)
Shareholders' funds (17,845) (36,132)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
O J P Lunt
Director
Approved by the board on 30 April 2024
Business Furniture Direct Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over four years
Computer equipment over four years
Motor vehicles over four years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 205,000
At 30 November 2023 205,000
Amortisation
At 1 December 2022 205,000
At 30 November 2023 205,000
Net book value
At 30 November 2023 -
4 Tangible fixed assets
Plant and machinery Computer equipment Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 27,330 5,762 5,500 38,592
At 30 November 2023 27,330 5,762 5,500 38,592
Depreciation
At 1 December 2022 26,630 2,372 4,125 33,127
Charge for the year 700 1,445 1,375 3,520
At 30 November 2023 27,330 3,817 5,500 36,647
Net book value
At 30 November 2023 - 1,945 - 1,945
At 30 November 2022 700 3,390 1,375 5,465
5 Debtors 2023 2022
£ £
Trade debtors 39,077 42,446
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 88,119 55,783
Taxation and social security costs 11,381 1,757
Other creditors 11,382 14,638
110,882 72,178
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 37,500 41,667
Directors loans 13,154 39,815
50,654 81,482
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 7,754 7,201
9 Contingent liabilities
The accounts have been prepared on the going concern basis which is dependent on the continuing financial support of the directors.
10 Controlling party
The company is controlled by the directors
11 Other information
Business Furniture Direct Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 16
Park Farm Industrial Estate
Evesham Road
Greet
Cheltenham
Glos
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