Furniture One Limited
Registered number: 09730851
Balance Sheet
as at 30 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,796 5,062
Current assets
Stocks 150,000 200,000
Debtors 4 152,782 18,884
Cash at bank and in hand 4,515 155
307,297 219,039
Creditors: amounts falling due within one year 5 (693,271) (538,182)
Net current liabilities (385,974) (319,143)
Net liabilities (382,178) (314,081)
Capital and reserves
Called up share capital 100 100
Profit and loss account (382,278) (314,181)
Shareholders' funds (382,178) (314,081)
The director is 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 director acknowledges his 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.
Z Qian
Director
Approved by the board on 27 July 2023
Furniture One Limited
Notes to the Accounts
for the year ended 30 July 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.
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 31 July 2022 8,999
At 30 July 2023 8,999
Depreciation
At 31 July 2022 3,937
Charge for the year 1,266
At 30 July 2023 5,203
Net book value
At 30 July 2023 3,796
At 30 July 2022 5,062
4 Debtors 2023 2022
£ £
Trade debtors 134,970 -
Other debtors 17,812 18,884
152,782 18,884
The Accounts have been prepared on a going concern basis with the support of the director.
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 27,470 37,868
Trade creditors 285,805 234,911
Other taxes and social security costs 74,043 3,001
Other creditors 305,953 262,402
693,271 538,182
6 Going Concern
The accounts have been prepared on a going concern basis with the continued support of the directors.
7 Other information
Furniture One Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Dixon Gardens
Bath
BA2 5HH
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