0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 22,816 5,600 28,416 17,674 1,961 19,635 8,781 5,142 xbrli:pure xbrli:shares iso4217:GBP 06957878 2022-12-01 2023-11-30 06957878 2023-11-30 06957878 2022-11-30 06957878 2021-12-01 2022-11-30 06957878 2022-11-30 06957878 2021-11-30 06957878 core:PlantMachinery 2022-12-01 2023-11-30 06957878 bus:Director1 2022-12-01 2023-11-30 06957878 core:PlantMachinery 2022-11-30 06957878 core:PlantMachinery 2023-11-30 06957878 core:WithinOneYear 2023-11-30 06957878 core:WithinOneYear 2022-11-30 06957878 core:AfterOneYear 2023-11-30 06957878 core:AfterOneYear 2022-11-30 06957878 core:ShareCapital 2023-11-30 06957878 core:ShareCapital 2022-11-30 06957878 core:RetainedEarningsAccumulatedLosses 2023-11-30 06957878 core:RetainedEarningsAccumulatedLosses 2022-11-30 06957878 core:PlantMachinery 2022-11-30 06957878 bus:SmallEntities 2022-12-01 2023-11-30 06957878 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 06957878 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 06957878 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 06957878 bus:FullAccounts 2022-12-01 2023-11-30
COMPANY REGISTRATION NUMBER: 06957878
FURNACES UK LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 November 2023
FURNACES UK LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
FURNACES UK LIMITED
STATEMENT OF FINANCIAL POSITION
30 November 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
4
8,781
5,142
CURRENT ASSETS
Stocks
11,471
11,066
Debtors
5
62,841
81,630
Cash at bank and in hand
14,318
20,914
---------
-----------
88,630
113,610
CREDITORS: amounts falling due within one year
6
34,959
47,733
---------
-----------
NET CURRENT ASSETS
53,671
65,877
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
62,452
71,019
CREDITORS: amounts falling due after more than one year
7
23,871
33,502
---------
---------
NET ASSETS
38,581
37,517
---------
---------
FURNACES UK LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2023
2023
2022
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
38,481
37,417
---------
---------
SHAREHOLDERS FUNDS
38,581
37,517
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 August 2024 , and are signed on behalf of the board by:
Mr R Hallatt
Director
Company registration number: 06957878
FURNACES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Equitable House, 55 Pellon Lane, Halifax, West Yorkshire, HX1 5SP.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Current tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
4. TANGIBLE ASSETS
Plant and machinery
£
Cost
At 1 December 2022
22,816
Additions
5,600
---------
At 30 November 2023
28,416
---------
Depreciation
At 1 December 2022
17,674
Charge for the year
1,961
---------
At 30 November 2023
19,635
---------
Carrying amount
At 30 November 2023
8,781
---------
At 30 November 2022
5,142
---------
5. DEBTORS
2023
2022
£
£
Trade debtors
61,853
80,642
Other debtors
988
988
---------
---------
62,841
81,630
---------
---------
6. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
7,556
31,382
Social security and other taxes
11,420
3,840
Other creditors
5,983
2,511
---------
---------
34,959
47,733
---------
---------
7. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,871
33,502
---------
---------
8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The directors loan account was in credit throughout the year. The loan is repayable on demand and no interest is charged.