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Registration number: 05419699

Origin Furniture Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Origin Furniture Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

Origin Furniture Limited

Company Information

Directors

Nicholas James Pearson

Giles McGill Pearson

Registered office

Bridgewater House
Century House
Caspian Road
Altrincham
Cheshire
WA14 5HH

Bankers

HSBC
Knutsford
19 Princess Street
Knutsford
Cheshire
WA16 6BZ

Accountants

Matravers
Accountants & Business Advisers
Bridgewater House
Century Park, Caspian Road
Altrincham
Cheshire
WA14 5HH

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Origin Furniture Limited
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Origin Furniture Limited for the year ended 31 October 2023 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales , we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Origin Furniture Limited, as a body, in accordance with the terms of our engagement letter dated 1 August 2018. Our work has been undertaken solely to prepare for your approval the accounts of Origin Furniture Limited and state those matters that we have agreed to state to the Board of Directors of Origin Furniture Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Origin Furniture Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Origin Furniture Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Origin Furniture Limited. You consider that Origin 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 accounts of Origin 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 accounts.

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

Matravers
Accountants & Business Advisers
Bridgewater House
Century Park, Caspian Road
Altrincham
Cheshire
WA14 5HH

20 August 2024

 

Origin Furniture Limited

(Registration number: 05419699)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

237,411

270,865

Current assets

 

Stocks

5

287,888

278,358

Debtors

6

201,486

388,675

Cash at bank and in hand

 

21,127

6,093

 

510,501

673,126

Creditors: Amounts falling due within one year

7

(392,895)

(513,361)

Net current assets

 

117,606

159,765

Total assets less current liabilities

 

355,017

430,630

Creditors: Amounts falling due after more than one year

7

(125,950)

(174,397)

Provisions for liabilities

(7,099)

(6,229)

Net assets

 

221,968

250,004

Capital and reserves

 

Called up share capital

8

1,070

1,070

Retained earnings

220,898

248,934

Shareholders' funds

 

221,968

250,004

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Origin Furniture Limited

(Registration number: 05419699)
Balance Sheet as at 31 October 2023

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 20 August 2024 and signed on its behalf by:
 

.........................................
Nicholas James Pearson
Director

 

Origin Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The principal place of business is:
Unit 4-6 Hole House Farm
Wash Lane
Allostock
Knutsford
WA16 9JS

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Origin Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tax

The tax expense for the period comprises 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.

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

Plant & Equipment

25% reducing balance

Injection moulds

12.5% reducing balance

Fitting fixtures and equipment

25% reducing balance

Motor Vehicles

25% reducing balance

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.

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.

 

Origin Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

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.

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.

 

Origin Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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 6 (2022 - 6).

 

Origin Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Injection moulds
£

Motor vehicles
 £

Cost or valuation

At 1 November 2022

15,727

38,250

572,168

28,044

Additions

4,121

11,802

15,714

-

Disposals

(2,049)

-

-

-

At 31 October 2023

17,799

50,052

587,882

28,044

Depreciation

At 1 November 2022

13,051

26,974

330,229

13,070

Charge for the year

1,726

4,738

53,019

5,608

Eliminated on disposal

(2,049)

-

-

-

At 31 October 2023

12,728

31,712

383,248

18,678

Carrying amount

At 31 October 2023

5,071

18,340

204,634

9,366

At 31 October 2022

2,676

11,276

241,939

14,974

Total
£

Cost or valuation

At 1 November 2022

654,189

Additions

31,637

Disposals

(2,049)

At 31 October 2023

683,777

Depreciation

At 1 November 2022

383,324

Charge for the year

65,091

Eliminated on disposal

(2,049)

At 31 October 2023

446,366

Carrying amount

At 31 October 2023

237,411

At 31 October 2022

270,865

 

Origin Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Stocks

2023
£

2022
£

Other inventories

287,888

278,358

6

Debtors

Current

2023
£

2022
£

Trade debtors

156,212

343,098

Prepayments

5,454

4,178

Other debtors

39,820

41,399

 

201,486

388,675

 

Origin Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

176,688

309,911

Trade creditors

 

121,490

138,211

Taxation and social security

 

32,267

22,429

Accruals and deferred income

 

6,657

5,587

Other creditors

 

55,793

37,223

 

392,895

513,361

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

125,950

174,397

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A Shares of £1 each

1,000

1,000

1,000

1,000

Oridinaey B- H Shares of £1 each

70

70

70

70

1,070

1,070

1,070

1,070

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

42,699

69,238

Other borrowings

83,251

105,159

125,950

174,397

Current loans and borrowings

 

Origin Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

2023
£

2022
£

Bank borrowings

130,334

245,042

Bank overdrafts

-

21,048

Other borrowings

46,354

43,821

176,688

309,911

10

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £79.20 (2022 - £71.70) per each Ordinary

79,199

71,702

 

 

11

Parent and ultimate parent undertaking

The ultimate controlling party is N Pearson.