Registered number
08684193
Mancey Interiors & Soft Furnishings Ltd
Filleted Accounts
31 March 2024
Mancey Interiors & Soft Furnishings Ltd
Registered number: 08684193
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 7,341 9,788
Current assets
Stocks 500 500
Debtors 4 812 7,469
Cash at bank and in hand 21,212 21,716
22,524 29,685
Creditors: amounts falling due within one year 5 (29,920) (30,835)
Net current liabilities (7,396) (1,150)
Total assets less current liabilities (55) 8,638
Creditors: amounts falling due after more than one year 6 (5,979) (9,934)
Net liabilities (6,034) (1,296)
Capital and reserves
Called up share capital 5 5
Profit and loss account (6,039) (1,301)
Shareholders' funds (6,034) (1,296)
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 her 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.
N J Mancey
Director
Approved by the board on 3 July 2024
Mancey Interiors & Soft Furnishings Ltd
Notes to the Accounts
for the year ended 31 March 2024
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.
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:
Fixtures, fittings, tools and equipment over 5 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.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
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 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Fixtures and Fittings
£
Cost
At 1 April 2023 26,100
At 31 March 2024 26,100
Depreciation
At 1 April 2023 16,312
Charge for the year 2,447
At 31 March 2024 18,759
Net book value
At 31 March 2024 7,341
At 31 March 2023 9,788
4 Debtors 2024 2023
£ £
Trade debtors 812 7,470
Other debtors - (1)
812 7,469
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,000 4,000
Trade creditors 6,325 7,478
Taxation and social security costs 451 3,772
Other creditors 19,144 15,585
29,920 30,835
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 5,979 9,934
7 Other information
Mancey Interiors & Soft Furnishings Ltd is a private company limited by shares and incorporated in England. Its registered office is:
24 Hamblin Meadow
Eddington
Hungerford
Berkshire
RG17 0HJ
8 Going concern basis
The Director has acknowledged the net asset deficiency at the year end but confirms that future trading will enable all financial liabilities to be met within terms as they fall due.
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